ICC (ICCH) 10-K30 Mar 222021 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2021	Mar. 10, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-38046
Entity Registrant Name	ICC Holdings, Inc.
Entity Central Index Key	0001681903
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	81-3359409
Entity Address, Address Line One	225 20th Street
Entity Address, City or Town	Rock Island
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61201
City Area Code	309
Local Phone Number	793-1700
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ICCH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		3,295,356
Entity Public Float			$ 34,813,105
Amendment Flag	false
Documents Incorporated by Reference [Text Block]	Portions of the definitive Proxy Statement for our 2022 Annual Meeting of Shareholders which is to be filed within 120 days after the end of the fiscal year ended December 31, 2021, are incorporated by reference into Part III of this Form 10-K, to the extent described in Part III.
Auditor Firm ID	262
Auditor Location	Park Ridge, IL
Auditor Name	Johnson Lambert LLP

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Dec. 31, 2021	Dec. 31, 2020
Investments and cash:
Fixed maturity securities (amortized cost of $102,145,223 at 12/31/2021 and $98,753,027 at 12/31/2020)		$ 105,841,543	$ 105,740,566
Other invested assets		3,086,568	1,772,867
Property held for investment, at cost, net of accumulated depreciation of $464,713 at 12/31/2021 and $465,364 at 12/31/2020		5,509,114	5,399,826
Cash and cash equivalents		4,606,378	6,598,842
Total investments and cash		145,432,250	135,920,807
Accrued investment income		659,413	660,793
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 12/31/2021 and $150,000 at 12/31/2020		27,199,804	23,506,171
Ceded unearned premiums		967,022	860,905
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 12/31/2021 and 12/31/2020		14,521,219	13,019,865
Income taxes - current		195,694	372,986
Deferred policy acquisition costs, net		6,538,844	5,429,620
Property and equipment, at cost, net of accumulated depreciation of $6,243,055 at 12/31/2021 and $6,079,728 at 12/31/2020		3,144,218	2,860,331
Other assets		1,343,504	1,307,794
Total assets		200,001,968	183,939,272
Liabilities:
Unpaid losses and settlement expenses		61,834,809	61,575,666
Unearned premiums		36,212,266	29,788,834
Reinsurance balances payable		1,368,294	371,195
Corporate debt		18,455,342	13,465,574
Accrued expenses		5,441,611	3,472,511
Income taxes - deferred		954,862	1,231,271
Other liabilities		1,030,870	1,290,532
Total liabilities		125,298,054	111,195,583
Equity:
Common stock	[1]	35,000	35,000
Treasury stock, at cost	[2]	(3,155,399)	(3,153,838)
Additional paid-in capital		32,965,136	32,780,436
Accumulated other comprehensive earnings, net of tax		2,920,027	5,520,091
Retained earnings		44,282,895	40,140,115
Less: Unearned Employee Stock Ownership Plan shares at cost	[3]	(2,343,745)	(2,578,115)
Total equity		74,703,914	72,743,689
Total liabilities and equity		200,001,968	183,939,272
Common Stocks [Member]
Investments and cash:
Stocks at fair value		23,608,197	14,724,814
Preferred Stock [Member]
Investments and cash:
Stocks at fair value		$ 2,780,450	$ 1,683,892

[1]	Par value $ 0.01 ; authorized: 2021 – 10,000,000 shares and 2020 – 10,000,000 shares; issued: 2021 – 3,500,000 and 2020 – 3,500,000 shares; outstanding: 2021 – 3,291,852 and 2020 – 3,291,125 shares.
[2]	2021 – 208,875 shares and 2020 – 203,811 shares
[3]	2021 – 234,374 shares and 2020 – 257,811 shares

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Consolidated Balance Sheets [Abstract]
Fixed maturity securities, amortized cost	$ 102,145,223	$ 98,753,027
Property held for investment, accumulated depreciation	464,713	465,364
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	100,000	150,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	0	0
Property and equipment, at cost, accumulated depreciation	$ 6,243,055	$ 6,079,728
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)	3,291,852	3,291,125
Treasury stock (in shares)	208,875	203,811
Unearned Employee Stock Ownership Plan	234,374	257,811

Consolidated Statements of Earn

Consolidated Statements of Earnings and Comprehensive Earnings - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Earnings and Comprehensive Earnings [Abstract]
Net premiums earned	$ 53,893,020	$ 49,689,202
Net investment income	3,414,408	3,497,702
Net realized investment gains (losses)	982,547	(245,323)
Net unrealized gains on equity securities	2,801,991	2,167,417
Gain on extinguishment of debt		1,641,299
Other income (loss)	348,709	(231,024)
Consolidated revenues	61,440,675	56,519,273
Losses and settlement expenses	34,699,543	32,561,988
Policy acquisition costs and other operating expenses	20,824,900	18,529,446
Interest expense on debt	235,001	207,719
General corporate expenses	723,350	641,763
Total expenses	56,482,794	51,940,916
Earnings before income taxes	4,957,881	4,578,357
Income tax expense:
Current	400,355	537,078
Deferred	414,747	509,915
Total income tax expense	815,102	1,046,993
Net earnings	$ 4,142,779	$ 3,531,364
Basic:
Basic net earnings per share	$ 1.36	$ 1.17
Diluted:
Diluted net earnings per share	$ 1.35	$ 1.16
Weighted average number of common shares outstanding:
Basic	3,047,433	3,027,903
Diluted	3,065,025	3,041,898
Unrealized gains and losses on fixed maturity securities:
Unrealized holding (losses) gains arising during the period, net of income tax (benefit) expense of $(641,107) in 2021 and $802,634 in 2020	$ (2,411,782)	$ 3,019,434
Reclassification adjustment for gains included in net income, net of income tax expense of $50,050 in 2021 and $120,492 in 2020	(188,282)	(453,279)
Total other comprehensive (loss) earnings	(2,600,064)	2,566,155
Comprehensive earnings	$ 1,542,715	$ 6,097,519

Consolidated Statements of Ea_2

Consolidated Statements of Earnings and Comprehensive Earnings (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Earnings and Comprehensive Earnings [Abstract]
Unrealized holding gains (losses) arising during the period, tax	$ (641,107)	$ 802,634
Reclassification adjustment for (gains) included in net income, tax	$ 50,050	$ 120,492

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, 2019	$ 35,000	$ (3,146,576)		$ (2,812,485)	$ 32,703,209	$ 36,608,750	$ 2,953,936	$ 66,341,834
Purchase of treasury stock		(150,642)						(150,642)
Net earnings (loss)						3,531,365		3,531,365
Total other comprehensive (loss) earnings							2,566,155	2,566,155
Restricted stock unit expense		143,380			28,375			171,755
ESOP compensation expense				234,370	48,852			283,222
Balance at Dec. 31, 2020	35,000	(3,153,838)		(2,578,115)	32,780,436	40,140,115	5,520,091	72,743,689
Purchase of treasury stock		(139,160)						(139,160)
Net earnings (loss)						4,142,780		4,142,780
Total other comprehensive (loss) earnings							(2,600,064)	(2,600,064)
Restricted stock unit expense		137,600	[1]		49,297			186,897
ESOP compensation expense				234,370	135,403			369,773
Balance at Dec. 31, 2021	$ 35,000	$ (3,155,399)		$ (2,343,745)	$ 32,965,136	$ 44,282,895	$ 2,920,027	$ 74,703,914

[1]	Amount represents restricted stock units that have fully vested in the period.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net earnings	$ 4,142,779	$ 3,531,364
Adjustments to reconcile net earnings to net cash provided by operating activities
Net realized investment (gains) losses	(982,547)	245,323
Net unrealized gains on equity securities	(2,801,991)	(2,167,417)
Depreciation	708,378	684,744
Deferred income tax	414,747	509,915
Amortization of bond premium and discount	281,679	292,502
Stock-based compensation expense	556,670	454,977
Paycheck Protection Program loan forgiveness		(1,641,299)
Change in:
Accrued investment income	1,380	(14,289)
Premiums and reinsurance balances receivable	(3,693,633)	(1,137,645)
Ceded unearned premiums	(106,117)	(38,087)
Reinsurance balances payable	997,099	(3,803)
Reinsurance balances recoverable	(1,501,354)	(1,983,695)
Deferred policy acquisition costs	(1,109,224)	(160,364)
Unpaid losses and settlement expenses	259,143	4,737,359
Unearned premiums	6,423,432	(603,983)
Accrued expenses	1,969,100	(744,477)
Current federal income tax	177,292	(180,427)
Other	(424,907)	(167,351)
Net cash provided by operating activities	5,311,926	1,613,347
Purchases of:
Fixed maturity securities, available-for-sale	(21,860,180)	(27,284,955)
Other invested assets	(1,599,999)	(995,567)
Property held for investment	(1,725,358)	(1,276,802)
Property and equipment	(992,314)	(385,966)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	18,590,418	17,174,787
Other invested assets	315,077	100,000
Property held for investment	1,470,833	86,145
Property and equipment	145,287	18,783
Net cash used in investing activities	(12,154,999)	(13,110,734)
Cash flows from financing activities:
Proceeds from loans	9,000,000	11,629,800
Repayments of borrowed funds	(4,010,231)	(9,514)
Purchase of treasury stock	(139,160)	(150,642)
Net cash provided by financing activities	4,850,609	11,469,644
Net decrease in cash and cash equivalents	(1,992,464)	(27,743)
Cash and cash equivalents at beginning of year	6,598,842	6,626,585
Cash and cash equivalents at end of period	4,606,378	6,598,842
Supplemental information:
Federal income tax paid	145,000	718,000
Interest paid	230,700	200,500
Non-cash transaction: Paycheck Protection Program loan forgiveness		1,641,299
Common Stocks [Member]
Purchases of:
Equity securities	(8,399,079)	(4,300,890)
Proceeds from sales, maturities and calls of:
Equity securities	3,023,990	5,224,984
Preferred Stock [Member]
Purchases of:
Equity securities	(1,464,198)	(1,768,862)
Proceeds from sales, maturities and calls of:
Equity securities	$ 340,523	$ 297,609

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2021
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Notes 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 these financial statements, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. In March 2017, the Company’s stock began trading on the NASDAQ Capital Market under the ticker symbol “ICCH”. 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; Southern Hospitality Education, LLC, dba Katkin, a full-service food safety and education 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 Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 24.0% and 25.0% of the premium was written in Illinois for the years ended December 31, 2021 and December 31, 2020, 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), reinsurance recoverables and the collectability 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. 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 promissory notes. Privately held investments are carried at cost and given that there is no readily available market for these to trade in, management believes cost accurately reflects fair value. The promissory notes are carried at cost which management believes 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, 2021 and 2020, the Company recognized no impairments. Property and equipment are summarized as follows: As of December 31, December 31, 2021 2020Automobiles $ 507,889 $ 530,722Furniture and fixtures 512,268 491,766Computer equipment and software 4,350,118 3,971,272Home office 4,016,998 3,946,299Total cost 9,387,273 8,940,059Accumulated depreciation (6,243,055) (6,079,728)Net property and equipment $ 3,144,218 $ 2,860,331 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 various actuarial reserving methodologies and other assumptions related to the ultimate cost to settle such claims. The reserving methodologies used are Loss Development for paid and incurred loss and settlement expense, Expected Loss Ratio for ultimate loss and settlement expense, Bornhuetter-Ferguson (B-F) for paid and incurred loss, and A&OE (also known as the “Wendy Johnson Method”) for unpaid adjusting and other expense. The assumptions used are subject to occasional changes due to evolving economic, social, and political conditions. There were no changes to the core methodologies used as of December 31, 2021. 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, 2021, 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, 2021 and 2020. 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 PLANThe 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 SHAREBasic 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, 2021, and 2020. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) expense of $(691,157) and $682,142 for 2021 and 2020, respectively. The following table presents changes in accumulated other comprehensive earnings for unrealized gains and losses on available-for-sale fixed maturity securities: Year Ended December 31, 2021 2020 Beginning balance $ 5,520,091 $ 2,953,936 Other comprehensive (loss) earnings before reclassification (2,411,782) 3,019,434 Amount reclassified from accumulated other comprehensive (loss) earnings (188,282) (453,279) Net current period other comprehensive (loss) earnings (2,600,064) 2,566,155 Ending balance $ 2,920,027 $ 5,520,091 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 Periods Ended Details about Accumulated Other December 31, Affected Line Item in the StatementComprehensive Earnings Component 2021 2020 where Net Earnings is PresentedUnrealized (gains) on AFS investments: $ (238,332) $ (573,771) Net realized investment (gains) 50,050 120,492 Income tax expenseTotal reclassification adjustment, net of tax $ (188,282) $ (453,279) Q. ADOPTED ACCOUNTING PRONOUNCEMENTS 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 adopted this update on January 1, 2020. Income Taxes – Simplifying the Accounting for Income Taxes (ASU 2019-12) – The amendments in this update simplify the accounting for income taxes by eliminating certain exceptions to the tax accounting guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities related to foreign investment ownership changes. It also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill and allocating consolidated income taxes to separate financial statements of entities not subject to income tax. We adopted this update January 1, 2021 with minimal impact to our consolidated financial statements. 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. 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 as of 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. 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. 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 had protection of $14 million in excess of $1 million for both the years ended December 31, 2021 and 2020. 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, 2022. 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 several 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, 2021, 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. COVID-19 Risk The COVID-19 pandemic has negatively impacted the U.S. and global economy; disrupted U.S. and global supply chains; lowered equity market valuations; created significant volatility and disruption in financial markets; contributed to a decrease in the rates and yields on U.S. Treasury securities; resulted in ratings downgrades, credit deterioration, and defaults in many industries; increased demands on capital and liquidity; and increased unemployment levels and decreased consumer confidence. In addition, the pandemic has resulted in temporary closures of many businesses, especially bars and restaurants, and the institution of social distancing and sheltering in place requirements in many states and communities, including those in our footprint. The pandemic has caused us, and could continue to cause us, to recognize losses in our investment portfolios and increases in our allowance for losses. Furthermore, the pandemic could cause us to recognize impairment of our financial assets. Sustained adverse effects may also increase our cost of capital, prevent us from satisfying our minimum regulatory capital and surplus, or result in downgrades in our A.M. Best ratings. The extent to which the COVID-19 pandemic impacts our business, financial condition, liquidity, and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic, the continued effectiveness of our business continuity plan, the direct and indirect impact of the pandemic on our customers, colleagues, counterparties and service providers, and actions taken by governmental authorities and other third parties in response to the pandemic. Governmental authorities have taken significant measures to provide economic assistance to individual households and businesses, stabilize the markets, and support economic growth. The success of these measures is unknown, and they may not be sufficient to fully mitigate the negative impact of the pandemic. Additionally, some measures, such as a suspension of insurance premium payments and the reduction in interest rates to near zero, may have a negative impact on our business, financial condition, liquidity, and results of operations. We also may become subject to legislative and/or regulatory action that retroactively mandates coverage for losses that our insurance policies were not intended or priced to cover, including business interruption claims, despite terms included in our policies to preclude coverage or that creates presumptions of compensability not otherwise present (including for example in workers’ compensations exposures). Regulatory requirements could also impact pricing, risk selection and our rights and obligations with respect to our policies and insureds, including our ability to cancel policies, collect premiums, or requiring us to refund premiums in a manner not otherwise required. We also face an increased risk of litigation and governmental and regulatory scrutiny as a result of the effects of the pandemic o

Investments

Investments	12 Months Ended
Investments	Dec. 31, 2021
Investments [Abstract]
Investments	2. INVESTMENTS NET INVESTMENT INCOME A summary of net investment income for the years ended December 31, 2021 and 2020 is as follows: 2021 2020AFS, fixed maturity securities $ 3,086,226 $ 2,975,341Investment property 802,071 770,981Equity securities 493,529 556,920Cash and short-term investments 2,582 34,460Investment revenue 4,384,408 4,337,702Less investment expenses (970,000) (840,000)Net investment income $ 3,414,408 $ 3,497,702 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, 2021 and 2020. Net Realized Proceeds Gains Losses Gains (Losses)2021 Fixed maturity securities $ 18,590,418 $ 247,913 $ (9,582) $ 238,332Common stocks 3,023,990 836,477 (129,972) 706,504Preferred stocks 340,523 37,711 — 37,7112020 Fixed maturity securities $ 17,174,787 $ 574,697 $ (926) $ 573,771Common stocks 5,224,984 618,946 (1,435,514) (816,568)Preferred stocks 297,609 8,886 (11,412) (2,526) The amortized cost and estimated fair value of fixed income securities at December 31, 2021, are shown as follows: Amortized Cost Fair ValueDue in one year or less $ 2,103,740 $ 2,138,613Due after one year through five years 17,161,140 17,834,244Due after five years through 10 years 14,901,963 15,661,583Due after 10 years 27,050,300 28,950,347Asset and mortgage backed securities without a specific due date 40,712,275 41,023,871Redeemable preferred stocks 215,805 232,885Total fixed maturity securities $ 102,145,223 $ 105,841,543 Expected maturities may differ from contractual maturities due to call provisions on some existing securities. The following table is a schedule of amortized cost and estimated fair values of investments in securities classified as available for sale at December 31, 2021 and 2020. Gross Unrealized Amortized Cost Fair Value Gains Losses2021 Fixed maturity securities: U.S. Treasury $ 1,352,044 $ 1,345,992 $ 11,276 $ (17,328)MBS/ABS/CMBS 40,712,275 41,023,871 607,483 (295,887)Corporate 38,959,905 41,206,964 2,434,738 (187,679)Municipal 20,905,194 22,031,831 1,149,998 (23,361)Redeemable preferred stock 215,805 232,885 17,080 —Total fixed maturity securities $ 102,145,223 $ 105,841,543 $ 4,220,575 $ (524,255) Gross Unrealized Amortized Cost Fair Value Gains Losses2020 Fixed maturity securities: U.S. Treasury $ 1,352,758 $ 1,385,406 $ 33,336 $ (688)MBS/ABS/CMBS 40,509,172 41,743,304 1,367,411 (133,279)Corporate 39,186,671 43,580,743 4,429,000 (34,928)Municipal 17,488,621 18,788,674 1,316,358 (16,305)Redeemable preferred stock 215,805 242,439 26,634 —Total fixed maturity securities $ 98,753,027 $ 105,740,566 $ 7,172,739 $ (185,200) 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 $14,975,101 and $16,220,343 and commercial mortgage backed securities of $11,697,671 and $12,721,455 at December 31, 2021 and 2020, 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, 2021 and 2020. The table segregates the securities based on type, noting the fair value, 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, 2021 December 31, 2020 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater TotalFixed Maturity Securities: U.S. Treasury Fair value $ 391,250 $ 291,891 $ 683,141 $ 299,391 $ — $ 299,391 Amortized cost 400,408 300,061 700,469 300,078 — 300,078 Unrealized loss (9,158) (8,170) (17,328) (688) — (688)MBS/ABS/CMBS Fair value 20,403,757 1,124,095 21,527,852 7,120,339 2,010,434 9,130,773 Amortized cost 20,647,568 1,176,171 21,823,739 7,236,360 2,027,692 9,264,052 Unrealized loss (243,811) (52,076) (295,887) (116,021) (17,258) (133,279)Corporate Fair value 6,428,166 995,235 7,423,401 1,739,691 — 1,739,691 Amortized cost 6,590,227 1,020,853 7,611,080 1,774,619 — 1,774,619 Unrealized loss (162,061) (25,618) (187,679) (34,928) — (34,928)Municipal Fair value 2,676,052 269,247 2,945,299 756,678 — 756,678 Amortized cost 2,695,269 273,391 2,968,660 772,984 — 772,984 Unrealized loss (19,217) (4,144) (23,361) (16,306) — (16,306)Total Fair value 29,899,225 2,680,468 32,579,693 9,916,099 2,010,434 11,926,533 Amortized cost 30,333,472 2,770,476 33,103,948 10,084,041 2,027,692 12,111,733 Unrealized loss $ (434,247) $ (90,008) $ (524,255) $ (167,942) $ (17,258) $ (185,200) The fixed income portfolio contained 55 securities in an unrealized loss position as of December 31, 2021. Of these 55 securities, 5 have been in an unrealized loss position for 12 consecutive months or longer and represent $90,008 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, 2021 and 2020. For all fixed income securities at a loss at December 31, 2021, 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, 2021 and December 31, 2020. As required by law, certain fixed maturity investments amounting to $3,823,752 and $3,916,710 at December 31, 2021 and 2020, respectively, were on deposit with either regulatory authorities or banks. UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES Net unrealized gains for the twelve months ended December 31, 2021 and 2020 for equity securities held as of December 31, 2021 and December 31, 2020 were $2,801,991 and $2,167,417, respectively. OTHER INVESTED ASSETSOther invested assets as of December 31, 2021 and December 31, 2020 were $3,086,568 and $1,772,867, respectively. Other invested assets include membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018. As of December 31, 2021 and 2020, our investment in FHLBC stock was carried at cost of $300,000 and $200,000, respectively. Due to the nature of our membership in the FHLBC, the carrying amount approximates fair value. In addition, other invested assets as of December 31, 2021, include privately held investments of $1,720,502 and notes receivable of $1,066,066, compared to $204,000 and $1,369,067, respectively, at December 31, 2020. The notes bear interest between 3.9% and 6.5%. As of December 31, 2021, $315,076 in note payments were received and $12,075 in accrued escrow and interest receivable was recorded. Comparatively, as of December 31, 2020, no note payments were received and no accrued escrow and interest receivable were recorded. The Company had no allowance recorded related to uncollectible note receivables at December 31, 2021 and 2020. During the fourth quarter of 2021, we agreed to commit up to $10.0 million to a private investment fund, subject to regulatory approval, which may be callable from time to time by such fund. As of December 31, 2021, no calls were received. PROPERTY HELD FOR INVESTMENT As of December 31, 2021, investment property comprised of one storage facility in Davenport, Iowa and 52 rental units consisting of duplexes, condos, senior living units, and a seven-plex property. These rentals are located in Colona, Illinois; East Moline, Illinois; Kissimmee, Florida; Milan, Illinois; Moline, Illinois; Rock Island, Illinois; Silvis, Illinois; and Le Claire, Iowa. In addition, we own and operate twelve single-family homes located in Colona, Illinois; East Moline, Illinois; Rock Island, Illinois; and Silvis, Illinois. As of December 31, 2020, investment property comprised of one storage facility in Davenport, Iowa and 65 apartment rental units located in Milan, Illinois; Moline, Illinois; Rock Island, Illinois; Silvis, Illinois; and Le Claire, Iowa. Property held for investment is net of accumulated depreciation of $464,713 and $465,364 as of December 31, 2021, and 2020, respectively. Related depreciation expense was $145,237 and $144,545 for the years ended December 31, 2021, and 2020, respectively.

Fair Value Disclosures

Fair Value Disclosures	12 Months Ended
Fair Value Disclosures	Dec. 31, 2021
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 cost and given that there is no readily available market for these to trade in, management believes that cost accurately reflects fair value. Assets measured at fair value on a recurring basis as of December 31, 2021, are as summarized below: Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) TotalAFS securities Fixed maturity securities U.S. treasury $ 1,345,992 $ — $ — $ 1,345,992MBS/ABS/CMBS — 41,023,871 — 41,023,871Corporate — 41,206,964 — 41,206,964Municipal — 22,031,831 — 22,031,831Redeemable preferred stocks — 232,885 — 232,885Total fixed maturity securities 1,345,992 104,495,551 — 105,841,543Equity securities Common stocks 23,608,197 — — 23,608,197Perpetual preferred stocks — 2,780,450 — 2,780,450Total equity securities 23,608,197 2,780,450 — 26,388,647Total marketable investments measured at fair value $ 24,954,189 $ 107,276,001 $ — $ 132,230,190 Assets measured at fair value on a recurring basis as of December 31, 2020, are as summarized below: Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) TotalAFS securities Fixed maturity securities U.S. treasury $ 1,385,406 $ — $ — $ 1,385,406MBS/ABS/CMBS — 41,743,304 — 41,743,304Corporate — 43,580,743 — 43,580,743Municipal — 18,788,674 — 18,788,674Redeemable preferred stocks — 242,439 — 242,439Total fixed maturity securities 1,385,406 104,355,160 — 105,740,566Equity securities Common stocks 14,724,814 — — 14,724,814Perpetual preferred stocks — 1,683,892 — 1,683,892Total equity securities 14,724,814 1,683,892 — 16,408,706Total marketable investments measured at fair value $ 16,110,220 $ 106,039,052 $ — $ 122,149,272

Policy Acquisition Costs

Policy Acquisition Costs	12 Months Ended
Policy Acquisition Costs	Dec. 31, 2021
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: 2021 2020Deferred policy acquisition costs (DAC), beginning of year $ 5,429,620 $ 5,269,256Deferred: Direct commission 10,772,089 8,804,039Premium taxes 1,215,613 1,145,935Ceding commissions (827,540) (762,528)Underwriting 1,003,215 1,007,055Net deferred 12,163,377 10,194,501Amortized 11,054,153 10,034,137DAC, end of year $ 6,538,844 $ 5,429,620 Policy acquisition costs: Amortized to expense $ 11,054,153 $ 10,034,137Period costs: Contingent commission 1,463,505 746,518Other underwriting expenses 8,307,242 7,748,791Total policy acquisition costs $ 20,824,900 $ 18,529,446

Debt

Debt	12 Months Ended
Debt	Dec. 31, 2021
Debt [Abstract]
Debt	5. DEBT Debt Obligation ICC Holdings, Inc. secured a loan with a commercial bank in March 2017 in the amount of $3.5 million 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 $37 million in the aggregate from its membership with the Federal Home Loan Bank of Chicago (FHLBC). 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, to provide increased liquidity, and to 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 this loan. The Company’s $4.0 million, 0% interest, one year FHLBC loan, obtained in May 2020, matured on May 3, 2021. On this date, a new $4.0 million, 0.74% fixed interest, one year FHLBC loan became effective. Collateral totaling $7.4 million supports both the $6.0 million and $4.0 million outstanding FHLBC loans and consists of fixed income securities. A one year FHLBC loan for $5.0 million, 0% interest was entered into on May 28, 2021. Upon maturity in May 2022, this loan will rollover to a $5.0 million, 1.36% fixed interest loan. Collateral totaling $5.8 million supports this new FHLBC loan and consists of fixed income securities. The total balance of the debt agreements at year end 2021 and 2020 was $18,455,342 and $13,465,574, respectively. The average interest rate on remaining debt was 1.3% as of December 31, 2021 and 1.6% as of December 31, 2020. Revolving Line of Credit We maintained a revolving line of credit with a commercial bank, which permitted borrowing up to an aggregate principal amount of $1.75 million. This facility was initially entered into during 2013 and expired August 5, 2020. The line of credit was 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 would draw down on the line of credit. There were no financial covenants governing this agreement. Effective August 2020, the Company replaced its expired line of credit with a $2.0 million revolving line of credit with another commercial bank, which renews annually and has a current expiration date of July 2022. This new line of credit is priced at Prime plus 0.5%. The Company pledged $2.0 million of business assets in the event the Company draws down on the line of credit. This line of credit agreement includes a financial debt covenant requiring a minimum total adjusted capital of $21.0 million. As of December 31, 2021, the Company was in compliance with its financial debt covenant.‎There was no interest paid on these lines of credit during the twelve months ended December 31, 2021 and 2020.

Reinsurance

Reinsurance	12 Months Ended
Reinsurance	Dec. 31, 2021
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 and workers’ compensation business and $750,000 for property, although certain treaties contain an annual aggregate deductible before reinsurance applies. Premiums, written and earned, along with losses and settlement expenses incurred for the years ended December 31 are summarized as follows: 2021 2020WRITTEN Direct $ 71,091,961 $ 58,982,300Reinsurance assumed 78,699 183,204Reinsurance ceded (10,960,325) (10,118,373)Net $ 60,210,335 $ 49,047,131EARNED Direct $ 64,652,638 $ 59,587,071Reinsurance assumed 94,590 182,416Reinsurance ceded (10,854,208) (10,080,285)Net $ 53,893,020 $ 49,689,202LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 45,685,603 $ 47,067,297Reinsurance assumed 47,536 73,597Reinsurance ceded (11,033,596) (14,578,906)Net $ 34,699,543 $ 32,561,988 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, 2021 and 2020, the Company had reinsurance recoverable on unpaid losses and settlement expenses totaling $14,521,219 and $13,019,865, 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, 2021. 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 2021. Net Reinsurer Ceded A.M. Best Exposure as of Percent of Premiums Percent of(In thousands)Rating December 31, 2021 Total Written TotalPlatinum UnderwritersA+ $ 2,901 18.2% $ 2,317 21.1%Hannover RückversicherungsA+ 2,073 13.0% 1,274 11.6%Aspen Insurance UK LtdA 1,824 11.5% 292 2.7%Partner Reinsurance CompanyA+ 1,514 9.5% 303 2.8%Everest Reinsurance CompanyA+ 1,196 7.5% 271 2.5%Swiss Reinsurance A+ 1,162 7.3% 286 2.6%Endurance ReinsuranceA+ 867 5.4% 306 2.8%General Reinsurance CorporationA++ 774 4.9% 1,537 14.0%Axis Reins CompanyA 742 4.7% 270 2.6%Liberty Mutual Insurance CompanyA 656 4.1% 827 7.5%All other reinsurers including anticipated subrogation 2,206 13.9% 3,277 29.9% $ 15,915 100.0% $ 10,960 100.1% 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 publicly 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, 2021 and 2020. 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
Unpaid Losses and Settlement Expenses	Dec. 31, 2021
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, 2012 to 2021, as well as total IBNR and the cumulative number of reported claims for the year ended December 31, 2020. The information about incurred and paid claims development for the years ended December 31, 2012 to 2020, 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 LINESIncurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2021 Year Ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 Total IBNR plus expected development on reported claims Cumulative number of reported claims2012$ 6,143 $ 6,374 $ 6,406 $ 6,546 $ 6,482 $ 6,411 $ 6,455 $ 6,167 $ 6,161 $ 6,161 $ — 668 2013 9,266 8,302 8,290 8,415 8,471 8,282 8,272 8,270 8,275 11 626 2014 8,865 7,586 7,798 7,883 7,817 7,785 7,784 7,792 - 740 2015 7,693 7,494 7,717 7,634 7,654 7,636 7,635 10 554 2016 8,941 7,981 8,372 8,381 8,404 8,327 146 576 2017 13,993 13,568 13,741 13,825 13,622 24 715 2018 11,454 11,114 10,966 11,030 32 725 2019 13,933 14,758 14,976 81 833 2020 13,997 15,056 258 933 2021 12,968 (9) 701 Total$ 105,842 Cumulative paid loss and settlement expenses, net of reinsurance (in thousands) Year Ended December 31,Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 20212012$ 4,949 $ 6,401 $ 6,369 $ 6,362 $ 6,326 $ 6,472 $ 6,469 $ 6,176 $ 6,176 $ 6,176 2013 6,856 8,079 8,200 8,238 8,265 8,272 8,271 8,270 8,271 2014 6,243 7,631 7,746 7,796 7,795 7,795 7,801 7,803 2015 5,057 7,040 7,474 7,645 7,660 7,657 7,645 2016 6,157 7,624 8,236 8,356 8,437 8,465 2017 10,055 13,482 13,610 13,595 13,363 2018 8,487 11,009 11,025 11,062 2019 11,621 14,161 14,855 2020 10,620 14,485 2021 11,220 Total 103,345 Unpaid losses and settlement expense - years 2012 through 2021 2,497 Unpaid losses and settlement expense - prior to 2012 (36)Unpaid loss and settlement expense, net of reinsurance$ 2,461 Presented as unaudited required supplementary information.‎ WORKERS' COMPENSATION AND LIABILITY LINESIncurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2021 Year Ended December 31, Accident Year 2012 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 Total IBNR plus expected development on reported claims Cumulative number of reported claims2012$ 13,122 $ 11,338 $ 11,407 $ 11,638 $ 12,692 $ 12,845 $ 12,632 $ 12,836 $ 12,801 $ 12,910 $ 10 1,155 2013 12,584 13,559 13,169 12,960 13,696 13,858 14,076 14,081 14,144 11 1,145 2014 13,385 14,744 15,341 16,718 16,881 16,996 16,953 16,929 98 1,213 2015 16,596 13,876 13,440 13,862 14,486 14,714 15,182 85 1,094 2016 16,677 14,843 16,240 16,855 17,547 18,413 (9) 1,041 2017 15,808 15,803 15,842 15,977 17,067 558 1,039 2018 18,308 17,122 17,082 16,925 1,553 1,126 2019 19,630 19,200 19,575 3,292 1,089 2020 17,359 14,106 3,925 615 2021 21,000 10,905 689 Total$ 166,251 Cumulative paid loss and settlement expenses, net of reinsurance (in thousands) Year Ended December 31,Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 20212012$ 1,180 $ 3,021 $ 5,589 $ 8,327 $ 10,913 $ 11,753 $ 12,156 $ 12,572 $ 12,698 $ 12,887 2013 1,579 4,156 7,634 10,423 12,181 12,980 13,565 13,741 13,974 2014 1,539 4,087 9,515 13,602 15,232 15,912 16,374 16,401 2015 1,408 4,319 7,404 10,528 12,487 13,262 13,932 2016 1,497 5,488 8,189 12,205 14,206 16,649 2017 1,523 5,419 8,753 11,878 14,771 2018 1,964 5,656 9,312 12,419 2019 3,664 7,453 12,132 2020 2,435 4,882 2021 3,520 Total 121,567 Unpaid losses and settlement expense - years 2012 through 2021 44,685 Unpaid losses and settlement expense - prior to 2012 168 Unpaid loss and settlement expense, net of reinsurance$ 44,853 Presented as unaudited required supplementary information.‎ TOTAL LINESIncurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2021 Year Ended December 31, Accident Year 2012 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 Total IBNR plus expected development on reported claims Cumulative number of reported claims2012$ 19,265 $ 17,712 $ 17,813 $ 18,184 $ 19,174 $ 19,256 $ 19,087 $ 19,003 $ 18,962 $ 19,071 $ 10 1,823 2013 21,850 21,861 21,459 21,375 22,167 22,140 22,348 22,351 22,419 22 1,771 2014 22,250 22,330 23,139 24,601 24,698 24,781 24,737 24,721 98 1,953 2015 24,289 21,370 21,157 21,496 22,140 22,350 22,817 95 1,648 2016 25,618 22,824 24,612 25,236 25,951 26,740 137 1,617 2017 29,801 29,371 29,583 29,802 30,689 582 1,754 2018 29,762 28,236 28,048 27,955 1,585 1,851 2019 33,563 33,958 34,551 3,373 1,922 2020 31,356 29,162 4,183 1,548 2021 33,968 10,896 1,390 Total$ 272,093 Cumulative paid loss and settlement expenses, net of reinsurance (in thousands) Year Ended December 31,Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 20212012$ 6,129 $ 9,422 $ 11,958 $ 14,689 $ 17,239 $ 18,225 $ 18,625 $ 18,748 $ 18,874 $ 19,063 2013 8,435 12,235 15,834 18,661 20,446 21,252 21,836 22,011 22,245 2014 7,782 11,718 17,261 21,398 23,027 23,707 24,175 24,204 2015 6,465 11,359 14,878 18,173 20,147 20,919 21,577 2016 7,654 13,112 16,425 20,561 22,643 25,114 2017 11,578 18,901 22,363 25,473 28,134 2018 10,451 16,665 20,337 23,481 2019 15,285 21,614 26,987 2020 13,055 19,367 2021 14,740 Total 224,912 Unpaid losses and settlement expense - years 2012 through 2021 47,182 Unpaid losses and settlement expense - prior to 2012 132 Unpaid loss and settlement expense, net of reinsurance$ 47,314 *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, 2021, by reportable segment. (In thousands) December 31, 2021Net unpaid losses and settlement expense Property Lines $ 2,461Workers' Compensation and Liability Lines 44,853Total unpaid losses and settlement expense, net of reinsurance 47,314Reinsurance recoverable on losses and settlement expense Property Lines 4,313Workers' Compensation and Liability Lines 10,208Total reinsurance recoverable on unpaid losses and settlement expense 14,521Total gross unpaid losses and LAE $ 61,835 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 75.1% 22.5% 1.4% 0.0% 0.0% 1.7% -0.4% 0.0% -0.1%Liability Lines 12.0% 20.6% 23.1% 19.9% 10.8% 5.4% 3.4% 2.2% 2.5%Total Lines 36.6% 21.8% 13.9% 12.0% 6.5% 3.9% 2.1% 1.5% 1.7% The following table is a reconciliation of the Company’s unpaid losses and settlement expenses for the years 2021 and 2020. (In thousands) 2021 2020Unpaid losses and settlement expense - beginning of the period: Gross $ 61,576 $ 56,838Less: Ceded 13,020 11,036Net 48,556 45,802Increase in incurred losses and settlement expense: Current year 33,968 31,356Prior years 732 1,206Total incurred 34,700 32,562Deduct: Loss and settlement expense payments for claims incurred: Current year 14,740 13,054Prior years 21,203 16,754Total paid 35,943 29,808Net unpaid losses and settlement expense - end of the period 47,314 48,556Plus: Reinsurance recoverable on unpaid losses 14,521 13,020Gross unpaid losses and settlement expense - end of the period $ 61,835 $ 61,576 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: 2021 For calendar year 2021, the Company experienced unfavorable development relative to prior years’ reserve estimates in both its property and liability lines of business relating to Businessowners Property 2020 accident year claims and Businessowners Liability 2017 accident year claims, respectively. These adverse developments were largely offset by favorable development in Workers’ Compensation 2020 accident year claims. 2020 For calendar year 2020, the Company experienced unfavorable development relative to prior years’ reserve estimates in both its property and liability lines of business relating to Businessowners Property 2019 accident year claims and Businessowners Liability 2016 accident year claims, respectively. These adverse developments were largely offset by favorable development in Liquor Liability.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2021
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, 2021 2020Deferred tax assets: Tax discounting of claim reserves $ 829,619 $ 834,092Unearned premium reserve 1,503,989 1,236,617Deferred compensation 237,599 152,646Provision for uncollectible accounts 21,000 31,500Other 101,166 (31,340)Deferred tax assets before allowance 2,693,373 2,223,515Less valuation allowance — —Total deferred tax assets $ 2,693,373 $ 2,223,515Deferred tax liabilities: Transition Adjustment for Loss Reserve Discounting $ 150,784 $ 188,480Net unrealized appreciation of securities 1,938,542 2,099,499Deferred policy acquisition costs 1,373,157 1,140,220Property and equipment 100,399 22,963Other 85,353 3,624Total deferred tax liabilities 3,648,235 3,454,786Net deferred tax liability $ (954,862) $ (1,231,271) 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 Cuts and Jobs Act. The transitional adjustment for loss reserve discounting was recalculated 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, 2021 and 2020, 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: For the Year Ended December 31, 2021 2020Provision for income taxes at the statutory federal tax rates $ 1,041,155 $ 961,455Increase (reduction) in taxes resulting from: Paycheck Protection Program loan forgiveness — (344,673)Dividends received deduction (34,207) (29,474)Tax-exempt interest income (58,153) (61,956)Proration of tax-exempt interest and dividends received deduction 22,359 22,199Nondeductible expenses 48,155 41,418Officer life insurance, net 188 5,784Prior year true-up and other (204,395) 452,240Total $ 815,102 $ 1,046,993 The Company’s effective tax rate was 16.4% and 22.9% for 2021 and 2020, respectively. Effective rates are dependent upon components of pretax earnings and the related tax effects. As of December 31, 2021, the Company does not have any capital or operating loss carryforwards. Periods still subject to Internal Revenue Service (IRS) audit include 2018 through current year. There are currently no open tax exams.

Employee Benefits

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2021
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 $272,527 and $266,024 for 2021 and 2020, 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 3.6%, the fully vested obligation under the agreement would total approximately $1,689,467 on January 1, 2032. As of December 31, 2021 and 2020, the accrued liability related to this agreement totaled $529,117 and $470,446, respectively. The Company recognized $58,671 and $122,459 of expense in 2021 and 2020, respectively. ESOPIn 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 $293,862 and $294,734 to the ESOP during the twelve months ended December 31, 2021 and 2020. 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 year ended December 31, 2021, we recognized compensation expense of $369,773 related to 23,437 shares of our common stock that were committed to be released to participants’ accounts for the year ended December 31, 2021. Of the 23,437 shares committed to be released, 1,926 shares were committed on December 31, 2021 and had no impact on the weighted average common shares outstanding for the year ended December 31, 2021. For the year ended December 31, 2020, we recognized compensation expense of $283,222 related to 23,437 shares of our common stock that were committed to be released to participants’ accounts for the year ended December 31, 2020. Of the 23,437 shares committed to be released, 1,985 shares were committed on December 31, 2020 and had no impact on the weighted average common shares outstanding for the year ended December 31, 2020. The fair value of the unearned ESOP shares as of December 31, 2021 and December 31, 2020 was $3,925,770 and $3,686,702, respectively. RESTRICTED STOCK UNITS RSUs were granted for the first time in February 2018 with additional RSUs being granted in March 2019, April 2020, and April 2021. 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, 2021, 11,700, 13,071, 18,040 and 15,000 RSUs have been granted at a fair market value of $15.10, $13.70, $11.03 and $14.78 per share, respectively. As of December 31, 2020, 11,700, 13,071 and 18,040 RSUs have been granted at a fair market value of $15.10, $13.70 and $11.03 per share, respectively. We recognized $186,897 and $171,755 of expense on these units in the twelve months ended December 31, 2021 and 2020, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $254,837 and $269,359 as of December 31, 2021, 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
Statutory Information and Dividend Restrictions	Dec. 31, 2021
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 Risk-Based Capital (RBC) standards 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, 2021 and 2020, ICC had RBC amounts in excess of the authorized control level RBC, as defined by the NAIC. ICC’s statutory capital and surplus as of December 31, 2021 and 2020 were $62,511,840 and $58,801,101, respectively. The following table includes selected information for our insurance subsidiary: As of and Periods Ended December 31, 2021 2020Net income, statutory basis $ 1,938,995 $ 2,255,503Surplus, statutory basis $ 62,511,840 $ 58,801,101 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. As of December 31, 2021, the amount available for payment of dividends by ICC in 2021 without the prior approval of the Illinois Department of Insurance is approximately $6.3 million. ICC paid dividends of $800,000 and $500,000 to ICC Holdings, Inc. in April 2021 and March 2020, respectively. The Company did not pay any dividends to security holders in 2021 or 2020. It did, however, make cash dividend payments in the amount of $5,563 and $13,156 in 2021 and 2020, respectively, to Wisconsin policyholders in accordance with policy contractual obligations.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2021
Commitments and Contingent Liabilities [Abstract]
Commitments and Contingent Liabilities	11. 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. During the fourth quarter of 2021, the Company agreed to commit up to $10.0 million to a private investment fund. See Other Invested Assets within Note 2 – Investments for more information. The Company has operating obligations related to managing the business. Minimum future payments under cancellable agreements total $45,000 and $41,324 in 2022 and 2021, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	12. SUBSEQUENT EVENTS Subsequent events have been evaluated through the date the financial statements were issued. In early March 2022, the Company applied for, and received, a forty-day extension for payoff of its $3.5 million commercial loan with an original due date of March 28th. This payoff will be serviced by an intercompany loan in the second quarter between ICC and the Parent Company.

Schedule II - Condensed Financi

Schedule II - Condensed Financial Information of Registrant	12 Months Ended
Schedule II - Condensed Financial Information of Registrant	Dec. 31, 2021
Condensed Financial Information of Registrant [Abstract]
Schedule II - Condensed Financial Information of Registrant	ICC HOLDINGS, INC.Schedule II — Condensed Financial Information of RegistrantBalance Sheet – Parent Company Only As of As of December 31, 2021 December 31, 2020Assets Investment in subsidiaries $ 74,209,041 $ 76,680,023Fixed maturity securities 3,223,307 3,238,560Common Stocks 1,410,345 1,115,545Other invested assets 218,403 201,900Cash and cash equivalents 573,715 462,185Due from subsidiaries 64,846 81,166Accrued investment income 13,746 14,002Income taxes - current 454,538 387,407Other assets 359,575 264,622Total assets $ 80,527,515 $ 82,445,410 Liabilities and Shareholders' Equity Liabilities: Debt $ 5,515,098 $ 9,059,767Accrued expenses 116,894 44,176Income taxes - deferred 56,016 73,663Other liabilities 135,592 524,115Total liabilities 5,823,601 9,701,721Equity: Common stock1 35,000 35,000Treasury stock, at cost (3,155,399) (3,153,838)Additional paid-in capital 32,965,136 32,780,436Accumulated other comprehensive earnings, net of tax 2,920,027 5,520,091Retained earnings 44,282,895 40,140,115Less: Unearned Employee Stock Ownership Plan shares at cost2 (2,343,745) (2,578,115)Total equity 74,703,914 72,743,689Total liabilities and equity $ 80,527,514 $ 82,445,410 1Par value $0.01; authorized: 2021 - 10,000,000 shares and 2020 -10,000,000 shares; issued: 2021 - 3,500,000 shares and 2020 - 3,500,000 shares; outstanding: 2021 - 3,291,852 shares and 2020 - 3,291,125 shares22021 - 208,148 shares and 2020 - 208,875 shares 32021 - 234,374 shares and 2020 - 257,811 shares ICC HOLDINGS, INC.Schedule II — Condensed Financial Information of RegistrantStatement of Earnings and Comprehensive Earnings – Parent Company Only Year Ended Year Ended December 31, 2021 December 31, 2020Net investment income $ 139,907 $ 67,727Net realized investment gains (losses) 39,629 (79,924)Net unrealized gains on equity securities 234,537 85,397Other income (loss) 6,717 (99,008)Total revenue 420,790 (25,808)Policy acquisition costs and other operating expenses 1,676,944 1,439,908Interest expense on debt 129,854 128,786General corporate expenses 7,767 875Total expenses 1,814,566 1,569,570 Loss before equity earnings of subsidiaries and income taxes (1,393,776) (1,595,378)Total income tax benefit (54,646) (387,336)Net loss before equity earnings of subsidiaries (1,339,130) (1,208,042)Equity earnings in subsidiaries 5,481,909 4,739,406Net earnings $ 4,142,779 $ 3,531,364 Other comprehensive (loss) earnings, net of tax (78,861) 111,334Equity in other comprehensive (loss) earnings of subsidiaries (2,521,202) 2,454,821Comprehensive earnings $ 1,542,715 $ 6,097,519 ICC HOLDINGS, INC.Schedule II — Condensed Financial Information of RegistrantStatement of Cash Flows – Parent Company Only Year Ended Year Ended December 31, 2021 December 31, 2020Cash flows from operating activities: Net earnings $ 4,142,779 $ 3,531,364Adjustments to reconcile net earnings to net cash provided by operating activities Net realized and unrealized gains on equity securities (274,166) (5,473)Depreciation 51,235 98,211Deferred income tax 3,316 11,539Equity in undistributed income of subsidiaries (5,481,909) (4,739,406)Amortization of bond premium and discount — 11,950Stock-based compensation expense 419,070 311,598Change in: Intercompany notes receivable (1,380,000) (650,000)Due from subsidiaries 16,321 304,527Accrued investment income 255 4,122Accrued expenses 72,719 (60,443)Current federal income tax (67,131) (349,910)Other (476,240) 20,771Net cash used in operating activities (2,973,750) (1,511,150)Cash flows from investing activities: Contributions from subsidiaries 6,605,654 1,220,000Purchases of: Fixed maturity securities (312,114) —Common stocks (216,473) (284,298)Other invested assets — (100,000)Property and equipment — (52,641)Proceeds from sales, maturities and calls of: Fixed maturity securities 220,950 250,874Common stocks 195,840 261,880Other invested assets 16,403 100,000Property and equipment 121,249 18,389Net cash provided by investing activities 6,631,510 1,414,204Cash flows from financing activities: Repayments of borrowed funds (3,544,668) (224,874)Purchase of treasury stock (1,561) (7,262)Net cash used in financing activities (3,546,230) (232,135)Net increase (decrease) in cash and cash equivalents 111,530 (329,081)Cash and cash equivalents at beginning of year 462,185 791,266Cash and cash equivalents at end of period $ 573,715 $ 462,185Supplemental information: Federal income tax paid $ — $ —Interest paid 128,104 128,823

Schedule III - Supplemental Ins

Schedule III - Supplemental Insurance Information	12 Months Ended
Schedule III - Supplemental Insurance Information	Dec. 31, 2021
Schedule III - Supplemental Insurance Information [Abstract]
Schedule III - Supplemental Insurance Information	ICC HOLDINGS, INC. AND SUBSIDIARIESSchedule III — Supplemental Insurance Information Years ended December 31, 2021 and 2020 Future policy benefits, losses, Other policy Deferred policy claims and loss Unearned and benefits Net premiums(In thousands) acquisition costs expenses premiums payable earnedDecember 31, 2021 Commercial Business $ 6,539 $ 61,835 $ 36,212 $ 1,368 $ 53,893Total $ 6,539 $ 61,835 $ 36,212 $ 1,368 $ 53,893December 31, 2020 Commercial Business $ 5,430 $ 61,576 $ 29,789 $ 371 $ 49,689Total $ 5,430 $ 61,576 $ 29,789 $ 371 $ 49,689 Benefits, claims, losses and Net investment settlement Amortization Other operating Net premiums(In thousands) income expenses of DAC expenses writtenDecember 31, 2021 Commercial Business $ 3,414 $ 34,700 $ 11,054 $ 10,729 $ 60,210Total $ 3,414 $ 34,700 $ 11,054 $ 10,729 $ 60,210December 31, 2020 Commercial Business $ 3,498 $ 32,562 $ 10,034 $ 9,344 $ 49,047Total $ 3,498 $ 32,562 $ 10,034 $ 9,344 $ 49,047 See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
Schedule IV - Reinsurance	Dec. 31, 2021
Schedule IV - Reinsurance [Abstract]
Schedule IV - Reinsurance	ICC HOLDINGS, INC. AND SUBSIDIARIESSchedule IV — Reinsurance Years ended December 31, 2021 and 2020 (In thousands) Ceded to Assumed from Percentage ofPremiums Gross other other Net amountearned amount companies companies amount assumed to net2021 $ 64,653 $ 10,854 $ 95 $ 53,893 0.2%2020 $ 59,587 $ 10,080 $ 182 $ 49,689 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, 2021
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 — Valuation and Qualifying Accounts Years ended December 31, 2021 and 2020 (In thousands) 2021 2020Beginning balance, allowance for uncollectibles $ 150 $ 100Write-offs, net of (recoveries) 68 546Change in valuation allowance (118) (496)Ending balance, allowance for uncollectibles $ 100 $ 150 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
Schedule VI - Supplemental Information	Dec. 31, 2021
Schedule VI - Supplemental Information [Abstract]
Schedule VI - Supplemental Information	ICC HOLDINGS, INC. AND SUBSIDIARIESSchedule VI — Supplemental Information Years ended December 31, 2021 and 2020 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 income2021 $ 6,539 $ 61,835 $— $ 36,212 $ 53,893 $ 3,4142020 $ 5,430 $ 61,576 $— $ 29,789 $ 49,689 $ 3,498 Paid losses Losses and settlement and expenses incurred related to Amortization settlement Net written(In thousands) Current year Prior year of DAC expenses premiums2021 $ 33,968 $ 732 $ 11,054 $ (35,943) $ 60,2102020 $ 31,356 $ 1,206 $ 10,034 $ (29,808) $ 49,047 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
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
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 these financial statements, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. In March 2017, the Company’s stock began trading on the NASDAQ Capital Market under the ticker symbol “ICCH”. 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; Southern Hospitality Education, LLC, dba Katkin, a full-service food safety and education 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 Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 24.0% and 25.0% of the premium was written in Illinois for the years ended December 31, 2021 and December 31, 2020, 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), reinsurance recoverables and the collectability 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. 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 promissory notes. Privately held investments are carried at cost and given that there is no readily available market for these to trade in, management believes cost accurately reflects fair value. The promissory notes are carried at cost which management believes 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, 2021 and 2020, the Company recognized no impairments. Property and equipment are summarized as follows: As of December 31, December 31, 2021 2020Automobiles $ 507,889 $ 530,722Furniture and fixtures 512,268 491,766Computer equipment and software 4,350,118 3,971,272Home office 4,016,998 3,946,299Total cost 9,387,273 8,940,059Accumulated depreciation (6,243,055) (6,079,728)Net property and equipment $ 3,144,218 $ 2,860,331
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 various actuarial reserving methodologies and other assumptions related to the ultimate cost to settle such claims. The reserving methodologies used are Loss Development for paid and incurred loss and settlement expense, Expected Loss Ratio for ultimate loss and settlement expense, Bornhuetter-Ferguson (B-F) for paid and incurred loss, and A&OE (also known as the “Wendy Johnson Method”) for unpaid adjusting and other expense. The assumptions used are subject to occasional changes due to evolving economic, social, and political conditions. There were no changes to the core methodologies used as of December 31, 2021. 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, 2021, 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, 2021 and 2020.
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 PLANThe 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 SHAREBasic 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, 2021, and 2020. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) expense of $(691,157) and $682,142 for 2021 and 2020, respectively. The following table presents changes in accumulated other comprehensive earnings for unrealized gains and losses on available-for-sale fixed maturity securities: Year Ended December 31, 2021 2020 Beginning balance $ 5,520,091 $ 2,953,936 Other comprehensive (loss) earnings before reclassification (2,411,782) 3,019,434 Amount reclassified from accumulated other comprehensive (loss) earnings (188,282) (453,279) Net current period other comprehensive (loss) earnings (2,600,064) 2,566,155 Ending balance $ 2,920,027 $ 5,520,091 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 Periods Ended Details about Accumulated Other December 31, Affected Line Item in the StatementComprehensive Earnings Component 2021 2020 where Net Earnings is PresentedUnrealized (gains) on AFS investments: $ (238,332) $ (573,771) Net realized investment (gains) 50,050 120,492 Income tax expenseTotal reclassification adjustment, net of tax $ (188,282) $ (453,279)
Adopted and Prospective Accounting Standards	Q. ADOPTED ACCOUNTING PRONOUNCEMENTS 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 adopted this update on January 1, 2020. Income Taxes – Simplifying the Accounting for Income Taxes (ASU 2019-12) – The amendments in this update simplify the accounting for income taxes by eliminating certain exceptions to the tax accounting guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities related to foreign investment ownership changes. It also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill and allocating consolidated income taxes to separate financial statements of entities not subject to income tax. We adopted this update January 1, 2021 with minimal impact to our consolidated financial statements. 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. 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 as of 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. 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.
Risks 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 had protection of $14 million in excess of $1 million for both the years ended December 31, 2021 and 2020. 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, 2022. 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 several 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, 2021, 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.
COVID-19 Risk	COVID-19 Risk The COVID-19 pandemic has negatively impacted the U.S. and global economy; disrupted U.S. and global supply chains; lowered equity market valuations; created significant volatility and disruption in financial markets; contributed to a decrease in the rates and yields on U.S. Treasury securities; resulted in ratings downgrades, credit deterioration, and defaults in many industries; increased demands on capital and liquidity; and increased unemployment levels and decreased consumer confidence. In addition, the pandemic has resulted in temporary closures of many businesses, especially bars and restaurants, and the institution of social distancing and sheltering in place requirements in many states and communities, including those in our footprint. The pandemic has caused us, and could continue to cause us, to recognize losses in our investment portfolios and increases in our allowance for losses. Furthermore, the pandemic could cause us to recognize impairment of our financial assets. Sustained adverse effects may also increase our cost of capital, prevent us from satisfying our minimum regulatory capital and surplus, or result in downgrades in our A.M. Best ratings. The extent to which the COVID-19 pandemic impacts our business, financial condition, liquidity, and results of operations will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic, the continued effectiveness of our business continuity plan, the direct and indirect impact of the pandemic on our customers, colleagues, counterparties and service providers, and actions taken by governmental authorities and other third parties in response to the pandemic. Governmental authorities have taken significant measures to provide economic assistance to individual households and businesses, stabilize the markets, and support economic growth. The success of these measures is unknown, and they may not be sufficient to fully mitigate the negative impact of the pandemic. Additionally, some measures, such as a suspension of insurance premium payments and the reduction in interest rates to near zero, may have a negative impact on our business, financial condition, liquidity, and results of operations. We also may become subject to legislative and/or regulatory action that retroactively mandates coverage for losses that our insurance policies were not intended or priced to cover, including business interruption claims, despite terms included in our policies to preclude coverage or that creates presumptions of compensability not otherwise present (including for example in workers’ compensations exposures). Regulatory requirements could also impact pricing, risk selection and our rights and obligations with respect to our policies and insureds, including our ability to cancel policies, collect premiums, or requiring us to refund premiums in a manner not otherwise required. We also face an increased risk of litigation and governmental and regulatory scrutiny as a result of the effects of the pandemic on market and economic conditions and actions governmental authorities take in response to those conditions. These potential exposures include direct claims relating to COVID-19 (e.g., business interruption following a shelter in place order) and indirect exposures arising from an economic downturn. The length of the pandemic and the effectiveness of the measures put in place to address it are unknown. Until the effects of the pandemic subside, we could experience reduced revenues in our businesses. To the extent the pandemic adversely affects our business, financial condition, liquidity, or results of operations, it may also have the effect of heightening many of the other risks described in this “Risks and Uncertainties” section and any subsequent Quarterly Reports on Form 10-Q.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2021
Summary of Significant Accounting Policies [Abstract]
Summary of Property, Plant and Equipment	As of December 31, December 31, 2021 2020Automobiles $ 507,889 $ 530,722Furniture and fixtures 512,268 491,766Computer equipment and software 4,350,118 3,971,272Home office 4,016,998 3,946,299Total cost 9,387,273 8,940,059Accumulated depreciation (6,243,055) (6,079,728)Net property and equipment $ 3,144,218 $ 2,860,331
Accumulated Other Comprehensive Earnings (Loss)	Year Ended December 31, 2021 2020 Beginning balance $ 5,520,091 $ 2,953,936 Other comprehensive (loss) earnings before reclassification (2,411,782) 3,019,434 Amount reclassified from accumulated other comprehensive (loss) earnings (188,282) (453,279) Net current period other comprehensive (loss) earnings (2,600,064) 2,566,155 Ending balance $ 2,920,027 $ 5,520,091
Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings	Amounts Reclassified from Accumulated Other Comprehensive Earnings Twelve-Month Periods Ended Details about Accumulated Other December 31, Affected Line Item in the StatementComprehensive Earnings Component 2021 2020 where Net Earnings is PresentedUnrealized (gains) on AFS investments: $ (238,332) $ (573,771) Net realized investment (gains) 50,050 120,492 Income tax expenseTotal reclassification adjustment, net of tax $ (188,282) $ (453,279)

Investments (Tables)

Investments (Tables)	12 Months Ended
Investments (Tables)	Dec. 31, 2021
Investments [Abstract]
Summary of Net Investment Income	2021 2020AFS, fixed maturity securities $ 3,086,226 $ 2,975,341Investment property 802,071 770,981Equity securities 493,529 556,920Cash and short-term investments 2,582 34,460Investment revenue 4,384,408 4,337,702Less investment expenses (970,000) (840,000)Net investment income $ 3,414,408 $ 3,497,702
Summary of Recognized Impairments	Net Realized Proceeds Gains Losses Gains (Losses)2021 Fixed maturity securities $ 18,590,418 $ 247,913 $ (9,582) $ 238,332Common stocks 3,023,990 836,477 (129,972) 706,504Preferred stocks 340,523 37,711 — 37,7112020 Fixed maturity securities $ 17,174,787 $ 574,697 $ (926) $ 573,771Common stocks 5,224,984 618,946 (1,435,514) (816,568)Preferred stocks 297,609 8,886 (11,412) (2,526)
Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity	Amortized Cost Fair ValueDue in one year or less $ 2,103,740 $ 2,138,613Due after one year through five years 17,161,140 17,834,244Due after five years through 10 years 14,901,963 15,661,583Due after 10 years 27,050,300 28,950,347Asset and mortgage backed securities without a specific due date 40,712,275 41,023,871Redeemable preferred stocks 215,805 232,885Total fixed maturity securities $ 102,145,223 $ 105,841,543
Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments	Gross Unrealized Amortized Cost Fair Value Gains Losses2021 Fixed maturity securities: U.S. Treasury $ 1,352,044 $ 1,345,992 $ 11,276 $ (17,328)MBS/ABS/CMBS 40,712,275 41,023,871 607,483 (295,887)Corporate 38,959,905 41,206,964 2,434,738 (187,679)Municipal 20,905,194 22,031,831 1,149,998 (23,361)Redeemable preferred stock 215,805 232,885 17,080 —Total fixed maturity securities $ 102,145,223 $ 105,841,543 $ 4,220,575 $ (524,255) Gross Unrealized Amortized Cost Fair Value Gains Losses2020 Fixed maturity securities: U.S. Treasury $ 1,352,758 $ 1,385,406 $ 33,336 $ (688)MBS/ABS/CMBS 40,509,172 41,743,304 1,367,411 (133,279)Corporate 39,186,671 43,580,743 4,429,000 (34,928)Municipal 17,488,621 18,788,674 1,316,358 (16,305)Redeemable preferred stock 215,805 242,439 26,634 —Total fixed maturity securities $ 98,753,027 $ 105,740,566 $ 7,172,739 $ (185,200)
Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position	December 31, 2021 December 31, 2020 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater TotalFixed Maturity Securities: U.S. Treasury Fair value $ 391,250 $ 291,891 $ 683,141 $ 299,391 $ — $ 299,391 Amortized cost 400,408 300,061 700,469 300,078 — 300,078 Unrealized loss (9,158) (8,170) (17,328) (688) — (688)MBS/ABS/CMBS Fair value 20,403,757 1,124,095 21,527,852 7,120,339 2,010,434 9,130,773 Amortized cost 20,647,568 1,176,171 21,823,739 7,236,360 2,027,692 9,264,052 Unrealized loss (243,811) (52,076) (295,887) (116,021) (17,258) (133,279)Corporate Fair value 6,428,166 995,235 7,423,401 1,739,691 — 1,739,691 Amortized cost 6,590,227 1,020,853 7,611,080 1,774,619 — 1,774,619 Unrealized loss (162,061) (25,618) (187,679) (34,928) — (34,928)Municipal Fair value 2,676,052 269,247 2,945,299 756,678 — 756,678 Amortized cost 2,695,269 273,391 2,968,660 772,984 — 772,984 Unrealized loss (19,217) (4,144) (23,361) (16,306) — (16,306)Total Fair value 29,899,225 2,680,468 32,579,693 9,916,099 2,010,434 11,926,533 Amortized cost 30,333,472 2,770,476 33,103,948 10,084,041 2,027,692 12,111,733 Unrealized loss $ (434,247) $ (90,008) $ (524,255) $ (167,942) $ (17,258) $ (185,200)

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	12 Months Ended
Fair Value Disclosures (Tables)	Dec. 31, 2021
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, 2021, are as summarized below: Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) TotalAFS securities Fixed maturity securities U.S. treasury $ 1,345,992 $ — $ — $ 1,345,992MBS/ABS/CMBS — 41,023,871 — 41,023,871Corporate — 41,206,964 — 41,206,964Municipal — 22,031,831 — 22,031,831Redeemable preferred stocks — 232,885 — 232,885Total fixed maturity securities 1,345,992 104,495,551 — 105,841,543Equity securities Common stocks 23,608,197 — — 23,608,197Perpetual preferred stocks — 2,780,450 — 2,780,450Total equity securities 23,608,197 2,780,450 — 26,388,647Total marketable investments measured at fair value $ 24,954,189 $ 107,276,001 $ — $ 132,230,190 Assets measured at fair value on a recurring basis as of December 31, 2020, are as summarized below: Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) TotalAFS securities Fixed maturity securities U.S. treasury $ 1,385,406 $ — $ — $ 1,385,406MBS/ABS/CMBS — 41,743,304 — 41,743,304Corporate — 43,580,743 — 43,580,743Municipal — 18,788,674 — 18,788,674Redeemable preferred stocks — 242,439 — 242,439Total fixed maturity securities 1,385,406 104,355,160 — 105,740,566Equity securities Common stocks 14,724,814 — — 14,724,814Perpetual preferred stocks — 1,683,892 — 1,683,892Total equity securities 14,724,814 1,683,892 — 16,408,706Total marketable investments measured at fair value $ 16,110,220 $ 106,039,052 $ — $ 122,149,272

Policy Acquisition Costs (Table

Policy Acquisition Costs (Tables)	12 Months Ended
Policy Acquisition Costs (Tables)	Dec. 31, 2021
Policy Acquisition Costs [Abstract]
Schedule of Deferred and Amortized Policy Acquisition Costs	2021 2020Deferred policy acquisition costs (DAC), beginning of year $ 5,429,620 $ 5,269,256Deferred: Direct commission 10,772,089 8,804,039Premium taxes 1,215,613 1,145,935Ceding commissions (827,540) (762,528)Underwriting 1,003,215 1,007,055Net deferred 12,163,377 10,194,501Amortized 11,054,153 10,034,137DAC, end of year $ 6,538,844 $ 5,429,620 Policy acquisition costs: Amortized to expense $ 11,054,153 $ 10,034,137Period costs: Contingent commission 1,463,505 746,518Other underwriting expenses 8,307,242 7,748,791Total policy acquisition costs $ 20,824,900 $ 18,529,446

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
Reinsurance (Tables)	Dec. 31, 2021
Reinsurance [Abstract]
Summary of the Effects of Reinsurance	2021 2020WRITTEN Direct $ 71,091,961 $ 58,982,300Reinsurance assumed 78,699 183,204Reinsurance ceded (10,960,325) (10,118,373)Net $ 60,210,335 $ 49,047,131EARNED Direct $ 64,652,638 $ 59,587,071Reinsurance assumed 94,590 182,416Reinsurance ceded (10,854,208) (10,080,285)Net $ 53,893,020 $ 49,689,202LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 45,685,603 $ 47,067,297Reinsurance assumed 47,536 73,597Reinsurance ceded (11,033,596) (14,578,906)Net $ 34,699,543 $ 32,561,988
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, 2021 Total Written TotalPlatinum UnderwritersA+ $ 2,901 18.2% $ 2,317 21.1%Hannover RückversicherungsA+ 2,073 13.0% 1,274 11.6%Aspen Insurance UK LtdA 1,824 11.5% 292 2.7%Partner Reinsurance CompanyA+ 1,514 9.5% 303 2.8%Everest Reinsurance CompanyA+ 1,196 7.5% 271 2.5%Swiss Reinsurance A+ 1,162 7.3% 286 2.6%Endurance ReinsuranceA+ 867 5.4% 306 2.8%General Reinsurance CorporationA++ 774 4.9% 1,537 14.0%Axis Reins CompanyA 742 4.7% 270 2.6%Liberty Mutual Insurance CompanyA 656 4.1% 827 7.5%All other reinsurers including anticipated subrogation 2,206 13.9% 3,277 29.9% $ 15,915 100.0% $ 10,960 100.1%

Unpaid Losses and Settlement _2

Unpaid Losses and Settlement Expenses (Tables)	12 Months Ended
Unpaid Losses and Settlement Expenses (Tables)	Dec. 31, 2021
Unpaid Losses and Settlement Expenses [Abstract]
Summary of Cumulative Paid Losses and Settlement Expenses	PROPERTY LINESIncurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2021 Year Ended December 31, Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 Total IBNR plus expected development on reported claims Cumulative number of reported claims2012$ 6,143 $ 6,374 $ 6,406 $ 6,546 $ 6,482 $ 6,411 $ 6,455 $ 6,167 $ 6,161 $ 6,161 $ — 668 2013 9,266 8,302 8,290 8,415 8,471 8,282 8,272 8,270 8,275 11 626 2014 8,865 7,586 7,798 7,883 7,817 7,785 7,784 7,792 - 740 2015 7,693 7,494 7,717 7,634 7,654 7,636 7,635 10 554 2016 8,941 7,981 8,372 8,381 8,404 8,327 146 576 2017 13,993 13,568 13,741 13,825 13,622 24 715 2018 11,454 11,114 10,966 11,030 32 725 2019 13,933 14,758 14,976 81 833 2020 13,997 15,056 258 933 2021 12,968 (9) 701 Total$ 105,842 Cumulative paid loss and settlement expenses, net of reinsurance (in thousands) Year Ended December 31,Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 20212012$ 4,949 $ 6,401 $ 6,369 $ 6,362 $ 6,326 $ 6,472 $ 6,469 $ 6,176 $ 6,176 $ 6,176 2013 6,856 8,079 8,200 8,238 8,265 8,272 8,271 8,270 8,271 2014 6,243 7,631 7,746 7,796 7,795 7,795 7,801 7,803 2015 5,057 7,040 7,474 7,645 7,660 7,657 7,645 2016 6,157 7,624 8,236 8,356 8,437 8,465 2017 10,055 13,482 13,610 13,595 13,363 2018 8,487 11,009 11,025 11,062 2019 11,621 14,161 14,855 2020 10,620 14,485 2021 11,220 Total 103,345 Unpaid losses and settlement expense - years 2012 through 2021 2,497 Unpaid losses and settlement expense - prior to 2012 (36)Unpaid loss and settlement expense, net of reinsurance$ 2,461 Presented as unaudited required supplementary information.‎ WORKERS' COMPENSATION AND LIABILITY LINESIncurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2021 Year Ended December 31, Accident Year 2012 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 Total IBNR plus expected development on reported claims Cumulative number of reported claims2012$ 13,122 $ 11,338 $ 11,407 $ 11,638 $ 12,692 $ 12,845 $ 12,632 $ 12,836 $ 12,801 $ 12,910 $ 10 1,155 2013 12,584 13,559 13,169 12,960 13,696 13,858 14,076 14,081 14,144 11 1,145 2014 13,385 14,744 15,341 16,718 16,881 16,996 16,953 16,929 98 1,213 2015 16,596 13,876 13,440 13,862 14,486 14,714 15,182 85 1,094 2016 16,677 14,843 16,240 16,855 17,547 18,413 (9) 1,041 2017 15,808 15,803 15,842 15,977 17,067 558 1,039 2018 18,308 17,122 17,082 16,925 1,553 1,126 2019 19,630 19,200 19,575 3,292 1,089 2020 17,359 14,106 3,925 615 2021 21,000 10,905 689 Total$ 166,251 Cumulative paid loss and settlement expenses, net of reinsurance (in thousands) Year Ended December 31,Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 20212012$ 1,180 $ 3,021 $ 5,589 $ 8,327 $ 10,913 $ 11,753 $ 12,156 $ 12,572 $ 12,698 $ 12,887 2013 1,579 4,156 7,634 10,423 12,181 12,980 13,565 13,741 13,974 2014 1,539 4,087 9,515 13,602 15,232 15,912 16,374 16,401 2015 1,408 4,319 7,404 10,528 12,487 13,262 13,932 2016 1,497 5,488 8,189 12,205 14,206 16,649 2017 1,523 5,419 8,753 11,878 14,771 2018 1,964 5,656 9,312 12,419 2019 3,664 7,453 12,132 2020 2,435 4,882 2021 3,520 Total 121,567 Unpaid losses and settlement expense - years 2012 through 2021 44,685 Unpaid losses and settlement expense - prior to 2012 168 Unpaid loss and settlement expense, net of reinsurance$ 44,853 Presented as unaudited required supplementary information.‎ TOTAL LINESIncurred loss and settlement expenses, net of reinsurance (in thousands) As of December 31, 2021 Year Ended December 31, Accident Year 2012 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021 Total IBNR plus expected development on reported claims Cumulative number of reported claims2012$ 19,265 $ 17,712 $ 17,813 $ 18,184 $ 19,174 $ 19,256 $ 19,087 $ 19,003 $ 18,962 $ 19,071 $ 10 1,823 2013 21,850 21,861 21,459 21,375 22,167 22,140 22,348 22,351 22,419 22 1,771 2014 22,250 22,330 23,139 24,601 24,698 24,781 24,737 24,721 98 1,953 2015 24,289 21,370 21,157 21,496 22,140 22,350 22,817 95 1,648 2016 25,618 22,824 24,612 25,236 25,951 26,740 137 1,617 2017 29,801 29,371 29,583 29,802 30,689 582 1,754 2018 29,762 28,236 28,048 27,955 1,585 1,851 2019 33,563 33,958 34,551 3,373 1,922 2020 31,356 29,162 4,183 1,548 2021 33,968 10,896 1,390 Total$ 272,093 Cumulative paid loss and settlement expenses, net of reinsurance (in thousands) Year Ended December 31,Accident Year 2012* 2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 20212012$ 6,129 $ 9,422 $ 11,958 $ 14,689 $ 17,239 $ 18,225 $ 18,625 $ 18,748 $ 18,874 $ 19,063 2013 8,435 12,235 15,834 18,661 20,446 21,252 21,836 22,011 22,245 2014 7,782 11,718 17,261 21,398 23,027 23,707 24,175 24,204 2015 6,465 11,359 14,878 18,173 20,147 20,919 21,577 2016 7,654 13,112 16,425 20,561 22,643 25,114 2017 11,578 18,901 22,363 25,473 28,134 2018 10,451 16,665 20,337 23,481 2019 15,285 21,614 26,987 2020 13,055 19,367 2021 14,740 Total 224,912 Unpaid losses and settlement expense - years 2012 through 2021 47,182 Unpaid losses and settlement expense - prior to 2012 132 Unpaid loss and settlement expense, net of reinsurance$ 47,314 *Presented as unaudited required supplementary information.
Reconciliation of Loss Development	(In thousands) December 31, 2021Net unpaid losses and settlement expense Property Lines $ 2,461Workers' Compensation and Liability Lines 44,853Total unpaid losses and settlement expense, net of reinsurance 47,314Reinsurance recoverable on losses and settlement expense Property Lines 4,313Workers' Compensation and Liability Lines 10,208Total reinsurance recoverable on unpaid losses and settlement expense 14,521Total gross unpaid losses and LAE $ 61,835
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 75.1% 22.5% 1.4% 0.0% 0.0% 1.7% -0.4% 0.0% -0.1%Liability Lines 12.0% 20.6% 23.1% 19.9% 10.8% 5.4% 3.4% 2.2% 2.5%Total Lines 36.6% 21.8% 13.9% 12.0% 6.5% 3.9% 2.1% 1.5% 1.7%
Reconciliation of Unpaid Losses and Settlement Expenses	(In thousands) 2021 2020Unpaid losses and settlement expense - beginning of the period: Gross $ 61,576 $ 56,838Less: Ceded 13,020 11,036Net 48,556 45,802Increase in incurred losses and settlement expense: Current year 33,968 31,356Prior years 732 1,206Total incurred 34,700 32,562Deduct: Loss and settlement expense payments for claims incurred: Current year 14,740 13,054Prior years 21,203 16,754Total paid 35,943 29,808Net unpaid losses and settlement expense - end of the period 47,314 48,556Plus: Reinsurance recoverable on unpaid losses 14,521 13,020Gross unpaid losses and settlement expense - end of the period $ 61,835 $ 61,576

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2021
Income Taxes [Abstract]
Schedule of Deferred Tax Assets and Deferred Tax Liabilities	December 31, 2021 2020Deferred tax assets: Tax discounting of claim reserves $ 829,619 $ 834,092Unearned premium reserve 1,503,989 1,236,617Deferred compensation 237,599 152,646Provision for uncollectible accounts 21,000 31,500Other 101,166 (31,340)Deferred tax assets before allowance 2,693,373 2,223,515Less valuation allowance — —Total deferred tax assets $ 2,693,373 $ 2,223,515Deferred tax liabilities: Transition Adjustment for Loss Reserve Discounting $ 150,784 $ 188,480Net unrealized appreciation of securities 1,938,542 2,099,499Deferred policy acquisition costs 1,373,157 1,140,220Property and equipment 100,399 22,963Other 85,353 3,624Total deferred tax liabilities 3,648,235 3,454,786Net deferred tax liability $ (954,862) $ (1,231,271)
Schedule of Effective Income Tax Rate Reconciliation	For the Year Ended December 31, 2021 2020Provision for income taxes at the statutory federal tax rates $ 1,041,155 $ 961,455Increase (reduction) in taxes resulting from: Paycheck Protection Program loan forgiveness — (344,673)Dividends received deduction (34,207) (29,474)Tax-exempt interest income (58,153) (61,956)Proration of tax-exempt interest and dividends received deduction 22,359 22,199Nondeductible expenses 48,155 41,418Officer life insurance, net 188 5,784Prior year true-up and other (204,395) 452,240Total $ 815,102 $ 1,046,993

Statutory Information and Div_2

Statutory Information and Dividend Restrictions (Tables)	12 Months Ended
Statutory Information and Dividend Restrictions (Tables)	Dec. 31, 2021
Statutory Information and Dividend Restrictions [Abstract]
Summary of Insurance Subsidiary	As of and Periods Ended December 31, 2021 2020Net income, statutory basis $ 1,938,995 $ 2,255,503Surplus, statutory basis $ 62,511,840 $ 58,801,101

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Impairment	$ 0	$ 0
Federal tax rate	21.00%	21.00%
Property held for investment, accumulated depreciation	$ 464,713	$ 465,364
Available-for-sale Securities [Member]
Summary Of Significant Accounting Policies [Line Items]
Tax (benefit) expense	(691,157)	$ 682,142
Catastrophe Reinsurance Treaty [Member]
Summary Of Significant Accounting Policies [Line Items]
Reinsurance protection	14,000,000
Excess reinsurance protection	$ 1,000,000
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
Premiums [Member] \| Geographic Concentration Risk [Member] \| Illinois [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	24.00%	25.00%
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, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total cost	$ 9,387,273	$ 8,940,059
Accumulated depreciation	(6,243,055)	(6,079,728)
Net property and equipment	3,144,218	2,860,331
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Total cost	507,889	530,722
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total cost	512,268	491,766
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Total cost	4,350,118	3,971,272
Home Office [Member]
Property, Plant and Equipment [Line Items]
Total cost	$ 4,016,998	$ 3,946,299

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Accumulated Other Comprehensive Earnings (Loss)) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net current period other comprehensive (loss) earnings	$ (2,600,064)	$ 2,566,155
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	5,520,091	2,953,936
Other comprehensive (loss) earnings before reclassification	(2,411,782)	3,019,434
Amount reclassified from accumulated other comprehensive (loss) earnings	(188,282)	(453,279)
Net current period other comprehensive (loss) earnings	(2,600,064)	2,566,155
Balance	$ 2,920,027	$ 5,520,091

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized investment (gains) losses	$ (982,547)	$ 245,323
Income tax expense	815,102	1,046,993
Net income (loss)	(4,142,780)	(3,531,365)
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 investment (gains) losses	(238,332)	(573,771)
Income tax expense	50,050	120,492
Net income (loss)	$ (188,282)	$ (453,279)

Investments (Narrative) (Detail

Investments (Narrative) (Details)	12 Months Ended
Investments (Narrative) (Details)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer	$ 90,008	$ 17,258
OTTI losses recognized in net earnings	$ 0	$ 0
Number Of Storage Facilities \| item	1	1
Apartment rental units \| item	52	65
Depreciation expense	$ 145,237	$ 144,545
Other invested assets	3,086,568	1,772,867
Note Payments Received	315,076	0
Accrued Escrow And Interest Receivable	12,075	0
Accounts and Financing Receivable, Allowance for Credit Loss	0	0
Notes Receivable [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets	$ 1,066,066	$ 1,369,067
Debt Instrument, Interest Rate, Stated Percentage	3.90%	6.50%
Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets	$ 300,000	$ 200,000
Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	14,975,101	16,220,343
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	11,697,671	12,721,455
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized gains	$ 2,801,991	2,167,417
AFS, Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities in an unrealized loss position \| item	55
Number of securities in an unrealized loss position for 12 consecutive months or longer \| item	5
Unrealized losses for 12 consecutive months or longer	$ 90,008
Securities on deposit with regulatory authorities or banks	3,823,752	3,916,710
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer	52,076	17,258
Privately Help Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets	1,720,502	$ 204,000
Private Investment Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets	10,000,000
Investments Called	$ 0

Investments (Summary of Net Inv

Investments (Summary of Net Investment Income) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Net Investment Income [Line Items]
Investment revenue	$ 4,384,408	$ 4,337,702
Less investment expenses	(970,000)	(840,000)
Net investment income	3,414,408	3,497,702
AFS, Fixed Maturity Securities [Member]
Net Investment Income [Line Items]
Investment revenue	3,086,226	2,975,341
Real Estate Investment [Member]
Net Investment Income [Line Items]
Investment revenue	802,071	770,981
Equity Securities [Member]
Net Investment Income [Line Items]
Investment revenue	493,529	556,920
Cash and Short-Term Investments [Domain]
Net Investment Income [Line Items]
Investment revenue	$ 2,582	$ 34,460

Investments (Summary of Recogni

Investments (Summary of Recognized Impairments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Proceeds	$ 18,590,418	$ 17,174,787
Fixed Maturity Securities [Member]
Proceeds	18,590,418	17,174,787
Gains	247,913	574,697
Losses	(9,582)	(926)
Net realized gain/(losses)	238,332	573,771
Common Stocks [Member]
Proceeds	3,023,990	5,224,984
Gains	836,477	618,946
Losses	(129,972)	(1,435,514)
Net realized gain/(losses)	706,504	(816,568)
Preferred Stock [Member]
Proceeds	340,523	297,609
Gains	37,711	8,886
Losses		(11,412)
Net realized gain/(losses)	$ 37,711	$ (2,526)

Investments (Summary of Amortiz

Investments (Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, amortized cost	$ 2,103,740
Due after one year through five years, amortized cost	17,161,140
Due after five years through 10 years, amortized cost	14,901,963
Due after 10 years, amortized cost	27,050,300
Fixed maturity securities, amortized cost	102,145,223	$ 98,753,027
Due in one year or less, fair value	2,138,613
Due after one year through five years, fair value	17,834,244
Due after five years through 10 years, fair value	15,661,583
Due after 10 years, fair value	28,950,347
Fixed maturity securities, fair value	105,841,543	$ 105,740,566
Collateralized Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	40,712,275
Other, fair value	41,023,871
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	215,805
Other, fair value	$ 232,885

Investments (Schedule of Cost o

Investments (Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	$ 102,145,223	$ 98,753,027
Fixed maturity securities, fair value	105,841,543	105,740,566
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	1,352,044	1,352,758
Fixed maturity securities, fair value	1,345,992	1,385,406
Fixed maturity securities, gross unrealized gains	11,276	33,336
Fixed maturity securities, gross unrealized losses	(17,328)	(688)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	40,712,275	40,509,172
Fixed maturity securities, fair value	41,023,871	41,743,304
Fixed maturity securities, gross unrealized gains	607,483	1,367,411
Fixed maturity securities, gross unrealized losses	(295,887)	(133,279)
Corporate Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	38,959,905	39,186,671
Fixed maturity securities, fair value	41,206,964	43,580,743
Fixed maturity securities, gross unrealized gains	2,434,738	4,429,000
Fixed maturity securities, gross unrealized losses	(187,679)	(34,928)
State And Local Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	20,905,194	17,488,621
Fixed maturity securities, fair value	22,031,831	18,788,674
Fixed maturity securities, gross unrealized gains	1,149,998	1,316,358
Fixed maturity securities, gross unrealized losses	(23,361)	(16,305)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	102,145,223	98,753,027
Fixed maturity securities, fair value	105,841,543	105,740,566
Fixed maturity securities, gross unrealized gains	4,220,575	7,172,739
Fixed maturity securities, gross unrealized losses	(524,255)	(185,200)
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	215,805	215,805
Fixed maturity securities, fair value	232,885	242,439
Fixed maturity securities, gross unrealized gains	$ 17,080	26,634
Fixed maturity securities, gross unrealized losses

Investments (Summary of Impairm

Investments (Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	$ 29,899,225	$ 9,916,099
Less than 12 months, Cost or amortized cost	30,333,472	10,084,041
Less than 12 months, unrealized loss	(434,247)	(167,942)
Greater than 12 months, fair value	2,680,468	2,010,434
Greater than 12 months, Cost or amortized cost	2,770,476	2,027,692
Greater than 12 months, unrealized loss	(90,008)	(17,258)
Fair value	32,579,693	11,926,533
Cost or amortized cost	33,103,948	12,111,733
Unrealized loss	(524,255)	(185,200)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	391,250	299,391
Less than 12 months, Cost or amortized cost	400,408	300,078
Less than 12 months, unrealized loss	(9,158)	(688)
Greater than 12 months, fair value	291,891
Greater than 12 months, Cost or amortized cost	300,061
Greater than 12 months, unrealized loss	(8,170)
Fair value	683,141	299,391
Cost or amortized cost	700,469	300,078
Unrealized loss	(17,328)	(688)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	20,403,757	7,120,339
Less than 12 months, Cost or amortized cost	20,647,568	7,236,360
Less than 12 months, unrealized loss	(243,811)	(116,021)
Greater than 12 months, fair value	1,124,095	2,010,434
Greater than 12 months, Cost or amortized cost	1,176,171	2,027,692
Greater than 12 months, unrealized loss	(52,076)	(17,258)
Fair value	21,527,852	9,130,773
Cost or amortized cost	21,823,739	9,264,052
Unrealized loss	(295,887)	(133,279)
Corporate Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	6,428,166	1,739,691
Less than 12 months, Cost or amortized cost	6,590,227	1,774,619
Less than 12 months, unrealized loss	(162,061)	(34,928)
Greater than 12 months, fair value	995,235
Greater than 12 months, Cost or amortized cost	1,020,853
Greater than 12 months, unrealized loss	(25,618)
Fair value	7,423,401	1,739,691
Cost or amortized cost	7,611,080	1,774,619
Unrealized loss	(187,679)	(34,928)
State And Local Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	2,676,052	756,678
Less than 12 months, Cost or amortized cost	2,695,269	772,984
Less than 12 months, unrealized loss	(19,217)	(16,306)
Greater than 12 months, fair value	269,247
Greater than 12 months, Cost or amortized cost	273,391
Greater than 12 months, unrealized loss	(4,144)
Fair value	2,945,299	756,678
Cost or amortized cost	2,968,660	772,984
Unrealized loss	$ (23,361)	$ (16,306)

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 132,230,190	$ 122,149,272
US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,345,992	1,385,406
MBS/ABS/CMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	41,023,871	41,743,304
Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	41,206,964	43,580,743
State And Local Government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	22,031,831	18,788,674
Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	232,885	242,439
Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	105,841,543	105,740,566
Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	23,608,197	14,724,814
Perpetual Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	2,780,450	1,683,892
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	26,388,647	16,408,706
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	24,954,189	16,110,220
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	1,345,992	1,385,406
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	1,345,992	1,385,406
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	23,608,197	14,724,814
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	23,608,197	14,724,814
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	107,276,001	106,039,052
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	41,023,871	41,743,304
Significant Other Observable Inputs (Level 2) \| Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	41,206,964	43,580,743
Significant Other Observable Inputs (Level 2) \| State And Local Government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	22,031,831	18,788,674
Significant Other Observable Inputs (Level 2) \| Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	232,885	242,439
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	104,495,551	104,355,160
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	2,780,450	1,683,892
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	$ 2,780,450	$ 1,683,892

Policy Acquisition Costs (Detai

Policy Acquisition Costs (Details) - USD ($)	12 Months Ended
Policy Acquisition Costs (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Policy Acquisition Costs [Abstract]
Deferred policy acquisition costs (DAC), beginning of year	$ 5,429,620	$ 5,269,256
Deferred:
Direct commission	10,772,089	8,804,039
Premium taxes	1,215,613	1,145,935
Ceding commissions	(827,540)	(762,528)
Underwriting	1,003,215	1,007,055
Net deferred	12,163,377	10,194,501
Amortized	11,054,153	10,034,137
DAC, end of year	6,538,844	5,429,620
Policy acquisition costs:
Amortized to expense	11,054,153	10,034,137
Period costs:
Contingent commission	1,463,505	746,518
Other underwriting expenses	8,307,242	7,748,791
Total policy acquisition costs	$ 20,824,900	$ 18,529,446

Debt (Details)

Debt (Details) - USD ($)	12 Months Ended
Debt (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Corporate debt	$ 18,455,342	$ 13,465,574
Long-term Debt, Weighted Average Interest Rate, at Point in Time	1.30%	1.60%
Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 37,000,000
Revolver [Member]
Debt Instrument [Line Items]
Interest expense	0	$ 0
Maximum borrowing capacity	1,750,000
Securities pledged	$ 5,000,000
London Interbank Offered Rate (LIBOR) [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate	2.00%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate	3.50%
FHLBC, March 2020 [Member] \| Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	$ 6,000,000
Interest rate	1.40%
Collateral	$ 6,800,000
Term of debt instrument	5 years
FHLBC, May 2020 [Member] \| Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	$ 4,000,000
Interest rate	0.00%
Term of debt instrument	1 year
FHLBC, May 2021 [Member] \| Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	$ 4,000,000
Interest rate	0.74%
Collateral	$ 7,400,000
Term of debt instrument	1 year
FHLBC, May 28, 2021 [Member] \| Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	$ 5,000,000
Interest rate	0.00%
Collateral	$ 5,800,000
Term of debt instrument	1 year
FHLBC, May 28, 2022 [Member] \| Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	$ 5,000,000
Interest rate	1.36%
Line Of Credit, July 2022 [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Face amount of debt instrument	$ 2,000,000
Collateral	2,000,000
Debt Covenant, Adjusted Capital	$ 21,000,000
Line Of Credit, July 2022 [Member] \| Prime Rate [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate	0.50%
Secured Debt [Member] \| Loan With Commercial Bank [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

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) - USD ($)	12 Months Ended
Reinsurance (Narrative) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Ceded Credit Risk [Line Items]
Prepaid reinsurance premiums and recoverables on paid and unpaid losses and settlement expenses	$ 14,521,219	$ 13,019,865
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	$ 750,000

Reinsurance (Summary of the Eff

Reinsurance (Summary of the Effects of Reinsurance) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
WRITTEN
Direct	$ 71,091,961	$ 58,982,300
Reinsurance assumed	78,699	183,204
Reinsurance ceded	(10,960,325)	(10,118,373)
Net	60,210,335	49,047,131
EARNED
Direct	64,652,638	59,587,071
Reinsurance assumed	94,590	182,416
Reinsurance ceded	(10,854,208)	(10,080,285)
Net	53,893,020	49,689,202
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	45,685,603	47,067,297
Reinsurance assumed	47,536	73,597
Reinsurance ceded	(11,033,596)	(14,578,906)
Total incurred	$ 34,699,543	$ 32,561,988

Reinsurance (Summary of Net Rei

Reinsurance (Summary of Net Reinsurance Balances Recoverable) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 10,960,325	$ 10,118,373
Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 15,915,000
Percent of Total	100.00%
Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 10,960,000
Percent of Total	100.10%
All Other Reinsurers Including Anticipated Subrogation [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 2,206,000
Percent of Total	13.90%
All Other Reinsurers Including Anticipated Subrogation [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 3,277,000
Percent of Total	29.90%
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	$ 774,000
Percent of Total	4.90%
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	$ 1,537,000
Percent of Total	14.00%
AM Best, A+ Rating [Member] \| Platinum Underwriters [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 2,901,000
Percent of Total	18.20%
AM Best, A+ Rating [Member] \| Platinum Underwriters [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 2,317,000
Percent of Total	21.10%
AM Best, A+ Rating [Member] \| Hannover Ruckversicherungs [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 2,073,000
Percent of Total	13.00%
AM Best, A+ Rating [Member] \| Hannover Ruckversicherungs [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 1,274,000
Percent of Total	11.60%
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	$ 1,514,000
Percent of Total	9.50%
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	$ 303,000
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	$ 1,196,000
Percent of Total	7.50%
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	$ 271,000
Percent of Total	2.50%
AM Best, A+ Rating [Member] \| Swiss Reinsurance [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 1,162,000
Percent of Total	7.30%
AM Best, A+ Rating [Member] \| Swiss Reinsurance [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 286,000
Percent of Total	2.60%
AM Best, A+ Rating [Member] \| Endurance Reinsurance [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 867,000
Percent of Total	5.40%
AM Best, A+ Rating [Member] \| Endurance Reinsurance [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 306,000
Percent of Total	2.80%
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	$ 1,824,000
Percent of Total	11.50%
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	$ 292,000
Percent of Total	2.70%
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	$ 742,000
Percent of Total	4.70%
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	$ 270,000
Percent of Total	2.60%
AM Best, A Rating [Member] \| Liberty Mutual Insurance Company [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 656,000
Percent of Total	4.10%
AM Best, A Rating [Member] \| Liberty Mutual Insurance Company [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 827,000
Percent of Total	7.50%

Unpaid Losses and Settlement _3

Unpaid Losses and Settlement Expenses (Summary of Cumulative Paid Losses and Settlement Expenses) (Details) $ in Thousands	Dec. 31, 2021USD ($)claim	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	$ 272,093
Cumulative paid loss and settlement expenses, net of reinsurance	224,912
Unpaid loss and settlement expense, net of reinsurance	47,314
Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	105,842
Cumulative paid loss and settlement expenses, net of reinsurance	103,345
Unpaid loss and settlement expense, net of reinsurance	2,461
Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	166,251
Cumulative paid loss and settlement expenses, net of reinsurance	121,567
Unpaid loss and settlement expense, net of reinsurance	44,853
2012 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	19,071	$ 18,962	$ 19,003	$ 19,087	$ 19,256	$ 19,174	$ 18,184	$ 17,813	$ 17,712	$ 19,265
Total IBNR plus expected development on reported claims	$ 10
Cumulative number of reported claims \| claim	1,823
Cumulative paid loss and settlement expenses, net of reinsurance	$ 19,063	18,874	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	$ 6,161	6,161	6,167	6,455	6,411	6,482	6,546	6,406	6,374	6,143
Cumulative number of reported claims \| claim	668
Cumulative paid loss and settlement expenses, net of reinsurance	$ 6,176	6,176	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	12,910	12,801	12,836	12,632	12,845	12,692	11,638	11,407	11,338	13,122
Total IBNR plus expected development on reported claims	$ 10
Cumulative number of reported claims \| claim	1,155
Cumulative paid loss and settlement expenses, net of reinsurance	$ 12,887	12,698	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	22,419	22,351	22,348	22,140	22,167	21,375	21,459	21,861	21,850
Total IBNR plus expected development on reported claims	$ 22
Cumulative number of reported claims \| claim	1,771
Cumulative paid loss and settlement expenses, net of reinsurance	$ 22,245	22,011	21,836	21,252	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	8,275	8,270	8,272	8,282	8,471	8,415	8,290	8,302	9,266
Total IBNR plus expected development on reported claims	$ 11
Cumulative number of reported claims \| claim	626
Cumulative paid loss and settlement expenses, net of reinsurance	$ 8,271	8,270	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	14,144	14,081	14,076	13,858	13,696	12,960	13,169	13,559	12,584
Total IBNR plus expected development on reported claims	$ 11
Cumulative number of reported claims \| claim	1,145
Cumulative paid loss and settlement expenses, net of reinsurance	$ 13,974	13,741	13,565	12,980	12,181	10,423	7,634	4,156	$ 1,579
2014 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	24,721	24,737	24,781	24,698	24,601	23,139	22,330	22,250
Total IBNR plus expected development on reported claims	$ 98
Cumulative number of reported claims \| claim	1,953
Cumulative paid loss and settlement expenses, net of reinsurance	$ 24,204	24,175	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	$ 7,792	7,784	7,785	7,817	7,883	7,798	7,586	8,865
Cumulative number of reported claims \| claim	740
Cumulative paid loss and settlement expenses, net of reinsurance	$ 7,803	7,801	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	16,929	16,953	16,996	16,881	16,718	15,341	14,744	13,385
Total IBNR plus expected development on reported claims	$ 98
Cumulative number of reported claims \| claim	1,213
Cumulative paid loss and settlement expenses, net of reinsurance	$ 16,401	16,374	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	22,817	22,350	22,140	21,496	21,157	21,370	24,289
Total IBNR plus expected development on reported claims	$ 95
Cumulative number of reported claims \| claim	1,648
Cumulative paid loss and settlement expenses, net of reinsurance	$ 21,577	20,919	20,147	18,173	14,878	11,359	6,465
2015 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	7,635	7,636	7,654	7,634	7,717	7,494	7,693
Total IBNR plus expected development on reported claims	$ 10
Cumulative number of reported claims \| claim	554
Cumulative paid loss and settlement expenses, net of reinsurance	$ 7,645	7,657	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	15,182	14,714	14,486	13,862	13,440	13,876	16,596
Total IBNR plus expected development on reported claims	$ 85
Cumulative number of reported claims \| claim	1,094
Cumulative paid loss and settlement expenses, net of reinsurance	$ 13,932	13,262	12,487	10,528	7,404	4,319	$ 1,408
2016 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	26,740	25,951	25,236	24,612	22,824	25,618
Total IBNR plus expected development on reported claims	$ 137
Cumulative number of reported claims \| claim	1,617
Cumulative paid loss and settlement expenses, net of reinsurance	$ 25,114	22,643	20,561	16,425	13,112	7,654
2016 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	8,327	8,404	8,381	8,372	7,981	8,941
Total IBNR plus expected development on reported claims	$ 146
Cumulative number of reported claims \| claim	576
Cumulative paid loss and settlement expenses, net of reinsurance	$ 8,465	8,437	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	18,413	17,547	16,855	16,240	14,843	16,677
Total IBNR plus expected development on reported claims	$ (9)
Cumulative number of reported claims \| claim	1,041
Cumulative paid loss and settlement expenses, net of reinsurance	$ 16,649	14,206	12,205	8,189	5,488	$ 1,497
2017 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	30,689	29,802	29,583	29,371	29,801
Total IBNR plus expected development on reported claims	$ 582
Cumulative number of reported claims \| claim	1,754
Cumulative paid loss and settlement expenses, net of reinsurance	$ 28,134	25,473	22,363	18,901	11,578
2017 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	13,622	13,825	13,741	13,568	13,993
Total IBNR plus expected development on reported claims	$ 24
Cumulative number of reported claims \| claim	715
Cumulative paid loss and settlement expenses, net of reinsurance	$ 13,363	13,595	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	17,067	15,977	15,842	15,803	15,808
Total IBNR plus expected development on reported claims	$ 558
Cumulative number of reported claims \| claim	1,039
Cumulative paid loss and settlement expenses, net of reinsurance	$ 14,771	11,878	8,753	5,419	$ 1,523
2018 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	27,955	28,048	28,236	29,762
Total IBNR plus expected development on reported claims	$ 1,585
Cumulative number of reported claims \| claim	1,851
Cumulative paid loss and settlement expenses, net of reinsurance	$ 23,481	20,337	16,665	10,451
2018 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	11,030	10,966	11,114	11,454
Total IBNR plus expected development on reported claims	$ 32
Cumulative number of reported claims \| claim	725
Cumulative paid loss and settlement expenses, net of reinsurance	$ 11,062	11,025	11,009	8,487
2018 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	16,925	17,082	17,122	18,308
Total IBNR plus expected development on reported claims	$ 1,553
Cumulative number of reported claims \| claim	1,126
Cumulative paid loss and settlement expenses, net of reinsurance	$ 12,419	9,312	5,656	$ 1,964
2019 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	34,551	33,958	33,563
Total IBNR plus expected development on reported claims	$ 3,373
Cumulative number of reported claims \| claim	1,922
Cumulative paid loss and settlement expenses, net of reinsurance	$ 26,987	21,614	15,285
2019 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	14,976	14,758	13,933
Total IBNR plus expected development on reported claims	$ 81
Cumulative number of reported claims \| claim	833
Cumulative paid loss and settlement expenses, net of reinsurance	$ 14,855	14,161	11,621
2019 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	19,575	19,200	19,630
Total IBNR plus expected development on reported claims	$ 3,292
Cumulative number of reported claims \| claim	1,089
Cumulative paid loss and settlement expenses, net of reinsurance	$ 12,132	7,453	$ 3,664
2020 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	29,162	31,356
Total IBNR plus expected development on reported claims	$ 4,183
Cumulative number of reported claims \| claim	1,548
Cumulative paid loss and settlement expenses, net of reinsurance	$ 19,367	13,055
2020 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	15,056	13,997
Total IBNR plus expected development on reported claims	$ 258
Cumulative number of reported claims \| claim	933
Cumulative paid loss and settlement expenses, net of reinsurance	$ 14,485	10,620
2020 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	14,106	17,359
Total IBNR plus expected development on reported claims	$ 3,925
Cumulative number of reported claims \| claim	615
Cumulative paid loss and settlement expenses, net of reinsurance	$ 4,882	$ 2,435
2021 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	33,968
Total IBNR plus expected development on reported claims	$ 10,896
Cumulative number of reported claims \| claim	1,390
Cumulative paid loss and settlement expenses, net of reinsurance	$ 14,740
2021 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	12,968
Total IBNR plus expected development on reported claims	$ (9)
Cumulative number of reported claims \| claim	701
Cumulative paid loss and settlement expenses, net of reinsurance	$ 11,220
2021 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	21,000
Total IBNR plus expected development on reported claims	$ 10,905
Cumulative number of reported claims \| claim	689
Cumulative paid loss and settlement expenses, net of reinsurance	$ 3,520
Years 2012 Through 2021 [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	47,182
Years 2012 Through 2021 [Member] \| Property Line [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	2,497
Years 2012 Through 2021 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	44,685
Prior To 2012 [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	132
Prior To 2012 [Member] \| Property Line [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	(36)
Prior To 2012 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	$ 168

Unpaid Losses and Settlement _4

Unpaid Losses and Settlement Expenses (Reconciliation of Loss Development) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Net unpaid losses and settlement expense	$ 47,314,000
Reinsurance recoverable on losses and settlement expense	14,521,219	$ 13,019,865	$ 11,036,000
Total gross unpaid losses and LAE	61,834,809	$ 61,575,666	$ 56,838,000
Property Line [Member]
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Net unpaid losses and settlement expense	2,461,000
Reinsurance recoverable on losses and settlement expense	4,313,000
Workers Compensation and Liability Lines [Member]
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Net unpaid losses and settlement expense	44,853,000
Reinsurance recoverable on losses and settlement expense	$ 10,208,000

Unpaid Losses and Settlement _5

Unpaid Losses and Settlement Expenses (Summary of Annual Percentage Payout) (Details)	Dec. 31, 2021
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	36.60%
Year 2	21.80%
Year 3	13.90%
Year 4	12.00%
Year 5	6.50%
Year 6	3.90%
Year 7	2.10%
Year 8	1.50%
Year 9+	1.70%
Property Line [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	75.10%
Year 2	22.50%
Year 3	1.40%
Year 4	0.00%
Year 5	0.00%
Year 6	1.70%
Year 7	(0.40%)
Year 8	0.00%
Year 9+	(0.10%)
Workers Compensation and Liability Lines [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	12.00%
Year 2	20.60%
Year 3	23.10%
Year 4	19.90%
Year 5	10.80%
Year 6	5.40%
Year 7	3.40%
Year 8	2.20%
Year 9+	2.50%

Unpaid Losses and Settlement _6

Unpaid Losses and Settlement Expenses (Reconciliation of Unpaid Losses and Settlement Expenses) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unpaid losses and settlement expense - beginning of the period:
Gross	$ 61,575,666	$ 56,838,000
Less: Ceded	13,019,865	11,036,000
Net	47,314,000	48,556,000	$ 45,802,000
Increase in incurred losses and settlement expense:
Current year	33,968,000	31,356,000
Prior years	732,000	1,206,000
Total incurred	34,699,543	32,561,988
Deduct: Loss and settlement expense payments for claims incurred:
Current year	14,740,000	13,054,000
Prior years	21,203,000	16,754,000
Total paid	35,943,000	29,808,000
Net unpaid losses and settlement expense - end of the period	47,314,000	48,556,000
Plus: Reinsurance recoverable on unpaid losses	14,521,219	13,019,865
Gross unpaid losses and settlement expense - end of the period	61,834,809	61,575,666
Supplemental ceded unpaid losses and settlement expense at end of year disclosure:
Reinsurance Recoverables	$ 14,521,219	$ 13,019,865

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	12 Months Ended
Income Taxes (Narrative) (Details)	Dec. 31, 2021USD ($)item	Dec. 31, 2020
Income Taxes [Abstract]
Federal tax rate	21.00%	21.00%
Effective tax rate	16.40%	22.90%
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, 2021	Dec. 31, 2020
Deferred tax assets:
Tax discounting of claim reserves	$ 829,619	$ 834,092
Unearned premium reserve	1,503,989	1,236,617
Deferred compensation	237,599	152,646
Provision for uncollectible accounts	21,000	31,500
Other	101,166	(31,340)
Deferred tax assets before allowance	2,693,373	2,223,515
Less valuation allowance
Total deferred tax assets	2,693,373	2,223,515
Deferred tax liabilities:
Transition adjustment for loss reserve discounting	150,784	188,480
Net unrealized appreciation of securities	1,938,542	2,099,499
Deferred policy acquisition costs	1,373,157	1,140,220
Property and equipment	100,399	22,963
Other	85,353	3,624
Total deferred tax liabilities	3,648,235	3,454,786
Net deferred tax liability	$ (954,862)	$ (1,231,271)

Income Taxes (Schedule of Effec

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Abstract]
Provision for income taxes at the statutory federal tax rates	$ 1,041,155	$ 961,455
Increase (reduction) in taxes resulting from:
Paycheck Protection Program loan forgiveness		(344,673)
Dividends received deduction	(34,207)	(29,474)
Tax-exempt interest income	(58,153)	(61,956)
Proration of tax-exempt interest and dividends received deduction	22,359	22,199
Nondeductible expenses	48,155	41,418
Officer life insurance, net	188	5,784
Prior year true-ups and other	(204,395)	452,240
Total income tax expense	$ 815,102	$ 1,046,993

Employee Benefits (Details)

Employee Benefits (Details) - USD ($)	Mar. 24, 2017	Dec. 31, 2021	Dec. 31, 2020
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		$ 369,773	$ 283,222
Shares committed to be released		23,437	23,437
Contributions to ESOP		$ 293,862	$ 294,734
Shares committed		1,926	1,985
Fair value of unearned ESOP		$ 3,925,770	$ 3,686,702
Restricted Stock Units (RSUs)
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share compensation expense		186,897	171,755
Unrecognized compensation expense		$ 254,837	$ 269,359
Vesting period		3 years
Restricted Stock Units (RSUs) \| Price A [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares granted		11,700	11,700
Fair value of shares granted		$ 15.10	$ 15.10
Restricted Stock Units (RSUs) \| Price B [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares granted		13,071	13,071
Fair value of shares granted		$ 13.70	$ 13.70
Restricted Stock Units (RSUs) \| Price C [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares granted		18,040	18,040
Fair value of shares granted		$ 11.03	$ 11.03
Restricted Stock Units (RSUs) \| Price D [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares granted		15,000
Fair value of shares granted		$ 14.78
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		$ 272,527	$ 266,024
Deferred Compensation Agreement [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Discount rate		3.60%
Accrued liability		$ 529,117	470,446
Deferred compensation benefit (cost)		$ (58,671)	$ (122,459)
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 ($)	1 Months Ended		12 Months Ended
	Apr. 30, 2021	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Statutory Accounting Practices [Line Items]
Statutory capital and surplus			$ 62,511,840	$ 58,801,101
Dividend restrictions			6.3
Dividend payments	$ 800,000	$ 500,000
Dividends To Security Holders [Member]
Statutory Accounting Practices [Line Items]
Dividend payments			$ 0	0
Cash Dividends [Member]
Statutory Accounting Practices [Line Items]
Dividend payments			$ 5,563	$ 13,156

Statutory Information and Div_4

Statutory Information and Dividend Restrictions (Summary of Insurance Subsidiary) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statutory Information and Dividend Restrictions [Abstract]
Net income, statutory basis	$ 1,938,995	$ 2,255,503
Consolidated surplus, statutory basis	$ 62,511,840	$ 58,801,101

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingent Liabilities [Line Items]
2022	$ 45,000
2023	41,324
Other invested assets	3,086,568	$ 1,772,867
Private Investment Fund [Member]
Commitments and Contingent Liabilities [Line Items]
Other invested assets	$ 10,000,000

Subsequent Events (Details)

Subsequent Events (Details)	Dec. 31, 2021USD ($)
Loan With Commercial Bank [Member] \| Secured Debt [Member]
Subsequent Event [Line Items]
Face amount of debt instrument	$ 3,500,000

Schedule II - Condensed Finan_2

Schedule II - Condensed Financial Information of Registrant (Balance Sheet) (Details) - USD ($)		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Available for sale securities, at fair value
Fixed maturity securities		$ 105,841,543	$ 105,740,566
Other invested assets		3,086,568	1,772,867
Cash and cash equivalents		4,606,378	6,598,842
Accrued investment income		659,413	660,793
Income taxes - current		195,694	372,986
Other assets		1,343,504	1,307,794
Total assets		200,001,968	183,939,272
Liabilities:
Debt		18,455,342	13,465,574
Accrued expenses		5,441,611	3,472,511
Income taxes - deferred		954,862	1,231,271
Other liabilities		1,030,870	1,290,532
Total liabilities		125,298,054	111,195,583
Equity:
Common stock	[1]	35,000	35,000
Treasury stock, at cost	[2]	(3,155,399)	(3,153,838)
Additional paid-in capital		32,965,136	32,780,436
Accumulated other comprehensive earnings, net of tax		2,920,027	5,520,091
Retained earnings		44,282,895	40,140,115
Less: Unearned Employee Stock Ownership Plan shares at cost	[3]	(2,343,745)	(2,578,115)
Total equity		74,703,914	72,743,689	$ 66,341,834
Total liabilities and equity		200,001,968	183,939,272
Parent Company [Member]
Assets
Investment in subsidiaries		74,209,041	76,680,023
Available for sale securities, at fair value
Fixed maturity securities		3,223,307	3,238,560
Common Stocks		1,410,345	1,115,545
Other invested assets		218,403	201,900
Cash and cash equivalents		573,715	462,185	$ 791,266
Due from subsidiaries		64,846	81,166
Accrued investment income		13,746	14,002
Income taxes - current		454,538	387,407
Other assets		359,575	264,622
Total assets		80,527,515	82,445,410
Liabilities:
Debt		5,515,098	9,059,767
Accrued expenses		116,894	44,176
Income taxes - deferred		56,016	73,663
Other liabilities		135,592	524,115
Total liabilities		5,823,601	9,701,721
Equity:
Common stock		35,000	35,000
Treasury stock, at cost		(3,155,399)	(3,153,838)
Additional paid-in capital		32,965,136	32,780,436
Accumulated other comprehensive earnings, net of tax		2,920,027	5,520,091
Retained earnings		44,282,895	40,140,115
Less: Unearned Employee Stock Ownership Plan shares at cost		(2,343,745)	(2,578,115)
Total equity		74,703,914	72,743,689
Total liabilities and equity		$ 80,527,514	$ 82,445,410

[1]	Par value $ 0.01 ; authorized: 2021 – 10,000,000 shares and 2020 – 10,000,000 shares; issued: 2021 – 3,500,000 and 2020 – 3,500,000 shares; outstanding: 2021 – 3,291,852 and 2020 – 3,291,125 shares.
[2]	2021 – 208,875 shares and 2020 – 203,811 shares
[3]	2021 – 234,374 shares and 2020 – 257,811 shares

Schedule II - Condensed Finan_3

Schedule II - Condensed Financial Information of Registrant (Balance Sheet II) (Details) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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)	3,291,852	3,291,125
Treasury stock (in shares)	208,875	203,811
Unearned Employee Stock Ownership Plan	234,374	257,811
Parent Company [Member]
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)	3,291,852	3,291,125
Treasury stock (in shares)	208,148	208,875
Unearned Employee Stock Ownership Plan	234,374	257,811

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, 2021	Dec. 31, 2020
Net investment income	$ 3,414,408	$ 3,497,702
Net realized investment gains (losses)	982,547	(245,323)
Net unrealized gains on equity securities	2,801,991	2,167,417
Other income (loss)	348,709	(231,024)
Consolidated revenues	61,440,675	56,519,273
Policy acquisition costs and other operating expenses	20,824,900	18,529,446
Interest expense on debt	235,001	207,719
General corporate expenses	723,350	641,763
Total expenses	56,482,794	51,940,916
Earnings before income taxes	4,957,881	4,578,357
Total income tax expense (benefit)	815,102	1,046,993
Net loss before equity earnings of subsidiaries	4,142,780	3,531,365
Net earnings	4,142,779	3,531,364
Other comprehensive earnings, net of tax	(2,600,064)	2,566,155
Comprehensive earnings	1,542,715	6,097,519
Parent Company [Member]
Net investment income	139,907	67,727
Net realized investment gains (losses)	39,629	(79,924)
Net unrealized gains on equity securities	234,537	85,397
Other income (loss)	6,717	(99,008)
Consolidated revenues	420,790	(25,808)
Policy acquisition costs and other operating expenses	1,676,944	1,439,908
Interest expense on debt	129,854	128,786
General corporate expenses	7,767	875
Total expenses	1,814,566	1,569,570
Earnings before income taxes	(1,393,776)	(1,595,378)
Total income tax expense (benefit)	(54,646)	(387,336)
Net loss before equity earnings of subsidiaries	(1,339,130)	(1,208,042)
Equity earnings in subsidiaries	5,481,909	4,739,406
Net earnings	4,142,779	3,531,364
Other comprehensive earnings, net of tax	(78,861)	111,334
Equity in other comprehensive income of subsidiaries	(2,521,202)	2,454,821
Comprehensive earnings	$ 1,542,715	$ 6,097,519

Schedule II - Condensed Finan_5

Schedule II - Condensed Financial Information of Registrant (Statement of Cash Flows) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net (loss) earnings	$ 4,142,779	$ 3,531,364
Adjustments to reconcile net earnings to net cash provided by operating activities
Net realized and unrealized gains on equity securities	(982,547)	245,323
Depreciation	708,378	684,744
Deferred income tax	414,747	509,915
Amortization of bond premium and discount	281,679	292,502
Stock-based compensation expense	556,670	454,977
Change in:
Accrued investment income	1,380	(14,289)
Accrued expenses	1,969,100	(744,477)
Current federal income tax	177,292	(180,427)
Other	(424,907)	(167,351)
Net cash provided by operating activities	5,311,926	1,613,347
Purchases of:
Fixed maturity securities, available-for-sale	(21,860,180)	(27,284,955)
Other invested assets	(1,599,999)	(995,567)
Property and equipment	(992,314)	(385,966)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	18,590,418	17,174,787
Other invested assets	315,077	100,000
Property and equipment	145,287	18,783
Net cash used in investing activities	(12,154,999)	(13,110,734)
Cash flows from financing activities:
Proceeds from loans	9,000,000	11,629,800
Repayments of borrowed funds	(4,010,231)	(9,514)
Purchase of treasury stock	(139,160)	(150,642)
Net cash provided by financing activities	4,850,609	11,469,644
Net decrease in cash and cash equivalents	(1,992,464)	(27,743)
Cash and cash equivalents at beginning of year	6,598,842
Cash and cash equivalents at end of period	4,606,378	6,598,842
Supplemental information:
Federal income tax paid	145,000	718,000
Interest paid	230,700	200,500
Parent Company [Member]
Cash flows from operating activities:
Net (loss) earnings	4,142,779	3,531,364
Adjustments to reconcile net earnings to net cash provided by operating activities
Net realized and unrealized gains on equity securities	(274,166)	(5,473)
Depreciation	51,235	98,211
Deferred income tax	3,316	11,539
Equity in undistributed (income) of subsidiaries	(5,481,909)	(4,739,406)
Amortization of bond premium and discount		11,950
Stock-based compensation expense	419,070	311,598
Change in:
Intercompany notes receivable	(1,380,000)	(650,000)
Due from subsidiaries	16,321	304,527
Accrued investment income	255	4,122
Accrued expenses	72,719	(60,443)
Current federal income tax	(67,131)	(349,910)
Other	(476,240)	20,771
Net cash provided by operating activities	(2,973,750)	(1,511,150)
Cash flows from investing activities:
Contributions to subsidiaries	6,605,654	1,220,000
Purchases of:
Fixed maturity securities, available-for-sale	(312,114)
Stocks	(216,473)	(284,298)
Other invested assets		(100,000)
Property and equipment		(52,641)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	220,950	250,874
Stocks	195,840	261,880
Other invested assets	16,403	100,000
Property and equipment	121,249	18,389
Net cash used in investing activities	6,631,510	1,414,204
Cash flows from financing activities:
Repayments of borrowed funds	(3,544,668)	(224,874)
Purchase of treasury stock	(1,561)	(7,262)
Net cash provided by financing activities	(3,546,230)	(232,135)
Net decrease in cash and cash equivalents	111,530	(329,081)
Cash and cash equivalents at beginning of year	462,185	791,266
Cash and cash equivalents at end of period	573,715	462,185
Supplemental information:
Interest paid	128,104	128,823
Common Stocks [Member]
Purchases of:
Stocks	(8,399,079)	(4,300,890)
Proceeds from sales, maturities and calls of:
Stocks	$ 3,023,990	$ 5,224,984

Schedule III - Supplemental I_2

Schedule III - Supplemental Insurance Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	$ 6,539	$ 5,430
Future policy benefits, losses, claims and loss expenses	61,835	61,576
Unearned premiums	36,212	29,789
Other policy and benefits payable	1,368	371
Net premiums earned	53,893	49,689
Net investment income	3,414	3,498
Benefits, claims, losses and settlement expenses	34,700	32,562
Amortization of DAC	11,054	10,034
Other operating expenses	10,729	9,344
Net premiums written	60,210	49,047
Commercial Business [Member]
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	6,539	5,430
Future policy benefits, losses, claims and loss expenses	61,835	61,576
Unearned premiums	36,212	29,789
Other policy and benefits payable	1,368	371
Net premiums earned	53,893	49,689
Net investment income	3,414	3,498
Benefits, claims, losses and settlement expenses	34,700	32,562
Amortization of DAC	11,054	10,034
Other operating expenses	10,729	9,344
Net premiums written	$ 60,210	$ 49,047

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($)	12 Months Ended
Schedule IV - Reinsurance (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Schedule IV - Reinsurance [Abstract]
Gross amount	$ 64,652,638	$ 59,587,071
Ceded to other companies	10,854,208	10,080,285
Assumed from other companies	94,590	182,416
Net	$ 53,893,020	$ 49,689,202
Percentage of amount assumed to net	0.20%	0.40%

Schedule V - Allowance for Un_2

Schedule V - Allowance for Uncollectible Premiums and Other Receivables (Details) - Allowance for Uncollectible Premiums and Other Receivables [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ 150	$ 100
Write-offs, net of (recoveries)	68	546
Change in valuation allowance	(118)	(496)
Ending balance	$ 100	$ 150

Schedule VI - Supplemental In_2

Schedule VI - Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule VI - Supplemental Information [Abstract]
Deferred policy acquisition costs	$ 6,539	$ 5,430
Reserve for Losses and settlement expenses	61,835	61,576
Discount if any deducted from reserves
Unearned premium	36,212	29,789
Net earned premiums	53,893	49,689
Net investment income	3,414	3,498
Losses and settlement expenses incurred related to Current year	33,968	31,356
Losses and settlement expenses incurred related to Prior year	732	1,206
Amortization of DAC	11,054	10,034
Paid losses and settlement expenses	(35,943)	(29,808)
Net written premiums	$ 60,210	$ 49,047