Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 06, 2020 | Jun. 28, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | ICC Holdings, Inc. | ||
Entity Central Index Key | 0001681903 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | true | ||
Amendment Description | This Amendment No. 1 (this "Amendment") to the Annual Report on Form 10-K of ICC Holdings, Inc. (the "Company") for the fiscal year ended December 31, 2019, originally filed on March 30, 2020 (the "Original Filing"), is being filed solely to include the report of BKD, LLP, the Company's independent accounting firm for the year ended December 31, 2018, in Item 8 and its consent as Exhibit 23.1. These were inadvertently omitted in the Original Filing. Except as described above, no other changes have been made to the Original Filing, and this Amendment does not modify, amend or update in any way any of the financial or other information contained in the Original Filing. This Amendment does not reflect events that may have occurred subsequent to the filing date of the Original Filing. | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 3,296,189 | ||
Entity Public Float | $ 31,435,159 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments and cash: | |||
Fixed maturity securities (amortized cost - $88,348,415 at 12/31/2019 and $89,252,906 at 12/31/2018) | $ 92,087,572 | $ 88,981,159 | |
Common stocks at fair value | 14,448,773 | 11,843,223 | |
Other invested assets | 877,900 | 154,200 | |
Property held for investment, at cost, net of accumulated depreciation of $332,218 at 12/31/2019 and $222,825 at 12/31/2018 | 4,353,713 | 3,586,273 | |
Cash and cash equivalents | 6,626,585 | 4,644,784 | |
Total investments and cash | 118,394,543 | 109,209,639 | |
Accrued investment income | 646,504 | 648,321 | |
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 12/31/2019 and $50,000 at 12/31/2018 | 22,368,526 | 21,404,344 | |
Ceded unearned premiums | 822,818 | 796,065 | |
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 12/31/2019 and 12/31/2018 | 11,036,170 | 6,735,964 | |
Income taxes - current | 192,559 | 847,271 | |
Income taxes - deferred | 1,021,398 | ||
Deferred policy acquisition costs, net | 5,269,256 | 5,247,188 | |
Property and equipment, at cost, net of accumulated depreciation of $5,619,706 at 12/31/2019 and $5,099,090 at 12/31/2018 | 3,033,348 | 3,332,810 | |
Other assets | 1,239,794 | 1,040,193 | |
Total assets | 163,003,518 | 150,283,193 | |
Liabilities: | |||
Unpaid losses and settlement expenses | 56,838,307 | 51,447,440 | |
Unearned premiums | 30,392,817 | 29,972,623 | |
Reinsurance balances payable | 374,998 | 993,004 | |
Corporate debt | 3,475,088 | 3,484,606 | |
Accrued expenses | 4,216,988 | 4,536,218 | |
Income taxes - deferred | 39,213 | ||
Other liabilities | 1,324,273 | 1,256,003 | |
Total liabilities | 96,661,684 | 91,689,894 | |
Equity: | |||
Common stock | [1] | 35,000 | 35,000 |
Treasury stock, at cost | [2] | (3,146,576) | (2,999,995) |
Additional paid-in capital | 32,703,209 | 32,505,423 | |
Accumulated other comprehensive earnings (loss), net of tax | 2,953,936 | (1,580,976) | |
Retained earnings | 36,608,750 | 33,680,702 | |
Less: Unearned Employee Stock Ownership Plan shares at cost | [3] | (2,812,485) | (3,046,855) |
Total equity | 66,341,834 | 58,593,299 | |
Total liabilities and equity | $ 163,003,518 | $ 150,283,193 | |
[1] | Par value $0.01; authorized: 2019 - 10,000,000 shares and 2018 - 10,000,000 shares; issued: 2019 - 3,500,000 and 2018 - 3,500,000 shares; outstanding: 2019 - 3,014,941 and 2018 - 2,992,734 shares. | ||
[2] | 2019 - 203,811 shares and 2018 - 196,721 shares | ||
[3] | 2019 - 281,248 shares and 2018 - 304,685 shares |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Fixed maturity securities, amortized cost | $ 88,348,415 | $ 89,252,906 |
Property held for investment, accumulated depreciation | 332,218 | 222,825 |
Premiums and reinsurance balances receivable, allowances for uncollectible amounts | 100,000 | 50,000 |
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts | 0 | 0 |
Property and equipment, at cost, accumulated depreciation | $ 5,619,706 | $ 5,099,090 |
Common stock, par value | $ 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) | 3,014,941 | 2,992,734 |
Treasury stock (in shares) | 203,811 | 196,721 |
Unearned Employee Stock Ownership Plan | 281,248 | 304,685 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Earnings (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Earnings and Comprehensive Earnings (Loss) [Abstract] | ||
Net premiums earned | $ 52,841,766 | $ 47,116,961 |
Net investment income | 3,185,153 | 2,890,266 |
Net realized investment gains | 1,200,765 | 975,993 |
Other-than-temporary impairment losses | (16,178) | |
Other (loss) income | (53,297) | 196,649 |
Consolidated revenues | 59,524,900 | 51,163,691 |
Losses and settlement expenses | 33,714,837 | 31,262,462 |
Policy acquisition costs and other operating expenses | 20,020,005 | 18,214,983 |
Interest expense on debt | 128,790 | 140,877 |
General corporate expenses | 579,708 | 545,986 |
Total expenses | 54,443,340 | 50,164,308 |
Earnings before income taxes | 5,081,560 | 999,383 |
Income tax expense (benefit): | ||
Current | 568,893 | (234,037) |
Deferred | 218,322 | 340,124 |
Total income tax expense | 787,215 | 106,087 |
Net earnings | $ 4,294,345 | $ 893,296 |
Basic: | ||
Basic net earnings per share | $ 1.43 | $ 0.29 |
Diluted: | ||
Diluted net earnings per share | $ 1.42 | $ 0.29 |
Weighted average number of common shares outstanding: | ||
Basic | 3,008,564 | 3,119,968 |
Diluted | 3,013,867 | 3,121,140 |
Net earnings | $ 4,294,345 | $ 893,296 |
Unrealized gains and losses on investments: | ||
Unrealized holding gains (losses) arising during the period, net of income tax expense (benefit) of $617,319 in 2019 and $(810,701) in 2018 | 3,393,585 | (3,049,791) |
Reclassification adjustment for (gains) included in net income, net of income tax expense of $59,802 in 2019 and $201,561 in 2018 | (224,970) | (758,254) |
Total other comprehensive earnings (loss) | 3,168,615 | (3,808,045) |
Comprehensive earnings (loss) | $ 7,462,960 | $ (2,914,749) |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings and Comprehensive Earnings (Loss) (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Earnings and Comprehensive Earnings (Loss) [Abstract] | ||
Unrealized holding gains (losses) arising during the period, tax | $ 617,319 | $ (810,701) |
Reclassification adjustment for (gains) included in net income, tax | $ 59,802 | $ 201,561 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Unearned ESOP [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member] | Total | ||
Balance at Dec. 31, 2017 | $ 35,000 | $ (3,281,220) | $ 32,333,290 | $ 32,787,406 | $ 2,227,069 | $ 64,101,545 | |||
Purchase of common stock | $ (2,999,995) | (2,999,995) | |||||||
Net earnings | 893,296 | 893,296 | |||||||
Other comprehensive earnings (loss), net of tax | (3,808,045) | (3,808,045) | |||||||
Restricted stock unit expense | 50,662 | 50,662 | |||||||
ESOP shares released | 234,365 | 121,471 | 355,836 | ||||||
Balance at Dec. 31, 2018 | 35,000 | (2,999,995) | (3,046,855) | 32,505,423 | 33,680,702 | (1,580,976) | 58,593,299 | ||
Cumulative-effect adjustment from ASU 2016-01 | (1,366,297) | [1] | 1,366,297 | [1] | 1,400,000 | ||||
Purchase of common stock | (146,581) | (146,581) | |||||||
Net earnings | 4,294,345 | 4,294,345 | |||||||
Other comprehensive earnings (loss), net of tax | 3,168,615 | 3,168,615 | |||||||
Restricted stock unit expense | 108,115 | 108,115 | |||||||
ESOP shares released | 234,370 | 89,671 | 324,041 | ||||||
Balance at Dec. 31, 2019 | $ 35,000 | $ (3,146,576) | $ (2,812,485) | $ 32,703,209 | $ 36,608,750 | $ 2,953,936 | $ 66,341,834 | ||
[1] | See discussion of Accounting Standards Update 2016-01 adoption in Note 1 - Summary of Significant Accounting Policies |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net earnings | $ 4,294,345 | $ 893,296 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ||
Net realized investment gains | (1,200,765) | (975,993) |
Other-than-temporary impairment losses | 16,178 | |
Net unrealized gains on equity securities | (2,350,513) | |
Depreciation | 794,506 | 733,493 |
Deferred income tax | 218,322 | 340,124 |
Amortization of bond premium and discount | 257,685 | 296,050 |
Stock-based compensation expense | 432,156 | 406,498 |
Change in: | ||
Accrued investment income | 1,817 | 39,132 |
Premiums and reinsurance balances receivable | (964,182) | (2,391,082) |
Ceded unearned premiums | (26,753) | (521,093) |
Reinsurance balances payable | (618,006) | 665,521 |
Reinsurance balances recoverable | (4,300,206) | 3,293,870 |
Deferred policy acquisition costs | (22,068) | (654,773) |
Unpaid losses and settlement expenses | 5,390,867 | 373,314 |
Unearned premiums | 420,194 | 3,417,041 |
Accrued expenses | (319,230) | 262,216 |
Current federal income tax | 654,712 | (274,124) |
Other | (131,331) | (146,185) |
Net cash provided by operating activities | 2,531,550 | 5,773,483 |
Purchases of: | ||
Fixed maturity securities, available-for-sale | (26,101,621) | (18,697,057) |
Other invested assets | (738,300) | (54,200) |
Property held for investment | (876,833) | (555,371) |
Property and equipment | (444,430) | (497,011) |
Proceeds from sales, maturities and calls of: | ||
Fixed maturity securities, available-for-sale | 27,033,200 | 16,966,599 |
Property and equipment | 58,779 | 30,277 |
Net cash used in investing activities | (393,650) | (4,150,621) |
Cash flows from financing activities: | ||
Repayments of borrowed funds | (9,518) | (854,602) |
Purchase of common stock | (146,581) | (2,999,995) |
Net cash used in financing activities | (156,099) | (3,854,597) |
Net increase (decrease) in cash and cash equivalents | 1,981,801 | (2,231,735) |
Cash and cash equivalents at beginning of year | 4,644,784 | 6,876,519 |
Cash and cash equivalents at end of period | 6,626,585 | 4,644,784 |
Supplemental information: | ||
Federal income tax paid | 164,543 | |
Interest paid | 128,800 | 173,053 |
Common Stocks [Member] | ||
Purchases of: | ||
Equity securities | (7,563,198) | (16,974,453) |
Proceeds from sales, maturities and calls of: | ||
Equity securities | $ 8,238,753 | 11,843,798 |
Preferred Stocks [Member] | ||
Purchases of: | ||
Equity securities | (140,925) | |
Proceeds from sales, maturities and calls of: | ||
Equity securities | $ 3,927,722 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note s to Consolidated Financial Statements  1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  A. DESCRIPTION OF BUSINESS  ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. As used in this Form 10-K, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., a non-insurance subsidiary; Estrella Innovative Solutions, Inc., an outsourcing company; and Illinois Casualty Company (ICC), an operating insurance company. ICC is an Illinois domiciled company.  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 Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 26.1% and 29.7% of the premium was written in Illinois for the years ended December 31, 2019 and December 31, 2018 , respectively. The Company operates as a single segment.  B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION  The accompanying consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (GAAP), which differ in some respects from those followed in reports to insurance regulatory authorities. The consolidated financial statements include the accounts of our subsidiaries. All significant intercompany balances and transactions have been eliminated.  In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, revenues and expenses for the periods then ended, and the accompanying notes to the consolidated financial statements. Such estimates and assumptions could change in the future as more information becomes known which could impact the amounts reported and disclosed herein. The most significant of these amounts is the liability for unpaid losses and settlement expenses. Other estimates include investment valuation and other-than-temporary impairments (OTTIs), the collectibility of reinsurance balances, recoverability of deferred tax assets, and deferred policy acquisition costs. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Although recorded estimates are supported by actuarial computations and other supportive data, the estimates are ultimately based on expectations of future events. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.  C. INVESTMENTS  AVAILABLE-FOR-SALE SECURITIES  Debt securities are classified as available-for-sale (AFS) and reported at fair value. Unrealized gains and losses on these securities are excluded from net earnings but are recorded as a separate component of comprehensive earnings and shareholders’ equity, net of deferred income taxes.  EQUITY SECURITIES  Equity securities include common stock, mutual funds, and non-redeemable preferred stock. Equity securities are carried at fair value with subsequent changes in fair value recorded in net earnings effective January 1, 2019. Prior to January 1, 2019, the accounting for subsequent changes in fair value of equity securities was consistent with the treatment of AFS unrealized gains and losses.  OTHER-THAN-TEMPORARY IMPAIRMENT  Under current accounting standards, an OTTI write-down of fixed maturity securities, where fair value is below amortized cost, is triggered by circumstances where (1) an entity has the intent to sell a security, (2) it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis or (3) the entity does not expect to recover the entire amortized cost basis of the security. If an entity intends to sell a security in a loss position or if it is more likely than not the entity will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the difference between the security’s amortized cost and its fair value. If an entity does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to all other factors is recognized in other comprehensive income. Impairment losses result in a reduction of the underlying investment’s cost basis.  The Company regularly evaluates its fixed maturity securities using both quantitative and qualitative criteria to determine impairment losses for other-than-temporary declines in the fair value of the investments. The following are the key factors for determining if a security is other-than-temporarily impaired: · The extent to which the fair value is less than cost, · The assessment of significant adverse changes to the cash flows on a fixed maturity investment, · The occurrence of a discrete credit event resulting in the issuer defaulting on a material obligation, the issuer seeking protection from creditors under the bankruptcy laws, the issuer proposing a voluntary reorganization under which creditors are asked to exchange their claims for cash or securities having a fair value substantially lower than par value, · The probability that the Company will recover the entire amortized cost basis of the fixed income securities prior to maturity, or · The ability and intent to hold fixed maturity securities until maturity.  Quantitative and qualitative criteria are considered to varying degrees depending on the sector the analysis is being performed. The sectors are as follows:  Corporates  The Company performs a qualitative evaluation of holdings that fall below the price threshold. The analysis begins with an opinion of industry and competitive position. This includes an assessment of factors that enable the profit structure of the business (e.g., reserve profile for exploration and production companies), competitive advantage (e.g., distribution system), management strategy, and an analysis of trends in return on invested capital. Analysts may also review other factors to determine whether an impairment exists including liquidity, asset value cash flow generation, and industry multiples.  Municipals  The Company analyzes the screened impairment candidates on a quantitative and qualitative basis. This includes an assessment of the factors that may be contributing to the unrealized loss and whether the recovery value is greater or less than current market value.  Structured Securities  The “stated assumptions” analytic approach relies on actual 6-month average collateral performance measures (voluntary prepayment rate, gross default rate, and loss severity) sourced through third party data providers or remittance reports. The analysis applies the stated assumptions throughout the remaining term of the transaction using forecasted cashflows, which are then applied through the transaction structure (reflecting the priority of payments and performance triggers) to determine whether there is a loss to the security (“Loss to Tranche”). For securities or sectors for which no actual loss or minimal loss has been observed (certain Prime Residential Mortgage Backed Securities (RMBS) and Commercial Mortgage Backed Securities (CMBS), for example), sector-based assumptions are applied or an alternative quantitative or qualitative analysis is performed.  Investment Income  Interest on fixed maturities and short-term investments is credited to earnings on an accrual basis. Premiums and discounts are amortized or accreted over the lives of the related fixed maturities. Dividends on equity securities are credited to earnings on the ex-dividend date. Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date, which does not differ significantly from trade date accounting D. OTHER INVESTED ASSETS  Other invested assets include privately held investments and a promissory note. Other invested assets are carried at face value and given that there is no readily available market for these to trade in, management believes face value accurately reflects fair value.  E. PROPERTY HELD FOR INVESTMENT  Property held for investment purposes is initially recorded at the purchase price, which is generally fair value, and is subsequently reported at cost less accumulated depreciation. Buildings are depreciated on a straight-line basis over the estimated useful life of the building, which we estimate to be 39 years. Income from property held for investment is reported as net investment income.  F. CASH AND CASH EQUIVALENTS  Cash consists of uninvested balances in bank accounts. Cash equivalents consist of investments with original maturities of 90 days or less, primarily AAA-rated prime and government money market funds. Cash equivalents are carried at cost, which approximates fair value. The Company has not experienced losses on these instruments. We maintain cash balances primarily at one bank, which is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. During the normal course of business, balances are maintained above the FDIC insurance limit.  G. REINSURANCE  Ceded unearned premiums and reinsurance balances recoverable on paid and unpaid losses and settlement expenses are reported separately as assets instead of being netted with the related liabilities, since reinsurance does not relieve us of our legal liability to our policyholders.  Quarterly, the Company monitors the financial condition of its reinsurers. The Company’s monitoring efforts include, but are not limited to, the review of annual summarized reinsurer financial data and analysis of the credit risk associated with reinsurance balances recoverable by monitoring the A.M. Best and Standard & Poor’s (S&P) ratings. In addition, the Company subjects its reinsurance recoverables to detailed recoverable tests, including an analysis based on average default by A.M. Best rating. Based upon the review and testing, the Company’s policy is to charge to earnings, in the form of an allowance, an estimate of unrecoverable amounts from reinsurers. This allowance is reviewed on an ongoing basis to ensure that the amount makes a reasonable provision for reinsurance balances that the Company may be unable to recover.  H. POLICY ACQUISITION COSTS  The Company defers commissions, premium taxes, and certain other costs that are incrementally or directly related to the successful acquisition of new or renewal insurance contracts. Acquisition-related costs may be deemed ineligible for deferral when they are based on contingent or performance criteria beyond the basic acquisition of the insurance contract or when efforts to obtain or renew the insurance contract are unsuccessful. All eligible costs are capitalized and charged to expense in proportion to premium revenue recognized. The method followed in computing deferred policy acquisition costs limits the amount of such deferred costs to their estimated realizable value. This deferral methodology applies to both gross and ceded premiums and acquisition costs.  I. PROPERTY AND EQUIPMENT  Property and equipment are presented at cost, less accumulated depreciation, and are depreciated using accelerated methods for financial statement purposes for a period based on their economic life. Computer equipment is depreciated over 3 years and equipment over a range of 5 to 7 years. Buildings are depreciated over 39 years and related improvements over 15 years. Annually, the Company reviews the major asset classes held for impairment. For the years ended December 31, 2019 and 2018 , the Company recognized no impairments. Property and equipment are summarized as follows:      As of  December 31, December 31,  2019 2018  Automobiles $ 505,788 $ 603,046  Furniture and fixtures 457,218 436,568  Computer equipment and software 3,823,416 3,542,339  Home office 3,866,632 3,849,947  Total cost 8,653,054 8,431,900  Accumulated depreciation (5,619,706) (5,099,090)  Net property and equipment $ 3,033,348 $ 3,332,810  J. UNPAID LOSSES AND SETTLEMENT EXPENSES  The liability for unpaid losses and settlement expenses represents estimates of both reported and unreported claims and related expenses. The estimates are based on certain actuarial and other assumptions related to the ultimate cost to settle such claims. Such assumptions are subject to occasional changes due to evolving economic, social, and political conditions. All estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the results of operations in the period in which they are determined. Due to the inherent uncertainty in estimating reserves for losses and settlement expenses, there can be no assurance that the ultimate liability will not exceed recorded amounts. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Based on the current assumptions used in estimating reserves, we believe that our overall reserve levels at December 31, 2019 , make a reasonable provision to meet our future obligations. See Note 7 – Unpaid Losses and Settlement Expenses for further discussion.  K. PREMIUMS  Premiums are recognized ratably over the term of the contracts, net of ceded reinsurance. Unearned premiums represent the portion of premiums written relative to the unexpired terms of coverage. Unearned premiums are calculated on a daily pro rata basis. A premium deficiency reserve should be recognized if the sum of expected claim costs and claim adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums. The Company utilizes anticipated investment income as a factor in its premium deficiency calculation. The Company concluded that no premium deficiency adjustments were necessary in either of the years ended December 31, 2019 and 2018.   L. GENERAL CORPORATE EXPENSES  General corporate expenses consist primarily of real estate and occupancy costs, such as utilities and maintenance. These costs do not vary significantly with premium volume but rather with square footage of real estate owned.  M. INCOME TAXES  The Company files a consolidated federal income tax return. Federal income taxes are accounted for using the asset and liability method under which deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, operating losses and tax credit carry forwards. The effect on deferred taxes for a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not all or some of the deferred tax assets will not be realized.  The Company considers uncertainties in income taxes and recognizes those in its consolidated financial statements as required. As it relates to uncertainties in income taxes, unrecognized tax benefits, including interest and penalty accruals, are not considered material to the consolidated financial statements. Also, no tax uncertainties are expected to result in significant increases or decreases to unrecognized tax benefits within the next 12-month period. Penalties and interest related to income tax uncertainties, should they occur, would be included in income tax expense in the period in which they are incurred.  ICC is subject to minimal state income tax liabilities. On a state basis, since the majority of income is from insurance operations, the Company pays premium taxes in lieu of state income tax. Premium taxes are a component of policy acquisition costs and calculated as a percentage of gross premiums written.  N. EMPLOYEE STOCK OWNERSHIP PLAN  The Company recognizes employee stock ownership plan (ESOP) compensation expense ratably during each year for the shares committed to be allocated to participants that year. This expense is determined by the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For purposes of balance sheet disclosures of shares outstanding, the Company includes only the number of ESOP shares that have been committed to be released for the period. For purposes of calculating earnings per share, the Company includes the weighted average ESOP shares committed to be released for the period. The ESOP covers all employees who have worked a minimum of 1,000 hours in the plan year.  O. EARNINGS PER SHARE  Basic and diluted earnings per share (EPS) are calculated by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. The denominator for basic and diluted EPS includes ESOP shares committed to be released. Dilutive earnings per share includes the effect of all potentially dilutive instruments, such as restricted stock units (RSUs), outstanding during the period.  P. COMPREHENSIVE EARNINGS  Comprehensive earnings include net earnings plus unrealized (gains) losses on AFS investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the consolidated statement of earnings, the Company used a 21% tax rate for the years ended December 31, 2019 , and 2018 . Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense (benefit) of $677,121 and $(609,140) for 2019 and 2018 , respectively.  The following table presents changes in accumulated other comprehensive earnings (loss) for unrealized gains and losses on available-for-sale securities:     Year Ended December 31,  2019 2018  Beginning balance $ (1,580,976) $ 2,227,069  Cumulative effect of adoption of ASU 2016-01 1,366,297 -  Adjusted beginning balance (214,679) 2,227,069  Oher comprehensive earnings (loss) before reclassifications 3,393,585 (3,049,791)  Amount reclassified from accumulated other comprehensive earnings (224,970) (758,254)  Net current period other comprehensive earnings (loss) 3,168,615 (3,808,045)  Ending balance $ 2,953,936 $ (1,580,976)  The following table provides the reclassifications out of accumulated other comprehensive income for the periods presented:      Amounts Reclassified from  Accumulated Other Comprehensive Earnings  Twelve-Month Period Ended  Details about Accumulated Other December 31, Affected Line Item in the Statement  Comprehensive Earnings Component 2019 2018 where Net Earnings is Presented  Unrealized (gains) on AFS investments:  $ (284,772) $ (975,993) Net realized investment (gains)  — 16,178 Other-than-temporary impairment losses  59,802 201,561 Income tax expense  Total reclassification adjustment, net of tax $ (224,970) $ (758,254)      Q. ADOPTED ACCOUNTING PRONOUNCEMENTS  Revenue Recognition (ASU 2017-13, ASU 2016-20, ASU 2016-12, ASU 2016-11, ASU 2016-10, ASU 2016-08, ASU 2015-14 and ASU 2014-09) – This update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. The ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. We adopted these updates effective January 1, 2019. All contracts within the scope of Topic 944, Financial Services – Insurance, investment income, investment related gains and losses and equity in earnings of unconsolidated investees are outside the scope of this ASU. As such, the adoption did not have a material effect on our consolidated financial statements.  Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15) – This guidance addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. We adopted this update effective January 1, 2019, and the adoption did not have a material effect on our consolidated financial statements.  Financial Instruments – Recognition and Measurement (ASU 2016-01) – This guidance affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements of financial instruments. This update requires equity investments to be measured at fair value with subsequent changes recognized in net earnings, except for those accounted for under the equity method or requiring consolidation. Prior to the effective date of this update, changes in fair value related to available-for-sale (AFS) equity securities were recognized in OCI. We adopted this update effective January 1, 2019. Upon adoption, we recognized a cumulative-effect decrease to beginning retained earnings of $1.4 million and a corresponding increase to accumulated other comprehensive income (AOCI).  R. PROSPECTIVE ACCOUNTING STANDARDS  The dates presented below represent the implementation dates for the Company. The Company’s status as an Emerging Growth Company could delay the required adoption of each of these standards.  Financial Instruments Credit Losses (ASU 2018-19 and ASU 2016-13) – This update is designed to reduce complexity by limiting the number of credit impairment models used for different assets. The model will result in accelerated credit loss recognition on assets held at amortized cost, which includes our commercial and residential mortgage investments and reinsurance balances recoverable. The identification of credit-deteriorated securities will include all assets that have experienced a more-than-insignificant deterioration in credit since origination. Additionally, any changes in the expected cash flows of credit-deteriorated securities will be recognized immediately in the income statement. AFS fixed maturity securities are not in scope of the new credit loss model, but will undergo targeted improvements to the current reporting model including the establishment of a valuation allowance for credit losses versus the current direct write down approach. We will be required to adopt this update effective January 1, 2023. We are currently evaluating the impact of this guidance on our consolidated financial statements.  Leases (ASU 2018-20, ASU 2018-11, ASU 2018-10, ASU 2018-01, ASU 2017-13 and ASU 2016-02) – These updates are intended to increase transparency and comparability for lease transactions. ASU 2016-02 requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with an original term longer than twelve months and disclose key information about leasing arrangements. Lessor accounting is largely unchanged.  The updates are effective for the Company’s year-end December 31, 2021 and quarters beginning January 1, 2022. ASU 2016-02 required the adoption on a modified retrospective basis. However, with the issuance of ASU 2018-11, we have the option to recognize the cumulative effect as an adjustment to the opening balance of retained earnings in the year of adoption, while continuing to present all prior periods under the previous lease guidance. These updates provide optional practical expedients in transition. The effect of applying the new lease guidance on the consolidated financial statements is expected to be minimal due to current and future lease obligations being immaterial.  Fair Value Measurement – Disclosure Requirements (ASU 2018-13 ) – The amendments in this update modify the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. We will be required to adopt this update on January 1, 2020, and depending on the specific amendment will be required to adopt prospectively or retrospectively. We early adopted the removal and modification of certain disclosures as permitted. We are currently evaluating the impact of the remaining guidance on our consolidated financial statements.  S. RISKS AND UNCERTAINTIES  Certain risks and uncertainties are inherent to day-to-day operations and to the process of preparing the Company’s consolidated financial statements. The more significant risks and uncertainties, as well as the Company’s attempt to mitigate, quantify, and minimize such risks, are presented below and throughout the notes to the consolidated financial statements.  Catastrophe Exposures  The Company’s insurance coverages include exposure to catastrophic events. All catastrophe exposures are monitored by quantifying exposed policy limits in each region and by using computer-assisted modeling techniques. Additionally, the Company limits its risk to such catastrophes through restraining the total policy limits written in each region and by purchasing reinsurance. The Company’s major catastrophe exposure is to losses caused by tornado/hail and freeze to commercial properties throughout the Midwest.  The Company ha d protection of $14.5 million and $9.5 million in excess of $500,000 first-dollar retention for the years ended December 31, 2019 and 2018, respectively . The catastrophe program is actively managed to keep net retention in line with risk tolerances and to optimize the risk/return trade off. The catastrophe reinsurance treaty renewed on January 1, 2020 .  Reinsurance  Reinsurance does not discharge the Company from its primary liability to policyholders, and to the extent that a reinsurer is unable to meet its obligations, the Company would be liable. On a quarterly basis, the financial condition of prospective and existing reinsurers is monitored. As a result, the Company purchases reinsurance from a number of financially strong reinsurers. Accordingly, no allowance for reinsurance balances deemed uncollectible has been made. See Note 6 –Reinsurance for further discussion.  Investment Risk  The investment portfolio is subject to market, credit, and interest rate risks. The equity portfolio will fluctuate with movements in the overall stock market. While the equity portfolio has been constructed to have lower downside risk than the market, the portfolio is sensitive to movements in the market. The bond portfolio is affected by interest rate changes and movement in credit spreads. The Company attempts to mitigate its interest rate and credit risks by constructing a well-diversified portfolio with high-quality securities with varied maturities. Downturns in the financial markets could have a negative effect on the portfolio. However, the Company attempts to manage this risk through asset allocation, duration, and security selection.  Liquidity Risk  Liquidity is essential to the Company’s business and a key component of the concept of asset-liability matching. The Company’s liquidity may be impaired by an inability to collect premium receivable or reinsurance recoverable balances in a timely manner, an inability to sell assets or redeem investments, unforeseen outflows of cash or large claim payments, or an inability to access debt. Liquidity risk may arise due to circumstances that the Company may be unable to control, such as a general market disruption, an operational problem that affects third parties or the Company, or even by the perception among market participants that the Company, or other market participants, are experiencing greater liquidity risk.  The Company’s A.M. Best rating is important to its liquidity. A reduction in credit ratings could adversely affect the Company’s liquidity and competitive position by increasing borrowing costs or limiting access to the capital markets.  External Factors  The Company is highly regulated by the state of Illinois and by the states in which it underwrites business. Such regulations, among other things, limit the amount of dividends, impose restrictions on the amount and types of investments, and regulate rates insurers may charge for various coverages. The Company is also subject to insolvency and guarantee fund assessments for various programs designed to ensure policyholder indemnification. Assessments are generally accrued during the period in which it becomes probable that a liability has been incurred from an insolvency and the amount of the related assessment can be reasonably estimated.  The National Association of Insurance Commissioners (NAIC) has developed Property/Casualty Risk-Based Capital (RBC) standards that relate an insurer’s reported statutory surplus to the risks inherent in its overall operations. The RBC formula uses the statutory annual statement to calculate the minimum indicated capital level to support asset (investment and credit) risk and underwriting (loss reserves, premiums written and unearned premium) risk. The NAIC model law calls for various levels of regulatory action based on the magnitude of an indicated RBC capital deficiency, if any. As of December 31, 2019 , the Company determined that its capital levels are well in excess of the minimum capital requirements for all RBC action levels and that its capital levels are sufficient to support the level of risk inherent in its operations. See Note 10 – Statutory Information and Dividend Restrictions for further discussion of statutory information and related insurance regulatory restrictions.  In addition, ratings are a critical factor in establishing the competitive position of insurance companies. The Company is rated by A.M. Best. This rating reflects their opinion of the insurance company’s financial strength, operating performance, strategic position, and ability to meet its obligations to policyholders. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments | 2. INVESTMENTS  NET INVESTMENT INCOME  A summary of net investment income for the years ended December 31, 2019 and 2018 is as follows:      2019 2018  AFS, fixed maturity securities $ 2,998,342 $ 2,943,083  Investment property 610,642 555,350  Equity securities 300,584 266,530  Cash and short-term investments 75,585 25,303  Investment revenue 3,985,153 3,790,266  Less investment expenses (800,000) (900,000)  Net investment income $ 3,185,153 $ 2,890,266  INVESTMENT RELATED GAINS (LOSSES)  The following is a summary of the proceeds from sales, maturities, and calls of fixed maturity and equity securities and the related gross realized gains and losses for the years ended December 31, 2019 and 2018 .     Net Realized  Proceeds Gains Losses Gains  2019  Fixed maturity securities $ 27,033,200 $ 321,032 $ (36,260) $ 284,772  Common stocks 8,238,753 1,443,507 (527,514) 915,993  2018  Fixed maturity securities $ 16,966,599 $ 122,900 $ (78,194) $ 44,706  Common stocks 11,843,798 1,290,148 (363,094) 927,054  Preferred stocks 3,927,722 86,862 (82,629) 4,233  The amortized cost and estimated fair value of fixed income securities at December 31, 2019 , are shown as follows:      Amortized Cost Fair Value  Due in one year or less $ 3,228,881 $ 3,244,534  Due after one year through five years 18,956,885 19,738,798  Due after five years through 10 years 15,091,864 16,340,507  Due after 10 years 17,267,874 18,472,738  Asset and mortgage backed securities without a specific due date 33,802,911 34,290,995  Total fixed maturity securities $ 88,348,415 $ 92,087,572  Expected maturities may differ from contractual maturities due to call provisions on some existing securities.  The following table is a schedule of cost or amortized cost and estimated fair values of investments in securities classified as available for sale at December 31, 2019 and 2018.      Gross Unrealized  Amortized Cost Fair Value Gains Losses  2019  Fixed maturity securities:  U.S. Treasury $ 800,462 $ 800,219 $ 684 $ (927)  MBS/ABS/CMBS 33,802,911 34,290,995 540,743 (52,659)  Corporate 39,442,202 41,915,103 2,482,378 (9,477)  Municipal 14,302,840 15,081,255 808,081 (29,666)  Total AFS securities $ 88,348,415 $ 92,087,572 $ 3,831,886 $ (92,729)      Cost or Gross Unrealized  Amortized Cost Fair Value Gains Losses  2018  Fixed maturity securities:  U.S. Treasury $ 1,348,575 $ 1,328,925 $ — $ (19,650)  MBS/ABS/CMBS 34,372,133 33,799,024 33,955 (607,064)  Corporate 37,383,903 37,366,690 376,029 (393,242)  Municipal 16,148,295 16,486,520 398,569 (60,344)  Total fixed maturity securities 89,252,906 88,981,159 808,553 (1,080,300)  Equity securities:  Common stocks 13,572,713 11,843,223 406,812 (2,136,302)  Total equity securities 1 13,572,713 11,843,223 406,812 (2,136,302)  Total AFS securities $ 102,825,619 $ 100,824,382 $ 1,215,365 $ (3,216,602)  1 Effective January 1, 2019, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale. Prior periods have not been recast to conform to the current presentation.  MORTGAGE-BACKED, COMMERCIAL MORTGAGE-BACKED AND ASSET-BACKED SECURITIES  All of the Company’s collateralized securities carry an average credit rating of AA+ by one or more major rating agency and continue to pay according to contractual terms. Included within MBS/ABS/CMBS are residential mortgage backed securities with fair values of $9,909,462 and $13,696,585 and commercial mortgage backed securities of $13,408,898 and $10,126,352 at December 31, 2019 and 2018 , respectively.   UNREALIZED LOSSES ON AFS SECURITIES  The following table is also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of December 31, 2019 and 2018 . The table segregates the securities based on type, noting the fair value, cost (or amortized cost), and unrealized loss on each category of investment as well as in total. The table further classifies the securities based on the length of time they have been in an unrealized loss position.      December 31, 2019  12 Months  < 12 Months & Greater Total  Fixed Maturity Securities:  U.S. Treasury  Fair value $ — $ 699,391 $ 699,391  Amortized cost — 700,318 700,318  Unrealized loss — (927) (927)  MBS/ABS/CMBS  Fair value 6,398,581 5,056,732 11,455,313  Amortized cost 6,420,488 5,087,484 11,507,972  Unrealized loss (21,907) (30,752) (52,659)  Corporate  Fair value 1,396,706 — 1,396,706  Amortized cost 1,406,183 — 1,406,183  Unrealized loss (9,477) — (9,477)  Municipal  Fair value 1,969,468 — 1,969,468  Amortized cost 1,999,134 — 1,999,134  Unrealized loss (29,666) — (29,666)  Total debt securities available for sale  Fair value 9,764,755 5,756,123 15,520,878  Amortized cost 9,825,805 5,787,802 15,613,607  Unrealized loss $ (61,050) $ (31,679) $ (92,729)      December 31, 2018  12 Months  < 12 Months & Greater Total  U.S. Treasury  Fair value $ — $ 1,328,925 $ 1,328,925  Cost or amortized cost — 1,348,575 1,348,575  Unrealized loss — (19,650) (19,650)  MBS/ABS/CMBS  Fair value 16,890,857 11,956,493 28,847,350  Cost or amortized cost 17,039,357 12,415,057 29,454,414  Unrealized loss (148,500) (458,564) (607,064)  Corporate  Fair value 14,304,322 5,745,289 20,049,611  Cost or amortized cost 14,550,153 5,892,700 20,442,853  Unrealized loss (245,831) (147,411) (393,242)  Municipal  Fair value 3,069,720 838,980 3,908,700  Cost or amortized cost 3,100,036 869,008 3,969,044  Unrealized loss (30,316) (30,028) (60,344)  Subtotal, fixed income  Fair value 34,264,899 19,869,687 54,134,586  Cost or amortized cost 34,689,546 20,525,340 55,214,886  Unrealized loss (424,647) (655,653) (1,080,300)  Common stock 1  Fair value 8,187,764 — 8,187,764  Cost or amortized cost 10,324,066 — 10,324,066  Unrealized loss (2,136,302) — (2,136,302)  Total  Fair value 42,452,663 19,869,687 62,322,350  Cost or amortized cost 45,013,612 20,525,340 65,538,952  Unrealized loss $ (2,560,949) $ (655,653) $ (3,216,602)  1 Effective January 1, 2019, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale. Prior periods have not been recast to conform to the current presentation.  As of December 31, 2018 , the Company held 200 equity securities that were in unrealized loss positions. Of these 200 securities, none were in an unrealized loss position for 12 consecutive months or longer prior to December 31, 2018.  The fixed income portfolio contained 32 securities in an unrealized loss position as of December 31, 2019 . Of these 32 securities, 14 have been in an unrealized loss position for 12 consecutive months or longer and represent $31,679 in unrealized losses. All fixed income securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. Credit-related impairments on fixed income securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net earnings. Any non-credit related impairment is recognized in comprehensive earnings. Based on management’s analysis, the fixed income portfolio is of a high credit quality and it is believed it will recover the amortized cost basis of the fixed income securities. Management monitors the credit quality of the fixed income investments to assess if it is probable that the Company will receive its contractual or estimated cash flows in the form of principal and interest.  There were no other-than-temporary impairment losses recognized in net earnings during the year ended December 31, 2019 . During 2018 , the Company recognized $16,178 of OTTI on three common stock securities that were impaired during the fourth quarter of 2018. For all fixed income securities at a loss at December 31, 2019 , management believes it is probable that the Company will receive all contractual payments in the form of principal and interest. In addition, the Company is not required to, nor does it intend to sell these investments prior to recovering the entire amortized cost basis for each security, which may be maturity. The fixed income securities in an unrealized loss position were not other-than-temporarily impaired at December 31, 2019 and 2018 .  As required by law, certain fixed maturity investments amounting to $3,827,627 and $3,742,450 at December 31, 2019 and 2018 , respectively, were on deposit with either regulatory authorities or banks.  UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES  The portion of net unrealized gains for the twelve months ended December 31, 2019 that relates to equity securities held as of December 31, 2019 was $2,350,513 .  OTHER INVESTED ASSETS  Other invested assets include privately held investments, including membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018 . Our investment in FHLBC stock is carried at cost. Due to the nature of our membership in the FHLBC, the carrying amount approximates fair value. As of December 31, 2019 , there were no investments pledged as collateral with the FHLBC. There may be investments pledged as collateral with the FHLBC to ensure timely access to the secured lending facility that ownership of FHLBC stock provides. As of and during the twelve month period ending December 31, 2019 , there were no outstanding borrowings with the FHLBC. Also included in other invest assets is a promissory note with the option to borrow up to $1,275,000 . The Company funded $625,000 on July 30, 2019. The note bears interest at 6.5% , and is amortized over 20 years with a balloon payment due July 30, 2029.  PROPERTY HELD FOR INVESTMENT  As of December 31, 2 019 , investment property comprised of 67 apartment rental units located in Milan, Illinois; Moline, Illinois; Rock Island, Illinois; Silvis, Illinois; and Le Claire, Iowa. As of December 31, 2018, investment property comprised of 57 apartment rental units located in Rock Island, Illinois; Moline, Illinois ; Silvis, Illinoi s; and Le Claire, Iowa. Property held for investment is net of accumulated depreciation of $332,218 and $222,825 as of December 31, 2019 , and 2018 , respectively. Related depreciation expense was $109,393 and $95,664 for the years ended December 31, 2019 , and 2018 , respectively. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 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. We determined the fair value of certain financial instruments based on their underlying characteristics and relevant transactions in the marketplace. GAAP guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance also describes three levels of inputs that may be used to measure fair value.  The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level:  · Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets.  · Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data.  · Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value.  As a part of the process to determine fair value, management utilizes widely recognized, third-party pricing sources to determine fair values. Management has obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy.  Corporate, Agencies, and Municipal Bonds— The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All Corporate, Agencies, and Municipal securities are deemed Level 2.  Mortgage-backed Securities (MBS), Collateralized Mortgage Obligations (CMO), Commercial Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS)— The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (non-volatile, volatile, or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate CMO volatility, an option-adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates, and recent trade activity. MBS, CMBS, CMO and ABS with corroborated and observable inputs are classified as Level 2. All MBS, CMBS, CMO and ABS holdings are deemed Level 2.  U.S. Treasury Bonds, Common Stocks, and Exchange Traded Funds — U.S. treasury bonds and exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). All common stock holdings are deemed Level 1.  Preferred Stock — Preferred stocks do not have readily observable prices, but do have quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices are classified as Level 2. All preferred stock holdings are deemed Level 2.  Due to the relatively short-term nature of cash and cash equivalents, their carrying amounts are reasonable estimates of fair value. Other invested assets as well as debt obligations are carried at face value and given that there is no readily available market for these to trade in, management believes that face value accurately reflects fair value.  Assets measured at fair value on a recurring basis as of December 31, 2019 , are as summarized below:      Significant  Quoted in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  (Level 1) (Level 2) (Level 3) Total  AFS securities  Fixed maturity securities  U.S. treasury $ 800,219 $ — $ — $ 800,219  MBS/ABS/CMBS — 34,290,995 — 34,290,995  Corporate — 41,915,103 — 41,915,103  Municipal — 15,081,255 — 15,081,255  Total fixed maturity securities 800,219 91,287,353 — 92,087,572  Equity securities  Common stocks 14,448,773 — — 14,448,773  Total marketable investments measured at fair value $ 15,248,992 $ 91,287,353 $ — $ 106,536,345  Assets measured at fair value on a recurring basis as of December 31, 2018 , are as summarized below:     Significant  Quoted in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  (Level 1) (Level 2) (Level 3) Total  AFS securities  Fixed maturity securities  U.S. treasury $ 1,328,925 $ — $ — $ 1,328,925  MBS/ABS/CMBS — 33,799,024 — 33,799,024  Corporate — 37,366,690 — 37,366,690  Municipal — 16,486,520 — 16,486,520  Total fixed maturity securities 1,328,925 87,652,234 — 88,981,159  Equity securities  Common stocks 11,843,223 — — 11,843,223  Total marketable investments measured at fair value $ 13,172,148 $ 87,652,234 $ — $ 100,824,382  As noted in the previous tables, the Company did not have any assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2019 and 2018 . Additionally, there were no securities transferred in or out of levels 1 or 2 d uring the years ended December 31, 2019 and 2018 . |
Policy Acquisition Costs
Policy Acquisition Costs | 12 Months Ended |
Dec. 31, 2019 | |
Policy Acquisition Costs [Abstract] | |
Policy Acquisition Costs | 4. POLICY ACQUISITION COSTS  Policy acquisition costs deferred and amortized to income for the years ended December 31 are summarized as follows:       2019 2018  Deferred policy acquisition costs (DAC), beginning of year $ 5,247,188 $ 4,592,415  Deferred:  Direct commission 9,172,742 8,938,953  Premium taxes 1,091,575 1,184,884  Ceding commissions (738,756) (1,986,128)  Underwriting 891,612 912,589  Net deferred 10,417,173 9,050,298  Amortized 10,395,105 8,395,525  DAC, end of year $ 5,269,256 $ 5,247,188   Policy acquisition costs:  Amortized to expense $ 10,395,105 $ 8,395,525  Period costs:  Contingent commission 1,365,254 1,859,311  Other underwriting expenses 8,259,646 7,960,147  Total policy acquisition costs $ 20,020,005 $ 18,214,983 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt [Abstract] | |
Debt | 5. DEBT  Debt Obligation  ICC Holdings, Inc. secured a loan with American Bank & Trust in March 2017 in the amount of $3,500,000 and used the proceeds to repay ICC for the money borrowed by the ESOP. The term of the loan is five years bearing interest at 3.65% and the Company pledged stock and $1.0 million of marketable assets as collateral for the loan. The total balance of debt agreements at year end 2019 and 2018 was $3,475,088 and $3,484,606 , respectively.   Revolving Line of Credit  The Company has borrowing capacity up to approximately $33 million in the aggregate from its membership with FHLBC. We also maintain a revolving line of credit with American Bank & Trust, which permits borrowing up to an aggregate principal amount of $1.75 million. This facility was entered into during 2013 and is renewed annually with a current expiration of August 5, 2020 . The line of credit is priced at 30 day LIBOR plus 2% with a floor of 3.5% . In order to secure the lowest rate possible, the Company pledged marketable securities not to exceed $5.0 million in the event the Company draws down on the line of credit. There was no interest paid on the line of credit during the year ended December 31, 2019 and December 31, 2018 . There are no financial covenants governing this agreement. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance [Abstract] | |
Reinsurance | 6. REINSURANCE  In the ordinary course of business, the Company assumes and cedes premiums and selected insured risks with other insurance companies, known as reinsurance. A large portion of the reinsurance is put into effect under contracts known as treaties and, in some instances, by negotiation on each individual risk (known as facultative reinsurance). In addition, there are several types of treaties including quota share, excess of loss and catastrophe reinsurance contracts that protect against losses over stipulated amounts arising from any one occurrence or event. The arrangements allow the Company to pursue greater diversification of business and serve to limit the maximum net loss to a single event, such as a catastrophe. Through the quantification of exposed policy limits in each region and the extensive use of computer-assisted modeling techniques, management monitors the concentration of risks exposed to catastrophic events.  Through the purchase of reinsurance, the Company also generally limits its net loss on any individual risk to a maximum of $1,000,000 for casualty business, $500,000 for property, and $500,000 for workers compensation, although certain treaties contain an annual aggregate deductible before reinsurance applies.  Premiums, written and earned, along with losses and settlement expenses incurred for the years ended December 31 are summarized as follows:     2019 2018  WRITTEN  Direct $ 62,982,820 $ 61,125,339  Reinsurance assumed 204,268 168,096  Reinsurance ceded (9,951,880) (11,280,526)  Net $ 53,235,208 $ 50,012,909  EARNED  Direct $ 62,559,208 $ 57,702,159  Reinsurance assumed 207,685 174,235  Reinsurance ceded (9,925,127) (10,759,433)  Net $ 52,841,766 $ 47,116,961  LOSSES AND SETTLEMENT EXPENSES INCURRED  Direct $ 44,334,298 $ 35,263,637  Reinsurance assumed 139,618 77,909  Reinsurance ceded (10,759,079) (4,079,084)  Net $ 33,714,837 $ 31,262,462  The reinsurance assumed business consists of assigned risk pools, which require the Company to participate in certain workers’ compensation and other liability pools, as a result of their licensure and premium writings in the various states in which it does business.  At December 31, 2019 and 2018 , the Company had reinsurance recoverable on unpaid losses and settlement expenses totaling $11,036,170 and $6,735,964 , respectively. All of the Company’s reinsurance recoverables are due from companies with financial strength ratings of “A” or better by A.M. Best. The following table displays net reinsurance balances recoverable, after consideration of collateral, on paid losses and settlement expenses, known case and IBNR loss and settlement expense reserves, unearned premiums, and contingent commissions from the Company’s top 10 reinsurers as of December 31, 2019 . These reinsurers all have financial strength ratings of “A” or better by A.M. Best. Also shown are the amounts of written premium ceded to these reinsurers during the calendar year 2019 .      Net Reinsurer Ceded  A.M. Best Exposure as of Percent of Premiums Percent of  (In thousands) Rating December 31, 2019 Total Written Total  Aspen Insurance UK Ltd A $ 2,219 17.2% $ 1,174 11.8%  Platinum Underwriters A 1,868 14.5% 1,792 18.0%  Hannover Ruckversicherungs A+ 1,386 10.8% 1,318 13.2%  Partner Reinsurance Company A+ 1,362 10.6% 281 2.8%  Everest Reinsurance Company A+ 1,252 9.7% 781 7.9%  Swiss Reinsurance A+ 902 7.0% 340 3.4%  Endurance Reinsurance A+ 709 5.5% — 0.0%  General Reinsurance Corporation A++ 677 5.3% 1,334 13.4%  Allied World Reinsurance A 500 3.9% 634 6.4%  Axis Reinsurance Company A+ 468 3.6% 408 4.1%  All other reinsurers including anticipated subrogation 1,531 11.9% 1,890 19.0%  $ 12,874 100.0% $ 9,952 100.0%  Ceded unearned premiums and reinsurance balances recoverable on paid losses and settlement expenses are reported separately as an asset, rather than being netted with the related liability, since reinsurance does not relieve the Company of its liability to policyholders. Such balances are subject to the credit risk associated with the individual reinsurer. On a quarterly basis, the financial condition of the Company’s reinsurers is monitored. As part of the monitoring efforts, management reviews annual summarized financial data and publically available information. The credit risk associated with the reinsurance balances recoverable is analyzed by monitoring the A.M. Best and S&P ratings of the reinsurers. In addition, the Company subjects its reinsurance recoverables to detailed recoverability tests, including one based on average default by A.M. Best rating.  Once regulatory action (such as receivership, finding of insolvency, order of conservation or order of liquidation) is taken against a reinsurer, the paid and unpaid recoverable for the reinsurer are specifically identified and written off through the use of the allowance for estimated unrecoverable amounts from reinsurers. When such a balance is written off, it is done in full. The Company then re-evaluates the remaining allowance and determines whether the balance is sufficient as detailed above, and if needed, an additional allowance is recognized and income charged. The Company had no allowance recorded related to uncollectible amounts on paid and unpaid recoverables at December 31, 2019 and 2018 . The Company has no receivables with a due date that extends beyond 90 days from the date of billing that are not included in the allowance for uncollectible amounts. |
Unpaid Losses and Settlement Ex
Unpaid Losses and Settlement Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Unpaid Losses and Settlement Expenses [Abstract] | |
Unpaid Losses and Settlement Expenses |  7. UNPAID LOSSES AND SETTLEMENT EXPENSES  Loss Development Tables  The following tables represent cumulative incurred losses and settlement expenses, net of reinsurance, by accident year and cumulative paid loss and settlement expenses, net of reinsurance, by accident year, for the years ended December 31, 2010 to 2019, as well as total IBNR and the cumulative number of reported claims for the year ended December 31, 2018. The information about incurred and paid claims development for the years ended December 31, 2010 to 2018, is presented as unaudited required supplementary information. The property line of business has been disaggregated based on the shorter payout period in comparison to the workers compensation and liability lines of business.     PROPERTY LINES  Incurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2019  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 Total IBNR plus expected development on reported claims Cumulative number of reported claims  2010 $ 5,644 $ 5,105 $ 4,831 $ 4,992 $ 5,118 $ 5,006 $ 4,891 $ 4,899 $ 4,862 $ 4,860 $ 14 674  2011 7,427 6,708 6,621 6,752 6,733 6,645 6,631 6,632 6,621 — 905  2012 6,143 6,374 6,406 6,546 6,482 6,411 6,455 6,167 (6) 672  2013 9,266 8,302 8,290 8,415 8,471 8,282 8,272 14 637  2014 8,865 7,586 7,798 7,883 7,817 7,785 (2) 743  2015 7,693 7,494 7,717 7,634 7,654 6 563  2016 8,941 7,981 8,372 8,381 (13) 582  2017 13,993 13,568 13,741 214 726  2018 11,454 11,114 65 736  2019 13,933 (125) 795  Total $ 88,528     Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019  2010 $ 3,166 4,584 4,719 4,740 4,791 4,818 4,873 4,874 4,874 $ 4,874  2011 5,327 6,351 6,459 6,520 6,556 6,589 6,623 6,623 6,620  2012 4,949 6,401 6,369 6,362 6,326 6,472 6,469 6,176  2013 6,856 8,079 8,200 8,238 8,265 8,272 8,271  2014 6,243 7,631 7,746 7,796 7,795 7,795  2015 5,057 7,040 7,474 7,645 7,660  2016 6,157 7,624 8,236 8,356  2017 10,055 13,482 13,610  2018 8,487 11,009  2019 11,621  Total 85,992  Unpaid losses and settlement expense - years 2010 through 2019 2,536  Unpaid losses and settlement expense - prior to 2010 (10)  Unpaid loss and settlement expense, net of reinsurance $ 2,526  *Presented as unaudited required supplementary information.     WORKERS' COMPENSATION AND LIABILITY LINES  Incurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2019  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 Total IBNR plus expected development on reported claims Cumulative number of reported claims  2010 $ 10,475 $ 11,039 $ 10,683 $ 11,371 $ 11,701 $ 11,474 $ 11,422 $ 11,431 $ 11,469 $ 11,484 $ 7 906  2011 12,375 12,126 11,894 12,039 12,098 12,027 11,819 11,723 11,720 7 1,106  2012 13,122 11,338 11,407 11,638 12,692 12,845 12,632 12,836 26 1,161  2013 12,584 13,559 13,169 12,960 13,696 13,858 14,076 76 1,161  2014 13,385 14,744 15,341 16,718 16,881 16,996 313 1,247  2015 16,596 13,876 13,440 13,862 14,486 538 1,113  2016 16,677 14,843 16,240 16,855 1,196 1,054  2017 15,808 15,803 15,842 2,484 1,043  2018 18,308 17,122 5,804 1,115  2019 19,630 10,813 912  Total $ 151,047       Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019  2010 $ 1,248 $ 3,395 $ 5,865 $ 8,462 $ 10,022 $ 10,733 $ 11,067 $ 11,194 $ 11,345 $ 11,429  2011 1,669 3,761 5,841 8,072 10,122 10,971 11,484 11,627 11,682  2012 1,180 3,021 5,589 8,327 10,913 11,753 12,156 12,572  2013 1,579 4,156 7,634 10,423 12,181 12,978 13,564  2014 1,539 4,087 9,515 13,602 15,232 15,912  2015 1,405 4,319 7,400 10,527 12,485  2016 1,490 5,485 8,190 12,202  2017 1,523 5,419 8,753  2018 1,963 5,656  2019 3,664  Total 107,919  Unpaid losses and settlement expense - years 2010 through 2019 43,128  Unpaid losses and settlement expense - prior to 2010 148  Unpaid loss and settlement expense, net of reinsurance $ 43,276  *Presented as unaudited required supplementary information.      TOTAL LINES  Incurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2019  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 Total IBNR plus expected development on reported claims Cumulative number of reported claims  2010 $ 16,119 $ 16,144 $ 15,514 $ 16,363 $ 16,819 $ 16,480 $ 16,313 $ 16,330 $ 16,331 $ 16,344 $ 21 1,580  2011 19,802 18,834 18,515 18,791 18,831 18,672 18,450 18,355 18,341 7 2,011  2012 19,265 17,712 17,813 18,184 19,174 19,256 19,087 19,003 20 1,833  2013 21,850 21,861 21,459 21,375 22,167 22,140 22,348 90 1,798  2014 22,250 22,330 23,139 24,601 24,698 24,781 311 1,990  2015 24,289 21,370 21,157 21,496 22,140 544 1,676  2016 25,618 22,824 24,612 25,236 1,183 1,636  2017 29,801 29,371 29,583 2,698 1,769  2018 29,762 28,236 5,869 1,851  2019 33,563 10,688 1,707  Total $ 239,575     Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019  2010 $ 4,414 7,979 10,584 13,202 14,813 15,551 15,940 16,068 16,219 $ 16,303  2011 6,996 10,112 12,300 14,592 16,678 17,560 18,107 18,250 18,302  2012 6,129 9,422 11,958 14,689 17,239 18,225 18,625 18,748  2013 8,435 12,235 15,834 18,661 20,446 21,250 21,835  2014 7,782 11,718 17,261 21,398 23,027 23,707  2015 6,462 11,359 14,874 18,172 20,145  2016 7,647 13,109 16,426 20,558  2017 11,578 18,901 22,363  2018 10,450 16,665  2019 15,285  Total 193,911  Unpaid losses and settlement expense - years 2010 through 2019 45,664  Unpaid losses and settlement expense - prior to 2010 138  Unpaid loss and settlement expense, net of reinsurance $ 45,802  *Presented as unaudited required supplementary information.  The following table reconciles the loss development information to the consolidated balance sheet for the year ended December 31, 2019, by reportable segement.     (In thousands) December 31, 2019  Net unpaid losses and settlement expense  Property Lines $ 2,526  Workers' Compensation and Liability Lines 43,276  Total unpaid losses and settlement expense, net of reinsurance 45,802  Reinsurance recoverable on losses and settlement expense  Property Lines 3,238  Workers' Compensation and Liability Lines 7,798  Total reinsurance recoverable on unpaid losses and settlement expense 11,036  Total gross unpaid losses and LAE $ 56,838  Loss Duration Disclosure  The following table represents the average annual percentage payout of incurred losses by age, net of reinsurance and is presented as unaudited required supplementary information.     Average annual percentage payout of incurred losses by age, net of reinsurance  Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9+  Property Lines 71.7% 25.1% 1.7% -0.5% -0.2% 1.6% 0.7% -0.1% 0.2%  Liability Lines 11.5% 19.9% 22.9% 20.5% 12.0% 5.9% 4.0% 1.7% 1.6%  Total Lines 34.4% 21.0% 14.9% 12.4% 7.7% 4.4% 2.8% 1.0% 1.2% The following table is a reconciliation of the Company’s unpaid losses and settlement expenses for the years 2019 and 2018 .     (In thousands) 2019 2018  Unpaid losses and settlement expense - beginning of the period:  Gross $ 51,447 $ 51,074  Less: Ceded 6,736 10,030  Net 44,711 41,044  Increase in incurred losses and settlement expense:  Current year 33,564 29,762  Prior years 151 1,500  Total incurred 33,715 31,262  Deduct: Loss and settlement expense payments for claims incurred:  Current year 15,285 10,450  Prior years 17,339 17,145  Total paid 32,624 27,595  Net unpaid losses and settlement expense - end of the period 45,802 44,711  Plus: Reinsurance recoverable on unpaid losses 11,036 6,736  Gross unpaid losses and settlement expense - end of the period $ 56,838 $ 51,447      (In thousands) 2019 2018  Supplemental ceded unpaid losses and settlement expense at end of year disclosure:  Reinsurance balances recoverable on unpaid losses and settlement expenses,  net of allowances for uncollectible amounts of $0 in 2019 and 2018 $ 11,036 $ 6,736  Less: Reinsurance balances payable — —  Reinsurance recoverable on unpaid losses $ 11,036 $ 6,736  Differences, from the initial reserve estimates, emerged as changes in the ultimate loss estimates were updated through the reserve analysis process. The recognition of the changes in initial reserve estimates occurred over time as claims were reported, initial case reserves were established, initial reserves were reviewed in light of additional information and ultimate payments were made on the collective set of claims incurred as of that evaluation date. The new information on the ultimate settlement value of claims is updated until all claims in a defined set are settled. As a small specialty insurer with a niche product portfolio, the Company’s experience will ordinarily exhibit fluctuations from period to period. While management attempts to identify and react to systematic changes in the loss environment, it must also consider the volume of experience directly available to the Company and interpret any particular period’s indications with a realistic technical understanding of the reliability of those observations.  A discussion of significant components of reserve development for the two most recent calendar years follows:  2019  For calendar year 2019, the Company experienced adverse development relative to prior years’ reserve estimates in its liability line of business relating to Liquor Liability and Business Liability, primarily from the 2015 and 2016 accident years. This a dverse development was largely offset by favorable development in Workers’ Compensation.  2018  For calendar year 2018, the Company experienced adverse development relative to prior years’ reserve estimates in its casualty line of business relating to Business Liability, primarily from the 2016 accident year. This adverse development was partially offset by favorable development in Liquor Liability and Workers’ Compensation. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 8. INCOME TAXES  The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are summarized as follows:      December 31,  2019 2018  Deferred tax assets:  Tax discounting of claim reserves $ 765,820 $ 814,193  Unearned premium reserve 1,264,887 1,255,183  Deferred compensation 140,141 103,178  Provision for uncollectible accounts 21,000 10,500  Net unrealized depreciation of securities — 420,259  Other 93,631 53,193  Deferred tax assets before allowance 2,285,479 2,656,506  Less valuation allowance — —  Total deferred tax assets $ 2,285,479 $ 2,656,506  Deferred tax liabilities:  Transition adjustment for loss reserve discounting $ 226,176 $ 292,176  Net unrealized appreciation of securities 959,204 —  Deferred policy acquisition costs 1,110,676 1,101,910  Property and equipment 25,093 237,581  Other 3,543 3,441  Total deferred tax liabilities 2,324,692 1,635,108  Net deferred tax (liability) asset $ (39,213) $ 1,021,398  In July 2019 , the Treasury issued Rev Proc 2019- 31 , which included final revised loss reserve discounting factors and transitional guidance necessary to complete the accounting for the impacts of the Tax Act. The transitional adjustment for loss reserve discounting was re calculated as of January 1, 2018 and the resulting adjustment is being recognized in taxable income evenly over an eight-year period beginning in 2018.  Management believes it is more likely than not that all deferred tax assets will be recovered as the result of future operations, which will generate sufficient taxable income to realize the deferred tax asset. Income tax expense for the years ended December 31, 2019 and 2018 , differed from the amounts computed by applying the U.S. federal tax rate of 21% to pretax income from continuing operations as demonstrated in the following table:      Years Ended December 31,  2019 2018  Provision for income taxes at the statutory federal tax rates $ 1,067,128 $ 209,870  Increase (reduction) in taxes resulting from:  Dividends received deduction (22,542) (35,802)  Tax-exempt interest income (75,766) (128,292)  15% proration of tax-exempt interest and dividends received deduction 24,034 40,522  Officer life insurance, net (14,004) 4,429  Nondeductible expenses 57,980 44,505  Prior year true-ups and other (249,615) (29,145)  Total $ 787,215 $ 106,087  The Company’s effective tax rate was 15.5% and 10.6% for 2019 and 2018 , respectively. Effective rates are dependent upon components of pretax earnings and the related tax effects.  As of December 31, 2019 , the Company does not have any capital or operating loss carryforwards. Periods still subject to Internal Revenue Service (IRS) audit include 2016 through current year. There are currently no open tax exams. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits [Abstract] | |
Employee Benefits | 9. EMPLOYEE BENEFITS  401(K) AND BONUS AND INCENTIVE PLANS  The Company maintains a 401(k) and bonus and incentive plans covering executives, managers, and employees. Excluding the 401(k), at the CEO’s discretion, funding of these plans is primarily dependent upon reaching predetermined levels of combined ratio, reduction in operating expenses , growth in direct written premium, and overall renewal retention ratios. Bonuses are earned as the Company generates earnings in excess of this required return. While some management incentive plans may be affected somewhat by other performance factors, the larger influence of corporate performance ensures that the interests of the executives, managers, and employees corresponds with those of the stakeholders.  The 401(k) plan offers a matching percentage up to 4% of eligible compensation, as well as a profit sharing percentage of each employee’s compensation. Participants are 100% vested in the matching percentage and vest at a rate of 25% per year for the profit sharing distribution. The total contribution to the 401(k) profit sharing plan was $311,370 and $239,813 for 2019 and 2018 , respectively. Additionally, bonuses may be awarded to executives, managers, and associates through company incentive plans, provided certain financial or operational goals are met.  DEFERRED COMPENSATION  In November 2012, the Company entered into a deferred compensation agreement with an executive of the Company. The agreement requires the Company to make payments to the executive beginning at retirement (age 62). In the event of separation of service without cause prior to age 62, benefits under this agreement vest 25% in November 2017, 50% in November 2022, 75% in November 2027, and 100% on January 1, 2032. In the event of death prior to retirement, benefits become fully vested and are payable to the executive’s beneficiaries. Using a discount rate of 4.22% , the fully vested obligation under the agreement would total approximately $1,689,467 on January 1, 2032. As of December 31, 2019 and 2018 , the accrued liability related to this agreement totaled $347,987 and $235,932 , respectively. The Company’s recognized $112,055 of expense and $12,549 of benefit in 2019 and 2018 , respectively.  ESOP  In connection with our conversion and public offering, we established an ESOP. The ESOP borrowed from the Company to purchase 350,000 shares in the offering. The issuance of the shares to the ESOP resulted in a contra account established in the equity section of the balance sheet for the unallocated shares at an amount equal to their $10.00 per share purchase price.  The Company may make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP. The ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation and expense is recorded. The Company contributed $288,538 to the ESOP during the fourth quarter of 2019 . The Company contributed $288,538 to the ESOP during the fourth quarter of 2018 .  A compensation expense charge is booked monthly during each year for the shares commited 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 year ended December 31, 2019 , we recognized compensation expense of $324,041 related to 23,437 shares of our common stock that were committed to be released to participants’ accounts for the year ended December 31, 2019 . Of the 23,437 shares committed to be released, 1,991 shares were committed on December 31, 2019 and had no impact on the weighted average common shares outstanding for the year ended December 31, 2019 . For the year ended December 31, 2018 , we recognized compensation expense of $355,836 related to 23,437 shares of our common stock that were committed to be released to participants’ accounts for the year ended December 31, 2018 . Of the 23,437 shares committed to be released, 1,867 shares were committed on December 31, 2018 and had no impact on the weighted average common shares outstanding for the year ended December 31, 2018 . The fair value of the unearned ESOP shares as of December 31, 2019 and December 31, 2018 was $3,962,789 and $4,158,955 , respectively.  RESTRICTED STOCK UNITS  RSUs were granted for the first time in February 2018 with additional RSUs being granted in March 2019. RSUs have a grant date value equal to the closing price of the Company’s stock on the dates the shares are granted. The RSUs vest 1/3 over three years from the date of grant.  As of December 31, 2019 , 13,071 and 11,700 RSUs have been granted at a fair market value of $13.70 and $15.10 , respectively. As of December 31, 2018, 11,700 RSUs have been granted at a fair market value of $15.10 per share. We recognized $108,115 and $50,662 of expense on these units in the twelve months ended December 31, 2019 and 2018 , respectively. Total unrecognized compens ation expense relating to outstanding and unvested RSUs was $196,967 and $126,008 as of December 31, 2019 and 2018, respectively , which is recognized over the remainder of the three -year vesting periods.  |
Statutory Information and Divid
Statutory Information and Dividend Restrictions | 12 Months Ended |
Dec. 31, 2019 | |
Statutory Information and Dividend Restrictions [Abstract] | |
Statutory Information and Dividend Restrictions | 10. STATUTORY INFORMATION AND DIVIDEND RESTRICTIONS  The statutory financial statements of ICC are presented on the basis of accounting practices prescribed or permitted by the Illinois Department of Insurance, which has adopted the National Association of Insurance Commissioners (NAIC) statutory accounting practices as the basis of its statutory accounting practices. ICC did not use any permitted statutory accounting practices that differ from NAIC prescribed statutory accounting practices. In converting from statutory to GAAP, typical adjustments include deferral of policy acquisition costs, the inclusion of statutory non-admitted assets , recording debt securities at fair value versus amortized cost, net unrealized gains or losses on equity securities are recorded in earnings as opposed to being a component of surplus, and the reclassification of surplus notes from equity to debt.  The NAIC has RBC requirements that require insurance companies to calculate and report information under a risk-based formula, which measures statutory capital and surplus needs based upon a regulatory definition of risk relative to the Company’s balance sheet and mix of products. As of December 31, 2019 and 2018 , ICC had RBC amounts in excess of the authorized control level RBC, as defined by the NAIC. ICC had an authorized control level RBC of $6,959,512 and $6,751,399 as of December 31, 2019 and 2018 , respectively, compared to actual statutory capital and surplus of $55,357,446 and $50,552,167 , respectively, for these same periods.   The following table includes selected information for our insurance subsidiary:      As of and Periods Ended December 31,  2019 2018  Net income, statutory basis $ 3,037,554 $ 1,206,160  Consolidated surplus, statutory basis $ 55,357,446 $ 50,552,167  No Illinois domiciled company may pay any extraordinary dividend or make any other extraordinary distribution to its security holders until: (a) 30 days after the Director has received notice of the declaration thereof and has not within such period disapproved the payment, or (b) the Director approves such payment within the 30-day period. For purposes of this subsection, an extraordinary dividend or distribution is any dividend or distribution of cash or other property whose fair market value, together with that of other dividends or distributions, made within the period of 12 consecutive months ending on the date on which the proposed dividend is scheduled for payment or distribution exceeds the greater of: (a) 10% of the Company’s surplus as regards policyholders as of the 31st day of December next preceding, or (b) the net income of the Company for the 12-month period ending the 31st day of December next preceding, but does not include pro rata distributions of any class of the Company’s own securities.  The Company did not pay any dividends to security holders in 2019 or 2018 . It did, however, make cash dividend payments in the amount of $18,793 and $6,836 in 2019 and 2018 , respectively, to Wisconsin policyholders in accordance with policy contractual obligations. |
Related Party
Related Party | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
Related Party | 11. RELATED PARTY  Mr. John R. Klockau, a director of the Company, is a claims consultant and was paid $13,325 and $15,680 in 2019 and 2018 , respectively, related to his services to the Company.  Mr. Scott T. Burgess is a director of the Company and a Senior Managing Director of Griffin Financial Group. Mr. Burgess was paid $3,794 and $3,812 in 2019 and 2018 , respectively for travel reimbursement costs. Griffin and Stevens & Lee are affiliated. Stevens & Lee is a full-service law firm that was paid $41,910 and $99,591 as of December 31, 2019 and 2018 , respectively. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and Contingent Liabilities | 12. COMMITMENTS AND CONTINGENT LIABILITIES  The Company is party to numerous claims, losses, and litigation matters that arise in the normal course of business. Many of such claims, losses, or litigation matters involve claims under policies that the Company underwrites as an insurer. Management believes that the resolution of these claims and losses will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.  The Company has operating lease obligations related to managing the business. Minimum future rental payments under non-cancellable agreements total $ 387,717 , $28,414 , $25,008 , and $4,195 in 2020, 2021, 2022, and 2023, respectively.  |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. SUBSEQUENT EVENTS  Beverage Insurance loaned an additional $650,000 to Kevin Harrison on January 28, 2020.  At its March 10, 2020 Board of Directors meeting, the Board unanimously approved ICC’s offering of cannabis coverage in states that allow for recreational cannabis consumption.  In March 2020, the World Health Organization declared a pandemic related to the rapidly spreading coronavirus (COVID-19) outbreak, which has lead to a global health emergency. As a result, economic uncertainties have arisen which could impact the Company’s operations and its financial position. The extent of the impact of COVID-19 on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, as well as the impact on our policyholders, employees and vendors, all of which are uncertain and cannot be predicted. The related financial impact cannot be reasonably estimated at this time.  In response to COVID-19, the Company decided to temporarily suspend all insurance premium billing for 30 days beginning March 20, 2020. Additionally, the Company obtained in March 2020 a $6.0 million loan from the Federal Home Loan Bank of Chicago (FHLBC) as a precautionary measure to increase its cash position and compensate for potential reductions in premium receivable collections.    |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information of Registrant [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | ICC HOLDINGS, INC. Schedule II — Condensed Financial Information of Registrant Balance Sheet – Parent Company Only     As of As of  December 31, 2019 December 31, 2018  Assets  Investment in subsidiaries $ 70,094,982 $ 60,766,224  Fixed maturity securities 3,360,454 2,048,604  Common Stocks 1,172,369 812,938  Other invested assets 117,000 115,000  Cash and cash equivalents 791,266 861,739  Due from subsidiaries 385,693 9,292  Accrued investment income 18,124 9,403  Income taxes - current 37,496 438,347  Income taxes - deferred - 34,860  Other assets 408,776 679,117  Total assets $ 76,386,160 $ 65,775,524   Liabilities and Shareholders' Equity  Liabilities:  Debt $ 9,284,640 $ 6,459,293  Accrued expenses 104,618 145,085  Income taxes - deferred 32,529 -  Other liabilities 622,539 577,847  Total liabilities 10,044,327 7,182,225  Equity:  Common stock 1 35,000 35,000  Treasury stock, at cost 2 (3,146,576) (2,999,995)  Additional paid-in capital 32,703,209 32,505,423  Accumulated other comprehensive earnings, net of tax 2,953,936 (1,580,976)  Retained earnings 36,608,750 33,680,702  Less: Unearned Employee Stock Ownership Plan shares at cost 3 (2,812,485) (3,046,855)  Total equity 66,341,833 58,593,299  Total liabilities and equity $ 76,386,160 $ 65,775,524  1 Par value $0.01 ; authorized: 201 9 - 10,000,000 shares and 201 8 – 10,000,000 shares; issued: 201 9 - 3,500,000 and 201 8 – 3,500,000 shares; outstanding: 201 9 - 3,014,941 and 2018 – 2,992,734 shares . 2 201 9 – 203,811 shares and 201 8 – 196,721 shares 3 2019 – 281,248 shares and 2018 – 304,685 shares ICC HOLDINGS, INC. Schedule II — Condensed Financial Information of Registrant Statement of Earnings and Comprehensive Earnings – Parent Company Only     Year Ended Year Ended  December 31, 2019 December 31, 2018  Net investment income $ 723,497 $ 897,051  Net realized investment gains 15,695 42,554  Net unrealized gains on equity securities 217,376 —  Other income (expense) 21,810 (116,397)  Total revenue 978,378 823,208  Policy acquisition costs and other operating expenses 1,749,159 1,639,796  Interest expense on debt 128,790 129,243  General corporate expenses — 8,930  Total expenses 1,877,949 1,777,968   Loss before equity earnings of subsidiaries and income taxes (899,571) (954,760)  Total income tax expense (benefit) 88,782 (326,055)  Net loss before equity earnings of subsidiaries (988,353) (628,705)  Equity earnings in subsidiaries 5,282,698 1,522,001  Net earnings $ 4,294,345 $ 893,296   Other comprehensive earnings, net of tax $ 68,144 $ (264,789)  Equity in other comprehensive earnings of subsidiaries 3,100,471 (3,543,256)  Comprehensive earnings (loss) $ 7,462,960 $ (2,914,749)  ICC HOLDINGS, INC. Schedule II — Condensed Financial Information of Registrant Statement of Cash Flows – Parent Company Only     Year Ended Year Ended  December 31, 2019 December 31, 2018  Cash flows from operating activities:  Net earnings $ 4,294,345 $ 893,296  Adjustments to reconcile net earnings to net cash provided  by operating activities  Net realized gains (15,695) (42,554)  Depreciation 363,242 237,134  Deferred income tax 22,911 50,816  Equity in undistributed (income) of subsidiaries (5,282,698) (1,522,001)  Amortization of bond premium and discount 7,934 6,624  Stock-based compensation expense 432,156 406,498  Change in:  Due from subsidiaries (492,051) 106,358  Accrued investment income (8,721) (2,763)  Accrued expenses (40,467) 65,824  Current federal income tax 400,851 (438,347)  Other 315,033 707,864  Net cash (used in) provided by operating activities (3,160) 468,749  Cash flows from investing activities:  Contributions to subsidiaries (1,461,381) (770,483)  Purchases of:  Fixed maturity securities (1,502,582) (749,824)  Common stocks (367,425) (1,346,958)  Other invested assets (2,000) (15,000)  Property and equipment (56,022) (887,574)  Proceeds from sales, maturities and calls of:  Fixed maturity securities 269,076 1,220,578  Common stocks 341,047 1,380,293  Property and equipment 33,208 6,790  Net cash (used in) investing activities (2,746,079) (1,162,178)  Cash flows from financing activities:  Proceeds from loan 3,000,000 3,000,000  Repayments of borrowed funds (174,652) (36,816)  Purchase of common stock (146,581) (2,999,995)  Net cash provided by (used in) financing activities 2,678,766 (36,811)  Net (decrease) in cash and cash equivalents (70,473) (730,240)  Cash and cash equivalents at beginning of year 861,739 1,591,979  Cash and cash equivalents at end of period $ 791,266 $ 861,739  Supplemental information:  Federal income tax paid $ — $ —  Interest paid 159,909 194,680         |
Schedule III - Supplemental Ins
Schedule III - Supplemental Insurance Information | 12 Months Ended |
Dec. 31, 2019 | |
Schedule III - Supplemental Insurance Information [Abstract] | |
Schedule III - Supplemental Insurance Information | ICC HOLDINGS, INC. AND SUBSIDIARIES Schedule III — Supplemental Insurance Information Years ended December 31, 201 9 and 201 8      Future policy  benefits, losses, Other policy  Deferred policy claims and loss Unearned and benefits Net premiums  (In thousands) acquisition costs expenses premiums payable earned  December 31, 2019  Commercial Business $ 5,269 $ 56,838 $ 30,393 $ 375 $ 52,842  Total $ 5,269 $ 56,838 $ 30,393 $ 375 $ 52,842  December 31, 2018  Commercial Business $ 5,247 $ 51,447 $ 29,973 $ 993 $ 47,117  Total $ 5,247 $ 51,447 $ 29,973 $ 993 $ 47,117       Benefits, claims,  losses and  Net investment settlement Amortization Other operating Net premiums  (In thousands) income expenses of DAC expenses written  December 31, 2019  Commercial Business $ 3,185 $ 33,715 $ 10,395 $ 10,333 $ 53,235  Total $ 3,185 $ 33,715 $ 10,395 $ 10,333 $ 53,235  December 31, 2018  Commercial Business $ 2,890 $ 31,262 $ 8,396 $ 10,506 $ 50,013  Total $ 2,890 $ 31,262 $ 8,396 $ 10,506 $ 50,013  See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.    |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2019 | |
Schedule IV - Reinsurance [Abstract] | |
Schedule IV - Reinsurance | ICC HOLDINGS, INC. AND SUBSIDIARIES Schedule IV — Reinsurance Years ended December 31, 201 9 and 201 8      (In thousands) Ceded to Assumed f rom Percentage of  Premiums Gross o ther o ther mount  e arned a mount c ompanies c ompanies Net a mount a ssumed to n et  2019 $ 62,559 $ 9,925 $ 208 $ 52,842 0.4%  2018 $ 57,702 $ 10,759 $ 174 $ 47,117 0.4%    See accompanying notes to consolidated financial statements and report of independent registered public accounting firm. |
Schedule V - Allowance for Unco
Schedule V - Allowance for Uncollectible Premiums and Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Schedule V - Allowance for Uncollectible Premiums and Other Receivables [Abstract] | |
Schedule V - Allowance for Uncollectible Premiums and Other Receivables | ICC HOLDINGS, INC. AND SUBSIDIARIES Schedule V — Allowance for Uncollectible Premiums and Other Receivables Years ended December 31, 201 9 and 201 8      (In thousands) 2019 2018  Beginning balance $ 50 $ 50  Additions 50 —  Deletion s — —  Ending balance $ 100 $ 50   See accompanying notes to consolidated financial statements and report of independent registered public accounting firm . |
Schedule VI - Supplemental Info
Schedule VI - Supplemental Information | 12 Months Ended |
Dec. 31, 2019 | |
Schedule VI - Supplemental Information [Abstract] | |
Schedule VI - Supplemental Information | ICC HOLDINGS, INC. AND SUBSIDIARIES Schedule VI — Supplemental Information Years ended December 31, 201 9 and 201 8      Deferred Reserve for  policy Losses and Discount if Net  acquisition settlement any deducted Unearned Net earned investment  (In thousands) costs expenses from reserves premium premiums income  2019 $ 5,269 $ 56,838 $ — $ 30,393 $ 52,842 $ 3,185  2018 $ 5,247 $ 51,447 $ — $ 29,973 $ 47,117 $ 2,890        Paid losses  Losses and settlment and  expenses incurred related to Amortization settlement Net written  (In thousands) Current year Prior year of DAC expenses premiums  2019 $ 33,564 $ 151 $ 10,395 $ (32,624) $ 53,235  2018 $ 29,762 $ 1,500 $ 8,396 $ (27,595) $ 50,013    See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.  |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Description of Business | A. DESCRIPTION OF BUSINESS  ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. As used in this Form 10-K, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., a non-insurance subsidiary; Estrella Innovative Solutions, Inc., an outsourcing company; and Illinois Casualty Company (ICC), an operating insurance company. ICC is an Illinois domiciled company.  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 Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 26.1% and 29.7% of the premium was written in Illinois for the years ended December 31, 2019 and December 31, 2018 , respectively. The Company operates as a single segment. |
Principles of Consolidation and Basis of Presentation | B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION  The accompanying consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (GAAP), which differ in some respects from those followed in reports to insurance regulatory authorities. The consolidated financial statements include the accounts of our subsidiaries. All significant intercompany balances and transactions have been eliminated.  In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, revenues and expenses for the periods then ended, and the accompanying notes to the consolidated financial statements. Such estimates and assumptions could change in the future as more information becomes known which could impact the amounts reported and disclosed herein. The most significant of these amounts is the liability for unpaid losses and settlement expenses. Other estimates include investment valuation and other-than-temporary impairments (OTTIs), the collectibility of reinsurance balances, recoverability of deferred tax assets, and deferred policy acquisition costs. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Although recorded estimates are supported by actuarial computations and other supportive data, the estimates are ultimately based on expectations of future events. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. |
Investments | C. INVESTMENTS  AVAILABLE-FOR-SALE SECURITIES  Debt securities are classified as available-for-sale (AFS) and reported at fair value. Unrealized gains and losses on these securities are excluded from net earnings but are recorded as a separate component of comprehensive earnings and shareholders’ equity, net of deferred income taxes.  EQUITY SECURITIES  Equity securities include common stock, mutual funds, and non-redeemable preferred stock. Equity securities are carried at fair value with subsequent changes in fair value recorded in net earnings effective January 1, 2019. Prior to January 1, 2019, the accounting for subsequent changes in fair value of equity securities was consistent with the treatment of AFS unrealized gains and losses.  OTHER-THAN-TEMPORARY IMPAIRMENT  Under current accounting standards, an OTTI write-down of fixed maturity securities, where fair value is below amortized cost, is triggered by circumstances where (1) an entity has the intent to sell a security, (2) it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis or (3) the entity does not expect to recover the entire amortized cost basis of the security. If an entity intends to sell a security in a loss position or if it is more likely than not the entity will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the difference between the security’s amortized cost and its fair value. If an entity does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to all other factors is recognized in other comprehensive income. Impairment losses result in a reduction of the underlying investment’s cost basis.  The Company regularly evaluates its fixed maturity securities using both quantitative and qualitative criteria to determine impairment losses for other-than-temporary declines in the fair value of the investments. The following are the key factors for determining if a security is other-than-temporarily impaired: · The extent to which the fair value is less than cost, · The assessment of significant adverse changes to the cash flows on a fixed maturity investment, · The occurrence of a discrete credit event resulting in the issuer defaulting on a material obligation, the issuer seeking protection from creditors under the bankruptcy laws, the issuer proposing a voluntary reorganization under which creditors are asked to exchange their claims for cash or securities having a fair value substantially lower than par value, · The probability that the Company will recover the entire amortized cost basis of the fixed income securities prior to maturity, or · The ability and intent to hold fixed maturity securities until maturity.  Quantitative and qualitative criteria are considered to varying degrees depending on the sector the analysis is being performed. The sectors are as follows:  Corporates  The Company performs a qualitative evaluation of holdings that fall below the price threshold. The analysis begins with an opinion of industry and competitive position. This includes an assessment of factors that enable the profit structure of the business (e.g., reserve profile for exploration and production companies), competitive advantage (e.g., distribution system), management strategy, and an analysis of trends in return on invested capital. Analysts may also review other factors to determine whether an impairment exists including liquidity, asset value cash flow generation, and industry multiples.  Municipals  The Company analyzes the screened impairment candidates on a quantitative and qualitative basis. This includes an assessment of the factors that may be contributing to the unrealized loss and whether the recovery value is greater or less than current market value.  Structured Securities  The “stated assumptions” analytic approach relies on actual 6-month average collateral performance measures (voluntary prepayment rate, gross default rate, and loss severity) sourced through third party data providers or remittance reports. The analysis applies the stated assumptions throughout the remaining term of the transaction using forecasted cashflows, which are then applied through the transaction structure (reflecting the priority of payments and performance triggers) to determine whether there is a loss to the security (“Loss to Tranche”). For securities or sectors for which no actual loss or minimal loss has been observed (certain Prime Residential Mortgage Backed Securities (RMBS) and Commercial Mortgage Backed Securities (CMBS), for example), sector-based assumptions are applied or an alternative quantitative or qualitative analysis is performed.  Investment Income  Interest on fixed maturities and short-term investments is credited to earnings on an accrual basis. Premiums and discounts are amortized or accreted over the lives of the related fixed maturities. Dividends on equity securities are credited to earnings on the ex-dividend date. Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date, which does not differ significantly from trade date accounting |
Other Invested Assets | D. OTHER INVESTED ASSETS  Other invested assets include privately held investments and a promissory note. Other invested assets are carried at face value and given that there is no readily available market for these to trade in, management believes face value accurately reflects fair value. |
Property Held for Investment | E. PROPERTY HELD FOR INVESTMENT  Property held for investment purposes is initially recorded at the purchase price, which is generally fair value, and is subsequently reported at cost less accumulated depreciation. Buildings are depreciated on a straight-line basis over the estimated useful life of the building, which we estimate to be 39 years. Income from property held for investment is reported as net investment income. |
Cash and Cash Equivalents | F. CASH AND CASH EQUIVALENTS  Cash consists of uninvested balances in bank accounts. Cash equivalents consist of investments with original maturities of 90 days or less, primarily AAA-rated prime and government money market funds. Cash equivalents are carried at cost, which approximates fair value. The Company has not experienced losses on these instruments. We maintain cash balances primarily at one bank, which is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. During the normal course of business, balances are maintained above the FDIC insurance limit. |
Reinsurance | G. REINSURANCE  Ceded unearned premiums and reinsurance balances recoverable on paid and unpaid losses and settlement expenses are reported separately as assets instead of being netted with the related liabilities, since reinsurance does not relieve us of our legal liability to our policyholders.  Quarterly, the Company monitors the financial condition of its reinsurers. The Company’s monitoring efforts include, but are not limited to, the review of annual summarized reinsurer financial data and analysis of the credit risk associated with reinsurance balances recoverable by monitoring the A.M. Best and Standard & Poor’s (S&P) ratings. In addition, the Company subjects its reinsurance recoverables to detailed recoverable tests, including an analysis based on average default by A.M. Best rating. Based upon the review and testing, the Company’s policy is to charge to earnings, in the form of an allowance, an estimate of unrecoverable amounts from reinsurers. This allowance is reviewed on an ongoing basis to ensure that the amount makes a reasonable provision for reinsurance balances that the Company may be unable to recover. |
Policy Acquisition Costs | H. POLICY ACQUISITION COSTS  The Company defers commissions, premium taxes, and certain other costs that are incrementally or directly related to the successful acquisition of new or renewal insurance contracts. Acquisition-related costs may be deemed ineligible for deferral when they are based on contingent or performance criteria beyond the basic acquisition of the insurance contract or when efforts to obtain or renew the insurance contract are unsuccessful. All eligible costs are capitalized and charged to expense in proportion to premium revenue recognized. The method followed in computing deferred policy acquisition costs limits the amount of such deferred costs to their estimated realizable value. This deferral methodology applies to both gross and ceded premiums and acquisition costs. |
Property and Equipment | I. PROPERTY AND EQUIPMENT  Property and equipment are presented at cost, less accumulated depreciation, and are depreciated using accelerated methods for financial statement purposes for a period based on their economic life. Computer equipment is depreciated over 3 years and equipment over a range of 5 to 7 years. Buildings are depreciated over 39 years and related improvements over 15 years. Annually, the Company reviews the major asset classes held for impairment. For the years ended December 31, 2019 and 2018 , the Company recognized no impairments. Property and equipment are summarized as follows:      As of  December 31, December 31,  2019 2018  Automobiles $ 505,788 $ 603,046  Furniture and fixtures 457,218 436,568  Computer equipment and software 3,823,416 3,542,339  Home office 3,866,632 3,849,947  Total cost 8,653,054 8,431,900  Accumulated depreciation (5,619,706) (5,099,090)  Net property and equipment $ 3,033,348 $ 3,332,810  |
Unpaid Losses and Settlement Expenses | J. UNPAID LOSSES AND SETTLEMENT EXPENSES  The liability for unpaid losses and settlement expenses represents estimates of both reported and unreported claims and related expenses. The estimates are based on certain actuarial and other assumptions related to the ultimate cost to settle such claims. Such assumptions are subject to occasional changes due to evolving economic, social, and political conditions. All estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the results of operations in the period in which they are determined. Due to the inherent uncertainty in estimating reserves for losses and settlement expenses, there can be no assurance that the ultimate liability will not exceed recorded amounts. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Based on the current assumptions used in estimating reserves, we believe that our overall reserve levels at December 31, 2019 , make a reasonable provision to meet our future obligations. See Note 7 – Unpaid Losses and Settlement Expenses for further discussion. |
Premiums | K. PREMIUMS  Premiums are recognized ratably over the term of the contracts, net of ceded reinsurance. Unearned premiums represent the portion of premiums written relative to the unexpired terms of coverage. Unearned premiums are calculated on a daily pro rata basis. A premium deficiency reserve should be recognized if the sum of expected claim costs and claim adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums. The Company utilizes anticipated investment income as a factor in its premium deficiency calculation. The Company concluded that no premium deficiency adjustments were necessary in either of the years ended December 31, 2019 and 2018.  |
General Corporate Expense | L. GENERAL CORPORATE EXPENSES  General corporate expenses consist primarily of real estate and occupancy costs, such as utilities and maintenance. These costs do not vary significantly with premium volume but rather with square footage of real estate owned. |
Income Taxes | M. INCOME TAXES  The Company files a consolidated federal income tax return. Federal income taxes are accounted for using the asset and liability method under which deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, operating losses and tax credit carry forwards. The effect on deferred taxes for a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not all or some of the deferred tax assets will not be realized.  The Company considers uncertainties in income taxes and recognizes those in its consolidated financial statements as required. As it relates to uncertainties in income taxes, unrecognized tax benefits, including interest and penalty accruals, are not considered material to the consolidated financial statements. Also, no tax uncertainties are expected to result in significant increases or decreases to unrecognized tax benefits within the next 12-month period. Penalties and interest related to income tax uncertainties, should they occur, would be included in income tax expense in the period in which they are incurred.  ICC is subject to minimal state income tax liabilities. On a state basis, since the majority of income is from insurance operations, the Company pays premium taxes in lieu of state income tax. Premium taxes are a component of policy acquisition costs and calculated as a percentage of gross premiums written. |
Employee Stock Ownership Plan | N. EMPLOYEE STOCK OWNERSHIP PLAN  The Company recognizes employee stock ownership plan (ESOP) compensation expense ratably during each year for the shares committed to be allocated to participants that year. This expense is determined by the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For purposes of balance sheet disclosures of shares outstanding, the Company includes only the number of ESOP shares that have been committed to be released for the period. For purposes of calculating earnings per share, the Company includes the weighted average ESOP shares committed to be released for the period. The ESOP covers all employees who have worked a minimum of 1,000 hours in the plan year. |
Earnings Per Share | O. EARNINGS PER SHARE  Basic and diluted earnings per share (EPS) are calculated by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. The denominator for basic and diluted EPS includes ESOP shares committed to be released. Dilutive earnings per share includes the effect of all potentially dilutive instruments, such as restricted stock units (RSUs), outstanding during the period. |
Comprehensive Earnings | P. COMPREHENSIVE EARNINGS  Comprehensive earnings include net earnings plus unrealized (gains) losses on AFS investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the consolidated statement of earnings, the Company used a 21% tax rate for the years ended December 31, 2019 , and 2018 . Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense (benefit) of $677,121 and $(609,140) for 2019 and 2018 , respectively.  The following table presents changes in accumulated other comprehensive earnings (loss) for unrealized gains and losses on available-for-sale securities:     Year Ended December 31,  2019 2018  Beginning balance $ (1,580,976) $ 2,227,069  Cumulative effect of adoption of ASU 2016-01 1,366,297 -  Adjusted beginning balance (214,679) 2,227,069  Oher comprehensive earnings (loss) before reclassifications 3,393,585 (3,049,791)  Amount reclassified from accumulated other comprehensive earnings (224,970) (758,254)  Net current period other comprehensive earnings (loss) 3,168,615 (3,808,045)  Ending balance $ 2,953,936 $ (1,580,976)  The following table provides the reclassifications out of accumulated other comprehensive income for the periods presented:      Amounts Reclassified from  Accumulated Other Comprehensive Earnings  Twelve-Month Period Ended  Details about Accumulated Other December 31, Affected Line Item in the Statement  Comprehensive Earnings Component 2019 2018 where Net Earnings is Presented  Unrealized (gains) on AFS investments:  $ (284,772) $ (975,993) Net realized investment (gains)  — 16,178 Other-than-temporary impairment losses  59,802 201,561 Income tax expense  Total reclassification adjustment, net of tax $ (224,970) $ (758,254)    |
Adopted and Prospective Accounting Standards | Q. ADOPTED ACCOUNTING PRONOUNCEMENTS  Revenue Recognition (ASU 2017-13, ASU 2016-20, ASU 2016-12, ASU 2016-11, ASU 2016-10, ASU 2016-08, ASU 2015-14 and ASU 2014-09) – This update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. The ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. We adopted these updates effective January 1, 2019. All contracts within the scope of Topic 944, Financial Services – Insurance, investment income, investment related gains and losses and equity in earnings of unconsolidated investees are outside the scope of this ASU. As such, the adoption did not have a material effect on our consolidated financial statements.  Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15) – This guidance addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. We adopted this update effective January 1, 2019, and the adoption did not have a material effect on our consolidated financial statements.  Financial Instruments – Recognition and Measurement (ASU 2016-01) – This guidance affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements of financial instruments. This update requires equity investments to be measured at fair value with subsequent changes recognized in net earnings, except for those accounted for under the equity method or requiring consolidation. Prior to the effective date of this update, changes in fair value related to available-for-sale (AFS) equity securities were recognized in OCI. We adopted this update effective January 1, 2019. Upon adoption, we recognized a cumulative-effect decrease to beginning retained earnings of $1.4 million and a corresponding increase to accumulated other comprehensive income (AOCI).  R. PROSPECTIVE ACCOUNTING STANDARDS  The dates presented below represent the implementation dates for the Company. The Company’s status as an Emerging Growth Company could delay the required adoption of each of these standards.  Financial Instruments Credit Losses (ASU 2018-19 and ASU 2016-13) – This update is designed to reduce complexity by limiting the number of credit impairment models used for different assets. The model will result in accelerated credit loss recognition on assets held at amortized cost, which includes our commercial and residential mortgage investments and reinsurance balances recoverable. The identification of credit-deteriorated securities will include all assets that have experienced a more-than-insignificant deterioration in credit since origination. Additionally, any changes in the expected cash flows of credit-deteriorated securities will be recognized immediately in the income statement. AFS fixed maturity securities are not in scope of the new credit loss model, but will undergo targeted improvements to the current reporting model including the establishment of a valuation allowance for credit losses versus the current direct write down approach. We will be required to adopt this update effective January 1, 2023. We are currently evaluating the impact of this guidance on our consolidated financial statements.  Leases (ASU 2018-20, ASU 2018-11, ASU 2018-10, ASU 2018-01, ASU 2017-13 and ASU 2016-02) – These updates are intended to increase transparency and comparability for lease transactions. ASU 2016-02 requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with an original term longer than twelve months and disclose key information about leasing arrangements. Lessor accounting is largely unchanged.  The updates are effective for the Company’s year-end December 31, 2021 and quarters beginning January 1, 2022. ASU 2016-02 required the adoption on a modified retrospective basis. However, with the issuance of ASU 2018-11, we have the option to recognize the cumulative effect as an adjustment to the opening balance of retained earnings in the year of adoption, while continuing to present all prior periods under the previous lease guidance. These updates provide optional practical expedients in transition. The effect of applying the new lease guidance on the consolidated financial statements is expected to be minimal due to current and future lease obligations being immaterial.  Fair Value Measurement – Disclosure Requirements (ASU 2018-13 ) – The amendments in this update modify the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. We will be required to adopt this update on January 1, 2020, and depending on the specific amendment will be required to adopt prospectively or retrospectively. We early adopted the removal and modification of certain disclosures as permitted. We are currently evaluating the impact of the remaining guidance on our consolidated financial statements. |
Risk and Uncertainties | S. RISKS AND UNCERTAINTIES  Certain risks and uncertainties are inherent to day-to-day operations and to the process of preparing the Company’s consolidated financial statements. The more significant risks and uncertainties, as well as the Company’s attempt to mitigate, quantify, and minimize such risks, are presented below and throughout the notes to the consolidated financial statements.  Catastrophe Exposures  The Company’s insurance coverages include exposure to catastrophic events. All catastrophe exposures are monitored by quantifying exposed policy limits in each region and by using computer-assisted modeling techniques. Additionally, the Company limits its risk to such catastrophes through restraining the total policy limits written in each region and by purchasing reinsurance. The Company’s major catastrophe exposure is to losses caused by tornado/hail and freeze to commercial properties throughout the Midwest.  The Company ha d protection of $14.5 million and $9.5 million in excess of $500,000 first-dollar retention for the years ended December 31, 2019 and 2018, respectively . The catastrophe program is actively managed to keep net retention in line with risk tolerances and to optimize the risk/return trade off. The catastrophe reinsurance treaty renewed on January 1, 2020 .  Reinsurance  Reinsurance does not discharge the Company from its primary liability to policyholders, and to the extent that a reinsurer is unable to meet its obligations, the Company would be liable. On a quarterly basis, the financial condition of prospective and existing reinsurers is monitored. As a result, the Company purchases reinsurance from a number of financially strong reinsurers. Accordingly, no allowance for reinsurance balances deemed uncollectible has been made. See Note 6 –Reinsurance for further discussion.  Investment Risk  The investment portfolio is subject to market, credit, and interest rate risks. The equity portfolio will fluctuate with movements in the overall stock market. While the equity portfolio has been constructed to have lower downside risk than the market, the portfolio is sensitive to movements in the market. The bond portfolio is affected by interest rate changes and movement in credit spreads. The Company attempts to mitigate its interest rate and credit risks by constructing a well-diversified portfolio with high-quality securities with varied maturities. Downturns in the financial markets could have a negative effect on the portfolio. However, the Company attempts to manage this risk through asset allocation, duration, and security selection.  Liquidity Risk  Liquidity is essential to the Company’s business and a key component of the concept of asset-liability matching. The Company’s liquidity may be impaired by an inability to collect premium receivable or reinsurance recoverable balances in a timely manner, an inability to sell assets or redeem investments, unforeseen outflows of cash or large claim payments, or an inability to access debt. Liquidity risk may arise due to circumstances that the Company may be unable to control, such as a general market disruption, an operational problem that affects third parties or the Company, or even by the perception among market participants that the Company, or other market participants, are experiencing greater liquidity risk.  The Company’s A.M. Best rating is important to its liquidity. A reduction in credit ratings could adversely affect the Company’s liquidity and competitive position by increasing borrowing costs or limiting access to the capital markets.  External Factors  The Company is highly regulated by the state of Illinois and by the states in which it underwrites business. Such regulations, among other things, limit the amount of dividends, impose restrictions on the amount and types of investments, and regulate rates insurers may charge for various coverages. The Company is also subject to insolvency and guarantee fund assessments for various programs designed to ensure policyholder indemnification. Assessments are generally accrued during the period in which it becomes probable that a liability has been incurred from an insolvency and the amount of the related assessment can be reasonably estimated.  The National Association of Insurance Commissioners (NAIC) has developed Property/Casualty Risk-Based Capital (RBC) standards that relate an insurer’s reported statutory surplus to the risks inherent in its overall operations. The RBC formula uses the statutory annual statement to calculate the minimum indicated capital level to support asset (investment and credit) risk and underwriting (loss reserves, premiums written and unearned premium) risk. The NAIC model law calls for various levels of regulatory action based on the magnitude of an indicated RBC capital deficiency, if any. As of December 31, 2019 , the Company determined that its capital levels are well in excess of the minimum capital requirements for all RBC action levels and that its capital levels are sufficient to support the level of risk inherent in its operations. See Note 10 – Statutory Information and Dividend Restrictions for further discussion of statutory information and related insurance regulatory restrictions.  In addition, ratings are a critical factor in establishing the competitive position of insurance companies. The Company is rated by A.M. Best. This rating reflects their opinion of the insurance company’s financial strength, operating performance, strategic position, and ability to meet its obligations to policyholders. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Property, Plant and Equipment |    As of  December 31, December 31,  2019 2018  Automobiles $ 505,788 $ 603,046  Furniture and fixtures 457,218 436,568  Computer equipment and software 3,823,416 3,542,339  Home office 3,866,632 3,849,947  Total cost 8,653,054 8,431,900  Accumulated depreciation (5,619,706) (5,099,090)  Net property and equipment $ 3,033,348 $ 3,332,810  |
Accumulated Other Comprehensive Earnings (Loss) |   Year Ended December 31,  2019 2018  Beginning balance $ (1,580,976) $ 2,227,069  Cumulative effect of adoption of ASU 2016-01 1,366,297 -  Adjusted beginning balance (214,679) 2,227,069  Oher comprehensive earnings (loss) before reclassifications 3,393,585 (3,049,791)  Amount reclassified from accumulated other comprehensive earnings (224,970) (758,254)  Net current period other comprehensive earnings (loss) 3,168,615 (3,808,045)  Ending balance $ 2,953,936 $ (1,580,976)  |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings |    Amounts Reclassified from  Accumulated Other Comprehensive Earnings  Twelve-Month Period Ended  Details about Accumulated Other December 31, Affected Line Item in the Statement  Comprehensive Earnings Component 2019 2018 where Net Earnings is Presented  Unrealized (gains) on AFS investments:  $ (284,772) $ (975,993) Net realized investment (gains)  — 16,178 Other-than-temporary impairment losses  59,802 201,561 Income tax expense  Total reclassification adjustment, net of tax $ (224,970) $ (758,254)  |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Summary of Net Investment Income |    2019 2018  AFS, fixed maturity securities $ 2,998,342 $ 2,943,083  Investment property 610,642 555,350  Equity securities 300,584 266,530  Cash and short-term investments 75,585 25,303  Investment revenue 3,985,153 3,790,266  Less investment expenses (800,000) (900,000)  Net investment income $ 3,185,153 $ 2,890,266  |
Summary of Recognized Impairments |   Net Realized  Proceeds Gains Losses Gains  2019  Fixed maturity securities $ 27,033,200 $ 321,032 $ (36,260) $ 284,772  Common stocks 8,238,753 1,443,507 (527,514) 915,993  2018  Fixed maturity securities $ 16,966,599 $ 122,900 $ (78,194) $ 44,706  Common stocks 11,843,798 1,290,148 (363,094) 927,054  Preferred stocks 3,927,722 86,862 (82,629) 4,233  |
Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity |    Amortized Cost Fair Value  Due in one year or less $ 3,228,881 $ 3,244,534  Due after one year through five years 18,956,885 19,738,798  Due after five years through 10 years 15,091,864 16,340,507  Due after 10 years 17,267,874 18,472,738  Asset and mortgage backed securities without a specific due date 33,802,911 34,290,995  Total fixed maturity securities $ 88,348,415 $ 92,087,572  |
Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments |    Gross Unrealized  Amortized Cost Fair Value Gains Losses  2019  Fixed maturity securities:  U.S. Treasury $ 800,462 $ 800,219 $ 684 $ (927)  MBS/ABS/CMBS 33,802,911 34,290,995 540,743 (52,659)  Corporate 39,442,202 41,915,103 2,482,378 (9,477)  Municipal 14,302,840 15,081,255 808,081 (29,666)  Total AFS securities $ 88,348,415 $ 92,087,572 $ 3,831,886 $ (92,729)      Cost or Gross Unrealized  Amortized Cost Fair Value Gains Losses  2018  Fixed maturity securities:  U.S. Treasury $ 1,348,575 $ 1,328,925 $ — $ (19,650)  MBS/ABS/CMBS 34,372,133 33,799,024 33,955 (607,064)  Corporate 37,383,903 37,366,690 376,029 (393,242)  Municipal 16,148,295 16,486,520 398,569 (60,344)  Total fixed maturity securities 89,252,906 88,981,159 808,553 (1,080,300)  Equity securities:  Common stocks 13,572,713 11,843,223 406,812 (2,136,302)  Total equity securities 1 13,572,713 11,843,223 406,812 (2,136,302)  Total AFS securities $ 102,825,619 $ 100,824,382 $ 1,215,365 $ (3,216,602)  |
Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position |    December 31, 2019  12 Months  < 12 Months & Greater Total  Fixed Maturity Securities:  U.S. Treasury  Fair value $ — $ 699,391 $ 699,391  Amortized cost — 700,318 700,318  Unrealized loss — (927) (927)  MBS/ABS/CMBS  Fair value 6,398,581 5,056,732 11,455,313  Amortized cost 6,420,488 5,087,484 11,507,972  Unrealized loss (21,907) (30,752) (52,659)  Corporate  Fair value 1,396,706 — 1,396,706  Amortized cost 1,406,183 — 1,406,183  Unrealized loss (9,477) — (9,477)  Municipal  Fair value 1,969,468 — 1,969,468  Amortized cost 1,999,134 — 1,999,134  Unrealized loss (29,666) — (29,666)  Total debt securities available for sale  Fair value 9,764,755 5,756,123 15,520,878  Amortized cost 9,825,805 5,787,802 15,613,607  Unrealized loss $ (61,050) $ (31,679) $ (92,729)  |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a recurring Basis |  Assets measured at fair value on a recurring basis as of December 31, 2019 , are as summarized below:      Significant  Quoted in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  (Level 1) (Level 2) (Level 3) Total  AFS securities  Fixed maturity securities  U.S. treasury $ 800,219 $ — $ — $ 800,219  MBS/ABS/CMBS — 34,290,995 — 34,290,995  Corporate — 41,915,103 — 41,915,103  Municipal — 15,081,255 — 15,081,255  Total fixed maturity securities 800,219 91,287,353 — 92,087,572  Equity securities  Common stocks 14,448,773 — — 14,448,773  Total marketable investments measured at fair value $ 15,248,992 $ 91,287,353 $ — $ 106,536,345  Assets measured at fair value on a recurring basis as of December 31, 2018 , are as summarized below:     Significant  Quoted in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  (Level 1) (Level 2) (Level 3) Total  AFS securities  Fixed maturity securities  U.S. treasury $ 1,328,925 $ — $ — $ 1,328,925  MBS/ABS/CMBS — 33,799,024 — 33,799,024  Corporate — 37,366,690 — 37,366,690  Municipal — 16,486,520 — 16,486,520  Total fixed maturity securities 1,328,925 87,652,234 — 88,981,159  Equity securities  Common stocks 11,843,223 — — 11,843,223  Total marketable investments measured at fair value $ 13,172,148 $ 87,652,234 $ — $ 100,824,382  |
Policy Acquisition Costs (Table
Policy Acquisition Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Policy Acquisition Costs [Abstract] | |
Schedule of Deferred and Amortized Policy Acquisition Costs |    2019 2018  Deferred policy acquisition costs (DAC), beginning of year $ 5,247,188 $ 4,592,415  Deferred:  Direct commission 9,172,742 8,938,953  Premium taxes 1,091,575 1,184,884  Ceding commissions (738,756) (1,986,128)  Underwriting 891,612 912,589  Net deferred 10,417,173 9,050,298  Amortized 10,395,105 8,395,525  DAC, end of year $ 5,269,256 $ 5,247,188   Policy acquisition costs:  Amortized to expense $ 10,395,105 $ 8,395,525  Period costs:  Contingent commission 1,365,254 1,859,311  Other underwriting expenses 8,259,646 7,960,147  Total policy acquisition costs $ 20,020,005 $ 18,214,983  |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Reinsurance [Abstract] | |
Summary of the Effects of Reinsurance |   2019 2018  WRITTEN  Direct $ 62,982,820 $ 61,125,339  Reinsurance assumed 204,268 168,096  Reinsurance ceded (9,951,880) (11,280,526)  Net $ 53,235,208 $ 50,012,909  EARNED  Direct $ 62,559,208 $ 57,702,159  Reinsurance assumed 207,685 174,235  Reinsurance ceded (9,925,127) (10,759,433)  Net $ 52,841,766 $ 47,116,961  LOSSES AND SETTLEMENT EXPENSES INCURRED  Direct $ 44,334,298 $ 35,263,637  Reinsurance assumed 139,618 77,909  Reinsurance ceded (10,759,079) (4,079,084)  Net $ 33,714,837 $ 31,262,462  |
Summary of Net Reinsurance Balances Recoverable |    Net Reinsurer Ceded  A.M. Best Exposure as of Percent of Premiums Percent of  (In thousands) Rating December 31, 2019 Total Written Total  Aspen Insurance UK Ltd A $ 2,219 17.2% $ 1,174 11.8%  Platinum Underwriters A 1,868 14.5% 1,792 18.0%  Hannover Ruckversicherungs A+ 1,386 10.8% 1,318 13.2%  Partner Reinsurance Company A+ 1,362 10.6% 281 2.8%  Everest Reinsurance Company A+ 1,252 9.7% 781 7.9%  Swiss Reinsurance A+ 902 7.0% 340 3.4%  Endurance Reinsurance A+ 709 5.5% — 0.0%  General Reinsurance Corporation A++ 677 5.3% 1,334 13.4%  Allied World Reinsurance A 500 3.9% 634 6.4%  Axis Reinsurance Company A+ 468 3.6% 408 4.1%  All other reinsurers including anticipated subrogation 1,531 11.9% 1,890 19.0%  $ 12,874 100.0% $ 9,952 100.0%  |
Unpaid Losses and Settlement _2
Unpaid Losses and Settlement Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Unpaid Losses and Settlement Expenses [Abstract] | |
Summary of Cumulative Paid Losses and Settlement Expenses |     PROPERTY LINES  Incurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2019  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 Total IBNR plus expected development on reported claims Cumulative number of reported claims  2010 $ 5,644 $ 5,105 $ 4,831 $ 4,992 $ 5,118 $ 5,006 $ 4,891 $ 4,899 $ 4,862 $ 4,860 $ 14 674  2011 7,427 6,708 6,621 6,752 6,733 6,645 6,631 6,632 6,621 — 905  2012 6,143 6,374 6,406 6,546 6,482 6,411 6,455 6,167 (6) 672  2013 9,266 8,302 8,290 8,415 8,471 8,282 8,272 14 637  2014 8,865 7,586 7,798 7,883 7,817 7,785 (2) 743  2015 7,693 7,494 7,717 7,634 7,654 6 563  2016 8,941 7,981 8,372 8,381 (13) 582  2017 13,993 13,568 13,741 214 726  2018 11,454 11,114 65 736  2019 13,933 (125) 795  Total $ 88,528     Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019  2010 $ 3,166 4,584 4,719 4,740 4,791 4,818 4,873 4,874 4,874 $ 4,874  2011 5,327 6,351 6,459 6,520 6,556 6,589 6,623 6,623 6,620  2012 4,949 6,401 6,369 6,362 6,326 6,472 6,469 6,176  2013 6,856 8,079 8,200 8,238 8,265 8,272 8,271  2014 6,243 7,631 7,746 7,796 7,795 7,795  2015 5,057 7,040 7,474 7,645 7,660  2016 6,157 7,624 8,236 8,356  2017 10,055 13,482 13,610  2018 8,487 11,009  2019 11,621  Total 85,992  Unpaid losses and settlement expense - years 2010 through 2019 2,536  Unpaid losses and settlement expense - prior to 2010 (10)  Unpaid loss and settlement expense, net of reinsurance $ 2,526  *Presented as unaudited required supplementary information.     WORKERS' COMPENSATION AND LIABILITY LINES  Incurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2019  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 Total IBNR plus expected development on reported claims Cumulative number of reported claims  2010 $ 10,475 $ 11,039 $ 10,683 $ 11,371 $ 11,701 $ 11,474 $ 11,422 $ 11,431 $ 11,469 $ 11,484 $ 7 906  2011 12,375 12,126 11,894 12,039 12,098 12,027 11,819 11,723 11,720 7 1,106  2012 13,122 11,338 11,407 11,638 12,692 12,845 12,632 12,836 26 1,161  2013 12,584 13,559 13,169 12,960 13,696 13,858 14,076 76 1,161  2014 13,385 14,744 15,341 16,718 16,881 16,996 313 1,247  2015 16,596 13,876 13,440 13,862 14,486 538 1,113  2016 16,677 14,843 16,240 16,855 1,196 1,054  2017 15,808 15,803 15,842 2,484 1,043  2018 18,308 17,122 5,804 1,115  2019 19,630 10,813 912  Total $ 151,047       Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019  2010 $ 1,248 $ 3,395 $ 5,865 $ 8,462 $ 10,022 $ 10,733 $ 11,067 $ 11,194 $ 11,345 $ 11,429  2011 1,669 3,761 5,841 8,072 10,122 10,971 11,484 11,627 11,682  2012 1,180 3,021 5,589 8,327 10,913 11,753 12,156 12,572  2013 1,579 4,156 7,634 10,423 12,181 12,978 13,564  2014 1,539 4,087 9,515 13,602 15,232 15,912  2015 1,405 4,319 7,400 10,527 12,485  2016 1,490 5,485 8,190 12,202  2017 1,523 5,419 8,753  2018 1,963 5,656  2019 3,664  Total 107,919  Unpaid losses and settlement expense - years 2010 through 2019 43,128  Unpaid losses and settlement expense - prior to 2010 148  Unpaid loss and settlement expense, net of reinsurance $ 43,276  *Presented as unaudited required supplementary information.      TOTAL LINES  Incurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2019  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019 Total IBNR plus expected development on reported claims Cumulative number of reported claims  2010 $ 16,119 $ 16,144 $ 15,514 $ 16,363 $ 16,819 $ 16,480 $ 16,313 $ 16,330 $ 16,331 $ 16,344 $ 21 1,580  2011 19,802 18,834 18,515 18,791 18,831 18,672 18,450 18,355 18,341 7 2,011  2012 19,265 17,712 17,813 18,184 19,174 19,256 19,087 19,003 20 1,833  2013 21,850 21,861 21,459 21,375 22,167 22,140 22,348 90 1,798  2014 22,250 22,330 23,139 24,601 24,698 24,781 311 1,990  2015 24,289 21,370 21,157 21,496 22,140 544 1,676  2016 25,618 22,824 24,612 25,236 1,183 1,636  2017 29,801 29,371 29,583 2,698 1,769  2018 29,762 28,236 5,869 1,851  2019 33,563 10,688 1,707  Total $ 239,575     Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)  Year Ended December 31,  Accident Year 2010* 2011* 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019  2010 $ 4,414 7,979 10,584 13,202 14,813 15,551 15,940 16,068 16,219 $ 16,303  2011 6,996 10,112 12,300 14,592 16,678 17,560 18,107 18,250 18,302  2012 6,129 9,422 11,958 14,689 17,239 18,225 18,625 18,748  2013 8,435 12,235 15,834 18,661 20,446 21,250 21,835  2014 7,782 11,718 17,261 21,398 23,027 23,707  2015 6,462 11,359 14,874 18,172 20,145  2016 7,647 13,109 16,426 20,558  2017 11,578 18,901 22,363  2018 10,450 16,665  2019 15,285  Total 193,911  Unpaid losses and settlement expense - years 2010 through 2019 45,664  Unpaid losses and settlement expense - prior to 2010 138  Unpaid loss and settlement expense, net of reinsurance $ 45,802  *Presented as unaudited required supplementary information.  The following table reconciles the loss development information to the consolidated balance sheet for the year ended December 31, 2019, by reportable segement.     (In thousands) December 31, 2019  Net unpaid losses and settlement expense  Property Lines $ 2,526  Workers' Compensation and Liability Lines 43,276  Total unpaid losses and settlement expense, net of reinsurance 45,802  Reinsurance recoverable on losses and settlement expense  Property Lines 3,238  Workers' Compensation and Liability Lines 7,798  Total reinsurance recoverable on unpaid losses and settlement expense 11,036  Total gross unpaid losses and LAE $ 56,838  |
Reconciliation of Loss Development |   (In thousands) December 31, 2019  Net unpaid losses and settlement expense  Property Lines $ 2,526  Workers' Compensation and Liability Lines 43,276  Total unpaid losses and settlement expense, net of reinsurance 45,802  Reinsurance recoverable on losses and settlement expense  Property Lines 3,238  Workers' Compensation and Liability Lines 7,798  Total reinsurance recoverable on unpaid losses and settlement expense 11,036  Total gross unpaid losses and LAE $ 56,838  |
Summary of Annual Percentage Payout |   Average annual percentage payout of incurred losses by age, net of reinsurance  Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9+  Property Lines 71.7% 25.1% 1.7% -0.5% -0.2% 1.6% 0.7% -0.1% 0.2%  Liability Lines 11.5% 19.9% 22.9% 20.5% 12.0% 5.9% 4.0% 1.7% 1.6%  Total Lines 34.4% 21.0% 14.9% 12.4% 7.7% 4.4% 2.8% 1.0% 1.2%  |
Reconciliation of Unpaid Losses and Settlement Expenses |   (In thousands) 2019 2018  Unpaid losses and settlement expense - beginning of the period:  Gross $ 51,447 $ 51,074  Less: Ceded 6,736 10,030  Net 44,711 41,044  Increase in incurred losses and settlement expense:  Current year 33,564 29,762  Prior years 151 1,500  Total incurred 33,715 31,262  Deduct: Loss and settlement expense payments for claims incurred:  Current year 15,285 10,450  Prior years 17,339 17,145  Total paid 32,624 27,595  Net unpaid losses and settlement expense - end of the period 45,802 44,711  Plus: Reinsurance recoverable on unpaid losses 11,036 6,736  Gross unpaid losses and settlement expense - end of the period $ 56,838 $ 51,447      (In thousands) 2019 2018  Supplemental ceded unpaid losses and settlement expense at end of year disclosure:  Reinsurance balances recoverable on unpaid losses and settlement expenses,  net of allowances for uncollectible amounts of $0 in 2019 and 2018 $ 11,036 $ 6,736  Less: Reinsurance balances payable — —  Reinsurance recoverable on unpaid losses $ 11,036 $ 6,736  |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities |    December 31,  2019 2018  Deferred tax assets:  Tax discounting of claim reserves $ 765,820 $ 814,193  Unearned premium reserve 1,264,887 1,255,183  Deferred compensation 140,141 103,178  Provision for uncollectible accounts 21,000 10,500  Net unrealized depreciation of securities — 420,259  Other 93,631 53,193  Deferred tax assets before allowance 2,285,479 2,656,506  Less valuation allowance — —  Total deferred tax assets $ 2,285,479 $ 2,656,506  Deferred tax liabilities:  Transition adjustment for loss reserve discounting $ 226,176 $ 292,176  Net unrealized appreciation of securities 959,204 —  Deferred policy acquisition costs 1,110,676 1,101,910  Property and equipment 25,093 237,581  Other 3,543 3,441  Total deferred tax liabilities 2,324,692 1,635,108  Net deferred tax (liability) asset $ (39,213) $ 1,021,398  |
Schedule of Effective Income Tax Rate Reconciliation |    Years Ended December 31,  2019 2018  Provision for income taxes at the statutory federal tax rates $ 1,067,128 $ 209,870  Increase (reduction) in taxes resulting from:  Dividends received deduction (22,542) (35,802)  Tax-exempt interest income (75,766) (128,292)  15% proration of tax-exempt interest and dividends received deduction 24,034 40,522  Officer life insurance, net (14,004) 4,429  Nondeductible expenses 57,980 44,505  Prior year true-ups and other (249,615) (29,145)  Total $ 787,215 $ 106,087  |
Statutory Information and Div_2
Statutory Information and Dividend Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statutory Information and Dividend Restrictions [Abstract] | |
Summary of Insurance Subsidiary |    As of and Periods Ended December 31,  2019 2018  Net income, statutory basis $ 3,037,554 $ 1,206,160  Consolidated surplus, statutory basis $ 55,357,446 $ 50,552,167  |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($)segment | |
Summary Of Significant Accounting Policies [Line Items] | ||
Impairment | $ 0 | $ 0 |
Federal tax rate | 21.00% | |
Reinsurance protection | $ 9,500,000 | |
Operating segments | segment | 1 | 1 |
ESOP threshold | 1000 hours | |
Cumulative-effect | $ 1,400,000 | |
Income Tax Expense (Benefit) | $ 787,215 | 106,087 |
Available-for-sale Securities [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Income Tax Expense (Benefit) | 677,121 | (609,140) |
Catastrophe Reinsurance Treaty [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Reinsurance protection | 14,500,000 | |
Excess reinsurance protection | $ 500,000 | $ 500,000 |
Building [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life | 39 years | |
Building Improvements [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life | 15 years | |
Computer Equipment and Software [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life | 3 years | |
Illinois [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Concentration risk | 26.10% | 29.70% |
Minimum [Member] | Equipment [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life | 5 years | |
Maximum [Member] | Equipment [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Useful life | 7 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Summary of Property, Plant and Equipment) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 8,653,054 | $ 8,431,900 |
Accumulated depreciation | (5,619,706) | (5,099,090) |
Net property and equipent | 3,033,348 | 3,332,810 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 505,788 | 603,046 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 457,218 | 436,568 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 3,823,416 | 3,542,339 |
Home Office [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 3,866,632 | $ 3,849,947 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Earnings (Loss)) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cumulative-effect adjustment from ASU 2016-01 | $ 1,400,000 | |
Total other comprehensive earnings (loss) | $ 3,168,615 | (3,808,045) |
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (1,580,976) | 2,227,069 |
Cumulative-effect adjustment from ASU 2016-01 | 1,366,297 | |
Adjusted beginning balance | (214,679) | 2,227,069 |
Oher comprehensive earnings (loss) before reclassifications | 3,393,585 | (3,049,791) |
Amount reclassified from accumulated other comprehensive earnings | (224,970) | (758,254) |
Total other comprehensive earnings (loss) | 3,168,615 | (3,808,045) |
Balance | $ 2,953,936 | $ (1,580,976) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule of Reclassification Out of Accumulated Other Comprehensive Earnings) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net realized invesment (gains) losses | $ (1,200,765) | $ (975,993) |
Other-than-temporary impairment losses | 16,178 | |
Income tax expense | 787,215 | 106,087 |
Net income (loss) | (4,294,345) | (893,296) |
Unrealized (Gains) Losses On AFS Investments [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net realized invesment (gains) losses | (284,772) | (975,993) |
Other-than-temporary impairment losses | 16,178 | |
Income tax expense | 59,802 | 201,561 |
Net income (loss) | $ (224,970) | $ (758,254) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($)item | Jul. 31, 2019USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized losses for 12 consecutive months or longer | $ 655,653 | ||
OTTI losses recognized in net earnings | $ 0 | ||
Number of OTTI securities | item | 3 | ||
Securities pledged | $ 0 | ||
Apartment rental units | item | 67 | 57 | |
Depreciation expense | $ 109,393 | $ 95,664 | |
Property held for investment, accumulated depreciation | 332,218 | 222,825 | |
Federal Home Loan Bank of Chicago [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
FHLBC outstanding balance | 0 | ||
Promissory note | $ 1,275,000 | ||
Amount funded | $ 625,000 | ||
Interest rate | 6.50% | ||
Term | 20 years | ||
Residential Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value | $ 9,909,462 | 13,696,585 | |
Commercial Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Fair value | 13,408,898 | $ 10,126,352 | |
Equity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Unrealized gains | $ 2,350,513 | ||
Number of securities in an unrealized loss position | item | 200 | ||
Number of securities in an unrealized loss position for 12 consecutive months or longer | item | 0 | ||
AFS, Fixed Maturity Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of securities in an unrealized loss position | item | 32 | ||
Number of securities in an unrealized loss position for 12 consecutive months or longer | item | 14 | ||
Unrealized losses for 12 consecutive months or longer | $ 31,679 | ||
Securities on deposit with regulatory authorities or banks | $ 3,827,627 | $ 3,742,450 | |
Common Stocks [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
OTTI impairment losses | $ 16,178 |
Investments (Summary of Net Inv
Investments (Summary of Net Investment Income) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net Investment Income [Line Items] | ||
Investment revenue | $ 3,985,153 | $ 3,790,266 |
Less investment expenses | (800,000) | (900,000) |
Net investment income | 3,185,153 | 2,890,266 |
AFS, Fixed Maturity Securities [Member] | ||
Net Investment Income [Line Items] | ||
Investment revenue | 2,998,342 | 2,943,083 |
Real Estate Investment [Member] | ||
Net Investment Income [Line Items] | ||
Investment revenue | 610,642 | 555,350 |
Equity Securities [Member] | ||
Net Investment Income [Line Items] | ||
Investment revenue | 300,584 | 266,530 |
Cash and Short-Term Investments [Domain] | ||
Net Investment Income [Line Items] | ||
Investment revenue | $ 75,585 | $ 25,303 |
Investments (Summary of Recogni
Investments (Summary of Recognized Impairments) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds | $ 27,033,200 | $ 16,966,599 |
Fixed Maturity Securities [Member] | ||
Proceeds | 27,033,200 | 16,966,599 |
Gains | 321,032 | 122,900 |
Losses | (36,260) | (78,194) |
Net realized gain/(losses) | 284,772 | 44,706 |
Common Stocks [Member] | ||
Proceeds | 8,238,753 | 11,843,798 |
Gains | 1,443,507 | 1,290,148 |
Losses | (527,514) | (363,094) |
Net realized gain/(losses) | $ 915,993 | 927,054 |
Preferred Stocks [Member] | ||
Proceeds | 3,927,722 | |
Gains | 86,862 | |
Losses | (82,629) | |
Net realized gain/(losses) | $ 4,233 |
Investments (Summary of Amortiz
Investments (Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Investments [Abstract] | ||
Due in one year or less, amortized cost | $ 3,228,881 | |
Due after one year through five years, amortized cost | 18,956,885 | |
Due after five years through 10 years, amortized cost | 15,091,864 | |
Due after 10 years, amortized cost | 17,267,874 | |
Asset and mortgage backed securities without a specific due date, amortized cost | 33,802,911 | |
Fixed maturity securities, amortized cost | 88,348,415 | $ 89,252,906 |
Due in one year or less, fair value | 3,244,534 | |
Due after one year through five years, fair value | 19,738,798 | |
Due after five years through 10 years, fair value | 16,340,507 | |
Due after 10 years, fair value | 18,472,738 | |
Asset and mortgage backed securities witout a specific due date, fair value | 34,290,995 | |
Fixed maturity securities, fair value | $ 92,087,572 | $ 88,981,159 |
Investments (Schedule of Cost o
Investments (Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | $ 88,348,415 | $ 89,252,906 |
AFS securities, amortized cost | 102,825,619 | |
Fixed maturity securities, fair value | 92,087,572 | 88,981,159 |
Equity securities, fair value | 14,448,773 | 11,843,223 |
AFS securities, fair value | 100,824,382 | |
Total AFS securities, gross unrealized gains | 1,215,365 | |
Total AFS securities, gross unrealized losses | (3,216,602) | |
US Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | 800,462 | 1,348,575 |
Fixed maturity securities, fair value | 800,219 | 1,328,925 |
Fixed maturity securities, gross unrealized gains | 684 | |
Fixed maturity securities, gross unrealized losses | (927) | (19,650) |
MBS/ABS/CMBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | 33,802,911 | 34,372,133 |
Fixed maturity securities, fair value | 34,290,995 | 33,799,024 |
Fixed maturity securities, gross unrealized gains | 540,743 | 33,955 |
Fixed maturity securities, gross unrealized losses | (52,659) | (607,064) |
Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | 39,442,202 | 37,383,903 |
Fixed maturity securities, fair value | 41,915,103 | 37,366,690 |
Fixed maturity securities, gross unrealized gains | 2,482,378 | 376,029 |
Fixed maturity securities, gross unrealized losses | (9,477) | (393,242) |
Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | 14,302,840 | 16,148,295 |
Fixed maturity securities, fair value | 15,081,255 | 16,486,520 |
Fixed maturity securities, gross unrealized gains | 808,081 | 398,569 |
Fixed maturity securities, gross unrealized losses | (29,666) | (60,344) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | 89,252,906 | |
AFS securities, amortized cost | 88,348,415 | |
Fixed maturity securities, fair value | 88,981,159 | |
AFS securities, fair value | 92,087,572 | |
Fixed maturity securities, gross unrealized gains | 808,553 | |
Total AFS securities, gross unrealized gains | 3,831,886 | |
Fixed maturity securities, gross unrealized losses | (1,080,300) | |
Total AFS securities, gross unrealized losses | $ (92,729) | |
Common Stocks [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, amortized cost | 13,572,713 | |
Equity securities, fair value | 11,843,223 | |
Equity securities, gross unrealized gains | 406,812 | |
Equity securities, gross unrealized losses | (2,136,302) | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, amortized cost | 13,572,713 | |
Equity securities, fair value | 11,843,223 | |
Equity securities, gross unrealized gains | 406,812 | |
Equity securities, gross unrealized losses | $ (2,136,302) |
Investments (Summary of Impairm
Investments (Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | $ 42,452,663 | |
Less than 12 months, Cost or amortized cost | 45,013,612 | |
Less than 12 months, unrealized loss | (2,560,949) | |
Greater than 12 months, fair value | 19,869,687 | |
Greater than 12 months, Cost or amortized cost | 20,525,340 | |
Greater than 12 months, unrealized loss | (655,653) | |
Fair value | 62,322,350 | |
Cost or amortized cost | 65,538,952 | |
Unrealized loss | (3,216,602) | |
US Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | ||
Less than 12 months, Cost or amortized cost | ||
Less than 12 months, unrealized loss | ||
Greater than 12 months, fair value | 699,391 | 1,328,925 |
Greater than 12 months, Cost or amortized cost | 700,318 | 1,348,575 |
Greater than 12 months, unrealized loss | (927) | (19,650) |
Fair value | 699,391 | 1,328,925 |
Cost or amortized cost | 700,318 | 1,348,575 |
Unrealized loss | (927) | (19,650) |
MBS/ABS/CMBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 6,398,581 | 16,890,857 |
Less than 12 months, Cost or amortized cost | 6,420,488 | 17,039,357 |
Less than 12 months, unrealized loss | (21,907) | (148,500) |
Greater than 12 months, fair value | 5,056,732 | 11,956,493 |
Greater than 12 months, Cost or amortized cost | 5,087,484 | 12,415,057 |
Greater than 12 months, unrealized loss | (30,752) | (458,564) |
Fair value | 11,455,313 | 28,847,350 |
Cost or amortized cost | 11,507,972 | 29,454,414 |
Unrealized loss | (52,659) | (607,064) |
Corporate [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 1,396,706 | 14,304,322 |
Less than 12 months, Cost or amortized cost | 1,406,183 | 14,550,153 |
Less than 12 months, unrealized loss | (9,477) | (245,831) |
Greater than 12 months, fair value | 5,745,289 | |
Greater than 12 months, Cost or amortized cost | 5,892,700 | |
Greater than 12 months, unrealized loss | (147,411) | |
Fair value | 1,396,706 | 20,049,611 |
Cost or amortized cost | 1,406,183 | 20,442,853 |
Unrealized loss | (9,477) | (393,242) |
Municipal [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 1,969,468 | 3,069,720 |
Less than 12 months, Cost or amortized cost | 1,999,134 | 3,100,036 |
Less than 12 months, unrealized loss | (29,666) | (30,316) |
Greater than 12 months, fair value | 838,980 | |
Greater than 12 months, Cost or amortized cost | 869,008 | |
Greater than 12 months, unrealized loss | (30,028) | |
Fair value | 1,969,468 | 3,908,700 |
Cost or amortized cost | 1,999,134 | 3,969,044 |
Unrealized loss | (29,666) | (60,344) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 9,764,755 | 34,264,899 |
Less than 12 months, Cost or amortized cost | 9,825,805 | 34,689,546 |
Less than 12 months, unrealized loss | (61,050) | (424,647) |
Greater than 12 months, fair value | 5,756,123 | 19,869,687 |
Greater than 12 months, Cost or amortized cost | 5,787,802 | 20,525,340 |
Greater than 12 months, unrealized loss | (31,679) | (655,653) |
Fair value | 15,520,878 | 54,134,586 |
Cost or amortized cost | 15,613,607 | 55,214,886 |
Unrealized loss | $ (92,729) | (1,080,300) |
Common Stocks [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 8,187,764 | |
Less than 12 months, Cost or amortized cost | 10,324,066 | |
Less than 12 months, unrealized loss | (2,136,302) | |
Fair value | 8,187,764 | |
Cost or amortized cost | 10,324,066 | |
Unrealized loss | $ (2,136,302) |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities transferred from level 1 to level 2 | $ 0 | $ 0 |
Securities transferred from level 2 to level 1 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 106,536,345 | 100,824,382 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | $ 0 | $ 0 |
Fair Value Disclosures (Summary
Fair Value Disclosures (Summary of Assets Measured at Fair Value on a recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | $ 106,536,345 | $ 100,824,382 |
US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 800,219 | 1,328,925 |
MBS/ABS/CMBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 34,290,995 | 33,799,024 |
Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 41,915,103 | 37,366,690 |
Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 15,081,255 | 16,486,520 |
Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 92,087,572 | 88,981,159 |
Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 14,448,773 | 11,843,223 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 15,248,992 | 13,172,148 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 800,219 | 1,328,925 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 800,219 | 1,328,925 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 14,448,773 | 11,843,223 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 91,287,353 | 87,652,234 |
Significant Other Observable Inputs (Level 2) | MBS/ABS/CMBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 34,290,995 | 33,799,024 |
Significant Other Observable Inputs (Level 2) | Corporate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 41,915,103 | 37,366,690 |
Significant Other Observable Inputs (Level 2) | Municipal [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 15,081,255 | 16,486,520 |
Significant Other Observable Inputs (Level 2) | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 91,287,353 | 87,652,234 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | $ 0 | $ 0 |
Policy Acquisition Costs (Detai
Policy Acquisition Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Policy Acquisition Costs [Abstract] | ||
Deferred policy acquisition costs (DAC), beginning of year | $ 5,247,188 | $ 4,592,415 |
Deferred: | ||
Direct commission | 9,172,742 | 8,938,953 |
Premium taxes | 1,091,575 | 1,184,884 |
Ceding commissions | (738,756) | (1,986,128) |
Underwriting | 891,612 | 912,589 |
Net deferred | 10,417,173 | 9,050,298 |
Amortized | 10,395,105 | 8,395,525 |
DAC, end of year | 5,269,256 | 5,247,188 |
Policy acquisition costs: | ||
Amortized to expense | 10,395,105 | 8,395,525 |
Period costs: | ||
Contingent commission | 1,365,254 | 1,859,311 |
Other underwriting expenses | 8,259,646 | 7,960,147 |
Total policy acquisition costs | $ 20,020,005 | $ 18,214,983 |
Debt (Details)
Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 30, 2020 | |
Debt Instrument [Line Items] | |||
Corporate debt | $ 3,475,088 | $ 3,484,606 | |
Revolver | |||
Debt Instrument [Line Items] | |||
Interest expense | $ 0 | 0 | |
Debt maturity | Aug. 5, 2020 | ||
Additional bonds pledged as collateral | $ 5,000,000 | ||
Maximum borrowing capacity | $ 1,750,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Revolver | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 2.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolver | |||
Debt Instrument [Line Items] | |||
Variable interest rate | 3.50% | ||
Debt Obligation [Member] | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 3,500,000 | ||
Interest rate | 3.65% | ||
Collateral | $ 1,000,000 | ||
Term of debt instrument | 5 years | ||
Debt Obligation [Member] | Bofi Federal Bank B & C [Member] | |||
Debt Instrument [Line Items] | |||
Debt | $ 3,475,088 | $ 3,484,606 | |
Federal Home Loan Bank of Chicago [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 33,000,000 | ||
Subsequent Event [Member] | Federal Home Loan Bank of Chicago [Member] | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 6,000,000 |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Ceded Credit Risk [Line Items] | ||
Prepaid reinsurance premiums and recoverables on paid and unpaid losses and settlement expenses | $ 11,036,170 | $ 6,735,964 |
Premiums and reinsurance balances receivable, allowances for uncollectible amounts | 0 | $ 0 |
Casualty Business [Member] | ||
Ceded Credit Risk [Line Items] | ||
Excess reinsurance protection | 1,000,000 | |
Property [Member] | ||
Ceded Credit Risk [Line Items] | ||
Excess reinsurance protection | 500,000 | |
Workers Compensation [Member] | ||
Ceded Credit Risk [Line Items] | ||
Excess reinsurance protection | $ 500,000 |
Reinsurance (Summary of the Eff
Reinsurance (Summary of the Effects of Reinsurance) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
WRITTEN | ||
Direct | $ 62,982,820 | $ 61,125,339 |
Reinsurance assumed | 204,268 | 168,096 |
Reinsurance ceded | (9,951,880) | (11,280,526) |
Net | 53,235,208 | 50,012,909 |
EARNED | ||
Direct | 62,559,208 | 57,702,159 |
Reinsurance assumed | 207,685 | 174,235 |
Reinsurance ceded | (9,925,127) | (10,759,433) |
Net | 52,841,766 | 47,116,961 |
LOSSES AND SETTLEMENT EXPENSES INCURRED | ||
Direct | 44,334,298 | 35,263,637 |
Reinsurance assumed | 139,618 | 77,909 |
Reinsurance ceded | (10,759,079) | (4,079,084) |
Total incurred | $ 33,714,837 | $ 31,262,462 |
Reinsurance (Summary of Net Rei
Reinsurance (Summary of Net Reinsurance Balances Recoverable) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 9,951,880 | $ 11,280,526 |
Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 12,874,000 | |
Percent of Total | 100.00% | |
Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 9,952,000 | |
Percent of Total | 100.00% | |
All Other Reinsurers Including Anticipated Subrogation [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 1,531,000 | |
Percent of Total | 11.90% | |
All Other Reinsurers Including Anticipated Subrogation [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 1,890,000 | |
Percent of Total | 19.00% | |
AM Best, A++ Rating [Member] | General Reinsurance Corporation [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 677,000 | |
Percent of Total | 5.30% | |
AM Best, A++ Rating [Member] | General Reinsurance Corporation [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 1,334,000 | |
Percent of Total | 13.40% | |
AM Best, A+ Rating [Member] | Hannover Ruckversicherungs [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 1,386,000 | |
Percent of Total | 10.80% | |
AM Best, A+ Rating [Member] | Hannover Ruckversicherungs [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 1,318,000 | |
Percent of Total | 13.20% | |
AM Best, A+ Rating [Member] | Partner Reinsurance Company [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 1,362,000 | |
Percent of Total | 10.60% | |
AM Best, A+ Rating [Member] | Partner Reinsurance Company [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 281,000 | |
Percent of Total | 2.80% | |
AM Best, A+ Rating [Member] | Everest Reinsurance Company [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 1,252,000 | |
Percent of Total | 9.70% | |
AM Best, A+ Rating [Member] | Everest Reinsurance Company [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 781,000 | |
Percent of Total | 7.90% | |
AM Best, A+ Rating [Member] | Swiss Reinsurance [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 902,000 | |
Percent of Total | 7.00% | |
AM Best, A+ Rating [Member] | Swiss Reinsurance [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 340,000 | |
Percent of Total | 3.40% | |
AM Best, A+ Rating [Member] | Endurance Reinsurance [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 709,000 | |
Percent of Total | 5.50% | |
AM Best, A+ Rating [Member] | Endurance Reinsurance [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Percent of Total | 0.00% | |
AM Best, A+ Rating [Member] | Axis Reinsurance Company [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 468,000 | |
Percent of Total | 3.60% | |
AM Best, A+ Rating [Member] | Axis Reinsurance Company [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 408,000 | |
Percent of Total | 4.10% | |
AM Best, A Rating [Member] | Aspen Insurance UK Ltd [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 2,219,000 | |
Percent of Total | 17.20% | |
AM Best, A Rating [Member] | Aspen Insurance UK Ltd [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 1,174,000 | |
Percent of Total | 11.80% | |
AM Best, A Rating [Member] | Platinum Underwriters [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 1,868,000 | |
Percent of Total | 14.50% | |
AM Best, A Rating [Member] | Platinum Underwriters [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 1,792,000 | |
Percent of Total | 18.00% | |
AM Best, A Rating [Member] | Allied World Reinsurance [Member] | Net Reinsurer Exposure [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Net Reinsurer Exposure | $ 500,000 | |
Percent of Total | 3.90% | |
AM Best, A Rating [Member] | Allied World Reinsurance [Member] | Ceded Premiums Written [Member] | Reinsurer Concentration Risk [Member] | ||
Ceded Credit Risk [Line Items] | ||
Ceded Premiums Written | $ 634,000 | |
Percent of Total | 6.40% |
Unpaid Losses and Settlement _3
Unpaid Losses and Settlement Expenses (Summary of Cumulative Paid Losses and Settlement Expenses) (Details) item in Thousands, $ in Thousands | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) |
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | $ 239,575 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | 193,911 | ||||||||||
Unpaid loss and settlement expense, net of reinsurance | 45,802 | ||||||||||
Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 88,528 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | 85,992 | ||||||||||
Unpaid loss and settlement expense, net of reinsurance | 2,526 | ||||||||||
Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | $ 151,047 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | 107,919 | ||||||||||
Unpaid loss and settlement expense, net of reinsurance | 43,276 | ||||||||||
2010 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 16,344 | 16,331 | $ 16,330 | $ 16,313 | $ 16,480 | $ 16,819 | $ 16,363 | $ 15,514 | $ 16,144 | $ 16,119 | |
Total IBNR plus expected development on reported claims | $ 21 | ||||||||||
Cumulative number of reported claims | item | 1,580 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 16,303 | 16,219 | 16,068 | 15,940 | 15,551 | 14,813 | 13,202 | 10,584 | 7,979 | 4,414 | |
2010 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 4,860 | 4,862 | 4,899 | 4,891 | 5,006 | 5,118 | 4,992 | 4,831 | 5,105 | 5,644 | |
Total IBNR plus expected development on reported claims | $ 14 | ||||||||||
Cumulative number of reported claims | item | 674 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 4,874 | 4,874 | 4,874 | 4,873 | 4,818 | 4,791 | 4,740 | 4,719 | 4,584 | 3,166 | |
2010 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 11,484 | 11,469 | 11,431 | 11,422 | 11,474 | 11,701 | 11,371 | 10,683 | 11,039 | $ 10,475 | |
Total IBNR plus expected development on reported claims | $ 7 | ||||||||||
Cumulative number of reported claims | item | 906 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 11,429 | 11,345 | 11,194 | 11,067 | 10,733 | 10,022 | 8,462 | 5,865 | 3,395 | 1,248 | |
2011 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 18,341 | 18,355 | 18,450 | 18,672 | 18,831 | 18,791 | 18,515 | 18,834 | 19,802 | ||
Total IBNR plus expected development on reported claims | $ 7 | ||||||||||
Cumulative number of reported claims | item | 2,011 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 18,302 | 18,250 | 18,107 | 17,560 | 16,678 | 14,592 | 12,300 | 10,112 | 6,996 | ||
2011 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | $ 6,621 | 6,632 | 6,631 | 6,645 | 6,733 | 6,752 | 6,621 | 6,708 | 7,427 | ||
Cumulative number of reported claims | item | 905 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 6,620 | 6,623 | 6,623 | 6,589 | 6,556 | 6,520 | 6,459 | 6,351 | 5,327 | ||
2011 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 11,720 | 11,723 | 11,819 | 12,027 | 12,098 | 12,039 | 11,894 | 12,126 | 12,375 | ||
Total IBNR plus expected development on reported claims | $ 7 | ||||||||||
Cumulative number of reported claims | item | 1,106 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 11,682 | 11,627 | 11,484 | 10,971 | 10,122 | 8,072 | 5,841 | 3,761 | 1,669 | ||
2012 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 19,003 | 19,087 | 19,256 | 19,174 | 18,184 | 17,813 | 17,712 | 19,265 | |||
Total IBNR plus expected development on reported claims | $ 20 | ||||||||||
Cumulative number of reported claims | item | 1,833 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 18,748 | 18,625 | 18,225 | 17,239 | 14,689 | 11,958 | 9,422 | 6,129 | |||
2012 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 6,167 | 6,455 | 6,411 | 6,482 | 6,546 | 6,406 | 6,374 | 6,143 | |||
Total IBNR plus expected development on reported claims | $ (6) | ||||||||||
Cumulative number of reported claims | item | 672 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 6,176 | 6,469 | 6,472 | 6,326 | 6,362 | 6,369 | 6,401 | 4,949 | |||
2012 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 12,836 | 12,632 | 12,845 | 12,692 | 11,638 | 11,407 | 11,338 | 13,122 | |||
Total IBNR plus expected development on reported claims | $ 26 | ||||||||||
Cumulative number of reported claims | item | 1,161 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 12,572 | 12,156 | 11,753 | 10,913 | 8,327 | 5,589 | 3,021 | 1,180 | |||
2013 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 22,348 | 22,140 | 22,167 | 21,375 | 21,459 | 21,861 | 21,850 | ||||
Total IBNR plus expected development on reported claims | $ 90 | ||||||||||
Cumulative number of reported claims | item | 1,798 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 21,835 | 21,250 | 20,446 | 18,661 | 15,834 | 12,235 | 8,435 | ||||
2013 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 8,272 | 8,282 | 8,471 | 8,415 | 8,290 | 8,302 | 9,266 | ||||
Total IBNR plus expected development on reported claims | $ 14 | ||||||||||
Cumulative number of reported claims | item | 637 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 8,271 | 8,272 | 8,265 | 8,238 | 8,200 | 8,079 | 6,856 | ||||
2013 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 14,076 | 13,858 | 13,696 | 12,960 | 13,169 | 13,559 | 12,584 | ||||
Total IBNR plus expected development on reported claims | $ 76 | ||||||||||
Cumulative number of reported claims | item | 1,161 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 13,564 | 12,978 | 12,181 | 10,423 | 7,634 | 4,156 | 1,579 | ||||
2014 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 24,781 | 24,698 | 24,601 | 23,139 | 22,330 | 22,250 | |||||
Total IBNR plus expected development on reported claims | $ 311 | ||||||||||
Cumulative number of reported claims | item | 1,990 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 23,707 | 23,027 | 21,398 | 17,261 | 11,718 | 7,782 | |||||
2014 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 7,785 | 7,817 | 7,883 | 7,798 | 7,586 | 8,865 | |||||
Total IBNR plus expected development on reported claims | $ (2) | ||||||||||
Cumulative number of reported claims | item | 743 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 7,795 | 7,795 | 7,796 | 7,746 | 7,631 | 6,243 | |||||
2014 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 16,996 | 16,881 | 16,718 | 15,341 | 14,744 | 13,385 | |||||
Total IBNR plus expected development on reported claims | $ 313 | ||||||||||
Cumulative number of reported claims | item | 1,247 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 15,912 | 15,232 | 13,602 | 9,515 | 4,087 | 1,539 | |||||
2015 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 22,140 | 21,496 | 21,157 | 21,370 | 24,289 | ||||||
Total IBNR plus expected development on reported claims | $ 544 | ||||||||||
Cumulative number of reported claims | item | 1,676 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 20,145 | 18,172 | 14,874 | 11,359 | 6,462 | ||||||
2015 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 7,654 | 7,634 | 7,717 | 7,494 | 7,693 | ||||||
Total IBNR plus expected development on reported claims | $ 6 | ||||||||||
Cumulative number of reported claims | item | 563 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 7,660 | 7,645 | 7,474 | 7,040 | 5,057 | ||||||
2015 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 14,486 | 13,862 | 13,440 | 13,876 | 16,596 | ||||||
Total IBNR plus expected development on reported claims | $ 538 | ||||||||||
Cumulative number of reported claims | item | 1,113 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 12,485 | 10,527 | 7,400 | 4,319 | 1,405 | ||||||
2016 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 25,236 | 24,612 | 22,824 | 25,618 | |||||||
Total IBNR plus expected development on reported claims | $ 1,183 | ||||||||||
Cumulative number of reported claims | item | 1,636 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 20,558 | 16,426 | 13,109 | 7,647 | |||||||
2016 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 8,381 | 8,372 | 7,981 | 8,941 | |||||||
Total IBNR plus expected development on reported claims | $ (13) | ||||||||||
Cumulative number of reported claims | item | 582 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 8,356 | 8,236 | 7,624 | 6,157 | |||||||
2016 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 16,855 | 16,240 | 14,843 | 16,677 | |||||||
Total IBNR plus expected development on reported claims | $ 1,196 | ||||||||||
Cumulative number of reported claims | item | 1,054 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 12,202 | 8,190 | 5,485 | 1,490 | |||||||
2017 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 29,583 | 29,371 | 29,801 | ||||||||
Total IBNR plus expected development on reported claims | $ 2,698 | ||||||||||
Cumulative number of reported claims | item | 1,769 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 22,363 | 18,901 | 11,578 | ||||||||
2017 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 13,741 | 13,568 | 13,993 | ||||||||
Total IBNR plus expected development on reported claims | $ 214 | ||||||||||
Cumulative number of reported claims | item | 726 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 13,610 | 13,482 | 10,055 | ||||||||
2017 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 15,842 | 15,803 | 15,808 | ||||||||
Total IBNR plus expected development on reported claims | $ 2,484 | ||||||||||
Cumulative number of reported claims | item | 1,043 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 8,753 | 5,419 | 1,523 | ||||||||
2018 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 28,236 | 29,762 | |||||||||
Total IBNR plus expected development on reported claims | $ 5,869 | ||||||||||
Cumulative number of reported claims | item | 1,851 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 16,665 | 10,450 | |||||||||
2018 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 11,114 | 11,454 | |||||||||
Total IBNR plus expected development on reported claims | $ 65 | ||||||||||
Cumulative number of reported claims | item | 736 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 11,009 | 8,487 | |||||||||
2018 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 17,122 | 18,308 | |||||||||
Total IBNR plus expected development on reported claims | $ 5,804 | ||||||||||
Cumulative number of reported claims | item | 1,115 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 5,656 | 1,963 | |||||||||
2019 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 33,563 | ||||||||||
Total IBNR plus expected development on reported claims | $ 10,688 | ||||||||||
Cumulative number of reported claims | item | 1,707 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 15,285 | ||||||||||
2019 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 13,933 | ||||||||||
Total IBNR plus expected development on reported claims | $ (125) | ||||||||||
Cumulative number of reported claims | item | 795 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 11,621 | ||||||||||
2019 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Incurred loss and settlement expenses, net of reinsurance | 19,630 | ||||||||||
Total IBNR plus expected development on reported claims | $ 10,813 | ||||||||||
Cumulative number of reported claims | item | 912 | ||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 3,664 | ||||||||||
Years 2010 Through 2019 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Unpaid losses and settlement expense | 45,664 | ||||||||||
Years 2010 Through 2019 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Unpaid losses and settlement expense | 2,536 | ||||||||||
Years 2010 Through 2019 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Unpaid losses and settlement expense | 43,128 | ||||||||||
Prior To 2010 [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Unpaid losses and settlement expense | 138 | ||||||||||
Prior To 2010 [Member] | Property Line [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Cumulative paid loss and settlement expenses, net of reinsurance | $ 2,010 | $ 2,010 | $ 2,010 | $ 2,010 | $ 2,010 | $ 2,010 | $ 2,010 | $ 2,010 | $ 2,010 | ||
Unpaid losses and settlement expense | (10) | ||||||||||
Prior To 2010 [Member] | Workers Compensation and Liability Lines [Member] | |||||||||||
Claims Development [Line Items] | |||||||||||
Unpaid losses and settlement expense | $ 148 |
Unpaid Losses and Settlement _4
Unpaid Losses and Settlement Expenses (Reconciliation of Loss Development) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Net unpaid losses and settlement expense | $ 45,802,000 | ||
Reinsurance recoverable on losses and settlement expense | 11,036,170 | $ 6,735,964 | $ 10,030,000 |
Total gross unpaid losses and LAE | 56,838,307 | $ 51,447,440 | $ 51,074,000 |
Property Line [Member] | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Net unpaid losses and settlement expense | 2,526,000 | ||
Reinsurance recoverable on losses and settlement expense | 3,238,000 | ||
Workers Compensation and Liability Lines [Member] | |||
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items] | |||
Net unpaid losses and settlement expense | 43,276,000 | ||
Reinsurance recoverable on losses and settlement expense | $ 7,798,000 |
Unpaid Losses and Settlement _5
Unpaid Losses and Settlement Expenses (Summary of Annual Percentage Payout) (Details) | Dec. 31, 2019 |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 34.40% |
Year 2 | 21.00% |
Year 3 | 14.90% |
Year 4 | 12.40% |
Year 5 | 7.70% |
Year 6 | 4.40% |
Year 7 | 2.80% |
Year 8 | 1.00% |
Property Line [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 71.70% |
Year 2 | 25.10% |
Year 3 | 1.70% |
Year 4 | (0.50%) |
Year 5 | (0.20%) |
Year 6 | 1.60% |
Year 7 | 0.70% |
Year 8 | (0.10%) |
Year 9+ | 0.20% |
Liability Lines [Member] | |
Short-duration Insurance Contracts, Historical Claims Duration [Line Items] | |
Year 1 | 11.50% |
Year 2 | 19.90% |
Year 3 | 22.90% |
Year 4 | 20.50% |
Year 5 | 12.00% |
Year 6 | 5.90% |
Year 7 | 4.00% |
Year 8 | 1.70% |
Year 9+ | 1.60% |
Unpaid Losses and Settlement _6
Unpaid Losses and Settlement Expenses (Reconciliation of Unpaid Losses and Settlement Expenses) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unpaid losses and settlement expense - beginning of the period: | |||||
Gross | $ 51,447,440 | $ 51,074,000 | |||
Less: Ceded | 6,735,964 | 10,030,000 | |||
Net | 45,802,000 | 44,711,000 | $ 45,802,000 | $ 44,711,000 | $ 41,044,000 |
Increase in incurred losses and settlement expense: | |||||
Current year | 33,564,000 | 29,762,000 | |||
Prior years | 151,000 | 1,500,000 | |||
Total incurred | 33,714,837 | 31,262,462 | |||
Deduct: Loss and settlement expense payments for claims incurred: | |||||
Current year | 15,285,000 | 10,450,000 | |||
Prior years | 17,339,000 | 17,145,000 | |||
Total paid | 32,624,000 | 27,595,000 | |||
Net unpaid losses and settlement expense - end of the period | 45,802,000 | 44,711,000 | |||
Plus: Reinsurance recoverable on unpaid losses | 11,036,170 | 6,735,964 | |||
Gross unpaid losses and settlement expense - end of the period | 56,838,307 | 51,447,440 | |||
Supplemental ceded unpaid losses and settlement expense at end of year disclosure: | |||||
Reinsurance recoverable on losses and settlement expense | $ 11,036,170 | $ 6,735,964 | 11,036,170 | 6,735,964 | $ 10,030,000 |
Prepaid Reinsurance Premiums | |||||
Reinsurance Recoverables | $ 11,036,170 | $ 6,735,964 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)item | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Federal tax rate | 21.00% | |
Effective tax rate | 15.50% | 10.60% |
Capital loss carryforward | $ 0 | |
Operating loss carryforward | $ 0 | |
Number of open exams | item | 0 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Tax discounting of claim reserves | $ 765,820 | $ 814,193 |
Unearned premium reserve | 1,264,887 | 1,255,183 |
Deferred compensation | 140,141 | 103,178 |
Provision for uncollectible accounts | 21,000 | 10,500 |
Net unrealized depreciation of securities | 420,259 | |
Other | 93,631 | 53,193 |
Deferred tax assets before allowance | 2,285,479 | 2,656,506 |
Less valuation allowance | ||
Total deferred tax assets | 2,285,479 | 2,656,506 |
Deferred tax liabilities: | ||
Transition adjustment for loss reserve discounting | 226,176 | 292,176 |
Net unrealized appreciation of securities | 959,204 | |
Deferred policy acquisition costs | 1,110,676 | 1,101,910 |
Property and equipment | 25,093 | 237,581 |
Other | 3,543 | 3,441 |
Total deferred tax liabilities | 2,324,692 | 1,635,108 |
Net deferred tax asset | $ 1,021,398 | |
Net deferred tax liability | $ (39,213) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Provision for income taxes at the statutory federal tax rates | $ 1,067,128 | $ 209,870 |
Increase (reduction) in taxes resulting from: | ||
Dividends received deduction | (22,542) | (35,802) |
Tax-exempt interest income | (75,766) | (128,292) |
Proration of tax-exempt interest and dividends received deduction | 24,034 | 40,522 |
Officer life insurance, net | (14,004) | 4,429 |
Nondeductible expenses | 57,980 | 44,505 |
Prior year true-ups and other | (249,615) | (29,145) |
Total income tax expense | $ 787,215 | $ 106,087 |
Proration percentage | 15.00% | 15.00% |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) | Mar. 24, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Matching percentage of eligible compensation | 4.00% | ||||
Employee stock ownership plan, shares | 350,000 | ||||
Employee stock ownership plan, share purchase price | $ 10 | ||||
Compensation expense | $ 324,041 | $ 355,836 | |||
Shares committed to be released | 23,437 | 23,437 | 23,437 | 23,437 | |
Contributions to ESOP | $ 288,538 | $ 288,538 | |||
Shares committed | 1,991 | 1,867 | 1,991 | 1,867 | |
Fair value of unearned ESOP | $ 3,962,789 | $ 4,158,955 | $ 3,962,789 | $ 4,158,955 | |
Restricted Stock Units (RSUs) | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Share compensation expense | 108,115 | 50,662 | |||
Unrecognized compensation expense | 196,967 | 126,008 | $ 196,967 | $ 126,008 | |
Vesting period | 3 years | ||||
Restricted Stock Units (RSUs) | $13.70 [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Shaes granted | 13,071 | ||||
Fair value of shares granted | $ 13.70 | ||||
Restricted Stock Units (RSUs) | $15.10 [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Shaes granted | 11,700 | 11,700 | |||
Fair value of shares granted | $ 15.10 | $ 15.10 | |||
401(k) Eligible Compensation [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Vesting percentage | 100.00% | ||||
401(k) Profit Sharing [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Vesting percentage | 25.00% | ||||
Total contribution | $ 311,370 | 239,813 | $ 311,370 | $ 239,813 | |
Deferred Compensation Agreement [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Discount rate | 4.22% | 4.22% | |||
Accrued liability | $ 347,987 | $ 235,932 | $ 347,987 | 235,932 | |
Deferred compensation benefit (cost) | $ (112,055) | $ 12,549 | |||
Deferred Compensation Agreement [Member] | November 2017 [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Vesting percentage | 25.00% | ||||
Deferred Compensation Agreement [Member] | November 2022 [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Vesting percentage | 50.00% | ||||
Deferred Compensation Agreement [Member] | November 2027 [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Vesting percentage | 75.00% | ||||
Deferred Compensation Agreement [Member] | January 1, 2032 [Member] | |||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | |||||
Vesting percentage | 100.00% | ||||
Fully vested obligation | $ 1,689,467 |
Statutory Information and Div_3
Statutory Information and Dividend Restrictions (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory Accounting Practices [Line Items] | ||
Authorized control level | $ 6,959,512 | $ 6,751,399 |
Statutory capital and surplus | 55,357,446 | 50,552,167 |
Dividends To Security Holders [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Dividend payments | 0 | 0 |
Cash Dividends [Member] | ||
Statutory Accounting Practices [Line Items] | ||
Dividend payments | $ 18,793 | $ 6,836 |
Statutory Information and Div_4
Statutory Information and Dividend Restrictions (Summary of Insurance Subsidiary) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory Information and Dividend Restrictions [Abstract] | ||
Net income, statutory basis | $ 3,037,554 | $ 1,206,160 |
Consolidated surplus, statutory basis | $ 55,357,446 | $ 50,552,167 |
Related Party (Details)
Related Party (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Scott T. Burgess [Member] | ||
Related Party Transaction [Line Items] | ||
Fees paid to related party | $ 3,794 | $ 3,812 |
Stevens Lee [Member] | ||
Related Party Transaction [Line Items] | ||
Fees paid to related party | 41,910 | 99,591 |
John R. Klockau [Member] | ||
Related Party Transaction [Line Items] | ||
Fees paid to related party | $ 13,325 | $ 15,680 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) | Dec. 31, 2019USD ($) |
Commitments and Contingent Liabilities [Abstract] | |
2020 | $ 387,717 |
2021 | 28,414 |
2022 | 25,008 |
2023 | $ 4,195 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | Jan. 30, 2020 | Jan. 28, 2020 |
Debt Obligation [Member] | Kevin Harrison [Member] | ||
Subsequent Event [Line Items] | ||
Face amount of debt instrument | $ 650,000 | |
Federal Home Loan Bank of Chicago [Member] | ||
Subsequent Event [Line Items] | ||
Face amount of debt instrument | $ 6,000,000 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information of Registrant (Balance Sheet) (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Available for sale securities, at fair value | ||||
Fixed maturity securities | $ 92,087,572 | $ 88,981,159 | ||
Common Stocks | 14,448,773 | 11,843,223 | ||
Other invested assets | 877,900 | 154,200 | ||
Cash and cash equivalents | 6,626,585 | 4,644,784 | ||
Accrued investment income | 646,504 | 648,321 | ||
Income taxes - current | 192,559 | 847,271 | ||
Income taxes - deferred | 1,021,398 | |||
Other assets | 1,239,794 | 1,040,193 | ||
Total assets | 163,003,518 | 150,283,193 | ||
Liabilities: | ||||
Debt | 3,475,088 | 3,484,606 | ||
Accrued expenses | 4,216,988 | 4,536,218 | ||
Income taxes - deferred | 39,213 | |||
Other liabilities | 1,324,273 | 1,256,003 | ||
Total liabilities | 96,661,684 | 91,689,894 | ||
Equity: | ||||
Common stock | [1] | 35,000 | 35,000 | |
Treasury stock, at cost | [2] | (3,146,576) | (2,999,995) | |
Additional paid-in capital | 32,703,209 | 32,505,423 | ||
Accumulated other comprehensive earnings (loss), net of tax | 2,953,936 | (1,580,976) | ||
Retained earnings | 36,608,750 | 33,680,702 | ||
Less: Unearned Employee Stock Ownership Plan shares at cost | [3] | (2,812,485) | (3,046,855) | |
Total equity | 66,341,834 | 58,593,299 | $ 64,101,545 | |
Total liabilities and equity | 163,003,518 | 150,283,193 | ||
Parent Company [Member] | ||||
Assets | ||||
Investment in subsidiaries | 70,094,982 | 60,766,224 | ||
Available for sale securities, at fair value | ||||
Fixed maturity securities | 3,360,454 | 2,048,604 | ||
Common Stocks | 1,172,369 | 812,938 | ||
Other invested assets | 117,000 | 115,000 | ||
Cash and cash equivalents | 791,266 | 861,739 | $ 1,591,979 | |
Due from subsidiaries | 385,693 | 9,292 | ||
Accrued investment income | 18,124 | 9,403 | ||
Income taxes - current | 37,496 | 438,347 | ||
Income taxes - deferred | 34,860 | |||
Other assets | 408,776 | 679,117 | ||
Total assets | 76,386,160 | 65,775,524 | ||
Liabilities: | ||||
Debt | 9,284,640 | 6,459,293 | ||
Accrued expenses | 104,618 | 145,085 | ||
Income taxes - deferred | 32,529 | |||
Other liabilities | 622,539 | 577,847 | ||
Total liabilities | 10,044,327 | 7,182,225 | ||
Equity: | ||||
Common stock | 35,000 | 35,000 | ||
Treasury stock, at cost | (3,146,576) | (2,999,995) | ||
Additional paid-in capital | 32,703,209 | 32,505,423 | ||
Accumulated other comprehensive earnings (loss), net of tax | 2,953,936 | (1,580,976) | ||
Retained earnings | 36,608,750 | 33,680,702 | ||
Less: Unearned Employee Stock Ownership Plan shares at cost | (2,812,485) | (3,046,855) | ||
Total equity | 66,341,833 | 58,593,299 | ||
Total liabilities and equity | $ 76,386,160 | $ 65,775,524 | ||
[1] | Par value $0.01; authorized: 2019 - 10,000,000 shares and 2018 - 10,000,000 shares; issued: 2019 - 3,500,000 and 2018 - 3,500,000 shares; outstanding: 2019 - 3,014,941 and 2018 - 2,992,734 shares. | |||
[2] | 2019 - 203,811 shares and 2018 - 196,721 shares | |||
[3] | 2019 - 281,248 shares and 2018 - 304,685 shares |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information of Registrant (Balance Sheet II) (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Information of Registrant [Abstract] | ||
Common stock, par value | $ 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) | 3,014,941 | 2,992,734 |
Treasury stock (in shares) | 203,811 | 196,721 |
Unearned Employee Stock Ownership Plan | 281,248 | 304,685 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information of Registrant (Statement of Earnings and Comprehensive Earnings) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net investment income | $ 3,185,153 | $ 2,890,266 |
Net realized investment gains | 1,200,765 | 975,993 |
Other (loss) income | (53,297) | 196,649 |
Consolidated revenues | 59,524,900 | 51,163,691 |
Policy acquisition costs and other operating expenses | 20,020,005 | 18,214,983 |
Interest expense on debt | 128,790 | 140,877 |
General corporate expenses | 579,708 | 545,986 |
Total expenses | 54,443,340 | 50,164,308 |
Total income tax expense (benefit) | 787,215 | 106,087 |
Net loss before equity earnings of subsidiaries | 4,294,345 | 893,296 |
Net earnings | 4,294,345 | 893,296 |
Other comprehensive earnings, net of tax | 3,168,615 | (3,808,045) |
Comprehensive earnings (loss) | 7,462,960 | (2,914,749) |
Parent Company [Member] | ||
Net investment income | 723,497 | 897,051 |
Net realized investment gains | 15,695 | 42,554 |
Net unrealized losses on equity securities | 217,376 | |
Other (loss) income | 21,810 | (116,397) |
Consolidated revenues | 978,378 | 823,208 |
Policy acquisition costs and other operating expenses | 1,749,159 | 1,639,796 |
Interest expense on debt | 128,790 | 129,243 |
General corporate expenses | 8,930 | |
Total expenses | 1,877,949 | 1,777,968 |
Loss before equity earnings of subsidiaries and income taxes | (899,571) | (954,760) |
Total income tax expense (benefit) | 88,782 | (326,055) |
Net loss before equity earnings of subsidiaries | (988,353) | (628,705) |
Equity earnings in subsidiaries | 5,282,698 | 1,522,001 |
Net earnings | 4,294,345 | 893,296 |
Other comprehensive earnings, net of tax | 68,144 | (264,789) |
Equity in other comprehensive income of subsidiaries | 3,100,471 | (3,543,256) |
Comprehensive earnings (loss) | $ 7,462,960 | $ (2,914,749) |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information of Registrant (Statement of Cash Flows) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net earnings | $ 4,294,345 | $ 893,296 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ||
Net realized gains | (1,200,765) | (975,993) |
Depreciation | 794,506 | 733,493 |
Deferred income tax | 218,322 | 340,124 |
Amortization of bond premium and discount | 257,685 | 296,050 |
Stock-based compensation expense | 432,156 | 406,498 |
Change in: | ||
Accrued investment income | 1,817 | 39,132 |
Accrued expenses | (319,230) | 262,216 |
Current federal income tax | 654,712 | (274,124) |
Other | (131,331) | (146,185) |
Net cash provided by operating activities | 2,531,550 | 5,773,483 |
Purchases of: | ||
Fixed maturity securities, available-for-sale | (26,101,621) | (18,697,057) |
Other invested assets | (738,300) | (54,200) |
Property and equipment | (444,430) | (497,011) |
Proceeds from sales, maturities and calls of: | ||
Fixed maturity securities, available-for-sale | 27,033,200 | 16,966,599 |
Property and equipment | 58,779 | 30,277 |
Net cash used in investing activities | (393,650) | (4,150,621) |
Cash flows from financing activities: | ||
Repayments of borrowed funds | (9,518) | (854,602) |
Purchase of common stock | (146,581) | (2,999,995) |
Net cash used in financing activities | (156,099) | (3,854,597) |
Net increase (decrease) in cash and cash equivalents | 1,981,801 | (2,231,735) |
Cash and cash equivalents at beginning of year | 4,644,784 | |
Cash and cash equivalents at end of period | 6,626,585 | 4,644,784 |
Supplemental information: | ||
Federal income tax paid | 164,543 | |
Interest paid | 128,800 | 173,053 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net earnings | 4,294,345 | 893,296 |
Adjustments to reconcile net earnings to net cash provided by operating activities | ||
Net realized gains | (15,695) | (42,554) |
Depreciation | 363,242 | 237,134 |
Deferred income tax | 22,911 | 50,816 |
Equity in undistributed (income) of subsidiaries | (5,282,698) | (1,522,001) |
Amortization of bond premium and discount | 7,934 | 6,624 |
Stock-based compensation expense | 432,156 | 406,498 |
Change in: | ||
Due from subsidiaries | (492,051) | 106,358 |
Accrued investment income | (8,721) | (2,763) |
Accrued expenses | (40,467) | 65,824 |
Current federal income tax | 400,851 | (438,347) |
Other | 315,033 | 707,864 |
Net cash provided by operating activities | (3,160) | 468,749 |
Cash flows from investing activities: | ||
Contributions to subsidiaries | (1,461,381) | (770,483) |
Purchases of: | ||
Fixed maturity securities, available-for-sale | (1,502,582) | (749,824) |
Other invested assets | (2,000) | (15,000) |
Property and equipment | (56,022) | (887,574) |
Proceeds from sales, maturities and calls of: | ||
Fixed maturity securities, available-for-sale | 269,076 | 1,220,578 |
Property and equipment | 33,208 | 6,790 |
Net cash used in investing activities | (2,746,079) | (1,162,178) |
Cash flows from financing activities: | ||
Proceeds from loan | 3,000,000 | 3,000,000 |
Repayments of borrowed funds | (174,652) | (36,816) |
Purchase of common stock | (146,581) | (2,999,995) |
Net cash used in financing activities | 2,678,766 | (36,811) |
Net increase (decrease) in cash and cash equivalents | (70,473) | (730,240) |
Cash and cash equivalents at beginning of year | 861,739 | 1,591,979 |
Cash and cash equivalents at end of period | 791,266 | 861,739 |
Supplemental information: | ||
Federal income tax paid | ||
Interest paid | 159,909 | 194,680 |
Common Stocks [Member] | ||
Purchases of: | ||
Stocks | (7,563,198) | (16,974,453) |
Proceeds from sales, maturities and calls of: | ||
Stocks | 8,238,753 | 11,843,798 |
Common Stocks [Member] | Parent Company [Member] | ||
Purchases of: | ||
Stocks | (367,425) | (1,346,958) |
Proceeds from sales, maturities and calls of: | ||
Stocks | $ 341,047 | $ 1,380,293 |
Schedule III - Supplemental I_2
Schedule III - Supplemental Insurance Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Supplementary Insurance Information, by Segment [Line Items] | ||
Deferred policy acquisition costs | $ 5,269,000 | $ 5,247,000 |
Future policy benefits, losses, claims and loss expenses | 56,838,000 | 51,447,000 |
Unearned premiums | 30,393,000 | 29,973,000 |
Other policy and benefits payable | 375,000 | 993,000 |
Net premiums earned | 52,842,000 | 47,117,000 |
Net investment income | 3,185 | 2,890 |
Benefits, claims, losses and settlement expenses | 33,715 | 31,262 |
Amortization of DAC | 10,395 | 8,396 |
Other operating expenses | 10,333 | 10,506 |
Net premiums written | 53,235 | 50,013 |
Commercial Business [Member] | ||
Supplementary Insurance Information, by Segment [Line Items] | ||
Deferred policy acquisition costs | 5,269,000 | 5,247,000 |
Future policy benefits, losses, claims and loss expenses | 56,838,000 | 51,447,000 |
Unearned premiums | 30,393,000 | 29,973,000 |
Other policy and benefits payable | 375,000 | 993,000 |
Net premiums earned | 52,842,000 | 47,117,000 |
Net investment income | 3,185 | 2,890 |
Benefits, claims, losses and settlement expenses | 33,715 | 31,262 |
Amortization of DAC | 10,395 | 8,396 |
Other operating expenses | 10,333 | 10,506 |
Net premiums written | $ 53,235 | $ 50,013 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule IV - Reinsurance [Abstract] | ||
Gross amount | $ 62,559,208 | $ 57,702,159 |
Ceded to other companies | 9,925,127 | 10,759,433 |
Assumed from other companies | 207,685 | 174,235 |
Net | $ 52,841,766 | $ 47,116,961 |
Percentage of amount assumed to net | 0.40% | 0.40% |
Schedule V - Allowance for Un_2
Schedule V - Allowance for Uncollectible Premiums and Other Receivables (Details) - Allowance for Uncollectible Premiums and Other Recievables [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Beginning balance | $ 50 | $ 50 |
Additions | 50 | |
Deletion | ||
Ending balance | $ 100 | $ 50 |
Schedule VI - Supplemental In_2
Schedule VI - Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule VI - Supplemental Information [Abstract] | ||
Deferred policy acquisition costs | $ 5,269 | $ 5,247 |
Reserve for Losses and settlement expenses | 56,838 | 51,447 |
Discount if any deducted from reserves | ||
Unearned premium | 30,393 | 29,973 |
Net earned premiums | 52,842 | 47,117 |
Net investment income | 3,185 | 2,890 |
Losses and settlement expenses incurred related to Current year | 33,564 | 29,762 |
Losses and settlement expenses incurred related to Prior year | 151 | 1,500 |
Amortization of DAC | 10,395 | 8,396 |
Paid losses and settlement expenses | (32,624) | (27,595) |
Net written premiums | $ 53,235 | $ 50,013 |