ICC (ICCH) 10-Q 15 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 08, 2020
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
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,303,708

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)		Mar. 31, 2020	Dec. 31, 2019
Investments and cash:
Fixed maturity securities (cost or amortized cost - $89,837,334 at 3/31/2020 and $88,348,415 at 12/31/2019)		$ 91,410,811	$ 92,087,572
Other invested assets		1,699,831	877,900
Property held for investment, at cost, net of accumulated depreciation of $362,934 at 3/31/2020 and $332,218 at 12/31/2019		4,351,571	4,353,713
Cash and cash equivalents		9,006,019	6,626,585
Total investments and cash		118,614,252	118,394,543
Accrued investment income		695,769	646,504
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 3/31/2020 and 12/31/2019		22,223,496	22,368,526
Ceded unearned premiums		806,586	822,818
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 3/31/2020 and 12/31/2019		11,318,422	11,036,170
Federal income taxes		1,381,140	192,559
Deferred policy acquisition costs, net		5,380,565	5,269,256
Property and equipment, at cost, net of accumulated depreciation of $5,715,991 at 3/31/2020 and $5,619,706 at 12/31/2019		3,001,246	3,033,348
Other assets		1,135,653	1,239,794
Total assets		164,557,129	163,003,518
Liabilities:
Unpaid losses and settlement expenses		58,273,656	56,838,307
Unearned premiums		29,817,121	30,392,817
Reinsurance balances payable		352,675	374,998
Corporate debt		9,472,566	3,475,088
Accrued expenses		2,967,292	4,216,988
Income taxes - deferred			39,213
Other liabilities		903,432	1,324,273
Total liabilities		101,786,742	96,661,684
Equity:
Common stock	[1]	35,000	35,000
Treasury stock, at cost	[2]	(3,047,109)	(3,146,576)
Additional paid-in capital		32,658,165	32,703,209
Accumulated other comprehensive earnings, net of tax		1,243,090	2,953,936
Retained earnings		34,635,454	36,608,750
Less: Unearned Employee Stock Ownership Plan shares at cost	[3]	(2,754,213)	(2,812,485)
Total equity		62,770,387	66,341,834
Total liabilities and equity		164,557,129	163,003,518
Common Stocks [Member]
Investments and cash:
stocks at fair value		10,752,130	$ 14,448,773
Preferred Stocks [Member]
Investments and cash:
stocks at fair value		$ 1,393,890
[1]	Par value $0.01; authorized: 2020 - 10,000,000 shares and 2019 - 10,000,000 shares; issued: 2020 - 3,500,000 shares and 2019 - 3,500,000 shares; outstanding: 2020 - 3,028,287 and 2019 - 3,014,941 shares.
[2]	2020 - 196,292 shares and 2019 - 203,811 shares
[3]	2020 -275,421 shares and 2019 -281,248 shares

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets [Abstract]
Fixed maturity securities, amortized cost	$ 89,837,334	$ 88,348,415
Property held for investment, accumulated depreciation	362,934	332,218
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	100,000	100,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	0	0
Property and equipment, at cost, accumulated depreciation	$ 5,715,991	$ 5,619,706
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)	3,028,287	3,014,941
Treasury stock (in shares)	196,292	203,811
Unearned Employee Stock Ownership Plan	275,421	281,248

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Earnings - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CondensedConsolidated Statements of Earnings and Comprehensive Earnings [Abstract]
Net premiums earned	$ 13,013,989	$ 12,445,914
Net investment income	835,400	795,373
Net realized investment gains (losses)	95,632	(47,426)
Net unrealized (losses) gains on equity securities	(3,689,347)	1,840,418
Other income (loss)	50,198	(53,887)
Consolidated revenues	10,305,872	14,980,392
Losses and settlement expenses	7,842,082	9,607,290
Policy acquisition costs and other operating expenses	4,764,974	4,850,186
Interest expense on debt	35,328	32,014
General corporate expenses	174,421	143,161
Total expenses	12,816,805	14,632,651
(Loss) earnings before income taxes	(2,510,933)	347,741
Total income tax (benefit) expense	(537,637)	58,993
Net (loss) earnings	(1,973,296)	288,748
Other comprehensive (loss), net of tax	(1,710,846)	1,474,209
Comprehensive (loss) earnings	$ (3,684,142)	$ 1,762,957
Basic:
Basic net (loss) earnings per share	$ (0.65)	$ 0.10
Diluted:
Diluted net (loss) earnings per share	$ (0.65)	$ 0.10
Weighted average number of common shares outstanding:
Basic	3,016,062	2,999,068
Diluted	3,020,458	3,000,770

Condensed Consolidated Statem_2

Condensed 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
Cumulative-effect adjustment from ASU 2016-01	[1]					$ (1,366,297)	$ 1,366,297
Balance at Dec. 31, 2018		$ 35,000	$ (2,999,995)	$ (3,046,855)	$ 32,505,423	33,680,702	(1,580,976)	$ 58,593,299
Purchase of common stock			(1,400)					(1,400)
Net earnings (loss)						288,748		288,748
Other comprehensive (loss), net of tax							1,474,209	1,474,209
Restricted stock unit expense					18,773			18,773
ESOP compensation expense				57,790	21,640			79,430
Balance at Mar. 31, 2019		35,000	(3,001,395)	(2,989,065)	32,545,836	32,603,153	1,259,530	60,453,059
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
Net earnings (loss)						(1,973,296)		(1,973,296)
Other comprehensive (loss), net of tax							(1,710,846)	(1,710,846)
Restricted stock unit expense			99,467		(62,540)			36,927
ESOP compensation expense				58,272	17,496			75,768
Balance at Mar. 31, 2020		$ 35,000	$ (3,047,109)	$ (2,754,213)	$ 32,658,165	$ 34,635,454	$ 1,243,090	$ 62,770,387
[1]	See discussion of Accounting Standards Update 2016-01 adoption in 2019 10-K, Note 1 - Summary of Significant Accounting Policies

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net (loss) earnings	$ (1,973,296)	$ 288,748
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities
Net realized investment (losses) gains	(95,632)	47,426
Net unrealized losses (gains) on equity securities	3,689,347	(1,840,418)
Depreciation	167,079	199,126
Deferred income tax	(776,673)	375,879
Amortization of bond premium and discount	46,198	57,625
Stock-based compensation expense	112,695	98,203
Change in:
Accrued investment income	(49,265)	(33,248)
Premiums and reinsurance balances receivable	145,030	(676,696)
Ceded unearned premiums	16,232	12,371
Reinsurance balances payable	(22,323)	3,551,227
Reinsurance balances recoverable	(282,252)	(8,372,725)
Deferred policy acquisition costs	(111,309)	3,718
Unpaid losses and settlement expenses	1,435,349	9,569,902
Unearned premiums	(575,696)	10,510
Accrued expenses	(1,249,696)	(1,965,886)
Current federal income tax	3,497	(152,343)
Other	(316,700)	(45,124)
Net cash provided by operating activities	162,585	1,128,295
Purchases of:
Fixed maturity securities, available-for-sale	(5,105,043)	(4,902,758)
Other invested assets	(821,500)	(104,000)
Property held for investment	(28,573)	(50)
Property and equipment	(108,096)	(75,726)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	3,802,593	5,778,893
Property and equipment	3,835	5,268
Net cash (used in) provided by investing activities	(3,780,629)	637,474
Cash flows from financing activities:
Proceeds from loans	6,000,000
Repayments of borrowed funds	(2,522)
Purchase of common stock		(1,400)
Net cash provided by (used in) financing activities	5,997,478	(1,400)
Net increase in cash and cash equivalents	2,379,434	1,764,369
Cash and cash equivalents at beginning of year	6,626,585	4,644,784
Cash and cash equivalents at end of period	9,006,019	6,409,153
Supplemental information:
Federal income tax recovered		164,543
Interest paid	35,300
Common Stocks [Member]
Purchases of:
Equity securities	(592,329)	(617,566)
Proceeds from sales, maturities and calls of:
Equity securities	524,818	$ 553,413
Preferred Stocks [Member]
Purchases of:
Equity securities	(1,548,172)
Proceeds from sales, maturities and calls of:
Equity securities	$ 91,838

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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-Q, 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 26.5% and 29.6% of the premium is written in Illinois for the three months ended March 31, 2020 and 2019, respectively. The Company operates as a single segment.  B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION  The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, for the year ended December 31, 2019 (the “2019 10-K”). Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at March 31, 2020 , and the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year.  The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates.  C. SIGNIFICANT ACCOUNTING POLICIES  The Company reported its significant accounting policies in the 2019 10-K.   D. PROSPECTIVE ACCOUNTING STANDARDS  For information regarding accounting standards that the Company has not yet adopted, see the “Prospective Accounting Standards” in Note 1 – Summary of Significant Accounting Policies in the 2019 10-K. The Company maintains its status as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We have taken advantage of the extended transition period provided by Section 107 of the JOBS Act. We decided to comply with the effective dates for financial accounting standards applicable to emerging growth companies later in compliance with the requirements in Sections 107(b)(2) and (3) of the JOBS Act. Such decision is irrevocable.  E. PROPERTY AND EQUIPMENT  Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended March 31, 2020 and 2019 , the Company recognized no impairments. Property and equipment are summarized as follows:      As of  March 31, December 31,  2020 2019  Automobiles $ 521,010 $ 505,788  Furniture and fixtures 471,215 457,218  Computer equipment and software 3,855,126 3,823,416  Home office 3,869,886 3,866,632  Total cost 8,717,237 8,653,054  Accumulated depreciation (5,715,991) (5,619,706)  Net property and equipment $ 3,001,246 $ 3,033,348  F. COMPREHENSIVE EARNINGS  Comprehensive (loss) earnings include net (loss) earnings plus unrealized (gains) losses on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21% tax rate . Other comprehensive (loss) earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) expense of $(595,473) and $419,383 for the three months ended March 31, 2020 and 2019, respectively.  The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities:     Three-Month Periods Ended March 31,  2020 2019  Beginning balance $ 2,953,936 $ (1,580,976)  Cumulative effect of adoption of ASU 2016-01 - 1,366,297  Adjusted beginning balance 2,953,936 (214,679)  Oher comprehensive (loss) earnings before reclassifications (1,526,960) 1,436,742  Amount reclassified from accumulated other comprehensive (loss) earnings (183,886) 37,467  Net current period other comprehensive (loss) earnings (1,710,846) 1,474,209  Ending balance $ 1,243,090 $ 1,259,530  The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements.      Three-Month Periods Ended March 31,  2020 2019  Pre-tax Tax After-tax Pre-tax Tax After-tax  Other comprehensive (loss) earnings, net of tax  Unrealized gains and losses on investments:  Unrealized holding (losses) gains arising during the period $ (2,171,314) $ 644,354 $ (1,526,960) $ 1,866,085 $ (429,343) $ 1,436,742  Reclassification adjustment for (gains) losses included in net earnings (232,767) 48,881 (183,886) 47,426 (9,959) 37,467  Total other comprehensive (loss) earnings $ (2,404,081) $ 693,235 $ (1,710,846) $ 1,913,511 $ (439,302) $ 1,474,209  The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented:      Amounts Reclassified from  Accumulated Other Comprehensive Earnings  Three-Month Periods Ended  Details about Accumulated Other March 31, Affected Line Item in the Statement  Comprehensive Earnings Component 2020 2019 where Net Earnings is Presented  Unrealized (gains) losses on AFS investments:  $ (232,767) $ 47,426 Net realized investment (gains) losses  48,881 (9,959) Income tax expense (benefit)  Total reclassification adjustment, net of tax $ (183,886) $ 37,467 

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Investments	2. INVESTMENTS  The Company’s investments are primarily composed of fixed income debt securities and common and preferred stock equity securities. We carry our equity securities at fair value and categorize all our fixed maturity debt securities as available-for-sale (AFS), which are carried at fair value. When available, quoted market prices are obtained to determine fair value for the Company’s investments. If a quoted market price is not available, fair value is estimated using a secondary pricing source or using quoted market prices of similar securities. The Company has no investment securities for which fair value is determined using Level 3 inputs as defined in Note 3 – Fair Value Disclosures . 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.  Available-for-Sale Fixed Maturity and Equity Securities  The following tables are a summary of the proceeds from sales, maturities, and calls of AFS fixed maturity and equity securities and the related gross realized gains and losses.         For the Three-Months Ended March 31,  Net Realized  Proceeds Gains Losses Gains (Losses)  2020  Fixed maturity securities $ 3,802,593 $ 233,693 $ (926) $ 232,767  Common stocks 524,818 47,126 (173,499) (126,373)  Preferred stocks 91,838 — (10,762) (10,762)  2019  Fixed maturity securities $ 5,778,893 $ 25,589 $ (11,619) $ 13,970  Common stocks 553,413 63,577 (124,973) (61,396)  The amortized cost and estimated fair value of fixed income securities at March 31, 2020 , by contractual maturity, are shown as follows:      Amortized Cost Fair Value  Due in one year or less $ 3,228,198 $ 3,242,332  Due after one year through five years 18,003,293 18,394,229  Due after five years through 10 years 15,530,315 15,833,388  Due after 10 years 19,380,384 20,331,864  Asset and mortgage backed securities without a specific due date 33,479,339 33,387,560  Redeemable preferred stocks 215,805 221,438  Total fixed maturity securities $ 89,837,334 $ 91,410,811  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 March 31, 2020 and December 31, 2019 :       Cost or Gross Unrealized  Amortized Cost Fair Value Gains Losses  2020  Fixed maturity securities:  U.S. Treasury $ 1,352,761 $ 1,392,031 $ 39,270 $ —  MBS/ABS/CMBS 33,479,339 33,387,560 585,105 (676,884)  Corporate 38,473,713 39,357,281 1,516,966 (633,398)  Municipal 16,315,716 17,052,501 827,188 (90,403)  Redeemable preferred stock 215,805 221,438 6,270 (637)  Total fixed maturity securities $ 89,837,334 $ 91,410,811 $ 2,974,799 $ (1,401,322)      Gross Unrealized  Amortized Cost Fair Value Gains Losses  2019  Fixed maturity securities:  U.S. Treasury $ 800,462 $ 800,219 $ 684 $ (927)  MBS/ABS/CMBS 33,802,911 34,290,995 540,743 (52,659)  Corporate 39,442,202 41,915,103 2,482,378 (9,477)  Municipal 14,302,840 15,081,255 808,081 (29,666)  Total fixed maturity securities $ 88,348,415 $ 92,087,572 $ 3,831,886 $ (92,729)  All the Company’s collateralized securities carry an average credit rating of AA+ by one or more major rating agencies and continue to pay according to contractual terms. Included within MBS/ABS/CMBS, as defined in Note 3 – Fair Value Disclosures, are residential mortgage backed securities with fair values of $9,555,196 and $9,909,462 and commercial mortgage backed securities of $13,136,719 and $13,408,898 at March 31, 2020 and December 31, 2019 , respectively. ANALYSIS  The following tables are also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of March 31, 2020 and December 31, 2019 . The tables segregate 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.      March 31, 2020 December 31, 2019  12 Months 12 Months  < 12 Months & Greater Total < 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 12,453,701 1,894,665 14,348,366 6,398,581 5,056,732 11,455,313  Amortized cost 12,969,112 2,056,138 15,025,250 6,420,488 5,087,484 11,507,972  Unrealized loss (515,411) (161,473) (676,884) (21,907) (30,752) (52,659)  Corporate  Fair value 6,799,881 — 6,799,881 1,396,706 — 1,396,706  Amortized cost 7,433,279 — 7,433,279 1,406,183 — 1,406,183  Unrealized loss (633,398) — (633,398) (9,477) — (9,477)  Municipal  Fair value 3,446,768 — 3,446,768 1,969,468 — 1,969,468  Amortized cost 3,537,171 — 3,537,171 1,999,134 — 1,999,134  Unrealized loss (90,403) — (90,403) (29,666) — (29,666)  Subtotal, fixed income  Fair value 22,700,350 1,894,665 24,595,015 9,764,755 5,756,123 15,520,878  Amortized cost 23,939,562 2,056,138 25,995,700 9,825,805 5,787,802 15,613,607  Unrealized loss (1,239,212) $ (161,473) $ (1,400,685) $ (61,050) $ (31,679) $ (92,729)  Redeemable preferred stock  Fair value 71,588 — 71,588 — — —  Cost 72,225 — 72,225 — — —  Unrealized loss (637) — (637) — — —  Total  Fair value 22,771,938 1,894,665 24,666,603 9,764,755 5,756,123 15,520,878  Amortized cost 24,011,787 2,056,138 26,067,925 9,825,805 5,787,802 15,613,607  Unrealized loss $ (1,239,849) $ (161,473) $ (1,401,322) $ (61,050) $ (31,679) $ (92,729)  The fixed income portfolio contained 57 securities in an unrealized loss position as of March 31, 2020 . Of these 57 securities, 4 have been in an unrealized loss position for 12 consecutive months or longer and represent $161,473 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 first three months ended March 31, 20 20. For all fixed income securities at a loss at March 31, 2020 , 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 March 31, 2020 and December 31, 2019.  UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES  N et unrealized losses for the three months ended March 31, 2020 for equity securities held as of March 31, 2020 was $3,689,347 . Net unrealized gains for the three months ended March 31, 2019 for equity securities held as of March 31, 2019 was $1,840,418 .  Other Invested Assets  Other invested assets include s 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.  In addition, other invested assets includes privately held investments of $305,000 , and notes issued for $625,000 and $650,000 on July 30, 2019 and January 28, 2020, respectively. Both notes bear interest at 6.5% , and are amortized over 20 years with a balloon payment due July 30, 2029.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2020
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. The fair value of certain financial instruments is determined based on their underlying characteristics and relevant transactions in the marketplace. GAAP guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance also describes three 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 and 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 March 31, 2020 , are 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 $ 1,392,031 $ — $ — $ 1,392,031  MBS/ABS/CMBS — 33,387,560 — 33,387,560  Corporate — 39,357,281 — 39,357,281  Municipal — 17,052,501 — 17,052,501  Redeemable preferred stocks — 221,438 — 221,438  Total fixed maturity securities 1,392,031 90,018,780 — 91,410,811  Equity securities  Common stocks 10,752,130 — — 10,752,130  Perpetual preferred stocks — 1,393,890 — 1,393,890  Total equity securities 10,752,130 1,393,890 — 12,146,020  Total marketable investments measured at fair value $ 12,144,161 $ 91,412,670 $ — $ 103,556,831  Assets measured at fair value on a recurring basis as of December 31, 2019 , are 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  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 March 31, 2020 and December 31, 2019 . Additionally, there were no securities transferred in or out of Levels 1 or 2 during the three -month periods ended March 31, 2020 and 2019 .

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt [Abstract]
Debt	4. 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% . The Company pledged stock and $1.0 million of marketable assets as collateral for the loan.  The Company also has borrowing capacity up to approximately $33 million in the aggregate from its membership with FHLBC.  In March 2020, the World Health Organization declared a pandemic related to the rapidly spreading coronavirus (COVID-19) outbreak, which has led to a global health emergency. As part of the Company’s response to COVID-19, the Company obtained in March 2020 a $6.0 million loan from the FHLBC as a precautionary measure to increase its cash position and compensate for potential reductions in premium receivable collections. The term of the loan is five years bearing interest at 1.4% . The Company pledged $6.8 million of fixed income securities as collateral for the loan.  The total balance of the debt agreements at March 31, 2020 and December 31, 2019 was $9,472,566 and $3,475,088 , respectively. The average interest rate on remaining debt was 2.2% as of March 31, 2020 and 3.7% as of December 31, 2019.  Revolving Line of Credit  We 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 initially 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 three months ended March 31, 2020 and 2019 . There are no financial covenants governing this agreement.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2020
Reinsurance [Abstract]
Reinsurance	5. REINSURANCE  In the ordinary course of business, the Company assumes and cedes premiums and selected insured risks with other insurance companies, known as reinsurance. A large portion of the reinsurance is put into effect under contracts known as treaties and, in some instances, by negotiation on each individual risk (known as facultative reinsurance). In addition, there are several types of treaties including quota share, excess of loss and catastrophe reinsurance contracts that protect against losses over stipulated amounts arising from any one 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 periods presented is summarized as follows:        Three-Month Periods Ended March 31,  2020 2019  WRITTEN  Direct $ 14,794,534 $ 15,258,703  Reinsurance assumed 37,534 45,135  Reinsurance ceded (2,377,544) (2,835,043)  Net $ 12,454,524 $ 12,468,795  EARNED  Direct $ 15,362,814 $ 15,237,955  Reinsurance assumed 44,950 55,376  Reinsurance ceded (2,393,775) (2,847,417)  Net $ 13,013,989 $ 12,445,914  LOSS AND SETTLEMENT EXPENSES INCURRED  Direct $ 8,761,679 $ 14,716,353  Reinsurance assumed 26,518 46,306  Reinsurance ceded (946,115) (5,155,369)  Net $ 7,842,082 $ 9,607,290  

Unpaid Losses and Settlement Ex

Unpaid Losses and Settlement Expenses	3 Months Ended
	Mar. 31, 2020
Unpaid Losses and Settlement Expenses [Abstract]
Unpaid Losses and Settlement Expenses	6. UNPAID LOSSES AND SETTLEMENT EXPENSES  The following table is a reconciliation of the Company’s unpaid losses and settlement expenses:       For the Three-Months Ended  March 31,  (In thousands) 2020 2019  Unpaid losses and settlement expense - beginning of the period:  Gross $ 56,838 $ 51,447  Less: Ceded 11,036 6,736  Net 45,802 44,711  Increase in incurred losses and settlement expense:  Current year 6,245 8,359  Prior years 1,597 1,248  Total incurred 7,842 9,607  Deduct: Loss and settlement expense payments for claims incurred:  Current year 1,204 1,592  Prior years 5,484 6,818  Total paid 6,688 8,410  Net unpaid losses and settlement expense - end of the period 46,956 45,908  Plus: Reinsurance recoverable on unpaid losses 11,318 15,109  Gross unpaid losses and settlement expense - end of the period $ 58,274 $ 61,017 Net unpaid losses and settlement expense increased $1,048,000 , or 2.3% , in the three months ended March 31, 2020 as compared to the same period in 2019 . For the three months ended March 31, 2020 and 2019 , we experienced unfavorable development of $1,597,000 and $1,248,000 , respectively. The 2020 increase in unfavorable development was primarily driven by the Business Owners Liability and Business Owners Property lines of business. Business Owners and Liquor Liability lines of business were the primary drivers of adverse development for the three months ended March 31, 2019 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Taxes [Abstract]
Income Taxes	7. INCOME TAXES  The Company’s effective tax rate for the three month period ended March 31, 2020 , was 21.4% , compared to 17.0% for the same period in 2019. Effective rates are dependent upon components of pretax earnings and the related tax effects.  Income tax expense for the three month periods ended March 31, 2020 and 2019 , 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 tables:      For the Three-Months Ended  March 31,  2020 2019  Provision for income taxes at the statutory federal tax rates $ (527,296) $ 73,025  Increase (reduction) in taxes resulting from:  Dividends received deduction (6,535) (9,763)  Tax-exempt interest income (15,480) (23,166)  Proration of tax-exempt interest and dividends received deduction 5,368 8,232  Officer life insurance, net 803 3,578  Nondeductible expenses 5,503 7,087  Total $ (537,637) $ 58,993  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.  As of March 31, 2020 and December 31, 2019, the Company does no t have any capital or operating loss carryforwards. Periods still subject to IRS audit include 2016 through current year. There are currently no open tax exams.

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2020
Employee Benefits [Abstract]
Employee Benefits	8. EMPLOYEE BENEFITS  ESOP  In connection with our conversion and public offering, we established an ESOP. The ESOP borrowed from the Company to purchase 350,000 shares in the offering. The issuance of the shares to the ESOP resulted in a contra account established in the equity section of the balance sheet for the unallocated shares at an amount equal to their $10.00 per share purchase price.  The Company may make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP. ICC makes annual contributions to the ESOP sufficient to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation and expense is recorded. No contributions to the ESOP were made during the three months ended March 31, 2020 and 2019 , respectively.  A compensation expense charge is booked monthly during each year for the shares committed to be allocated to participants that year, determined with reference to the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For the three months ended March 31, 2020 , we recognized compensation expense of $75,768 related to 5,827 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2020. Of the 5,827 shares committed to be released, 1,985 shares were committed on March 31, 2020 and had no impact on the weighted average common shares outstanding for the three months ended March 31, 2020 . For the three months ended March 31, 2019 , we recognized compensation expense of $79,430 related to 5,779 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2019 . Of the 5,779 shares committed to be released at December 31, 2019 , 1,991 shares were committed on March 31, 2019 and had no impact on the weighted average common shares outstanding for the three and three months ended March 31, 2019 .  RESTRICTED STOCK UNITS  Restricted stock units ( RSUs ) were granted for the first time in February 2018 with additional RSUs granted in March 2019 and April 2020 . 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 March 31, 2020 , 13,071 and 11,700 RSUs have been granted at a fair market value of $13.70 and $15.10 , respectively. We recognized $36,927 and $18,773 of expense on these units in the three months ended March 31, 2020 and March 31, 2019 , respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $160,039 as of March 31, 2020 , which will be recognized over the remainder of the three -year vesting periods.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	9 . SUBSEQUENT EVENTS  In April 2020, the Company submitted an application to Quad City Bank & Trust, which it approved, pursuant to the Small Business Association, which it approved, for a loan to be made in association with the federally authorized Paycheck Protection Program (Program). The approximate amount of such approved loan is $1.6 million. In accordance with the interim Department of Treasury regulations, portions of this loan amount utilized by the Company for qualifying business expenses as authorized by the Program may be eligible for forgiveness without debt relief income effect to the Company.  The Company obtained in May 2020 a $4.0 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 as a result of the Company’s announcement in March 2020 to temporarily suspend all insurance premium billing for 30 days. 

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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-Q, 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 26.5% and 29.6% of the premium is written in Illinois for the three months ended March 31, 2020 and 2019, respectively. The Company operates as a single segment.
Principles of Consolidation and Basis of Presentation	B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION  The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, for the year ended December 31, 2019 (the “2019 10-K”). Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at March 31, 2020 , and the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year.  The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates.
Significant Accounting Policies	C. SIGNIFICANT ACCOUNTING POLICIES  The Company reported its significant accounting policies in the 2019 10-K.
Prospective Accounting Standards	 D. PROSPECTIVE ACCOUNTING STANDARDS  For information regarding accounting standards that the Company has not yet adopted, see the “Prospective Accounting Standards” in Note 1 – Summary of Significant Accounting Policies in the 2019 10-K. The Company maintains its status as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We have taken advantage of the extended transition period provided by Section 107 of the JOBS Act. We decided to comply with the effective dates for financial accounting standards applicable to emerging growth companies later in compliance with the requirements in Sections 107(b)(2) and (3) of the JOBS Act. Such decision is irrevocable.
Property and Equipment	E. PROPERTY AND EQUIPMENT  Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended March 31, 2020 and 2019 , the Company recognized no impairments. Property and equipment are summarized as follows:      As of  March 31, December 31,  2020 2019  Automobiles $ 521,010 $ 505,788  Furniture and fixtures 471,215 457,218  Computer equipment and software 3,855,126 3,823,416  Home office 3,869,886 3,866,632  Total cost 8,717,237 8,653,054  Accumulated depreciation (5,715,991) (5,619,706)  Net property and equipment $ 3,001,246 $ 3,033,348 
Comprehensive Earnings	F. COMPREHENSIVE EARNINGS  Comprehensive (loss) earnings include net (loss) earnings plus unrealized (gains) losses on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21% tax rate . Other comprehensive (loss) earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) expense of $(595,473) and $419,383 for the three months ended March 31, 2020 and 2019, respectively.  The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities:     Three-Month Periods Ended March 31,  2020 2019  Beginning balance $ 2,953,936 $ (1,580,976)  Cumulative effect of adoption of ASU 2016-01 - 1,366,297  Adjusted beginning balance 2,953,936 (214,679)  Oher comprehensive (loss) earnings before reclassifications (1,526,960) 1,436,742  Amount reclassified from accumulated other comprehensive (loss) earnings (183,886) 37,467  Net current period other comprehensive (loss) earnings (1,710,846) 1,474,209  Ending balance $ 1,243,090 $ 1,259,530  The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements.      Three-Month Periods Ended March 31,  2020 2019  Pre-tax Tax After-tax Pre-tax Tax After-tax  Other comprehensive (loss) earnings, net of tax  Unrealized gains and losses on investments:  Unrealized holding (losses) gains arising during the period $ (2,171,314) $ 644,354 $ (1,526,960) $ 1,866,085 $ (429,343) $ 1,436,742  Reclassification adjustment for (gains) losses included in net earnings (232,767) 48,881 (183,886) 47,426 (9,959) 37,467  Total other comprehensive (loss) earnings $ (2,404,081) $ 693,235 $ (1,710,846) $ 1,913,511 $ (439,302) $ 1,474,209  The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented:      Amounts Reclassified from  Accumulated Other Comprehensive Earnings  Three-Month Periods Ended  Details about Accumulated Other March 31, Affected Line Item in the Statement  Comprehensive Earnings Component 2020 2019 where Net Earnings is Presented  Unrealized (gains) losses on AFS investments:  $ (232,767) $ 47,426 Net realized investment (gains) losses  48,881 (9,959) Income tax expense (benefit)  Total reclassification adjustment, net of tax $ (183,886) $ 37,467 

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies [Abstract]
Summary of Property, Plant and Equipment	   As of  March 31, December 31,  2020 2019  Automobiles $ 521,010 $ 505,788  Furniture and fixtures 471,215 457,218  Computer equipment and software 3,855,126 3,823,416  Home office 3,869,886 3,866,632  Total cost 8,717,237 8,653,054  Accumulated depreciation (5,715,991) (5,619,706)  Net property and equipment $ 3,001,246 $ 3,033,348 
Accumulated Other Comprehensive Earnings (Loss)	  Three-Month Periods Ended March 31,  2020 2019  Beginning balance $ 2,953,936 $ (1,580,976)  Cumulative effect of adoption of ASU 2016-01 - 1,366,297  Adjusted beginning balance 2,953,936 (214,679)  Oher comprehensive (loss) earnings before reclassifications (1,526,960) 1,436,742  Amount reclassified from accumulated other comprehensive (loss) earnings (183,886) 37,467  Net current period other comprehensive (loss) earnings (1,710,846) 1,474,209  Ending balance $ 1,243,090 $ 1,259,530 
Summary of Components of Other Comprehensive Earnings	     Three-Month Periods Ended March 31,  2020 2019  Pre-tax Tax After-tax Pre-tax Tax After-tax  Other comprehensive (loss) earnings, net of tax  Unrealized gains and losses on investments:  Unrealized holding (losses) gains arising during the period $ (2,171,314) $ 644,354 $ (1,526,960) $ 1,866,085 $ (429,343) $ 1,436,742  Reclassification adjustment for (gains) losses included in net earnings (232,767) 48,881 (183,886) 47,426 (9,959) 37,467  Total other comprehensive (loss) earnings $ (2,404,081) $ 693,235 $ (1,710,846) $ 1,913,511 $ (439,302) $ 1,474,209 
Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings	   Amounts Reclassified from  Accumulated Other Comprehensive Earnings  Three-Month Periods Ended  Details about Accumulated Other March 31, Affected Line Item in the Statement  Comprehensive Earnings Component 2020 2019 where Net Earnings is Presented  Unrealized (gains) losses on AFS investments:  $ (232,767) $ 47,426 Net realized investment (gains) losses  48,881 (9,959) Income tax expense (benefit)  Total reclassification adjustment, net of tax $ (183,886) $ 37,467 

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments [Abstract]
Summary of Recognized Impairments	        For the Three-Months Ended March 31,  Net Realized  Proceeds Gains Losses Gains (Losses)  2020  Fixed maturity securities $ 3,802,593 $ 233,693 $ (926) $ 232,767  Common stocks 524,818 47,126 (173,499) (126,373)  Preferred stocks 91,838 — (10,762) (10,762)  2019  Fixed maturity securities $ 5,778,893 $ 25,589 $ (11,619) $ 13,970  Common stocks 553,413 63,577 (124,973) (61,396) 
Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity	   Amortized Cost Fair Value  Due in one year or less $ 3,228,198 $ 3,242,332  Due after one year through five years 18,003,293 18,394,229  Due after five years through 10 years 15,530,315 15,833,388  Due after 10 years 19,380,384 20,331,864  Asset and mortgage backed securities without a specific due date 33,479,339 33,387,560  Redeemable preferred stocks 215,805 221,438  Total fixed maturity securities $ 89,837,334 $ 91,410,811 
Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments	      Cost or Gross Unrealized  Amortized Cost Fair Value Gains Losses  2020  Fixed maturity securities:  U.S. Treasury $ 1,352,761 $ 1,392,031 $ 39,270 $ —  MBS/ABS/CMBS 33,479,339 33,387,560 585,105 (676,884)  Corporate 38,473,713 39,357,281 1,516,966 (633,398)  Municipal 16,315,716 17,052,501 827,188 (90,403)  Redeemable preferred stock 215,805 221,438 6,270 (637)  Total fixed maturity securities $ 89,837,334 $ 91,410,811 $ 2,974,799 $ (1,401,322)      Gross Unrealized  Amortized Cost Fair Value Gains Losses  2019  Fixed maturity securities:  U.S. Treasury $ 800,462 $ 800,219 $ 684 $ (927)  MBS/ABS/CMBS 33,802,911 34,290,995 540,743 (52,659)  Corporate 39,442,202 41,915,103 2,482,378 (9,477)  Municipal 14,302,840 15,081,255 808,081 (29,666)  Total fixed maturity securities $ 88,348,415 $ 92,087,572 $ 3,831,886 $ (92,729) 
Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position	      March 31, 2020 December 31, 2019  12 Months 12 Months  < 12 Months & Greater Total < 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 12,453,701 1,894,665 14,348,366 6,398,581 5,056,732 11,455,313  Amortized cost 12,969,112 2,056,138 15,025,250 6,420,488 5,087,484 11,507,972  Unrealized loss (515,411) (161,473) (676,884) (21,907) (30,752) (52,659)  Corporate  Fair value 6,799,881 — 6,799,881 1,396,706 — 1,396,706  Amortized cost 7,433,279 — 7,433,279 1,406,183 — 1,406,183  Unrealized loss (633,398) — (633,398) (9,477) — (9,477)  Municipal  Fair value 3,446,768 — 3,446,768 1,969,468 — 1,969,468  Amortized cost 3,537,171 — 3,537,171 1,999,134 — 1,999,134  Unrealized loss (90,403) — (90,403) (29,666) — (29,666)  Subtotal, fixed income  Fair value 22,700,350 1,894,665 24,595,015 9,764,755 5,756,123 15,520,878  Amortized cost 23,939,562 2,056,138 25,995,700 9,825,805 5,787,802 15,613,607  Unrealized loss (1,239,212) $ (161,473) $ (1,400,685) $ (61,050) $ (31,679) $ (92,729)  Redeemable preferred stock  Fair value 71,588 — 71,588 — — —  Cost 72,225 — 72,225 — — —  Unrealized loss (637) — (637) — — —  Total  Fair value 22,771,938 1,894,665 24,666,603 9,764,755 5,756,123 15,520,878  Amortized cost 24,011,787 2,056,138 26,067,925 9,825,805 5,787,802 15,613,607  Unrealized loss $ (1,239,849) $ (161,473) $ (1,401,322) $ (61,050) $ (31,679) $ (92,729) 

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 , are 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 $ 1,392,031 $ — $ — $ 1,392,031  MBS/ABS/CMBS — 33,387,560 — 33,387,560  Corporate — 39,357,281 — 39,357,281  Municipal — 17,052,501 — 17,052,501  Redeemable preferred stocks — 221,438 — 221,438  Total fixed maturity securities 1,392,031 90,018,780 — 91,410,811  Equity securities  Common stocks 10,752,130 — — 10,752,130  Perpetual preferred stocks — 1,393,890 — 1,393,890  Total equity securities 10,752,130 1,393,890 — 12,146,020  Total marketable investments measured at fair value $ 12,144,161 $ 91,412,670 $ — $ 103,556,831  Assets measured at fair value on a recurring basis as of December 31, 2019 , are 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 

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2020
Reinsurance [Abstract]
Summary of the Effects of Reinsurance	   Three-Month Periods Ended March 31,  2020 2019  WRITTEN  Direct $ 14,794,534 $ 15,258,703  Reinsurance assumed 37,534 45,135  Reinsurance ceded (2,377,544) (2,835,043)  Net $ 12,454,524 $ 12,468,795  EARNED  Direct $ 15,362,814 $ 15,237,955  Reinsurance assumed 44,950 55,376  Reinsurance ceded (2,393,775) (2,847,417)  Net $ 13,013,989 $ 12,445,914  LOSS AND SETTLEMENT EXPENSES INCURRED  Direct $ 8,761,679 $ 14,716,353  Reinsurance assumed 26,518 46,306  Reinsurance ceded (946,115) (5,155,369)  Net $ 7,842,082 $ 9,607,290  

Unpaid Losses and Settlement _2

Unpaid Losses and Settlement Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
Unpaid Losses and Settlement Expenses [Abstract]
Reconciliation of Unpaid Losses and Settlement Expenses	       For the Three-Months Ended  March 31,  (In thousands) 2020 2019  Unpaid losses and settlement expense - beginning of the period:  Gross $ 56,838 $ 51,447  Less: Ceded 11,036 6,736  Net 45,802 44,711  Increase in incurred losses and settlement expense:  Current year 6,245 8,359  Prior years 1,597 1,248  Total incurred 7,842 9,607  Deduct: Loss and settlement expense payments for claims incurred:  Current year 1,204 1,592  Prior years 5,484 6,818  Total paid 6,688 8,410  Net unpaid losses and settlement expense - end of the period 46,956 45,908  Plus: Reinsurance recoverable on unpaid losses 11,318 15,109  Gross unpaid losses and settlement expense - end of the period $ 58,274 $ 61,017 

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Taxes [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	     For the Three-Months Ended  March 31,  2020 2019  Provision for income taxes at the statutory federal tax rates $ (527,296) $ 73,025  Increase (reduction) in taxes resulting from:  Dividends received deduction (6,535) (9,763)  Tax-exempt interest income (15,480) (23,166)  Proration of tax-exempt interest and dividends received deduction 5,368 8,232  Officer life insurance, net 803 3,578  Nondeductible expenses 5,503 7,087  Total $ (537,637) $ 58,993 

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment	$ 0	$ 0
Federal tax rate	21.00%
Operating segments | segment	1
Tax (benefit) expense	$ (595,473)	$ 419,383
Illinois [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	26.50%	29.60%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Summary of Property, Plant and Equipment) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total cost	$ 8,717,237	$ 8,653,054
Accumulated depreciation	(5,715,991)	(5,619,706)
Net property and equipment	3,001,246	3,033,348
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Total cost	521,010	505,788
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total cost	471,215	457,218
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Total cost	3,855,126	3,823,416
Home Office [Member]
Property, Plant and Equipment [Line Items]
Total cost	$ 3,869,886	$ 3,866,632

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Accumulated Other Comprehensive Earnings (Loss)) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total other comprehensive earnings (loss)	$ (1,710,846)	$ 1,474,209
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	2,953,936	(1,580,976)
Cumulative-effect adjustment from ASU 2016-01			$ 1,366,297
Adjusted beginning balance	2,953,936	(214,679)
Oher comprehensive earnings (loss) before reclassifications	(1,526,960)	1,436,742
Amount reclassified from accumulated other comprehensive earnings	(183,886)	37,467
Total other comprehensive earnings (loss)	(1,710,846)	1,474,209
Balance	$ 1,243,090	$ 1,259,530

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Summary of Components of Other Comprehensive Earnings) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Unrealized holding (losses) gains arising during the period, Pre-tax	$ (2,171,314)	$ 1,866,085
Reclassification adjustment for (gains) losses included in net earnings, Pre-tax	(232,767)	47,426
Total other comprehensive (loss) earnings, Pre-tax	(2,404,081)	1,913,511
Unrealized holding (losses) gains arising during the period, Tax	644,354	(429,343)
Reclassification adjustment for (gains) losses included in net earnings, Tax	48,881	(9,959)
Total other comprehensive (loss) earnings, Tax	693,235	(439,302)
Unrealized holding (losses) gains arising during the period, After-tax	(1,526,960)	1,436,742
Reclassification adjustment for (gains) losses included in net earnings, After-tax	(183,886)	37,467
Total other comprehensive earnings (loss)	$ (1,710,846)	$ 1,474,209

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized invesment (gains) losses	$ (95,632)	$ 47,426
Income tax expense	(537,637)	58,993
Net income (loss)	1,973,296	(288,748)
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	(232,767)	47,426
Income tax expense	48,881	(9,959)
Net income (loss)	$ (183,886)	$ 37,467

Investments (Narrative) (Detail

Investments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)	Jan. 28, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 30, 2019USD ($)
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain (loss)	$ 3,689,347	$ 1,840,418
Unrealized losses for 12 consecutive months or longer	161,473	31,679
OTTI losses recognized in other comprehensive earnings	0	0
Other invested assets	$ 305,000
Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
Amount funded			$ 650,000		$ 625,000
Interest rate	6.50%
Term	20 years
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer	$ 161,473	30,752
MBS/ABS/CMBS [Member] | Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	9,555,196			$ 9,909,462
MBS/ABS/CMBS [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	$ 13,136,719			$ 13,408,898
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities in an unrealized loss position | item	57
Number of securities in an unrealized loss position for 12 consecutive months or longer | item	4
Unrealized losses for 12 consecutive months or longer	$ 161,473	$ 31,679
Significant Unobservable Inputs (Level 3)
Schedule of Available-for-sale Securities [Line Items]
Fair value	$ 0

Investments (Summary of Recogni

Investments (Summary of Recognized Impairments) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Proceeds	$ 3,802,593	$ 5,778,893
Fixed Maturity Securities [Member]
Proceeds	3,802,593	5,778,893
Gains	233,693	25,589
Losses	(926)	(11,619)
Net realized gain/(losses)	232,767	13,970
Common Stocks [Member]
Proceeds	524,818	553,413
Gains	47,126	63,577
Losses	(173,499)	(124,973)
Net realized gain/(losses)	(126,373)	$ (61,396)
Preferred Stocks [Member]
Proceeds	91,838
Gains
Losses	(10,762)
Net realized gain/(losses)	$ (10,762)

Investments (Summary of Amortiz

Investments (Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, amortized cost	$ 3,228,198
Due after one year through five years, amortized cost	18,003,293
Due after five years through 10 years, amortized cost	15,530,315
Due after 10 years, amortized cost	19,380,384
Fixed maturity securities, amortized cost	89,837,334	$ 88,348,415
Due in one year or less, fair value	3,242,332
Due after one year through five years, fair value	18,394,229
Due after five years through 10 years, fair value	15,833,388
Due after 10 years, fair value	20,331,864
Fixed maturity securities, fair value	91,410,811	$ 92,087,572
Collateralized Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	33,479,339
Other, fair value	33,387,560
Redeemable Preferred Stock
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	215,805
Other, fair value	$ 221,438

Investments (Schedule of Cost o

Investments (Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	$ 89,837,334	$ 88,348,415
AFS securities, amortized cost	89,837,334	88,348,415
Fixed maturity securities, fair value	91,410,811	92,087,572
AFS securities, fair value	91,410,811	92,087,572
Total AFS securities, gross unrealized gains	2,974,799	3,831,886
Total AFS securities, gross unrealized losses	(1,401,322)	(92,729)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	1,352,761	800,462
Fixed maturity securities, fair value	1,392,031	800,219
Fixed maturity securities, gross unrealized gains	39,270	684
Fixed maturity securities, gross unrealized losses		(927)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	33,479,339	33,802,911
Fixed maturity securities, fair value	33,387,560	34,290,995
Fixed maturity securities, gross unrealized gains	585,105	540,743
Fixed maturity securities, gross unrealized losses	(676,884)	(52,659)
Corporate [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	38,473,713	39,442,202
Fixed maturity securities, fair value	39,357,281	41,915,103
Fixed maturity securities, gross unrealized gains	1,516,966	2,482,378
Fixed maturity securities, gross unrealized losses	(633,398)	(9,477)
Municipal [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	16,315,716	14,302,840
Fixed maturity securities, fair value	17,052,501	15,081,255
Fixed maturity securities, gross unrealized gains	827,188	808,081
Fixed maturity securities, gross unrealized losses	(90,403)	$ (29,666)
Redeemable Preferred Stock
Schedule of Available-for-sale Securities [Line Items]
Equity securities, amortized cost	215,805
Equity securities, fair value	221,438
Equity securities, gross unrealized gains	6,270
Equity securities, gross unrealized losses	$ (637)

Investments (Summary of Impairm

Investments (Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position) (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	$ 22,771,938	$ 9,764,755
Less than 12 months, Cost or amortized cost	24,011,787	9,825,805
Less than 12 months, unrealized loss	(1,239,849)	(61,050)
Greater than 12 months, fair value	1,894,665	5,756,123
Greater than 12 months, Cost or amortized cost	2,056,138	5,787,802
Greater than 12 months, unrealized loss	(161,473)	(31,679)
Fair value	24,666,603	15,520,878
Cost or amortized cost	26,067,925	15,613,607
Unrealized loss	(1,401,322)	(92,729)
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
Greater than 12 months, Cost or amortized cost		700,318
Greater than 12 months, unrealized loss		(927)
Fair value		699,391
Cost or amortized cost		700,318
Unrealized loss		(927)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	12,453,701	6,398,581
Less than 12 months, Cost or amortized cost	12,969,112	6,420,488
Less than 12 months, unrealized loss	(515,411)	(21,907)
Greater than 12 months, fair value	1,894,665	5,056,732
Greater than 12 months, Cost or amortized cost	2,056,138	5,087,484
Greater than 12 months, unrealized loss	(161,473)	(30,752)
Fair value	14,348,366	11,455,313
Cost or amortized cost	15,025,250	11,507,972
Unrealized loss	(676,884)	(52,659)
Corporate [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	6,799,881	1,396,706
Less than 12 months, Cost or amortized cost	7,433,279	1,406,183
Less than 12 months, unrealized loss	(633,398)	(9,477)
Greater than 12 months, fair value
Greater than 12 months, Cost or amortized cost
Greater than 12 months, unrealized loss
Fair value	6,799,881	1,396,706
Cost or amortized cost	7,433,279	1,406,183
Unrealized loss	(633,398)	(9,477)
Municipal [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	3,446,768	1,969,468
Less than 12 months, Cost or amortized cost	3,537,171	1,999,134
Less than 12 months, unrealized loss	(90,403)	(29,666)
Greater than 12 months, fair value
Greater than 12 months, Cost or amortized cost
Greater than 12 months, unrealized loss
Fair value	3,446,768	1,969,468
Cost or amortized cost	3,537,171	1,999,134
Unrealized loss	(90,403)	(29,666)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	22,700,350	9,764,755
Less than 12 months, Cost or amortized cost	23,939,562	9,825,805
Less than 12 months, unrealized loss	(1,239,212)	(61,050)
Greater than 12 months, fair value	1,894,665	5,756,123
Greater than 12 months, Cost or amortized cost	2,056,138	5,787,802
Greater than 12 months, unrealized loss	(161,473)	(31,679)
Fair value	24,595,015	15,520,878
Cost or amortized cost	25,995,700	15,613,607
Unrealized loss	(1,400,685)	$ (92,729)
Redeemable Preferred Stock
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	71,588
Less than 12 months, Cost or amortized cost	72,225
Less than 12 months, unrealized loss	(637)
Greater than 12 months, fair value
Greater than 12 months, Cost or amortized cost
Greater than 12 months, unrealized loss
Fair value	71,588
Cost or amortized cost	72,225
Unrealized loss	$ (637)

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narrative) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
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, Liabilities, Level 1 to Level 2 Transfers, Amount	0		0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount	0		0
Fair Value, Equity, Level 1 to Level 2 Transfers, Amount	0		0
Fair Value, Equity, Level 2 to Level 1 Transfers, Amount	0		$ 0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	103,556,831	$ 106,536,345
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	0	0
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

Fair Value Disclosures (Summary

Fair Value Disclosures (Summary of Assets Measured at Fair Value on a recurring Basis) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 0	$ 0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	103,556,831	106,536,345
Fair Value, Measurements, Recurring [Member] | US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,392,031	800,219
Fair Value, Measurements, Recurring [Member] | MBS/ABS/CMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	33,387,560	34,290,995
Fair Value, Measurements, Recurring [Member] | Corporate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	39,357,281	41,915,103
Fair Value, Measurements, Recurring [Member] | Municipal [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	17,052,501	15,081,255
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	221,438
Fair Value, Measurements, Recurring [Member] | Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	91,410,811	92,087,572
Fair Value, Measurements, Recurring [Member] | Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	10,752,130	14,448,773
Fair Value, Measurements, Recurring [Member] | Perpetual Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,393,890
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	12,146,020
Fair Value, Measurements, Recurring [Member] | 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	12,144,161	15,248,992
Fair Value, Measurements, Recurring [Member] | 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	1,392,031	800,219
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | MBS/ABS/CMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Redeemable Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | 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	1,392,031	800,219
Fair Value, Measurements, Recurring [Member] | 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	10,752,130	14,448,773
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Perpetual Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	10,752,130
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	91,412,670	91,287,353
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | 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	33,387,560	34,290,995
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Corporate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	39,357,281	41,915,103
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Municipal [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	17,052,501	15,081,255
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Redeemable Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	221,438
Fair Value, Measurements, Recurring [Member] | 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	90,018,780	91,287,353
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Perpetual Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,393,890
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,393,890
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | MBS/ABS/CMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Corporate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Municipal [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Redeemable Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Perpetual Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	May 06, 2020	Mar. 31, 2017
Revolver
Debt Instrument [Line Items]
Interest expense		$ 0
Debt maturity		Aug. 5, 2020
Collateral	$ 5,000,000	$ 5,000,000
Maximum borrowing capacity	$ 1,750,000	$ 1,750,000
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolver
Debt Instrument [Line Items]
Variable interest rate		2.00%
London Interbank Offered Rate (LIBOR) [Member] | Maximum [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%	3.65%
Collateral	$ 1,000,000	$ 1,000,000
Term of debt instrument		5 years
Debt Obligation [Member] | Bofi Federal Bank B & C [Member]
Debt Instrument [Line Items]
Debt	$ 9,472,566	$ 9,472,566	$ 3,475,088
Current interest rate		2.20%	3.70%
Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Interest rate	1.40%	1.40%
Term of debt instrument	5 years
Maximum borrowing capacity	$ 33,000,000	$ 33,000,000
FHLBC advances	6,000,000	6,000,000
Securities pledged	$ 6,800,000	$ 6,800,000
Subsequent Event [Member] | Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
FHLBC advances				$ 4,000,000

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Casualty Business [Member]
Ceded Credit Risk [Line Items]
Individual risk	$ 1,000,000
Property [Member]
Ceded Credit Risk [Line Items]
Individual risk	500,000
Workers Compensation [Member]
Ceded Credit Risk [Line Items]
Individual risk	$ 500,000

Reinsurance (Summary of the Eff

Reinsurance (Summary of the Effects of Reinsurance) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
WRITTEN
Direct	$ 14,794,534	$ 15,258,703
Reinsurance assumed	37,534	45,135
Reinsurance ceded	(2,377,544)	(2,835,043)
Net	12,454,524	12,468,795
EARNED
Direct	15,362,814	15,237,955
Reinsurance assumed	44,950	55,376
Reinsurance ceded	(2,393,775)	(2,847,417)
Net	13,013,989	12,445,914
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	8,761,679	14,716,353
Reinsurance assumed	26,518	46,306
Reinsurance ceded	(946,115)	(5,155,369)
Total incurred	$ 7,842,082	$ 9,607,290

Unpaid Losses and Settlement _3

Unpaid Losses and Settlement Expenses (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Liability for Future Policy Benefit, by Product Segment [Line Items]
Increase in net unpaid losses and settlement expense	$ 1,048,000
Increase in net unpaid losses and settlement expense, percent	2.30%
Liquor Liability And Business Owners Liability [Member]
Liability for Future Policy Benefit, by Product Segment [Line Items]
Increase in net unpaid losses and settlement expense	$ 1,597,000
Liquor Liability And Umbrella Liability [Member]
Liability for Future Policy Benefit, by Product Segment [Line Items]
Increase in net unpaid losses and settlement expense		$ 1,248,000

Unpaid Losses and Settlement _4

Unpaid Losses and Settlement Expenses (Reconciliation of Unpaid Losses and Settlement Expenses) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Unpaid losses and settlement expense - beginning of the period:
Gross	$ 56,838,307	$ 51,447,000
Less: Ceded	11,036,170	6,736,000
Net	46,956,000	45,908,000	$ 45,802,000	$ 44,711,000
Increase in incurred losses and settlement expense:
Current year	6,245,000	8,359,000
Prior years	1,597,000	1,248,000
Total incurred	7,842,082	9,607,290
Deduct: Loss and settlement expense payments for claims incurred:
Current year	1,204,000	1,592,000
Prior years	5,484,000	6,818,000
Total paid	6,688,000	8,410,000
Net unpaid losses and settlement expense - end of the period	46,956,000	45,908,000
Plus: Reinsurance recoverable on unpaid losses	11,318,422	15,109,000
Gross unpaid losses and settlement expense - end of the period	$ 58,273,656	$ 61,017,000

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Taxes [Abstract]
Federal tax rate	21.00%
Effective tax rate	21.40%	17.00%
Capital loss carryforward	$ 0		$ 0
Operating loss carryforward	$ 0		$ 0

Income Taxes (Schedule of Effec

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes [Abstract]
Provision for income taxes at the statutory federal tax rates	$ (527,296)	$ 73,025
Increase (reduction) in taxes resulting from:
Dividends received deduction	(6,535)	(9,763)
Tax-exempt interest income	(15,480)	(23,166)
Proration of tax-exempt interest and dividends received deduction	5,368	8,232
Officer life insurance, net	803	3,578
Nondeductible expenses	5,503	7,087
Total income tax (benefit) expense	$ (537,637)	$ 58,993

Employee Benefits (Details)

Employee Benefits (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Employee stock ownership plan, shares	350,000
Employee stock ownership plan, share purchase price	$ 10
Contributions to ESOP	$ 0	$ 0
Shares committed		1,991
Restricted Stock Units (RSUs)
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share compensation expense	36,927	$ 18,773
Unrecognized compensation expense	$ 160,039
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
Fair value of shares granted	$ 15.10
Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche One [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage	33.00%
Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche Two [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage	33.00%
Restricted Stock Units (RSUs) | Share-based Compensation Award, Tranche Three [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage	33.00%
November 2017 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Compensation expense	$ 75,768
Shares committed to be released	5,827
November 2022 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares committed to be released	1,985
Impact on weighted average shares outstanding	0
November 2027 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Compensation expense		$ 79,430
Shares committed to be released		5,779
Impact on weighted average shares outstanding		0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2020	May 06, 2020	Apr. 30, 2020
Subsequent Event [Line Items]
Premium suspended, term	30 days
Paycheck Protection Program [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Face amount of debt instrument			$ 1.6
Federal Home Loan Bank of Chicago [Member]
Subsequent Event [Line Items]
FHLBC advances	$ 6
Federal Home Loan Bank of Chicago [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
FHLBC advances		$ 4