ICC (ICCH) 10-Q 12 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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 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
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		3,296,896
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)		Mar. 31, 2022	Dec. 31, 2021
Investments and cash:
Fixed maturity securities (amortized cost of $104,466,061 at 3/31/2022 and $102,145,223 at 12/31/2021)		$ 101,872,420	$ 105,841,543
Other invested assets		3,175,674	3,086,568
Property held for investment, at cost, net of accumulated depreciation of $504,718 at 3/31/2022 and $464,713 at 12/31/2021		5,871,484	5,509,114
Cash and cash equivalents		4,580,287	4,606,378
Total investments and cash		141,153,016	145,432,250
Accrued investment income		726,561	659,413
Property held for investment, at cost, net of accumulated depreciation of $504,718 at 3/31/2022 and $464,713 at 12/31/2021		27,410,129	27,199,804
Ceded unearned premiums		948,000	967,022
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 3/31/2022 and 12/31/2021		16,088,694	14,521,219
Federal income taxes		631,825	195,694
Deferred policy acquisition costs, net		7,156,770	6,538,844
Property and equipment, at cost, net of accumulated depreciation of $6,302,395 at 3/31/2022 and $6,243,055 at 12/31/2021		3,189,728	3,144,218
Other assets		1,305,288	1,343,504
Total assets		198,610,011	200,001,968
Liabilities:
Unpaid losses and settlement expenses		67,407,376	61,834,809
Unearned premiums		37,509,068	36,212,266
Reinsurance balances payable		503,656	1,368,294
Corporate debt		18,452,288	18,455,342
Accrued expenses		4,174,785	5,441,611
Income taxes - deferred			954,862
Other liabilities		872,609	1,030,870
Total liabilities		128,919,782	125,298,054
Equity:
Common stock	[1]	35,000	35,000
Treasury stock, at cost	[2]	(3,122,492)	(3,155,399)
Additional paid-in capital		32,989,963	32,965,136
Accumulated other comprehensive earnings, net of tax		(2,049,042)	2,920,027
Retained earnings		44,122,755	44,282,895
Less: Unearned Employee Stock Ownership Plan shares at cost	[3]	(2,285,955)	(2,343,745)
Total equity		69,690,229	74,703,914
Total liabilities and equity		198,610,011	200,001,968
Common Stocks [Member]
Investments and cash:
Stocks at fair value		22,795,115	23,608,197
Preferred Stock [Member]
Investments and cash:
Stocks at fair value		$ 2,858,036	$ 2,780,450
[1]	Par value $ 0.01 ; authorized: 2022 - 10,000,000 shares and 2021 – 10,000,000 shares; issued: 2022 – 3,500,000 shares and 2021 – 3,500,000 shares; outstanding: 2022 – 3,293,811 and 2021 - 3,291,852 shares
[2]	2022 – 206,189 shares and 2021 – 208,148 shares
[3]	2022 – 228,595 shares and 2021 – 234,374 shares

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets [Abstract]
Fixed maturity securities, amortized cost	$ 104,466,061	$ 102,145,223
Property held for investment, accumulated depreciation	504,718	464,713
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	100,000	100,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	0	0
Property and equipment, at cost, accumulated depreciation	$ 6,302,395	$ 6,243,055
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)	3,293,811	3,291,852
Treasury stock (in shares)	206,189	208,148
Unearned Employee Stock Ownership Plan	228,595	234,374

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Earnings - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Statements of Earnings and Comprehensive Earnings [Abstract]
Net premiums earned	$ 16,016,677	$ 12,048,713
Net investment income	917,081	801,406
Net realized investment gains	207,585	186,709
Net unrealized (losses) gains on equity securities	(1,292,692)	876,316
Other income	159,431	46,716
Consolidated revenues	16,008,082	13,959,860
Losses and settlement expenses	10,195,201	7,802,706
Policy acquisition costs and other operating expenses	5,772,400	4,467,578
Interest expense on debt	61,011	53,702
General corporate expenses	189,415	163,982
Total expenses	16,218,027	12,487,968
(Loss) earnings before income taxes	(209,945)	1,471,892
Total income tax (benefit) expense	(49,805)	309,951
Net (loss) earnings	(160,140)	1,161,941
Unrealized gains and losses on fixed maturity securities:
Other comprehensive loss, net of tax	(4,969,069)	(2,226,522)
Comprehensive loss	$ (5,129,209)	$ (1,064,581)
Basic:
Basic net (loss) earnings per share	$ (0.05)	$ 0.38
Diluted:
Diluted net (loss) earnings per share	$ (0.05)	$ 0.38
Weighted average number of common shares outstanding:
Basic	3,060,208	3,034,233
Diluted	3,072,176	3,044,479

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($)	Common Stock [Member]	Treasury Stock [Member]		Unearned ESOP [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Earnings (Loss) [Member]	Total
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		(19,174)						(19,174)
Net earnings (loss)						1,161,941		1,161,941
Other comprehensive loss, net of tax							(2,226,522)	(2,226,522)
Restricted stock unit expense		77,947	[1]		(39,831)			38,116
ESOP compensation expense				57,790	24,960			82,750
Balance at Mar. 31, 2021	35,000	(3,095,065)		(2,520,325)	32,765,565	41,302,055	3,293,569	71,780,799
Balance at Dec. 31, 2021	35,000	(3,155,399)		(2,343,745)	32,965,136	44,282,895	2,920,027	74,703,914
Purchase of treasury stock		(25,574)						(25,574)
Net earnings (loss)						(160,140)		(160,140)
Other comprehensive loss, net of tax							(4,969,069)	(4,969,069)
Restricted stock unit expense		58,481	[1]		(13,977)			44,504
ESOP compensation expense				57,790	38,804			96,594
Balance at Mar. 31, 2022	$ 35,000	$ (3,122,492)		$ (2,285,955)	$ 32,989,963	$ 44,122,755	$ (2,049,042)	$ 69,690,229
[1]	Amount represents restricted stock units that have fully vested in the period.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net (loss) earnings	$ (160,140)	$ 1,161,941
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities
Net realized investment gains	(207,585)	(186,709)
Net unrealized losses (gains) on equity securities	1,292,692	(876,316)
Depreciation	159,695	159,680
Deferred income tax	(234,026)	271,546
Amortization of bond premium and discount	62,566	67,997
Stock-based compensation expense	141,098	120,866
Change in:
Accrued investment income	(67,148)	(39,360)
Premiums and reinsurance balances receivable	(210,325)	908,120
Ceded unearned premiums	19,022	(1,009)
Reinsurance balances payable	(864,638)	(23,689)
Reinsurance balances recoverable	(1,567,475)	(991,294)
Deferred policy acquisition costs	(617,926)	(291,657)
Unpaid losses and settlement expenses	5,572,567	232,302
Unearned premiums	1,296,802	679,060
Accrued expenses	(1,266,826)	(450,758)
Current federal income tax	163,924	34,078
Other	(118,260)	(292,181)
Net cash provided by operating activities	3,394,017	482,617
Purchases of:
Fixed maturity securities, available-for-sale	(4,818,111)	(2,494,500)
Other invested assets	(100,000)
Property held for investment	(402,375)	(30,018)
Property and equipment	(170,989)	(80,497)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	2,445,125	3,484,432
Other invested assets	9,209
Property held for investment		243,588
Property and equipment	5,789	1,007
Net cash used in investing activities	(3,391,480)	(1,502,846)
Cash flows from financing activities:
Repayments of borrowed funds	(3,054)	(2,960)
Purchase of treasury stock	(25,574)	(19,174)
Net cash used in financing activities	(28,628)	(22,134)
Net decrease in cash and cash equivalents	(26,091)	(1,042,363)
Cash and cash equivalents at beginning of year	4,606,378	6,598,842
Cash and cash equivalents at end of period	4,580,287	5,556,479
Supplemental information:
Interest paid	59,900	52,600
Common Stocks [Member]
Purchases of:
Equity securities	(709,822)	(3,310,389)
Proceeds from sales, maturities and calls of:
Equity securities	636,104	687,015
Preferred Stock [Member]
Purchases of:
Equity securities	(651,918)	(81,953)
Proceeds from sales, maturities and calls of:
Equity securities	$ 365,508	$ 78,469

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. DESCRIPTION OF BUSINESS ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. As used in this Form 10-Q, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., a non-insurance subsidiary; Estrella Innovative Solutions, Inc., an outsourcing company; Southern Hospitality Education, LLC, dba Katkin, a full-service food safety and education company; and Illinois Casualty Company (ICC), an operating insurance company that is the parent company of ICC Properties, LLC, a real estate series limited liability company. Both ICC and ICC Properties, LLC are Illinois domiciled companies. 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 23.3 % and 24.8 % of the premium is written in Illinois for the three months ended March 31, 2022 and 2021, respectively. The Company operates as one segment. B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, for the year ended December 31, 2021 (the “2021 10-K”). Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at March 31, 2022, and the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year. The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates. C. SIGNIFICANT ACCOUNTING POLICIES The Company reported its significant accounting policies in the 2021 10-K. D. PROSPECTIVE ACCOUNTING STANDARDS For information regarding accounting standards that the Company has not yet adopted, see the “Prospective Accounting Standards” in Note 1 – Summary of Significant Accounting Policies in the 2021 10-K. The Company maintains its status as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We have taken advantage of the extended transition period provided by Section 107 of the JOBS Act. We decided to comply with the effective dates for financial accounting standards applicable to emerging growth companies later in compliance with the requirements in Sections 107(b)(2) and (3) of the JOBS Act. Such decision is irrevocable. E. PROPERTY AND EQUIPMENT Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended March 31, 2022 and 2021, the Company recognized no impairments. Property and equipment are summarized as follows: As of March 31, December 31, 2022 2021 Automobiles $ 495,182 $ 507,889 Furniture and fixtures 504,177 512,268 Computer equipment and software 4,475,766 4,350,118 Home office 4,016,998 4,016,998 Total cost 9,492,123 9,387,273 Accumulated depreciation ( 6,302,395 ) ( 6,243,055 ) Net property and equipment $ 3,189,728 $ 3,144,218 F. COMPREHENSIVE EARNINGS Comprehensive earnings (loss) include net earnings (loss) plus unrealized gains (losses) on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21 % tax rate . Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) of $( 1,320,893 ) and $( 591,860 ) for the three months ended March 31, 2022 and 2021, respectively. The following table presents changes in accumulated other comprehensive earnings for unrealized gains and losses on available-for-sale securities: Three-Months Ended March 31, 2022 2021 Beginning balance $ 2,920,027 $ 5,520,091 Other comprehensive loss before reclassification ( 4,961,385 ) ( 2,225,503 ) Amount reclassified from accumulated other comprehensive loss ( 7,684 ) ( 1,019 ) Net current period other comprehensive loss ( 4,969,069 ) ( 2,226,522 ) Ending balance $ ( 2,049,042 ) $ 3,293,569 The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements. Three-Month Periods Ended March 31, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive loss, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ ( 6,280,235 ) $ 1,318,850 $ ( 4,961,385 ) $ ( 2,817,092 ) $ 591,589 $ ( 2,225,503 ) Reclassification adjustment for gains included in net earnings ( 9,727 ) 2,043 ( 7,684 ) ( 1,290 ) 271 ( 1,019 ) Total other comprehensive loss $ ( 6,289,962 ) $ 1,320,893 $ ( 4,969,069 ) $ ( 2,818,382 ) $ 591,860 $ ( 2,226,522 ) The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented: Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Details about Accumulated Other March 31, Affected Line Item in the Statement Comprehensive Earnings Component 2022 2021 where Net Earnings is Presented Unrealized (gains) on AFS investments: $ ( 9,727 ) $ ( 1,290 ) Net realized investment (gains) 2,043 271 Income tax expense Total reclassification adjustment, net of tax $ ( 7,684 ) $ ( 1,019 ) G. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. The ongoing COVID-19 pandemic has resulted in, and could continue to result in, significant disruptions in economic activity and financial markets. The cumulative effects of COVID-19 on the Company, and the effect of any other public health outbreak, cannot be predicted, but could reduce demand for our insurance policies, result in increased level of losses, settlement expenses or other operating costs, or reduce the market value of invested assets held by the Company.

Investments

Investments	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Investments	2. INVESTMENTS The Company’s investments are primarily composed of fixed income debt securities and common and preferred stock equity securities. We carry our equity securities at fair value and categorize all our fixed maturity debt securities as available-for-sale (AFS), which are carried at fair value. When available, quoted market prices are obtained to determine fair value for the Company’s investments. If a quoted market price is not available, fair value is estimated using a secondary pricing source or using quoted market prices of similar securities. The Company has no investment securities for which fair value is determined using Level 3 inputs as defined in Note 3 – Fair Value Disclosures . Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date, which does not differ significantly from trade date accounting. Available-for-Sale Fixed Maturity and Equity Securities The following tables are a summary of the proceeds from sales, maturities, and calls of AFS fixed maturity and equity securities and the related gross realized gains and losses. For the Three-Months Ended March 31, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 2,445,125 $ 9,727 $ — $ 9,727 Common stocks 636,104 204,190 ( 8,070 ) 196,120 Preferred stocks 365,508 7,745 ( 6,007 ) 1,738 2021 Fixed maturity securities $ 3,484,432 $ 1,319 $ ( 29 ) $ 1,290 Common stocks 687,015 212,361 ( 32,397 ) 179,964 Preferred stocks 78,469 5,455 — 5,455 The amortized cost and estimated fair value of fixed income securities at March 31, 2022, by contractual maturity, are shown as follows: Amortized Cost Fair Value Due in one year or less $ 2,096,646 $ 2,126,660 Due after one year through five years 15,916,814 15,824,375 Due after five years through 10 years 17,443,937 16,883,168 Due after 10 years 28,207,144 27,379,734 Asset and mortgage backed securities without a specific due date 40,585,715 39,433,239 Redeemable preferred stocks 215,805 225,244 Total fixed maturity securities $ 104,466,061 $ 101,872,420 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 March 31, 2022 and December 31, 2021: Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,353,485 $ 1,293,070 $ — $ ( 60,415 ) MBS/ABS/CMBS 40,585,715 39,433,239 69,792 ( 1,222,268 ) Corporate 39,892,850 39,267,144 652,554 ( 1,278,260 ) Municipal 22,418,206 21,653,723 321,137 ( 1,085,621 ) Redeemable preferred stock 215,805 225,244 9,439 — Total fixed maturity securities $ 104,466,061 $ 101,872,420 $ 1,052,922 $ ( 3,646,564 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2021 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 ) All the Company’s collateralized securities carry an average credit rating of AA+ by one or more major rating agencies and continue to pay according to contractual terms. Included within MBS/ABS/CMBS, as defined in Note 3 – Fair Value Disclosures, are asset backed securities with fair values of $ 13,743,581 and $ 14,351,099 , residential mortgage backed securities of $ 14,488,268 and $ 14,975,101 , and commercial mortgage backed securities of $ 11,201,390 and $ 11,697,671 at March 31, 2022 and December 31, 2021, respectively. ANALYSIS The following tables are also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of March 31, 2022 and December 31, 2021. The tables segregate 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. March 31, 2022 December 31, 2021 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ 638,508 $ 654,563 $ 1,293,071 $ 391,250 $ 291,891 $ 683,141 Amortized cost 653,051 700,435 1,353,486 400,408 300,061 700,469 Unrealized loss ( 14,543 ) ( 45,872 ) ( 60,415 ) ( 9,158 ) ( 8,170 ) ( 17,328 ) MBS/ABS/CMBS Fair value 27,475,180 6,371,179 33,846,359 20,403,757 1,124,095 21,527,852 Amortized cost 28,108,983 6,959,644 35,068,627 20,647,568 1,176,171 21,823,739 Unrealized loss ( 633,803 ) ( 588,465 ) ( 1,222,268 ) ( 243,811 ) ( 52,076 ) ( 295,887 ) Corporate Fair value 17,256,927 2,067,868 19,324,795 6,428,166 995,235 7,423,401 Amortized cost 18,335,521 2,267,534 20,603,055 6,590,227 1,020,853 7,611,080 Unrealized loss ( 1,078,594 ) ( 199,666 ) ( 1,278,260 ) ( 162,061 ) ( 25,618 ) ( 187,679 ) Municipal Fair value 12,131,067 231,406 12,362,473 2,676,052 269,247 2,945,299 Amortized cost 13,174,815 273,279 13,448,094 2,695,269 273,391 2,968,660 Unrealized loss ( 1,043,748 ) ( 41,873 ) ( 1,085,621 ) ( 19,217 ) ( 4,144 ) ( 23,361 ) Total Fair value 57,501,682 9,325,016 66,826,698 29,899,225 2,680,468 32,579,693 Amortized cost 60,272,370 10,200,892 70,473,262 30,333,472 2,770,476 33,103,948 Unrealized loss $ ( 2,770,688 ) $ ( 875,876 ) $ ( 3,646,564 ) $ ( 434,247 ) $ ( 90,008 ) $ ( 524,255 ) The fixed income portfolio contained 146 securities in an unrealized loss position as of March 31, 2022. Of these 146 securities, 18 have been in an unrealized loss position for 12 consecutive months or longer and represent $ 875,876 in unrealized losses. All fixed income securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. Credit-related impairments on fixed income securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net earnings. Any non-credit related impairment is recognized in comprehensive earnings. Based on management’s analysis, the fixed income portfolio is of a high credit quality and it is believed it will recover the amortized cost basis of the fixed income securities. Management monitors the credit quality of the fixed income investments to assess if it is probable that the Company will receive its contractual or estimated cash flows in the form of principal and interest. There were no other-than-temporary impairment losses recognized in net earnings during the first three months ended March 31, 2022. For all fixed income securities at a loss at March 31, 2022, 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 at maturity. The fixed income securities in an unrealized loss position were not other-than-temporarily impaired at March 31, 2022 and December 31, 2021. UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES Net unrealized (losses) for the three months ended March 31, 2022 for equity securities held as of March 31, 2022 were $( 1,292,692 ). Net unrealized gains for the three months ended March 31, 2021 for equity securities held as of March 31, 2021 were $ 876,316 . Other Invested Assets Other invested assets as of March 31, 2022 and December 31, 2021 were $ 3,175,674 and $ 3,086,568 , respectively. Other invested assets include membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018. As of March 31, 2022 and December 31, 2021, our investment in FHLBC stock was carried at cost of $ 300,000 and $ 300,000 , respectively. Due to the nature of our membership in the FHLBC, the carrying amount approximates fair value. In addition, other invested assets as of March 31, 2022 include privately held investments of $ 1,816,228 and notes receivable of $ 1,059,446 , compared to $ 1,720,502 and $ 1,066,066 , respectively, at December 31, 2021. The notes bear interest between 3.9 % and 6.5 %. As of March 31, 2022, $ 9,209 in note payments were received and $ 2,588 in accrued escrow and interest receivable was recorded. Comparatively, as of March 31, 2021, no note payments were received and $ 4,325 in accrued escrow and interest receivable was recorded. The Company had no allowance recorded related to uncollectible note receivables at March 31, 2022 and December 31, 2021. In November 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 March 31, 2022 and December 31, 2021, no calls were received.

Fair Value Disclosures

Fair Value Disclosures	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Disclosures	3. FAIR VALUE DISCLOSURES Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. The fair value of certain financial instruments is determined based on their underlying characteristics and relevant transactions in the marketplace. GAAP guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance also describes three levels of inputs that may be used to measure fair value. The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level:  Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets.  Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data.  Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value. As a part of the process to determine fair value, management utilizes widely recognized, third-party pricing sources to determine fair values. Management has obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy. Corporate, Agencies, and Municipal Bonds— The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All Corporate, Agencies, and Municipal securities are deemed Level 2. Mortgage-backed Securities (MBS), Collateralized Mortgage Obligations (CMO), Commercial Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS)— The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (non-volatile, volatile, or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate CMO volatility, an option adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates, and recent trade activity. MBS, CMBS, CMO and ABS with corroborated and observable inputs are classified as Level 2. All MBS, CMBS, CMO and ABS holdings are deemed Level 2. U.S. Treasury Bonds, Common Stocks and Exchange Traded Funds— U.S. treasury bonds and exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). All common stock holdings are deemed Level 1. Preferred Stock— Preferred stocks do not have readily observable prices, but do have quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices and are classified as Level 2. All preferred stock holdings are deemed Level 2. Due to the relatively short-term nature of cash and cash equivalents, their carrying amounts are reasonable estimates of fair value. Other invested assets as well as debt obligations are carried at face value and given that there is no readily available market for these to trade in, management believes that face value accurately reflects fair value. Assets measured at fair value on a recurring basis as of March 31, 2022, are summarized below: Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,293,070 $ — $ — $ 1,293,070 MBS/ABS/CMBS — 39,433,239 — 39,433,239 Corporate — 39,267,144 — 39,267,144 Municipal — 21,653,723 — 21,653,723 Redeemable preferred stocks — 225,244 — 225,244 Total fixed maturity securities 1,293,070 100,579,350 — 101,872,420 Equity securities Common stocks 22,795,115 — — 22,795,115 Perpetual preferred stocks — 2,858,036 — 2,858,036 Total equity securities 22,795,115 2,858,036 — 25,653,151 Total marketable investments measured at fair value $ 24,088,185 $ 103,437,386 $ — $ 127,525,571 Assets measured at fair value on a recurring basis as of December 31, 2021, are summarized below: Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,345,992 $ — $ — $ 1,345,992 MBS/ABS/CMBS — 41,023,871 — 41,023,871 Corporate — 41,206,964 — 41,206,964 Municipal — 22,031,831 — 22,031,831 Redeemable preferred stocks — 232,885 — 232,885 Total fixed maturity securities 1,345,992 104,495,551 — 105,841,543 Equity securities Common stocks 23,608,197 — — 23,608,197 Perpetual preferred stocks — 2,780,450 — 2,780,450 Total equity securities 23,608,197 2,780,450 — 26,388,647 Total marketable investments measured at fair value $ 24,954,189 $ 107,276,001 $ — $ 132,230,190 As noted in the previous tables, the Company did no t have any assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2022 and December 31, 2021. Additionally, there were no securities transferred in or out of Levels 1 or 2 during the three month periods ended March 31, 2022 and 2021.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt [Abstract]
Debt	4. 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 paid off this loan in April 2022. 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. In May 2021, the Company entered into a $ 4.0 million, 0.74 % fixed interest, one year FHLBC loan. 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 in May 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 March 31, 2022 and December 31, 2021 was $ 18,452,288 and $ 18,455,342 , respectively. The average interest rate on remaining debt was 1.3 % as of March 31, 2022 and 1.3 % as of December 31, 2021. Revolving Line of Credit We maintain a revolving line of credit with a commercial bank which permits borrowing up to an aggregate principal amount of $ 2.0 million. This line of credit is priced at Prime plus 0.5 % and renews annually with a current expiration date of July 2022. The Company pledged $ 2.0 million of business assets in the event the Company draws down on the line of credit. This agreement includes an annually calculated 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 the line of credit during the three months ended March 31, 2022 and 2021.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2022
Reinsurance [Abstract]
Reinsurance	5. REINSURANCE In the ordinary course of business, the Company assumes and cedes premiums and selected insured risks with other insurance companies, known as reinsurance. A large portion of the reinsurance is put into effect under contracts known as treaties and, in some instances, by negotiation on each individual risk (known as facultative reinsurance). In addition, there are several types of treaties including quota share, excess of loss and catastrophe reinsurance contracts that protect against losses over stipulated amounts arising from any one occurrence or event. The arrangements allow the Company to pursue greater diversification of business and serve to limit the maximum net loss to a single event, such as a catastrophe. Through the quantification of exposed policy limits in each region and the extensive use of computer-assisted modeling techniques, management monitors the concentration of risks exposed to catastrophic events. Through the purchase of reinsurance, the Company also generally limits its net loss on any individual risk to a maximum of $ 1,000,000 for casualty 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 periods presented is summarized as follows: Three-Month Periods Ended March 31, 2022 2021 WRITTEN Direct $ 19,566,183 $ 15,172,035 Reinsurance assumed 36,948 27,898 Reinsurance ceded ( 2,270,628 ) ( 2,473,168 ) Net $ 17,332,503 $ 12,726,765 EARNED Direct $ 18,264,700 $ 14,482,050 Reinsurance assumed 41,628 38,822 Reinsurance ceded ( 2,289,651 ) ( 2,472,159 ) Net $ 16,016,677 $ 12,048,713 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 12,613,142 $ 10,767,434 Reinsurance assumed 45,409 25,445 Reinsurance ceded ( 2,463,350 ) ( 2,990,173 ) Net $ 10,195,201 $ 7,802,706

Unpaid Losses and Settlement Ex

Unpaid Losses and Settlement Expenses	3 Months Ended
	Mar. 31, 2022
Unpaid Losses and Settlement Expenses [Abstract]
Unpaid Losses and Settlement Expenses	6. UNPAID LOSSES AND SETTLEMENT EXPENSES The following table is a reconciliation of the Company’s unpaid losses and settlement expenses: For the Three-Months Ended March 31, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 61,835 $ 61,576 Less: Ceded 14,521 13,020 Net 47,314 48,556 Increase in incurred losses and settlement expense: Current year 7,525 7,142 Prior years 2,670 661 Total incurred 10,195 7,803 Deduct: Loss and settlement expense payments for claims incurred: Current year 1,389 1,288 Prior years 4,802 7,274 Total paid 6,191 8,562 Net unpaid losses and settlement expense - end of the period 51,318 47,797 Plus: Reinsurance recoverable on unpaid losses 16,089 14,011 Gross unpaid losses and settlement expense - end of the period $ 67,407 $ 61,808 For the three months ended March 31, 2022 and 2021, we experienced unfavorable development of $ 2,670,000 and $ 661,000 , respectively. The unfavorable development for the three months ended March 31, 2022 was primarily driven by new claims and additional information received in the current quarter for a handful of prior year claims in the following lines of business and denoted accident years: Business Owners Liability (2020; one claim), Liquor Liability (2021; seven claims), and Business Owners Property (2021; five claims). The Workers’ Compensation line of business was the primary driver of adverse development for the three months ended March 31, 2021.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Taxes [Abstract]
Income Taxes	7. INCOME TAXES The Company’s effective tax rate for the three month periods ended March 31, 2022 was 23.7 % compared to 21.1 % for the same period in 2021. Effective rates are dependent upon components of pretax earnings and losses and the related tax effects. Income tax expense for the three month periods ended March 31, 2022 and 2021 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 Three-Months Ended March 31, 2022 2021 Provision for income taxes at the statutory federal tax rates $ ( 44,088 ) $ 309,097 Increase (reduction) in taxes resulting from: Dividends received deduction ( 11,281 ) ( 8,108 ) Tax-exempt interest income ( 13,351 ) ( 14,794 ) Proration of tax-exempt interest and dividends received deduction 5,970 5,564 Nondeductible expenses 17,292 18,026 Officer life insurance, net ( 4,347 ) 166 Total $ ( 49,805 ) $ 309,951 Management believes it is more likely than not that all deferred tax assets will be recovered as the result of future operations, which will generate sufficient taxable income to realize the deferred tax asset. As of March 31, 2022 and December 31, 2021, the Company does no t have any capital or operating loss carryforwards. Periods still subject to IRS audit include 2018 through current year. There are currently no open tax exams.

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2022
Employee Benefits [Abstract]
Employee Benefits	8. EMPLOYEE BENEFITS ESOP In connection with our conversion and public offering, we established an ESOP. The ESOP borrowed from the Company to purchase 350,000 shares in the offering. The issuance of the shares to the ESOP resulted in a contra account established in the equity section of the balance sheet for the unallocated shares at an amount equal to their $ 10.00 per share purchase price. The Company may make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP. ICC makes annual contributions to the ESOP sufficient to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. No contributions to the ESOP were made during the three months ended March 31, 2022 and 2021, respectively. A compensation expense charge is booked monthly during each year for the shares committed to be allocated to participants that year, determined with reference to the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For the three months ended March 31, 2022, we recognized compensation expense of $ 96,594 related to 5,779 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2022. Of the 5,779 shares committed to be released, 1,926 shares were committed on March 31, 2022 and had no impact on the weighted average common shares outstanding for the three months ended March 31, 2022. For the three months ended March 31, 2021, we recognized compensation expense of $ 82,750 related to 5,779 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2021. Of the 5,779 shares committed to be released at December 31, 2021, 1,991 shares were committed on March 31, 2021 and had no impact on the weighted average common shares outstanding for the three months ended March 31, 2021. RESTRICTED STOCK UNITS Restricted stock units (RSUs) were granted for the first time in February 2018 with additional RSUs 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 one third over three years beginning the first anniversary of the date of grant. As of March 31, 2022, 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 March 31, 2021, 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 $ 44,504 and $ 38,116 of expense on these units in the three months ended March 31, 2022 and 2021, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $ 214,555 as of March 31, 2022, which will be recognized over the remainder of their respective three years of vesting.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	9. SUBSEQUENT EVENTS Subsequent events have been evaluated through the date the financial statements were issued. On April 1, 2022, the Company granted 12,900 RSUs to members of exec utive staff.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Description of Business	A. DESCRIPTION OF BUSINESS ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. As used in this Form 10-Q, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., a non-insurance subsidiary; Estrella Innovative Solutions, Inc., an outsourcing company; Southern Hospitality Education, LLC, dba Katkin, a full-service food safety and education company; and Illinois Casualty Company (ICC), an operating insurance company that is the parent company of ICC Properties, LLC, a real estate series limited liability company. Both ICC and ICC Properties, LLC are Illinois domiciled companies. 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 23.3 % and 24.8 % of the premium is written in Illinois for the three months ended March 31, 2022 and 2021, respectively. The Company operates as one segment.
Principles of Consolidation and Basis of Presentation	B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, for the year ended December 31, 2021 (the “2021 10-K”). Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at March 31, 2022, and the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year. The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates.
Significant Accounting Policies	C. SIGNIFICANT ACCOUNTING POLICIES The Company reported its significant accounting policies in the 2021 10-K.
Prospective Accunting tandards	D. PROSPECTIVE ACCOUNTING STANDARDS For information regarding accounting standards that the Company has not yet adopted, see the “Prospective Accounting Standards” in Note 1 – Summary of Significant Accounting Policies in the 2021 10-K. The Company maintains its status as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We have taken advantage of the extended transition period provided by Section 107 of the JOBS Act. We decided to comply with the effective dates for financial accounting standards applicable to emerging growth companies later in compliance with the requirements in Sections 107(b)(2) and (3) of the JOBS Act. Such decision is irrevocable.
Property and Equipment	E. PROPERTY AND EQUIPMENT Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended March 31, 2022 and 2021, the Company recognized no impairments. Property and equipment are summarized as follows: As of March 31, December 31, 2022 2021 Automobiles $ 495,182 $ 507,889 Furniture and fixtures 504,177 512,268 Computer equipment and software 4,475,766 4,350,118 Home office 4,016,998 4,016,998 Total cost 9,492,123 9,387,273 Accumulated depreciation ( 6,302,395 ) ( 6,243,055 ) Net property and equipment $ 3,189,728 $ 3,144,218
Comprehensive Earnings	F. COMPREHENSIVE EARNINGS Comprehensive earnings (loss) include net earnings (loss) plus unrealized gains (losses) on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21 % tax rate . Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) of $( 1,320,893 ) and $( 591,860 ) for the three months ended March 31, 2022 and 2021, respectively. The following table presents changes in accumulated other comprehensive earnings for unrealized gains and losses on available-for-sale securities: Three-Months Ended March 31, 2022 2021 Beginning balance $ 2,920,027 $ 5,520,091 Other comprehensive loss before reclassification ( 4,961,385 ) ( 2,225,503 ) Amount reclassified from accumulated other comprehensive loss ( 7,684 ) ( 1,019 ) Net current period other comprehensive loss ( 4,969,069 ) ( 2,226,522 ) Ending balance $ ( 2,049,042 ) $ 3,293,569 The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements. Three-Month Periods Ended March 31, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive loss, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ ( 6,280,235 ) $ 1,318,850 $ ( 4,961,385 ) $ ( 2,817,092 ) $ 591,589 $ ( 2,225,503 ) Reclassification adjustment for gains included in net earnings ( 9,727 ) 2,043 ( 7,684 ) ( 1,290 ) 271 ( 1,019 ) Total other comprehensive loss $ ( 6,289,962 ) $ 1,320,893 $ ( 4,969,069 ) $ ( 2,818,382 ) $ 591,860 $ ( 2,226,522 ) The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented: Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Details about Accumulated Other March 31, Affected Line Item in the Statement Comprehensive Earnings Component 2022 2021 where Net Earnings is Presented Unrealized (gains) on AFS investments: $ ( 9,727 ) $ ( 1,290 ) Net realized investment (gains) 2,043 271 Income tax expense Total reclassification adjustment, net of tax $ ( 7,684 ) $ ( 1,019 )
Risks and Uncertainties	G. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. The ongoing COVID-19 pandemic has resulted in, and could continue to result in, significant disruptions in economic activity and financial markets. The cumulative effects of COVID-19 on the Company, and the effect of any other public health outbreak, cannot be predicted, but could reduce demand for our insurance policies, result in increased level of losses, settlement expenses or other operating costs, or reduce the market value of invested assets held by the Company.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of Significant Accounting Policies [Abstract]
Summary of Property, Plant and Equipment	As of March 31, December 31, 2022 2021 Automobiles $ 495,182 $ 507,889 Furniture and fixtures 504,177 512,268 Computer equipment and software 4,475,766 4,350,118 Home office 4,016,998 4,016,998 Total cost 9,492,123 9,387,273 Accumulated depreciation ( 6,302,395 ) ( 6,243,055 ) Net property and equipment $ 3,189,728 $ 3,144,218
Accumulated Other Comprehensive Earnings (Loss)	Three-Months Ended March 31, 2022 2021 Beginning balance $ 2,920,027 $ 5,520,091 Other comprehensive loss before reclassification ( 4,961,385 ) ( 2,225,503 ) Amount reclassified from accumulated other comprehensive loss ( 7,684 ) ( 1,019 ) Net current period other comprehensive loss ( 4,969,069 ) ( 2,226,522 ) Ending balance $ ( 2,049,042 ) $ 3,293,569
Summary of Components of Other Comprehensive Earnings	Three-Month Periods Ended March 31, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive loss, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ ( 6,280,235 ) $ 1,318,850 $ ( 4,961,385 ) $ ( 2,817,092 ) $ 591,589 $ ( 2,225,503 ) Reclassification adjustment for gains included in net earnings ( 9,727 ) 2,043 ( 7,684 ) ( 1,290 ) 271 ( 1,019 ) Total other comprehensive loss $ ( 6,289,962 ) $ 1,320,893 $ ( 4,969,069 ) $ ( 2,818,382 ) $ 591,860 $ ( 2,226,522 )
Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings	Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Details about Accumulated Other March 31, Affected Line Item in the Statement Comprehensive Earnings Component 2022 2021 where Net Earnings is Presented Unrealized (gains) on AFS investments: $ ( 9,727 ) $ ( 1,290 ) Net realized investment (gains) 2,043 271 Income tax expense Total reclassification adjustment, net of tax $ ( 7,684 ) $ ( 1,019 )

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments [Abstract]
Summary of Recognized Impairments	For the Three-Months Ended March 31, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 2,445,125 $ 9,727 $ — $ 9,727 Common stocks 636,104 204,190 ( 8,070 ) 196,120 Preferred stocks 365,508 7,745 ( 6,007 ) 1,738 2021 Fixed maturity securities $ 3,484,432 $ 1,319 $ ( 29 ) $ 1,290 Common stocks 687,015 212,361 ( 32,397 ) 179,964 Preferred stocks 78,469 5,455 — 5,455
Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity	Amortized Cost Fair Value Due in one year or less $ 2,096,646 $ 2,126,660 Due after one year through five years 15,916,814 15,824,375 Due after five years through 10 years 17,443,937 16,883,168 Due after 10 years 28,207,144 27,379,734 Asset and mortgage backed securities without a specific due date 40,585,715 39,433,239 Redeemable preferred stocks 215,805 225,244 Total fixed maturity securities $ 104,466,061 $ 101,872,420
Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments	Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,353,485 $ 1,293,070 $ — $ ( 60,415 ) MBS/ABS/CMBS 40,585,715 39,433,239 69,792 ( 1,222,268 ) Corporate 39,892,850 39,267,144 652,554 ( 1,278,260 ) Municipal 22,418,206 21,653,723 321,137 ( 1,085,621 ) Redeemable preferred stock 215,805 225,244 9,439 — Total fixed maturity securities $ 104,466,061 $ 101,872,420 $ 1,052,922 $ ( 3,646,564 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2021 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 )
Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position	March 31, 2022 December 31, 2021 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ 638,508 $ 654,563 $ 1,293,071 $ 391,250 $ 291,891 $ 683,141 Amortized cost 653,051 700,435 1,353,486 400,408 300,061 700,469 Unrealized loss ( 14,543 ) ( 45,872 ) ( 60,415 ) ( 9,158 ) ( 8,170 ) ( 17,328 ) MBS/ABS/CMBS Fair value 27,475,180 6,371,179 33,846,359 20,403,757 1,124,095 21,527,852 Amortized cost 28,108,983 6,959,644 35,068,627 20,647,568 1,176,171 21,823,739 Unrealized loss ( 633,803 ) ( 588,465 ) ( 1,222,268 ) ( 243,811 ) ( 52,076 ) ( 295,887 ) Corporate Fair value 17,256,927 2,067,868 19,324,795 6,428,166 995,235 7,423,401 Amortized cost 18,335,521 2,267,534 20,603,055 6,590,227 1,020,853 7,611,080 Unrealized loss ( 1,078,594 ) ( 199,666 ) ( 1,278,260 ) ( 162,061 ) ( 25,618 ) ( 187,679 ) Municipal Fair value 12,131,067 231,406 12,362,473 2,676,052 269,247 2,945,299 Amortized cost 13,174,815 273,279 13,448,094 2,695,269 273,391 2,968,660 Unrealized loss ( 1,043,748 ) ( 41,873 ) ( 1,085,621 ) ( 19,217 ) ( 4,144 ) ( 23,361 ) Total Fair value 57,501,682 9,325,016 66,826,698 29,899,225 2,680,468 32,579,693 Amortized cost 60,272,370 10,200,892 70,473,262 30,333,472 2,770,476 33,103,948 Unrealized loss $ ( 2,770,688 ) $ ( 875,876 ) $ ( 3,646,564 ) $ ( 434,247 ) $ ( 90,008 ) $ ( 524,255 )

Fair Value Disclosures (Tables)

Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Assets Measured at Fair Value on a recurring Basis	Assets measured at fair value on a recurring basis as of March 31, 2022, are summarized below: Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,293,070 $ — $ — $ 1,293,070 MBS/ABS/CMBS — 39,433,239 — 39,433,239 Corporate — 39,267,144 — 39,267,144 Municipal — 21,653,723 — 21,653,723 Redeemable preferred stocks — 225,244 — 225,244 Total fixed maturity securities 1,293,070 100,579,350 — 101,872,420 Equity securities Common stocks 22,795,115 — — 22,795,115 Perpetual preferred stocks — 2,858,036 — 2,858,036 Total equity securities 22,795,115 2,858,036 — 25,653,151 Total marketable investments measured at fair value $ 24,088,185 $ 103,437,386 $ — $ 127,525,571 Assets measured at fair value on a recurring basis as of December 31, 2021, are summarized below: Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,345,992 $ — $ — $ 1,345,992 MBS/ABS/CMBS — 41,023,871 — 41,023,871 Corporate — 41,206,964 — 41,206,964 Municipal — 22,031,831 — 22,031,831 Redeemable preferred stocks — 232,885 — 232,885 Total fixed maturity securities 1,345,992 104,495,551 — 105,841,543 Equity securities Common stocks 23,608,197 — — 23,608,197 Perpetual preferred stocks — 2,780,450 — 2,780,450 Total equity securities 23,608,197 2,780,450 — 26,388,647 Total marketable investments measured at fair value $ 24,954,189 $ 107,276,001 $ — $ 132,230,190

Unpaid Losses and Settlement _2

Unpaid Losses and Settlement Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Unpaid Losses and Settlement Expenses [Abstract]
Reconciliation of Unpaid Losses and Settlement Expenses	For the Three-Months Ended March 31, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 61,835 $ 61,576 Less: Ceded 14,521 13,020 Net 47,314 48,556 Increase in incurred losses and settlement expense: Current year 7,525 7,142 Prior years 2,670 661 Total incurred 10,195 7,803 Deduct: Loss and settlement expense payments for claims incurred: Current year 1,389 1,288 Prior years 4,802 7,274 Total paid 6,191 8,562 Net unpaid losses and settlement expense - end of the period 51,318 47,797 Plus: Reinsurance recoverable on unpaid losses 16,089 14,011 Gross unpaid losses and settlement expense - end of the period $ 67,407 $ 61,808

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Taxes [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	For the Three-Months Ended March 31, 2022 2021 Provision for income taxes at the statutory federal tax rates $ ( 44,088 ) $ 309,097 Increase (reduction) in taxes resulting from: Dividends received deduction ( 11,281 ) ( 8,108 ) Tax-exempt interest income ( 13,351 ) ( 14,794 ) Proration of tax-exempt interest and dividends received deduction 5,970 5,564 Nondeductible expenses 17,292 18,026 Officer life insurance, net ( 4,347 ) 166 Total $ ( 49,805 ) $ 309,951

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment	$ 0	$ 0
Federal tax rate	21.00%	21.00%
Operating segments | segment	1
Tax (benefit) expense	$ (1,320,893)	$ (591,860)
Property held for investment, accumulated depreciation	$ 504,718		$ 464,713
Premiums [Member] | Geographic Concentration Risk [Member] | Illinois [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	23.30%	24.80%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Summary of Property, Plant and Equipment) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total cost	$ 9,492,123	$ 9,387,273
Accumulated depreciation	(6,302,395)	(6,243,055)
Net property and equipment	3,189,728	3,144,218
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Total cost	495,182	507,889
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total cost	504,177	512,268
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Total cost	4,475,766	4,350,118
Home Office [Member]
Property, Plant and Equipment [Line Items]
Total cost	$ 4,016,998	$ 4,016,998

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Accumulated Other Comprehensive Earnings (Loss)) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net current period other comprehensive loss	$ (4,969,069)	$ (2,226,522)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	2,920,027	5,520,091
Other comprehensive loss before reclassification	(4,961,385)	(2,225,503)
Amount reclassified from accumulated other comprehensive loss	(7,684)	(1,019)
Net current period other comprehensive loss	(4,969,069)	(2,226,522)
Balance	$ (2,049,042)	$ 3,293,569

Summary of Significant Accoun_7

Summary of Significant Accounting Policies (Summary of Components of Other Comprehensive Earnings) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary of Significant Accounting Policies [Abstract]
Unrealized holding losses arising during the period, Pre-tax	$ (6,280,235)	$ (2,817,092)
Reclassification adjustment fo gains included in net earnings, Pre-tax	(9,727)	(1,290)
Total other comprehensive loss, Pre-tax	(6,289,962)	(2,818,382)
Unrealized holding losses arising during the period, Tax	1,318,850	591,589
Reclassification adjustment for gains included in net earnings, Tax	2,043	271
Total other comprehensive loss, Tax	1,320,893	591,860
Unrealized holding losses arising during the period, After-tax	(4,961,385)	(2,225,503)
Reclassification adjustment for gains included in net earnings, After-tax	(7,684)	(1,019)
Net current period other comprehensive loss	$ (4,969,069)	$ (2,226,522)

Summary of Significant Accoun_8

Summary of Significant Accounting Policies (Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized investment (gains) losses	$ (207,585)	$ (186,709)
Income tax expense	(49,805)	309,951
Net income (loss)	160,140	(1,161,941)
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	(9,727)	(1,290)
Income tax expense	2,043	271
Net income (loss)	$ (7,684)	$ (1,019)

Investments (Narrative) (Detail

Investments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)	Nov. 30, 2021USD ($)
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer	$ 875,876		$ 90,008
OTTI losses recognized in other comprehensive earnings	0
Other invested assets	3,175,674		3,086,568
Notes Receivable [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets	1,059,446		1,066,066
Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest Receivable	2,588
Other invested assets	300,000		300,000
Allowance recorded	0	$ 0
Debt Instrument, Accumulated Payments Received	9,209
Accrued Escrow And Interest Receivable		4,325
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain (loss)	(1,292,692)	$ 876,316
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	13,743,581		14,351,099
Unrealized losses for 12 consecutive months or longer	588,465		52,076
MBS/ABS/CMBS [Member] | Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	14,488,268		14,975,101
MBS/ABS/CMBS [Member] | Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	$ 11,201,390		11,697,671
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities in an unrealized loss position | item	146
Number of securities in an unrealized loss position for 12 consecutive months or longer | item	18
Unrealized losses for 12 consecutive months or longer	$ 875,876
Privately Help Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets	1,816,228		$ 1,720,502
Private Investment Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets				$ 10,000,000
Significant Unobservable Inputs (Level 3)
Schedule of Available-for-sale Securities [Line Items]
Fair value	$ 0
Minimum [Member] | Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest rate	3.90%
Maximum [Member] | Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest rate	6.50%

Investments (Summary of Recogni

Investments (Summary of Recognized Impairments) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Proceeds	$ 2,445,125	$ 3,484,432
Fixed Maturity Securities [Member]
Proceeds	2,445,125	3,484,432
Gains	9,727	1,319
Losses		(29)
Net Realized Gain/(Losses)	9,727	1,290
Common Stocks [Member]
Proceeds	636,104	687,015
Gains	204,190	212,361
Losses	(8,070)	(32,397)
Net Realized Gain/(Losses)	196,120	179,964
Preferred Stock [Member]
Proceeds	365,508	78,469
Gains	7,745	5,455
Losses	(6,007)
Net Realized Gain/(Losses)	$ 1,738	$ 5,455

Investments (Summary of Amortiz

Investments (Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, amortized cost	$ 2,096,646
Due after one year through five years, amortized cost	15,916,814
Due after five years through 10 years, amortized cost	17,443,937
Due after 10 years, amortized cost	28,207,144
Fixed maturity securities, amortized cost	104,466,061	$ 102,145,223
Due in one year or less, fair value	2,126,660
Due after one year through five years, fair value	15,824,375
Due after five years through 10 years, fair value	16,883,168
Due after 10 years, fair value	27,379,734
Fixed maturity securities, fair value	101,872,420	105,841,543
Collateralized Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	40,585,715
Other, fair value	39,433,239
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	215,805
Fixed maturity securities, amortized cost	215,805	215,805
Other, fair value	225,244
Fixed maturity securities, fair value	$ 225,244	$ 232,885

Investments (Schedule of Cost o

Investments (Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments) (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	$ 104,466,061	$ 102,145,223
Fixed maturity securities, fair value	101,872,420	105,841,543
Fixed maturity securities, gross unrealized gains	1,052,922	4,220,575
Fixed maturity securities, gross unrealized losses	(3,646,564)	(524,255)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	1,353,485	1,352,044
Fixed maturity securities, fair value	1,293,070	1,345,992
Fixed maturity securities, gross unrealized gains		11,276
Fixed maturity securities, gross unrealized losses	(60,415)	(17,328)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	40,585,715	40,712,275
Fixed maturity securities, fair value	39,433,239	41,023,871
Fixed maturity securities, gross unrealized gains	69,792	607,483
Fixed maturity securities, gross unrealized losses	(1,222,268)	(295,887)
Corporate Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	39,892,850	38,959,905
Fixed maturity securities, fair value	39,267,144	41,206,964
Fixed maturity securities, gross unrealized gains	652,554	2,434,738
Fixed maturity securities, gross unrealized losses	(1,278,260)	(187,679)
State And Local Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	22,418,206	20,905,194
Fixed maturity securities, fair value	21,653,723	22,031,831
Fixed maturity securities, gross unrealized gains	321,137	1,149,998
Fixed maturity securities, gross unrealized losses	(1,085,621)	(23,361)
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	225,244	232,885
Fixed maturity securities, gross unrealized gains	$ 9,439	$ 17,080

Investments (Summary of Impairm

Investments (Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	$ 57,501,682	$ 29,899,225
Less than 12 months, Cost or amortized cost	60,272,370	30,333,472
Less than 12 months, unrealized loss	(2,770,688)	(434,247)
Greater than 12 months, fair value	9,325,016	2,680,468
Greater than 12 months, Cost or amortized cost	10,200,892	2,770,476
Greater than 12 months, unrealized loss	(875,876)	(90,008)
Fair value	66,826,698	32,579,693
Cost or amortized cost	70,473,262	33,103,948
Unrealized loss	(3,646,564)	(524,255)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	638,508	391,250
Less than 12 months, Cost or amortized cost	653,051	400,408
Less than 12 months, unrealized loss	(14,543)	(9,158)
Greater than 12 months, fair value	654,563	291,891
Greater than 12 months, Cost or amortized cost	700,435	300,061
Greater than 12 months, unrealized loss	(45,872)	(8,170)
Fair value	1,293,071	683,141
Cost or amortized cost	1,353,486	700,469
Unrealized loss	(60,415)	(17,328)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	27,475,180	20,403,757
Less than 12 months, Cost or amortized cost	28,108,983	20,647,568
Less than 12 months, unrealized loss	(633,803)	(243,811)
Greater than 12 months, fair value	6,371,179	1,124,095
Greater than 12 months, Cost or amortized cost	6,959,644	1,176,171
Greater than 12 months, unrealized loss	(588,465)	(52,076)
Fair value	33,846,359	21,527,852
Cost or amortized cost	35,068,627	21,823,739
Unrealized loss	(1,222,268)	(295,887)
Corporate Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	17,256,927	6,428,166
Less than 12 months, Cost or amortized cost	18,335,521	6,590,227
Less than 12 months, unrealized loss	(1,078,594)	(162,061)
Greater than 12 months, fair value	2,067,868	995,235
Greater than 12 months, Cost or amortized cost	2,267,534	1,020,853
Greater than 12 months, unrealized loss	(199,666)	(25,618)
Fair value	19,324,795	7,423,401
Cost or amortized cost	20,603,055	7,611,080
Unrealized loss	(1,278,260)	(187,679)
State And Local Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	12,131,067	2,676,052
Less than 12 months, Cost or amortized cost	13,174,815	2,695,269
Less than 12 months, unrealized loss	(1,043,748)	(19,217)
Greater than 12 months, fair value	231,406	269,247
Greater than 12 months, Cost or amortized cost	273,279	273,391
Greater than 12 months, unrealized loss	(41,873)	(4,144)
Fair value	12,362,473	2,945,299
Cost or amortized cost	13,448,094	2,968,660
Unrealized loss	(1,085,621)	$ (23,361)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Greater than 12 months, unrealized loss	$ (875,876)

Fair Value Disclosures (Narrati

Fair Value Disclosures (Narrative) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities transferred from level 1 to level 2	$ 0	$ 0
Securities transferred from level 2 to level 1	0	0
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount	0	0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount	0	0
Fair Value, Equity, Level 1 to Level 2 Transfers, Amount	0	0
Fair Value, Equity, Level 2 to Level 1 Transfers, Amount	0	0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	127,525,571	$ 132,230,190
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 0

Fair Value Disclosures (Details

Fair Value Disclosures (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	127,525,571	$ 132,230,190
Fair Value, Measurements, Recurring [Member] | US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,293,070	1,345,992
Fair Value, Measurements, Recurring [Member] | MBS/ABS/CMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	39,433,239	41,023,871
Fair Value, Measurements, Recurring [Member] | Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	39,267,144	41,206,964
Fair Value, Measurements, Recurring [Member] | State And Local Government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	21,653,723	22,031,831
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	225,244	232,885
Fair Value, Measurements, Recurring [Member] | Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	101,872,420	105,841,543
Fair Value, Measurements, Recurring [Member] | Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	22,795,115	23,608,197
Fair Value, Measurements, Recurring [Member] | Perpetual Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	2,858,036	2,780,450
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	25,653,151	26,388,647
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	24,088,185	24,954,189
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,293,070	1,345,992
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,293,070	1,345,992
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	22,795,115	23,608,197
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	22,795,115	23,608,197
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	103,437,386	107,276,001
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | MBS/ABS/CMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	39,433,239	41,023,871
Fair Value, Measurements, Recurring [Member] | 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	39,267,144	41,206,964
Fair Value, Measurements, Recurring [Member] | 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	21,653,723	22,031,831
Fair Value, Measurements, Recurring [Member] | 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	225,244	232,885
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	100,579,350	104,495,551
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Perpetual Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	2,858,036	2,780,450
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 2,858,036	$ 2,780,450

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2022	Dec. 31, 2021	May 03, 2021	Aug. 03, 2020	Mar. 31, 2017
Debt Instrument [Line Items]
Corporate debt		$ 18,452,288	$ 18,455,342
Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Interest rate	1.40%
Collateral		7,400,000
Term of debt instrument	5 years
Maximum borrowing capacity		37,000,000
FHLBC advances	$ 6,000,000
Securities pledged	$ 6,800,000
Revolver [Member]
Debt Instrument [Line Items]
Interest expense		0	0
Collateral					$ 2,000,000
Maximum borrowing capacity					$ 2,000,000
Debt Obligation 1 [Member] | Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Debt		6,000,000
Debt Obligation 2 [Member] | Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument				$ 4,000,000
Interest rate				0.74%
Debt		4,000,000
Debt Obligation 3 [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
Debt Obligation 4 [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]
Debt Covenant, Adjusted Capital		$ 21
Line Of Credit, July 2022 [Member] | Prime Rate [Member] | Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate		0.50%
Debt Obligation [Member]
Debt Instrument [Line Items]
Face amount of debt instrument						$ 3,500,000
Interest rate		3.65%
Collateral		$ 1,000,000
Debt Obligation [Member] | Bofi Federal Bank B & C [Member]
Debt Instrument [Line Items]
Debt		$ 18,452,288	$ 18,455,342
Current interest rate		1.30%	1.30%

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Casualty Business [Member]
Ceded Credit Risk [Line Items]
Individual risk	$ 1,000,000
Workers Compensation [Member]
Ceded Credit Risk [Line Items]
Individual risk	$ 750,000

Reinsurance (Summary of the Eff

Reinsurance (Summary of the Effects of Reinsurance) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
WRITTEN
Direct	$ 19,566,183	$ 15,172,035
Reinsurance assumed	36,948	27,898
Reinsurance ceded	(2,270,628)	(2,473,168)
Net	17,332,503	12,726,765
EARNED
Direct	18,264,700	14,482,050
Reinsurance assumed	41,628	38,822
Reinsurance ceded	(2,289,651)	(2,472,159)
Net	16,016,677	12,048,713
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	12,613,142	10,767,434
Reinsurance assumed	45,409	25,445
Reinsurance ceded	(2,463,350)	(2,990,173)
Total incurred	$ 10,195,201	$ 7,802,706

Unpaid Losses and Settlement _3

Unpaid Losses and Settlement Expenses (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liquor Liability And Business Owners Liability [Member]
Liability for Future Policy Benefit, by Product Segment [Line Items]
Increase in net unpaid losses and settlement expense	$ 2,670,000
Liquor Liability And Umbrella Liability [Member]
Liability for Future Policy Benefit, by Product Segment [Line Items]
Increase in net unpaid losses and settlement expense		$ 661,000

Unpaid Losses and Settlement _4

Unpaid Losses and Settlement Expenses (Reconciliation of Unpaid Losses and Settlement Expenses) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Unpaid losses and settlement expense - beginning of the period:
Gross	$ 61,834,809	$ 61,576,000
Less: Ceded	14,521,219	13,020,000
Net	51,318,000	47,797,000	$ 47,314,000	$ 48,556,000
Increase in incurred losses and settlement expense:
Current year	7,525,000	7,142,000
Prior years	2,670,000	661,000
Total incurred	10,195,201	7,802,706
Deduct: Loss and settlement expense payments for claims incurred:
Current year	1,389,000	1,288,000
Prior years	4,802,000	7,274,000
Total paid	6,191,000	8,562,000
Net unpaid losses and settlement expense - end of the period	51,318,000	47,797,000
Plus: Reinsurance recoverable on unpaid losses	16,088,694	14,011,000
Gross unpaid losses and settlement expense - end of the period	$ 67,407,376	$ 61,808,000

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022USD ($)item	Mar. 31, 2021
Income Taxes [Abstract]
Federal tax rate	21.00%	21.00%
Effective tax rate	23.70%	21.10%
Capital loss carryforward	$ 0
Operating loss carryforward	$ 0
Number of open exams | item	0

Income Taxes (Schedule of Effec

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Taxes [Abstract]
Provision for income taxes at the statutory federal tax rates	$ (44,088)	$ 309,097
Increase (reduction) in taxes resulting from:
Dividends received deduction	(11,281)	(8,108)
Tax-exempt interest income	(13,351)	(14,794)
Proration of tax-exempt interest and dividends received deduction	5,970	5,564
Nondeductible expenses	17,292	18,026
Officer life insurance, net	(4,347)	166
Total income tax (benefit) expense	$ (49,805)	$ 309,951

Employee Benefits (Details)

Employee Benefits (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Employee stock ownership plan, shares	350,000
Employee stock ownership plan, share purchase price	$ 10
Contributions to ESOP	$ 0	$ 0
Shares committed		1,991
Restricted Stock Units (RSUs)
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share compensation expense	44,504	$ 38,116
Unrecognized compensation expense	$ 214,555
Vesting period	3 years
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage	33.00%
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage	33.00%
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Three [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage	33.00%
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
November 2022 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares committed to be released	1,926
Impact on weighted average shares outstanding	0
November 2017 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Compensation expense	$ 96,594
Shares committed to be released	5,779
November 2027 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Compensation expense		$ 82,750
Shares committed to be released		5,779
Impact on weighted average shares outstanding		0

Subsequent Events (Details)

Subsequent Events (Details)	Apr. 01, 2022shares
Subsequent Event [Member] | Restricted Stock Units (RSUs) | Members of Executive Staff [Member]
Subsequent Event [Line Items]
Shares granted	12,900