Positive Physicians (PPHI) 10-K 14 May 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	May 11, 2020	Jun. 28, 2019
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	Positive Physicians Holdings, Inc.
Entity Central Index Key	0001752039
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 50,617,000
Entity Common Stock, Shares Outstanding		3,615,500
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-38814
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	83-0824448
Entity Address, Address Line One	100 Berwyn Park, Suite 220
Entity Address, Address Line Two	850 Cassatt Road
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19312
City Area Code	888
Local Phone Number	335-5335
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock
Trading Symbol	PPHI
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Assets
Available-for-sale fixed maturity securities, at fair value	$ 95,748,042	$ 85,206,669
Equity securities, at fair value	7,756,966	7,267,094
Other investments, at net asset value		4,051,399
Short-term investments, at fair value	1,169,472	373,949
Total investments	104,674,480	96,899,111
Cash and cash equivalents	20,988,081	3,903,620
Accrued investment income	699,087	627,213
Premiums receivable	7,383,876	6,623,172
Reinsurance recoverable	7,850,409	7,956,043
Income taxes recoverable	1,313,935	1,297,757
Unearned ceded premiums	1,181,345	573,379
Deferred acquisition costs	2,584,486	3,985,193
Deferred income taxes	891,584	1,676,091
Prepaid management fee	8,928,571
Other assets	124,507	486,615
Total assets	156,620,361	124,028,194
Liabilities
Losses and loss adjustment expenses	63,607,975	68,392,333
Unearned premiums	12,783,124	13,202,626
Reinsurance payable	1,961,653	1,203,027
Accounts payable, accrued expenses, and other liabilities	5,009,346	3,805,354
Note payable	64,858	127,327
Due to affiliates		309,310
Total liabilities	83,426,956	87,039,977
Stockholders' Equity
Common stock, $0.01 par value, 10,000,000 shares authorized; 3,615,500 shares issued and outstanding	36,155
Additional paid-in capital	49,421,081	15,882,835
Retained earnings	22,096,447	22,335,398
Accumulated other comprehensive income (loss)	1,639,722	(1,230,016)
Total stockholders' equity	73,193,405	36,988,217
Total liabilities and stockholders' equity	$ 156,620,361	$ 124,028,194

Consolidated and Combined Bal_2

Consolidated and Combined Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01
Common stock, shares authorized	10,000,000
Common stock, shares issued	3,615,500	0
Common stock, shares outstanding	3,615,500	0

Consolidated and Combined State

Consolidated and Combined Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues
Net premiums earned	$ 23,700,963	$ 23,587,834
Net investment income	2,960,367	2,568,907
Realized investment gains (losses), net	1,304,276	(1,533,262)
Total revenues	27,965,606	24,623,479
Expenses
Losses and loss adjustment expenses, net	15,574,609	19,583,218
Other underwriting expenses	12,619,517	12,340,647
Interest expense	3,445	6,458
Total expenses	28,197,571	31,930,323
Loss before provision for income taxes	(231,965)	(7,306,844)
Provision for income taxes	6,986	(1,935,328)
Net loss	$ (238,951)	$ (5,371,516)
Loss per common share
Common stock - basic	$ (0.07)
Common stock - diluted	(0.07)
Common stock - basic and diluted	$ (0.07)

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net loss	$ (238,951)	$ (5,371,516)
Unrealized gain (loss) on available-for-sale fixed maturity securities:
Unrealized holding gain (loss) during the period, net of income tax (expense) benefit of $(762,842) and $342,963, respectively	2,842,592	(1,264,084)
Reclassification adjustments for losses (gains) included in net loss, net of income tax benefit (expense) of $7,216 and $(6,941), respectively	27,146	(26,112)
Other comprehensive income (loss)	2,869,738	(1,290,196)
Comprehensive income (loss)	$ 2,630,787	$ (6,661,712)

Consolidated and Combined Sta_3

Consolidated and Combined Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Unrealized holding gain during the period, net of income tax (expense) benefit	$ (762,842)	$ 342,963
Reclassification adjustments for losses included in net income, income tax benefit	$ 7,216	$ (6,941)

Consolidated and Combined Sta_4

Consolidated and Combined Statements of Stockholders' Equity - USD ($)	Total	Common stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2017	$ 43,649,929		$ 15,882,835	$ 26,319,019	$ 1,448,075
Net loss	(5,371,516)			(5,371,516)
Other comprehensive income (loss)	(1,290,196)				(1,290,196)
Reclassification of unrealized gain of equity securities				1,387,895	(1,387,895)
Balance at Dec. 31, 2018	36,988,217		15,882,835	22,335,398	(1,230,016)
Issuance of common stock	33,574,401	$ 36,155	33,538,246
Net loss	(238,951)			(238,951)
Other comprehensive income (loss)	2,869,738				2,869,738
Balance at Dec. 31, 2019	$ 73,193,405	$ 36,155	$ 49,421,081	$ 22,096,447	$ 1,639,722

Consolidated and Combined Sta_5

Consolidated and Combined Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (238,951)	$ (5,371,516)
Adjustments to reconcile net loss to net cash used in operating activities:
Deferred income taxes	21,664	(1,120,719)
Net realized gain on sales of investments	(351,768)	(24,256)
Unrealized (gain) loss on equity securities and other investments	(952,508)	1,557,518
Amortization of fixed maturity premiums	236,608	245,858
Depreciation and amortization expense	1,124,363	94,112
Changes in operating assets and liabilities:
Accrued investment income	(71,874)	(48,513)
Premiums receivable	(760,704)	13,335
Reinsurance recoverable	105,634	629,808
Income taxes recoverable	(16,178)	(180,230)
Unearned ceded premiums	(607,966)	147,498
Deferred acquisition costs	1,400,707	93,129
Prepaid management fee	(10,000,000)
Other assets	309,173	(187,007)
Losses and loss adjustment expenses	(4,784,358)	17,779
Unearned premiums	(419,502)	(2,112,461)
Reinsurance payable	758,626	(216,052)
Accounts payable, accrued expenses, and other liabilities	1,203,992	190,926
Due to affiliates	(309,310)	(495,076)
Net cash flows used in operating activities	(13,352,352)	(6,765,867)
Cash flows from investing activities:
Proceeds from sales of fixed maturity securities	13,053,782	18,336,061
Proceeds from sales of equity securities and other investments	5,618,525	1,324,636
Purchases of fixed maturity securities	(20,236,649)	(14,648,042)
Purchases of equity securities	(723,524)	(2,106,117)
Net purchases of short-term investments	(787,253)	(373,382)
Net cash flows (used in) provided by investing activities	(3,075,119)	2,533,156
Cash flows from financing activities
Proceeds from issuance of common stock	33,574,401
Payments of notes payable	(62,469)	(59,895)
Net cash flows provided by (used in) financing activities	33,511,932	(59,895)
Net change in cash and cash equivalents	17,084,461	(4,292,606)
Cash and cash equivalents, at beginning of year	3,903,620	8,196,226
Cash and cash equivalents, at end of year	20,988,081	3,903,620
Cash paid during the year for interest	$ 3,445	$ 6,620

Organization

Organization	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization The accompanying consolidated financial statements include the accounts of Positive Physicians Holdings, Inc. and its wholly owned subsidiary (collectively referred to as the “Company”). Positive Physicians Holdings, Inc. is a Pennsylvania domiciled holding company, which was incorporated on May 1, 2018 for the purpose of acquiring three Pennsylvania based reciprocal insurance exchanges: Positive Physicians Insurance Exchange (“PPIX”), Professional Casualty Association (“PCA”), and Physicians’ Insurance Program Exchange (“PIPE”). In connection with the completion of the Company’s initial public offering, PPIX, PCA, and PIPE converted from reciprocal insurance exchanges into stock insurance companies and were merged together to form Positive Physicians Insurance Company (“Positive Insurance Company”), a wholly owned subsidiary of the Company. The Company’s initial public offering and its acquisition of Positive Insurance Company were completed on March 27, 2019. Prior to that time, the Company had minimal assets and liabilities and had not engaged in any operations. References to the Company or Positive Insurance Company financial information in this Annual Report prior to the conversion and merger date is to the financial information of PPIX, PCA, and PIPE on a combined basis. When used in this Annual Report, “we” and “our” mean PPIX, PCA, and PIPE prior to March 27, 2019, and Positive Insurance Company thereafter. Positive Insurance Company Positive Insurance Company writes medical malpractice insurance for healthcare providers practicing in Pennsylvania, New Jersey, Ohio, Delaware, Maryland, South Carolina, and Michigan. Diversus Management, LLC (“Diversus Management”) manages and administers essentially all of the operations of Positive Insurance Company under the terms of a management agreement. Diversus Management is a wholly owned subsidiary of Diversus, Inc. (“Diversus”). Pursuant to the terms of the agreement, effective March 27, 2019, Diversus Management provides such administrative services to Positive Insurance Company in exchange for fees based upon a percentage of Positive Insurance Company’s gross written premiums, less return premiums. Diversus Management may also earn quarterly performance management fees based on Positive Insurance Company’s combined ratio and net earned premiums. Positive Insurance Company remains responsible for all underwriting decisions and the payment of all claims and claims related expenses incurred under policies issued by Positive Insurance Company and for all sales commissions paid to producers. Products and Services Positive Insurance Company underwrites medical professional liability coverage for physicians, their corporations, medical groups, clinics and allied healthcare providers. Medical professional liability insurance (“MPLI”) protects physicians and other health care providers against liabilities arising from the rendering of, or failure to render, professional medical services. We offer claims-made coverage, claims-made plus, and occurrence-based policies as well as tail coverage in Pennsylvania, New Jersey, Ohio, Delaware, Maryland, South Carolina, and Michigan. Our policies include coverage for the cost of defending claims. Claims-made policies provide coverage to the policyholder for claims reported during the period of coverage. We offer extended reporting endorsements, or tails, to cover claims reported after the policy expires. Occurrence-based policies provide coverage to the policyholders for all losses incurred during the policy coverage year regardless of when the claims are reported. Although we generate a majority of our premiums from individual and small group practices, we also insure several major physician groups. The Company accounts for its medical professional liability insurance business as a single reporting segment line of business. Option Agreement Upon completion of the conversions of PPIX, PCA, and PIPE and the securities offering on March 27, 2019, the Company and Diversus entered into an option agreement whereby either party has the option to cause Diversus, subject to shareholder approval, to merge with and become a wholly owned subsidiary of the Company. Under the terms of the agreement, the option may be exercised by either the Company or Diversus at any time (1) during the period beginning 2 years after completion of the conversions of the exchanges and ending 54 months after the completion of the conversions, or (2) if earlier than 2 years after the completion of the conversions, then such date that the majority stockholder of the Company no longer has the right to appoint a majority of the board of directors of the Company. In connection with any merger, the common stock shareholders of Diversus will receive either cash, common stock shares of the Company, or some combination thereof for their shares of Diversus’ common stock. With respect to the preferred stock shares of Diversus, they will either be paid out in cash or converted into common stock shares of Diversus as if such preferred stock shares were converted into Diversus’ common stock shares immediately prior to the effective date of the merger.

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	2. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Positive Physicians Holdings, Inc. was formed on May 1, 2018. The accompanying financial statements for 2018 have been prepared on a combined basis and reflect our historical financial information and results of operations of PPIX, PCA, and PIPE as if the conversions and merger took place as of January 1, 2018. Prior to the completion of the initial public offering, the Company, PPIX, PCA, and PIPE were under the common control of Diversus. Additionally, prior to March 27, 2019, the Company did not engage in substantive pre-combination activities, and accordingly, is not considered the acquirer of the net assets of Positive Insurance Company. The acquirer of these net assets is the majority stockholder of the Company. Accordingly, the accompanying financial statements do not reflect any adjustments to fair value as might have been determined had the Company accounted for the acquisition of Positive Insurance Company’s net assets as a business combination. Our consolidated financial statements include our accounts and those of our wholly owned subsidiary. We have eliminated all inter-company accounts and transactions in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and notes. Actual results could differ from these estimates and such differences could be material. The Company’s principal estimates include the liability for losses and loss adjustment expenses, deferred acquisition costs, other-than-temporary impairments of investments, and valuation of deferred tax assets. Cash and Cash Equivalents The Company considers cash and cash equivalents to be cash on hand and depository bank accounts with original maturities of three months or less, are readily convertible to known amounts of cash, and present insignificant risk of changes in value due to changing interest rates. Investments Investments in fixed maturity securities are classified as available-for-sale and are stated at fair value. Unrealized holding gains and losses, net of related tax effects, on available-for-sale fixed maturity securities are recorded directly to accumulated other comprehensive income (loss). Investments in equity securities are stated at fair value and unrealized holding gains and losses are credited or charged to net income (loss) as incurred and are included in realized investment (losses) gains, net in the accompanying consolidated and combined statements of operations. In 2018, the Company had ownership interests in limited partnership equity hedge funds, which are reported as other investments in the accompanying combined balance sheet. The partnership interests were measured at fair value using the funds’ net asset values as a practical expedient. Unrealized holding gains and losses on partnership interests were credited or charged to net income (loss) as incurred and are included in realized investment gains (losses), net in the accompanying combined statement of operations. The Company sold these partnership interests during the second half of 2019. Realized gains and losses on sales of equity and fixed maturity securities as well as other investments are recognized into income based upon the specific identification method. Interest and dividends are recognized as earned. Short-term investments are considered to be short-term, highly liquid investments that are less than one year in term to the dates of maturity at the purchase dates, and they present insignificant risk of changes in value due to changing interest rates. The Company regularly evaluates all of its investments based on current economic conditions, credit loss experience, and other specific developments. If there is a decline in a security’s net realizable value that is other than temporary, it is considered as a realized loss and the cost basis in the security is reduced to its estimated fair value. A fixed maturity security is considered to be other-than-temporarily impaired when the security’s fair value is less than its amortized cost basis and 1) we intend to sell the security, 2) it is more likely than not that we will be required to sell the security before recovery of the security’s amortized cost basis, or 3) we believe we will be unable to recover the entire amortized cost basis of the security (i.e., credit loss has occurred). Other-than-temporary-impairments (“OTTI”) of fixed maturity securities are separated into credit and noncredit-related amounts when there are credit-related losses associated with the impaired fixed maturity security for which management asserts that it does not have the intent to sell the security, and it is more likely than not that it will not be required to sell the security before recovery of its cost basis. The amount of the OTTI related to a credit loss is recognized in earnings, and the amount of the OTTI related to other factors is recorded in other comprehensive income (loss). A credit loss is determined by assessing whether the amortized cost basis of the security will be recovered, by comparing the present value of cash flows expected to be collected from the security, computed using original yield as the discount rate, to the amortized cost basis of the security. The shortfall of the present value of the cash flows expected to be collected in relation to the amortized cost basis is considered to be the “credit loss.” Deferred Acquisition Costs Certain direct acquisition costs consisting of commissions, premium taxes and certain other direct underwriting expenses that vary with and are primarily related to the successful production of business are deferred and amortized over the effective period of the related insurance policies as the underlying policy premiums are earned. The method followed in computing deferred acquisition costs limits the amount of deferred costs to their estimated realizable value, which gives effect to the premium to be earned, related investment income, losses and loss adjustment expenses, and certain other costs expected to be incurred as the premium is earned. Future changes in estimates, the most significant of which is expected losses and loss adjustment expenses, may require adjustments to deferred acquisition costs. If the estimation of net realizable value indicates that the deferred acquisition costs are not recoverable, then they would be written off. Prepaid Management Fee Prepaid management fee comprises costs incurred by the Company to execute a new management agreement with Diversus Management and is amortized on a straight-line basis over the Liability for Losses and Loss Adjustment Expenses Liability for losses and loss adjustment expenses include an amount determined from individual case estimates and loss reports and an amount, based on prior experience, actuarial assumptions and management judgments for losses incurred but not reported. Such liabilities are necessarily based on assumptions and estimates, and while management believes the amount is adequate, the ultimate liability may be in excess of or less than the amounts provided. The methods for making such estimates for establishing the resulting liabilities are continually reviewed. Estimating the ultimate cost of future losses and loss adjustment expenses is an uncertain and complex process. This estimation process is based upon the assumption that past developments are an appropriate indicator of future events and involves a variety of actuarial techniques that analyze experience, trends, and other relevant factors. The uncertainties involved with the reserving process include internal factors, such as changes in claims handling procedure, as well as external factors, such as economic trends and changes in the concepts of legal liability and damage awards. Accordingly, final loss settlements may vary from the present estimates, particularly when those payments may not occur until well into the future. Adjustments to previously established reserves are reflected in the operating results of the period in which the adjustment is determined to be necessary. Such adjustments could possibly be significant, reflecting any variety of new and adverse or favorable trends. We also offer extended reporting coverage at no additional charge in the event of disability, death or retirement after a policyholder reaches the age of 55 and has been a mature-claims policyholder with Positive Insurance Company for at least one year. An extended reporting endorsement policy reserve is required to assure that premiums are not earned prematurely. This reserve is actuarially determined, and the balance is included in unearned premiums in the consolidated and combined balance sheets. Premium Deficiency Reserves Premium deficiency reserves and the related expenses are recognized when it is probable that expected future benefit payments, loss adjustment expenses, direct administration costs, and an allocation of indirect administration costs under a group of existing contracts will exceed anticipated future premiums and reinsurance recoveries considered over the remaining lives of the contracts, and are recorded as a component of deferred acquisition costs in the accompanying consolidated and combined balance sheets. The Company does not consider anticipated investment income when calculating premium deficiency reserves. As of December 31, 2019 and 2018, the Company did not have any premium deficiency reserves. Reinsurance The Company cedes insurance risk to other insurance companies. This arrangement allows us to minimize the net loss potential arising from large risks. Reinsurance contracts do not relieve the Company of its obligation to its policyholders. Reinsurance premiums, losses, and loss adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contract. Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, non-U.S. government bonds, premiums receivable, and balances recoverable from reinsurers. Non-U.S. government bonds are diversified, and no one investment accounts for greater than 5% of our invested assets. Cash and cash equivalents are deposited with financial institutions with balances that fluctuate in excess of federally insured limits. If the financial institutions were not to honor their contractual liability to us, we could incur losses. We are of the opinion that there is low risk because of the financial strength of the respective financial institutions. We are also subject to concentrations of credit risk through short-term money market investments. The credit risk related to short-term money market investments is minimized by our investing in money market funds or repurchase agreements, both secured by U.S. government securities. No one insured accounted for over 10% of premiums receivable at December 31, 2019 and December 31, 2018 or gross written premium for the years ended December 31, 2019 and 2018. We have reinsurance contracts with various reinsurers all of whom have A.M. Best ratings of A or better or have provided collateral to secure their obligations. Revenue Recognition Premiums are earned on a daily pro rata basis over the terms of the insurance policies. Unearned premium reserves are established to cover the unexpired portion of the policies in force less amounts ceded to reinsurers. For consideration received for policies with effective dates subsequent to the reporting period, the Company records an advance premium liability in lieu of written premium. Premiums associated with tails are generally earned as written, except for the afore-mentioned extended reporting coverage in the event of disability, death or retirement. Other forms of tails, in which premiums are earned as written, include the following: 1) An insured who terminates a claims-made policy with their prior carrier, and who purchases tail coverage (extended reporting coverage) from their old carrier or obtains retroactive (prior-acts) coverage from a new carrier, or 2) Stand-alone tail coverage in which an insured is offered a tail policy by their prior carrier but seeks a competitive quote from a different carrier. Both types of tail coverage insure against claims reported after the end of the original policy period for incidents that occurred while that policy was in effect. Comprehensive Income (Loss) Certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale fixed maturity securities and unrealized losses related to factors other than credit on fixed maturity securities, are reported as a separate component in the equity section in the accompanying consolidated and combined balance sheets. Such items, along with net income (loss), are components of comprehensive income (loss), and are reflected in the accompanying consolidated and combined statements of comprehensive income (loss). Reclassifications of realized gains and losses on sales of investments out of accumulated other comprehensive income (loss) are recorded in realized investment (losses) gains, net in the accompanying consolidated and combined statements of operations. Income Taxes The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our consolidated and combined financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the consolidated and combined financial statements and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversal of existing taxable temporary differences, tax planning strategies, projected future taxable income, and recent financial operations. Prior to March 27, 2019, PPIX, PCA, and PIPE filed separate federal income tax returns. The Company did not recognize any interest and penalties in the accompanying consolidated statement of operations for the year ended December 31, 2019 and the combined statement of operations for the year ended December 31, 2018. PPIX, PCA, and PIPE remain subject to examination by the Internal Revenue Service for tax years 2016 through 2018 and the short stub period in 2019. Beginning with 2019 tax year, the Company will file a consolidated federal income tax return. Conversion Costs PPIX, PCA, and PIPE incurred direct consulting and other costs related to the conversions from reciprocal insurance exchanges to stock forms of ownership and as part of offering securities during the initial public offering which took place on March 27, 2019. Conversion and securities offering costs that were not expected to be reimbursed from the gross proceeds of the offering were expensed as incurred and included in other underwriting expenses in the accompanying consolidated and combined statements of operations.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Recent Accounting Pronouncements	4. Recent Accounting Pronouncements As an emerging growth company, we have elected to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. The following discussion includes effective dates for both public business entities and emerging growth companies, as well as whether specific guidance may be adopted early. Recently Adopted Accounting Pronouncements The Company adopted the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-01 for the year ended December 31, 2018. The amendments in this ASU: • require, among other things, that equity investments be measured at fair value with changes in fair value recognized in net income (loss), • simplify the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment, • eliminate the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, • require public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, • require an entity to present separately in other comprehensive income the portion of the total change in the fair value of the liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments, • require separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the consolidated financial statements, and • clarify that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities in combination with the entity’s other deferred tax assets. With the adoption of ASU 2016-01, a cumulative effect of unrealized holding gains and losses on previously classified available-for-sale equity securities included in accumulated other comprehensive income at January 1, 2018 are to be reclassified to retained earnings. At January 1, 2018, unrealized holding gains in equity securities, net of tax effect, of $1,387,895 were reclassified from accumulated other comprehensive income to retained earnings for the year ended December 31, 2018. In February 2016, the FASB issued guidance that requires lessees to recognize leases, including operating leases, on the lessee’s balance sheet, unless a lease is considered a short-term lease. This guidance also requires entities to make new judgments to identify leases. The guidance was effective for annual and interim reporting periods beginning after December 15, 2018 and permitted early adoption. The Company’s adoption of this guidance on January 1, 2019 did not have a significant impact on our financial condition, results of operations or cash flows. Recently Issued Accounting Pronouncements New accounting rules and disclosure requirements can impact the results and the comparability of the Company’s consolidated and combined financial statements. The following recently issued accounting pronouncements are relevant to the Company’s consolidated and combined financial statements: In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments. In November 2019, the FASB issued Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842), which extended the effective date of adopting ASU 2016-13. Under ASU 2019-10, ASU 2016-13 will be effective for Public Business Entities that are SEC filers, excluding smaller reporting companies such as the Company, for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. For all other entities, including smaller reporting companies like the Company, ASU 2016-13 will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. For all entities, early adoption will continue to be permitted; that is, early adoption is allowed for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years (that is, effective January 1, 2019, for calendar year-end companies). The Company is currently a smaller reporting company, so once the ASU becomes effective, the Company’s expected adoption date for ASU 2016-13 would change from fiscal years beginning after December 15, 2019 to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

Investments

Investments	12 Months Ended
	Dec. 31, 2019
Marketable Securities [Abstract]
Investments	5. Investments The Company uses fair value measurements to record fair value adjustments to certain assets to determine fair value disclosures. Fixed maturity available-for-sale securities and equity securities are recorded at fair value on a recurring basis. FASB ASC Topic 820 “Fair Value Measurements and Disclosures” establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The three levels of the fair value hierarchy under ASC Topic 820 are as follows: Level 1: Quoted (unadjusted) prices for identical assets in active markets. Level 2: Quoted prices for similar assets in active markets, quoted prices for identical or similar assets in nonactive markets (few transactions, limited information, noncurrent prices, high variability over time, etc., inputs other than quoted prices that are observable for the asset (interest rates, yield curves, volatilities, default rates, etc., and inputs that are derived principally from or corroborated by other observable market data)). Level 3: Unobservable inputs that cannot be corroborated by observable market data. Under ASC Topic 820, we base fair values of assets on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. It is our policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy in FASB ASC Topic 820. Fair value measurements for assets where there exists limited or no observable market data and, therefore, are based primarily upon our or other third-party’s estimates, are often calculated based on the characteristics of the asset, the economic and competitive environment and other such factors. Management uses its best judgment in estimating the fair value of financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts we could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of their respective period end and have not been re-evaluated or updated for purposes of the consolidated and combined financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each period-end. Additionally, changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future valuations. We obtain one price for each security primarily from a third-party pricing service (“pricing service”), which generally uses quoted prices or other observable inputs for the determination of fair value. The pricing service normally derives the security prices through recently reported trades for identical or similar securities, making adjustments through the reporting date based upon available observable market information. For securities not actively traded, the pricing service may use quoted market prices of comparable instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, non-binding broker quotes, benchmark yields, credit spreads, default rates, and prepayment speeds. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest-level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Amortized cost/cost, gross unrealized gains, gross unrealized losses, and fair value of fixed maturity securities by major security type for the results at December 31, 2019 and 2018 are as follows: Amortized Cost/Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 U.S. government $ 10,689,829 $ 100,223 $ 38,490 $ 10,751,562 States, territories, and possessions 1,096,638 46,385 — 1,143,023 Subdivisions of states, territories, and possessions 12,440,863 389,472 7,470 12,822,865 Industrial and miscellaneous 69,445,114 1,591,777 6,299 71,030,592 Total fixed maturity securities $ 93,672,444 $ 2,127,857 $ 52,259 $ 95,748,042 Amortized Cost/Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2018 U.S. government $ 12,859,101 $ 87,354 $ 208,699 $ 12,737,756 States, territories, and possessions 1,111,879 14,497 897 1,125,479 Subdivisions of states, territories, and possessions 13,230,690 105,965 44,591 13,292,064 Industrial and miscellaneous 59,561,984 14,030 1,524,644 58,051,370 Total fixed maturity securities $ 86,763,654 $ 221,846 $ 1,778,831 $ 85,206,669 The table below sets forth the contractual maturity profile of our investments in fixed maturity securities at December 31, 2019 and 2018. Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. December 31, 2019 December 31, 2018 Amortized Cost/Cost Fair Value Amortized Cost/Cost Fair Value Due in less than one year $ 8,570,607 $ 8,584,991 $ 7,094,266 $ 6,549,872 Due after one year to five years 59,713,323 60,844,219 50,676,297 47,892,580 Due after five years to ten years 24,656,702 25,539,400 27,617,956 29,361,896 Due after ten years 731,812 779,432 1,375,135 1,402,321 $ 93,672,444 $ 95,748,042 $ 86,763,654 $ 85,206,669 Realized gains and losses are determined using the specific identification method. During the years ended December 31, 2019 and 2018, proceeds from maturities and sales and gross realized gains and losses on securities and other investments are as follows: Year Ended December 31, 2019 2018 Proceeds $ 18,672,307 $ 19,660,697 Gross gains 651,765 206,973 Gross losses 299,997 182,717 The components of net realized investment gains (losses) for the years ended December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 (Loss) gain on sales of fixed maturity securities $ (27,146 ) $ 26,112 Gain (loss) on sales of equity securities and other investments 378,914 (1,856 ) Total gain on sales of investments 351,768 24,256 Unrealized gain (loss) on equity securities and other investments 952,508 (1,557,518 ) Total net realized investment gains (losses) $ 1,304,276 $ (1,533,262 ) The components of net investment income for the years ended December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 Fixed maturity securities $ 2,328,645 $ 2,311,546 Cash and short-term investments 441,666 61,402 Equity securities 274,791 316,736 Other investments 27,708 9,022 3,072,810 2,698,706 Less investment expenses 112,443 129,799 Net investment income $ 2,960,367 $ 2,568,907 The following table shows fair value and gross unrealized losses of our fixed maturity investments with unrealized losses that are not deemed to be other-than temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019: Less than 12 months 12 months or longer Total Description of securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019: U.S. government $ 2,628,516 $ 8,227 $ 4,061,077 $ 30,263 $ 6,689,593 $ 38,490 Subdivisions of states, territories, and possessions — — 93,000 7,470 93,000 7,470 Industrial and miscellaneous 4,773,607 5,934 350,922 365 5,124,529 6,299 Total fixed maturity securities $ 7,402,123 $ 14,161 $ 4,504,999 $ 38,098 $ 11,907,122 $ 52,259 At December 31, 2019, we had 47 fixed maturity securities in unrealized loss positions of less than 12 months with a combined gross unrealized loss of $14,161 and 40 securities in unrealized loss positions of 12 months or longer with a combined gross unrealized loss of $38,098. The following table shows fair value and gross unrealized losses of our fixed maturity investments with unrealized losses that are not deemed to be other-than temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2018: Less than 12 months 12 months or longer Total Description of securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2018: U.S. government $ 1,757,021 $ 5,521 $ 8,858,782 $ 203,178 $ 10,615,803 $ 208,699 States, territories, and possessions 410,416 897 — — 410,416 897 Subdivisions of states, territories, and possessions 3,138,650 11,729 1,993,170 32,862 5,131,820 44,591 Industrial and miscellaneous 28,187,416 563,317 25,787,215 961,327 53,974,631 1,524,644 Total fixed maturity securities $ 33,493,503 $ 581,464 $ 36,639,167 $ 1,197,367 $ 70,132,670 $ 1,778,831 At December 31, 2018, we had 210 fixed maturity securities in unrealized loss positions of less than 12 months with a combined gross unrealized loss of $581,464 and 243 fixed maturity securities in unrealized loss positions of 12 months or longer with a combined gross unrealized loss of $1,197,367. Fair values of interest rate sensitive instruments may be affected by increases and decreases in prevailing interest rates, which generally translate, respectively, into decreases and increases in fair values of fixed maturity investments. The fair values of interest rate sensitive instruments also may be affected by the credit worthiness of the issuer, prepayment options, relative values of other investments, the liquidity of the instrument, and other general market conditions. We evaluated each security and took into account the severity and duration of the impairment, the current rating on the bond, and the outlook for the issuer according to independent analysts. We found that the declines in fair value are most likely attributable to increases in interest rates, and there is no evidence that the likelihood of not receiving all of the contractual cash flows as expected has changed. Our fixed maturity portfolio is managed by our investment committee in concert with an outside investment manager for investment grade bond investments. By agreement, the investment manager cannot sell any security without the consent of our investment committee if such sale will result in a net realized loss. We monitor our investment portfolio and review securities that have experienced a decline in fair value below cost to evaluate whether the decline is other than temporary. When assessing whether the amortized cost basis of the security will be recovered, we compare the present value of the cash flows likely to be collected, based on an evaluation of all available information relevant to the collectability of the security, to the amortized cost basis of the security. The shortfall of the present value of the cash flows expected to be collected in relation to the amortized cost basis is referred to as the “credit loss.” If there is a credit loss, the impairment is considered to be other-than-temporary. If we identify that an other-than-temporary impairment loss has occurred, we then determine whether we intend to sell the security, or if it is more likely than not that we will be required to sell the security prior to recovering the amortized cost basis less any current-period credit losses. If we determine that we do not intend to sell, and it is more likely than not that we won’t be required to sell the security, then the amount of the impairment loss related to the credit loss will be recorded in earnings, and the remaining portion of the other-than-temporary impairment loss will be recognized in other comprehensive income (loss), net of tax. If we determine that we intend to sell the security, or that it is more likely than not that we will be required to sell the security prior to recovering its amortized cost basis less any current-period credit losses, then the full amount of the other-than-temporary impairment will be recognized in earnings. For the years ended December 31, 2019 and 2018, we determined that none of our fixed maturity securities were other-than-temporarily impaired. Adverse investment market conditions, or poor operating results of underlying investments, could result in impairment charges in the future. The table below presents the level within the fair value hierarchy generally utilized by us to estimate the fair value of assets disclosed on a recurring basis at December 31, 2019: Total Level 1 Level 2 Level 3 U.S. government $ 10,751,562 $ — $ 10,751,562 $ — States, territories, and possessions 1,143,023 — 1,143,023 — Subdivisions of states, territories and possessions 12,822,865 — 12,822,865 — Industrial and miscellaneous 71,030,592 — 71,030,592 — Total fixed maturity securities 95,748,042 — 95,748,042 — Equity securities 7,756,966 7,756,966 — — $ 103,505,008 $ 7,756,966 $ 95,748,042 $ — The table below presents the level within the fair value hierarchy generally utilized by us to estimate the fair value of assets disclosed on a recurring basis at December 31, 2018: Total Level 1 Level 2 Level 3 U.S. government $ 12,737,756 $ — $ 12,737,756 $ — States, territories, and possessions 1,125,479 — 1,125,479 — Subdivisions of states, territories and possessions 13,292,064 — 13,292,064 — Industrial and miscellaneous 58,051,370 — 58,051,370 — Total fixed maturity securities 85,206,669 — 85,206,669 — Equity securities 7,267,094 7,267,094 — — $ 92,473,763 $ 7,267,094 $ 85,206,669 $ — At December 31, 2018, we had ownership interests in limited partnership equity hedge funds. Our partnership interests were measured at fair value using the funds’ net asset values as a practical expedient and are excluded from the fair value hierarchy tables above. At December 31, 2018, the fair value and cost basis of these investments were $4,051,399 and $3,547,687, respectively. During the second half of 2019, we sold our interests in these limited partnership funds and recognized a pre-tax gain of $556,723. There were no sales of these investments in 2018.

Deferred Acquisition Costs

Deferred Acquisition Costs	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Deferred Acquisition Costs	6. Deferred Acquisition Costs The following table summarizes the movements in deferred acquisition costs for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 2018 Balance, beginning of year $ 3,985,193 $ 4,078,322 Amount capitalized during the year 6,453,710 8,645,636 Amount amortized during the year 7,854,417 8,738,765 Balance, end of year $ 2,584,486 $ 3,985,193

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Reinsurance	7. Reinsurance Effective as of March 27, 2019, Positive Insurance Company entered into a new policy reinsurance agreement. Under the new agreement, the Company retains a portion of its exposure and pays to the reinsurers a portion of the premiums received on all policies reinsured. Insurance policies written by us are reinsured with other insurance companies principally to: • reduce net liability on individual risks and clash occurrences; • mitigate the effect of individual loss occurrences; • cover us against losses in excess of policy limits and extra contractual obligation claims; • stabilize underwriting results; and • increase our underwriting capacity. Under Pennsylvania law, each insured must maintain MPLI of at least $1,000,000 for each claim and $3,000,000 of annual aggregate coverage. The Company provides primary insurance coverage up to $500,000 per claim and $1,500,000 of annual aggregate coverage. The Pennsylvania Medical Care Availability and Reduction of Error (“MCARE”) Fund provides coverage for any losses above $500,000 per claim up to $1,000,000. In cases where coverage under the Pennsylvania MCARE Fund does not apply, the primary insurance provides coverage up to $1,000,000 per claim and $3,000,000 of annual aggregate coverage. The Company retains the first $300,000 in loss on all Pennsylvania claims and reinsurance covers the excess up to $1,000,000 that is not covered by the Pennsylvania MCARE Fund. We cede to reinsurers any Pennsylvania claims in excess of $1,000,000. Other states in which we write insurance require doctors to maintain certain minimum coverage and provide a fund that provides coverage for losses above a certain amount, but some states do not prescribe insurance requirements for doctors. We offer primary coverage up to $1,000,000 for each claim and $3,000,000 of annual aggregate coverage in Delaware, Maryland, Michigan, Ohio, New Jersey, and South Carolina. We retain the first $300,000 in loss for claims from these states, and reinsurance covers the excess up to $1,000,000. If an insured in New Jersey requests, additional coverage of $1,000,000, each claim, each insured, each policy can be provided and is fully ceded to the reinsurer up to a maximum aggregate liability of $2,000,000 to the reinsurer per the term of the reinsurance agreement. In South Carolina and Michigan, the insured can elect policy limits of $200,000 per claim and, on these claims, we retain the first $100,000 and the reinsurer covers the next $100,000. We also purchase additional reinsurance coverage for clash, losses in excess of policy limits and extra contractual obligation claims. Our premiums under the new reinsurance agreement are based on a percentage of our earned premiums during the term of the agreement. The agreement was renewed on April 1, 2020. Reinsurance does not legally discharge the insurance company issuing the policy from primary liability for the full amount due under the reinsured policies. A primary factor in the selection of reinsurers from whom we purchase reinsurance is their financial strength. Our reinsurance arrangements are generally renegotiated annually. The insolvency or inability of any reinsurer to meet its obligations to us could have a material adverse effect on our results of operations or financial condition. Our reinsurance providers, the majority of whom are longstanding partners that understand our business, are all carefully selected with the help of our reinsurance broker. We monitor the solvency of reinsurers through regular review of their financial statements and, if available, their A.M. Best ratings. Hannover Re, our current reinsurance partner, has an “A+ (Superior)” rating from A.M. Best. According to A.M. Best, companies with a rating of “A” or better “have an excellent ability to meet their ongoing obligations to policyholders.” As of December 31, 2019, the Company’s reinsurance recoverable of $7,850,409 was supported by $6,051,000 of collateral. The uncollateralized portion of this balance was recoverable from reinsurers rated “A” or better by A.M. Best. As of December 31, 2019, the Company had reinsurance recoverable balances due from the following unaffiliated reinsurer in excess of 5% of shareholders’ equity: Reinsurance Recoverable Collateral Hannover Re $ 6,199,000 $ 5,419,000 We generally do not assume risks from other insurance companies. However, we could be required by statute to participate in guaranty funds, which are formed to pay claims on policies issued by insolvent property and casualty insurers domiciled in certain states, such as Pennsylvania. This participation, where applicable, requires us to pay an annual assessment based on our premiums written and determined on a market share basis. At December 31, 2019, our participation was not material. On October 9, 2018, Positive Physicians Captive Insurance Company (“PPCIC”), a sponsored captive insurance company, was incorporated in the State of New Jersey and is a wholly owned subsidiary of Positive Insurance Company. PPCIC was licensed under the New Jersey Captive Insurance Act on October 16, 2018. PPCIC has one protected unincorporated cell, Keystone Captive Group (“Keystone”). Keystone is owned by an insured of Positive Insurance Company. Effective October 16, 2018, the Company entered into a reinsurance agreement with Keystone and that agreement was endorsed in 2019 for continuous annual renewal. The effect of reinsurance on premiums written, amounts earned, and losses incurred for the years ended December 31, 2019 and 2018 is as follows: Year Ended December 31, 2019 2018 Premiums written: Direct $ 26,717,701 $ 25,323,049 Ceded 4,044,207 3,700,189 Premiums written, net of reinsurance $ 22,673,494 $ 21,622,860 Premiums earned: Direct $ 27,137,204 $ 27,435,509 Ceded 3,436,241 3,847,675 Premiums earned, net of reinsurance $ 23,700,963 $ 23,587,834 Losses and loss adjustment expenses incurred: Direct $ 19,145,058 $ 21,879,774 Ceded 3,570,449 2,296,556 Losses and loss adjustment expenses incurred, net of Reinsurance $ 15,574,609 $ 19,583,218

Losses and Loss Adjustment Expe

Losses and Loss Adjustment Expenses	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Losses and Loss Adjustment Expenses	8. Losses and Loss Adjustment Expenses The following table provides a reconciliation of our beginning and ending unpaid loss and loss adjustment expense (“LAE”) reserve balances for the years ended December 31, 2019 and 2018. 2019 2018 Balance at January 1 $ 68,392,333 $ 68,374,554 Less: Reinsurance recoverable on liability for losses and loss adjustment expenses 7,956,043 8,585,851 Add: Reinsurance recoverable on claims paid 5,791 1,196,573 Net liability at January 1 60,442,081 60,985,276 Losses and loss adjustment expenses incurred, net: Current year 15,438,338 15,525,397 Prior years 136,271 4,057,821 Total incurred losses and loss adjustment Expenses 15,574,609 19,583,218 Less losses and loss adjustment expenses paid, net: Current year 1,334,938 714,198 Prior years 18,588,912 19,412,215 Total losses and loss adjustment expenses paid 19,923,850 20,126,413 Net liability for losses and loss adjustment expenses, at December 31 56,092,840 60,442,081 Add: Reinsurance recoverable on liability for losses and loss adjustment expenses 7,850,409 7,956,043 Less: Reinsurance recoverable on claims paid 335,274 5,791 Liability for losses and loss adjustment expenses, at December 31 $ 63,607,975 $ 68,392,333 The liability for losses and LAE at December 31, 2019 and 2018 was $63,607,975 and $68,392,333, respectively. For the years ended December 31, 2019 and 2018, $18,588,912 and $19,412,215, respectively, has been paid for incurred claims attributable to insured events of prior years. Original estimates are increased or decreased, as additional information becomes known regarding individual claims. The Company recorded unfavorable development of $136,271 on its prior period reserves for the year ended December 31, 2019. The adverse development consisted of reserve strengthening in the 2018 report year for claims-made policies and, to a lesser extent, the 2012 and 2016 accident years for occurrence policies, but was largely offset by favorable development in the 2015 report year for claims-made policies and 2017 accident year for occurrence policies. For the year ended December 31, 2018, the Company experienced unfavorable development of $4,057,821 primarily related to significant reserve strengthening in the 2016 and 2017 accident years for both claims-made and occurrence policies. Incurred and Paid Loss Development Information The following information is presented about incurred and paid loss development at December 31, 2019, net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported liabilities, plus expected development on reported claims included within the net incurred claims amounts. The information about incurred and paid claims development for the years ended December 31, 2010 to December 31, 2018 is presented as supplementary information and is unaudited. Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance (in thousands) (Unaudited) December 31, 2019 Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total of Incurred- But-Not- Reported Liabilities Plus Expected Development on Reported Claims 2010 $ 18,592 $ 15,072 $ 15,710 $ 14,490 $ 12,665 $ 11,901 $ 10,774 $ 11,288 $ 10,533 $ 10,836 43 2011 - 19,524 18,783 18,591 21,175 21,079 21,030 21,329 20,586 21,028 55 2012 - - 20,305 18,496 18,813 19,107 18,478 19,744 19,592 21,124 280 2013 - - - 17,753 16,879 15,219 13,224 11,447 12,022 12,349 231 2014 - - - - 17,307 15,108 13,798 11,087 11,062 11,606 332 2015 - - - - - 19,999 17,785 16,494 16,373 15,830 900 2016 - - - - - - 18,465 18,861 21,376 22,528 2,208 2017 - - - - - - - 16,588 19,143 18,262 4,167 2018 - - - - - - - - 15,161 16,990 5,911 2019 - - - - - - - - - 15,438 10,492 $ 165,991 Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance (in thousands) (Unaudited) December 31, 2019 Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Cumulative Number of Reported Claims 2010 $ 464 $ 1,721 $ 4,162 $ 6,312 $ 6,883 $ 7,774 $ 8,328 $ 9,621 $ 9,921 $ 10,166 160 2011 - 578 1,888 5,047 12,117 16,911 17,774 18,870 19,773 20,641 205 2012 - - 1,002 2,621 5,637 9,772 14,376 17,365 17,805 19,672 196 2013 - - - 526 1,896 4,249 6,942 7,625 9,470 10,962 157 2014 - - - - 417 1,676 4,069 6,448 7,780 9,717 132 2015 - - - - 523 2,476 5,186 7,446 11,758 132 2016 - - - - - - 944 3,818 9,691 13,320 181 2017 - - - - - - - 728 5,057 8,360 150 2018 499 4,873 135 2019 - - - - - - - - - 1,335 94 110,804 All outstanding liabilities before 2010, net of reinsurance 906 $ 56,093 Reconciliation The reconciliation for the net incurred and paid loss development tables to the liability for losses and LAE at December 31, 2019 in the accompanying balance sheet is as follows: 2019 Net outstanding liabilities for losses and loss adjustment expenses: Medical professional $ 56,092,840 Liabilities for losses and loss adjustment expenses, net of Reinsurance 56,092,840 Reinsurance recoverable on unpaid claims: Medical professional 7,515,135 Total reinsurance recoverable on unpaid claims 7,515,135 Total gross liability for losses and loss adjustment expenses $ 63,607,975 Losses Duration Information The following is supplemental information about average historical claims duration at December 31, 2019: Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited) Accident Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Medical Professional 4.3 % 13.6 % 19.1 % 20.8 % 15.7 % 11.6 % 8.9 % 8.4 % 3.4 % 2.3 % Positive Insurance Company uses a combination of the Actual versus Expected Method, Bornhuetter-Ferguson Method, Expected Loss Ratio Method, Frequency/Severity Method, and the Incurred Loss Development Method in order to estimate its liability for losses and LAE. Following the conversions and merger which were completed on March 27, 2019, the Company changed its approach by aggregating its data, previously under PPIX, PCA, and PIPE, and performing a single loss reserve analysis, as opposed to three separate loss reserve analyses. The Company used combined development patterns based on PPIX, PCA, and PIPE experience for claims-made development factors, but derived occurrence development factors strictly based on former PPIX experience. Tail policy development factors were derived from the occurrence factors. Management does not believe that the effects of these changes had a material impact on the Company’s estimates. The year-end loss reserve analysis also assumes that the Company will no longer utilize Andrews Outsource Solutions LLC to provide claims processing and risk management services following 2020, a measure which is expected to reduce the amount of LAE incurred in subsequent periods. If this action is not taken, then the Company’s reserves for loss adjustment expenses would increase as a result. There were no other significant changes in the methodologies and assumptions used to develop the liabilities for losses and LAE during the year ended December 31, 2019.

Note Payable

Note Payable	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Note Payable	9. Note Payable On December 12, 2014, PPIX entered into a loan agreement with a financial institution with proceeds totaling $300,000 to finance the development of a new policy system. The loan is secured by the equipment purchased with the proceeds received. The loan is being repaid on a monthly basis from January 2016 through December 2020 with interest calculated on the unpaid principal balance at a rate of 4% per annum. At December 31, 2019 and 2018, the balance of the note payable was $64,858 and $127,327, respectively, and the Company remains compliant with all loan covenants.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes The components of the Company’s income tax provision for the years ended December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 Current income tax benefit $ (14,678 ) $ (814,609 ) Deferred income tax expense (benefit) 21,664 (1,120,719 ) Provision for income taxes $ 6,986 $ (1,935,328 ) The Company’s U.S. federal statutory income tax rate applicable to ordinary income was 21% for the years ended December 31, 2019 and 2018. The income tax provision differs from that computed by applying federal statutory rate to loss before income taxes for the years ended December 31, 2019 and 2018; those income tax rate differences are summarized as follows: Year Ended December 31, 2019 2018 Expected tax provision at federal statutory rate $ (48,713 ) $ (1,534,437 ) Tax exempt interest income (48,428 ) (49,051 ) Dividends received deduction (21,421 ) (23,438 ) Non-deductible conversion costs 136,439 - Change in enacted tax rates - (343,929 ) Other (10,891 ) 15,527 Provision for income taxes $ 6,986 $ (1,935,328 ) Deferred income taxes are provided for temporary differences between the consolidated and combined financial statements and the tax basis of the Company’s assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. At December 31, 2019 and 2018, the Company’s deferred income taxes consisted of the following: December 31, 2019 2018 Deferred tax assets: Discount of unearned premiums $ 487,274 $ 530,428 Discount of advance premiums 85,139 55,638 Discount of losses and loss adjustment expenses 978,379 1,113,670 Guaranty fund assessment 40,890 36,027 Net operating loss carryforward 756,063 811,703 Capital loss carryforward - 34,558 Unrealized loss on investments - 250,592 Other 14,754 28 Total deferred tax assets 2,362,499 2,832,644 Deferred tax liabilities: Deferred acquisition costs 542,742 836,891 TCJA transitional adjustment 224,943 314,446 Unrealized gain on investments 678,322 — Accrual of bond market discount 19,070 3,338 Other 5,838 1,878 Total deferred tax liabilities 1,470,915 1,156,553 Deferred income taxes, net $ 891,584 $ 1,676,091 At December 31, 2019 and 2018, the Company had unused net operating loss (“NOL”) carryforwards of $3,600,298 and $3,865,253, respectively, which will begin to expire in 2038, if unused. At the time of the conversions and merger, the Company had unused NOLs of $4,313,198, which are subject to limitations under Section 382 of the Internal Revenue Code and are limited in the amount that can be utilized in any one year. The Company also has AMT credits of $14,754, which are expected to be fully utilized by 2021. Refer to Note 16, Subsequent Events, for the effects on the NOL carryforwards resulting from the Coronavirus Aid, Relief, and Economic Security Act. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax planning strategies in making this assessment. At December 31, 2019 and 2018, management determined that it is more likely than not that all of the deferred tax assets will be realized by the Company in future years. Accordingly, the Company did not record a valuation allowance against its deferred tax assets at December 31, 2019 and 2018. The Company has applied the provisions of ASC 740, Income Taxes The Company did not recognize any interest and penalties in the accompanying consolidated and combined statements of operations for the years ended December 31, 2019 and 2018, respectively. Additionally, as part of the enactment of the Tax Cuts and Jobs Act (“TCJA”) on December 22, 2017, property and casualty insurance companies are required to use Internal Revenue Service (“IRS”) prescribed factors to determine the loss discount. From the date of the passage of the new law, the IRS is using a corporate bond yield curve to determine the discount factors and property and casualty insurance companies are no longer allowed to use their own historical payment patterns to determine their discount factors. Transition rules require that property and casualty insurance companies recalculate the 2017 reserve discount as if the 2018 tax reform rules had been in effect at the time of the passage of the new law, compare it to the actual 2017 reserve discount, and amortize the difference into taxable income over eight years beginning in 2018. As a result of this comparison, the Company recorded as a component of deferred income taxes at December 31, 2017 a resulting tax-effected difference amount of $201,439, for which the pre-tax amount of $959,235 is being amortized into taxable income beginning in 2018. During 2019, the IRS issued additional regulations related to the 2017 reserve discount resulting in an adjusted pre-tax amount of $1,249,684. At December 31, 2019 and 2018, the deferred tax liability related to the TCJA transitional adjustment was $224,943 and $314,446, respectively, and is included as a component of deferred income taxes.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	11. Related Party Transactions Positive Insurance Company is managed by Diversus Management. Prior to March 27, 2019, Diversus Management, through former attorneys-in-fact of PPIX, PCA, and PIPE, earned management fees at 25% of gross written premiums of the exchanges. Concurrent with the acquisition of PPIX, PCA, and PIPE and the initial public offering on March 27, 2019, Positive Insurance Company and Diversus Management entered into a new management agreement, effective March 27, 2019, whereby Diversus Management provides administrative services to Positive Insurance Company in exchange for fees based on a percentage of Positive Insurance Company’s gross written premium, less return premium. Under the new agreement, Diversus Management earns management fees at 12%. Diversus Management may also earn quarterly performance management fees based on Positive Insurance Company’s combined ratio and net earned premiums. No quarterly performance fees were payable under the terms of the agreement at December 31, 2019. Management fees for 2019 and 2018 are recorded in other underwriting expenses in the consolidated and combined statements of operations, respectively. Positive Insurance Company incurred management fees for the respective periods, as follows: Year Ended December 31, 2019 2018 Management fees $ 4,361,977 $ 6,330,762 In connection with the execution of the new management agreement with Diversus Management, the Company paid Diversus $10,000,000 to execute the agreement. Such payment is presented as “Prepaid management fee” in the accompany consolidated balance sheet at December 31, 2019 and is amortized on a straight-line basis over a period of seven years. During the year ended December 31, 2019, the Company incurred amortization expense of $1,071,429, which is recorded in other underwriting expenses in the consolidated statement of operations. Positive Insurance Company has contracts with Gateway Risk Services, LLC and Andrews Outsource Solutions LLC, both of which are wholly owned subsidiaries of Diversus, under which those companies provide claims processing and risk management services. Fees incurred by Positive Insurance Company under these contracts for 2019 and 2018 were recorded in other underwriting expenses in the consolidated and combined statements of operations, respectively, as follows: Year Ended December 31, 2019 2018 Claims processing and risk management services $ 1,648,100 $ 1,585,400 Additionally, the former attorney-in-fact of PCA earned commissions related to our gross written premium and other accounts. Beginning March 27, 2019, these commissions were paid to Specialty Insurance Agency, LLC, a wholly owned subsidiary of Diversus. These commissions for 2019 and 2018 are recorded in other underwriting expenses in the consolidated and combined statements of operations, respectively. Positive Insurance Company incurred related commission expenses for the respective periods, as follows: Year Ended December 31, 2019 2018 Commissions $ 131,618 $ 176,753 The Company and Diversus entered into a loan agreement dated March 27, 2019 to provide a $6,000,000 credit facility to Diversus for working capital purposes. Diversus may borrow in one or more advances up to $5,500,000 under a term loan and up to $500,000 under a revolving loan. Outstanding borrowings under the credit facility will bear interest at 8%, will be unsecured, and will be subordinate to the existing senior debt and other commercial loan obligations of Diversus. The loan is convertible into common stock shares of Diversus at a price of $1 per share at the option of the Company. At December 31, 2019, there was no outstanding balance on the credit facility.

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
Common Stock	12. Common Stock The Company is authorized to issue 10,000,000 shares of $0.01 par value common stock. At December 31, 2018, there were no shares of common stock issued and outstanding. In connection with the completion of the initial public offering on March 27, 2019, 3,615,500 shares of the Company’s common stock were issued. At December 31, 2019, 3,615,500 shares of common stock remain issued and outstanding. On September 27, 2019, the Company granted its Chief Executive Officer options to purchase 216,930 shares of common stock at an exercise price of $12.01 per share, which was the closing sale price of the Company’s common stock on the date the options were granted. Of the total options, 108,465 shares will vest in equal monthly installments over a three-and-one-half year period following September 27, 2019, and the remaining 108,465 shares will vest upon the achievement by the Company of certain milestones. All vested option shares shall be exercisable for eight years from the date of vesting. The stock-based compensation expense incurred by the Company during the year ended December 31, 2019 was not significant. The holding company has cash and other liquid assets aggregating $16,843,126 at December 31, 2019. The holding company’s principal source of future liquidity will be dividend payments from Positive Insurance Company, which is restricted by the insurance laws and regulations of the Commonwealth of Pennsylvania as to the amount of dividends or other distributions it may pay to the Company. An order by the Pennsylvania Insurance Department approving the conversions of PPIX, PCA, and PIPE prohibits the declaration or payment of any dividend, return of capital, or other distribution by the Company to Insurance Capital Group, LLC and Enstar Holdings (US) LLC, the two principal stockholders of the Company, or any other shareholder without the prior approval of the Pennsylvania Insurance Department, for a period of three years following the effective date of the conversions. Additionally, by the order of the Pennsylvania Insurance Department, Positive Insurance Company cannot pay a dividend to the Company for a period of three years following the effective date of the conversions without the approval of the Pennsylvania Insurance Department. Prior to its payment of any dividend, Positive Insurance Company will be required to provide notice of the dividend to the Pennsylvania Insurance Department. This notice must be provided to the Pennsylvania Insurance Department 30 days prior to the payment of an extraordinary dividend and 10 days prior to the payment of an ordinary dividend. The Pennsylvania Insurance Department has the power to limit or prohibit dividends if Positive Insurance Company is in violation of any law or regulation.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	13. Earnings Per Share As discussed in Note 1, the conversions of PPIX, PCA, and PIPE to stock insurance companies and the simultaneous acquisition of these companies resulted in the issuance of the Company’s common stock at March 27, 2019. The weighted average number of common shares outstanding was 3,615,500 for the year ended December 31, 2019. For the period prior to the date of the conversions, the net common shares issued in the initial public offering were assumed to be outstanding since January 1, 2019. The following table presents a reconciliation of the numerators and denominators that were used in the basic and diluted per share computations for the Company’s common stock: Year Ended December 31, 2019 2018 Basic earnings per common share: Numerator: Net loss $ (238,951 ) N/A Denominator: Weighted average shares outstanding 3,615,500 N/A Basic earnings per common share $ (0.07 ) N/A

Assessments

Assessments	12 Months Ended
	Dec. 31, 2019
Assessments [Abstract]
Assessments	14. Assessments In the event a property and casualty insurer operating in a jurisdiction where Positive Insurance Company also operates becomes or is declared insolvent, state insurance regulations provide for the assessment of other insurers to fund any capital deficiency of the insolvent insurer. Generally, this assessment is based upon the ratio of an insurer’s voluntary premiums written to the total premiums written for all insurers in that particular jurisdiction. The Company receives such assessments from the Pennsylvania Property and Casualty Insurance Guaranty Association for which it accrued liabilities of $194,715 and $171,550 at December 31, 2019 and 2018, respectively. These accruals are included in accounts payable, accrued expenses, and other liabilities in the accompanying consolidated and combined balance sheets. Positive Insurance Company has not recorded applicable premium tax credits at December 31, 2019 and 2018 related to guaranty assessments. Total guaranty fund expense, net of prior years’ refunds and premium tax credits, for the years ended December 31, 2019 and 2018 was $70,076 and $35,623, respectively. The Pennsylvania MCARE Fund is a special fund established by the Commonwealth of Pennsylvania to ensure reasonable compensation for persons injured due to medical negligence. Healthcare providers who render 50% or more of his or her healthcare business or practice within Pennsylvania are required to obtain statutory excess professional liability coverage with MCARE by paying a certain percentage (assessment) of the prevailing primary premium charged by the Pennsylvania Professional Liability Joint Underwriting Association to MCARE. Positive Insurance Company assesses its policyholders as required by MCARE in addition to collecting the premium assessed. The assessments collected from policyholders are included in accounts payable, accrued expenses, and other liabilities in the accompanying consolidated and combined balance sheets, and no income is recognized by Positive Insurance Company. At December 31, 2019 and 2018, Positive Insurance Company had liabilities of $340,851 and $678,236, respectively, for amounts collected on behalf of MCARE. The New Jersey Property-Liability Insurance Guaranty Association (“NJPIGA”) was created by the State of New Jersey to provide a safety net for policyholders and claimants of insolvent property-casualty insurance companies. Positive Insurance Company assesses its policyholders as required by NJPIGA in addition to collecting the premium assessed. The assessments collected from policyholders are included in accounts payable, accrued expenses, and other liabilities in the accompanying consolidated and combined balance sheets, and no income is recognized by Positive Insurance Company. At December 31, 2019 and 2018, Positive Insurance Company had liabilities of $40,301 and $36,777, respectively, for amounts collected on behalf of NJPIGA.

Statutory Information

Statutory Information	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Statutory Information	1 5 . Statutory Information Accounting principles used to prepare statutory financial statements differ from those used to prepare these consolidated financial statements under GAAP. Prescribed statutory accounting practices (“SAP”) include state laws, regulations, and general administration rules, as well as a variety of publications from the National Association of Insurance Commissioners (“NAIC”). The statutory financial statements of Positive Insurance Company are prepared in accordance with SAP prescribed by the Pennsylvania Insurance Department. Financial statements prepared under SAP focus on solvency of the insurer and generally provide a more conservative approach than under GAAP. These accounting practices differ significantly in the following respects from GAAP: (1) assets must be included in the statutory balance sheet at “admitted asset value,” whereas GAAP requires historical cost or, in certain instances, fair value; (2) “non-admitted assets” must be excluded through a charge to surplus, while on a GAAP basis “non-admitted assets” are included in the balance sheet net of any valuation allowance; (3) acquisition costs, such as commissions, management fees, premium taxes, and other items, have been charged to operations when incurred, whereas GAAP requires capitalization of these expenses, which are amortized over the term of the policies; (4) the carrying value of fixed maturity securities are based on NAIC ratings, whereas GAAP requires fixed maturity securities to be valued based on whether management intends to hold the securities to maturity; (5) changes in deferred income taxes are reported directly to surplus, whereas changes to deferred income taxes are reflected in the statement of income for GAAP; (6) deferred tax assets, net of any valuation allowance, are subject to an admissibility calculation, whereas under GAAP, no such calculation exists; and (7) ceded reinsurance amounts (unearned premiums and estimated unpaid loss recoverables) are shown net of the related liability, whereas they are presented on a gross basis and reflected as an asset for GAAP. The Pennsylvania Insurance Department.has adopted certain prescribed accounting practices that differ from those found in NAIC SAP. Specifically, the Pennsylvania Insurance Department permits the deduction of management fees related to unearned premiums from unearned premiums reserve and charging operations on a pro-rata basis over the period covered by these policies; whereas under NAIC SAP, the unearned premiums would not be reduced by the management fees paid related to unearned premiums reserve. With the conversions of PPIX, PCA, and PIPE from reciprocal insurance exchanges into stock insurance companies as of March 27, 2019, the prescribed practice of deducting management fees related to unearned premiums from unearned premiums reserve is no longer applicable to Positive Insurance Company. Statutory net income (loss) and surplus and other funds as determined in accordance with SAP prescribed or permitted by the Pennsylvania Insurance Department for the years ended December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 Statutory net income (loss) $ 1,359,223 $ (4,937,935 ) Statutory surplus and other funds 39,415,264 36,535,665 A reconciliation of statutory surplus and other funds between NAIC SAP and practices prescribed by the Pennsylvania Insurance Department for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 2018 Statutory surplus and other funds prescribed by the Department $ 39,415,264 $ 36,535,665 State prescribed practices: Unearned management fees - (2,735,711 ) Statutory surplus and other funds per NAIC statutory accounting practices $ 39,415,264 $ 33,799,954 Positive Insurance Company is subject to minimum risk-based capital (“RBC”) requirements that were developed by the NAIC. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances and various levels of risk activity. Regulatory compliance is determined by a ratio of Positive Insurance Company’s total adjusted capital, as defined by the NAIC, to its authorized control level RBC. At December 31, 2019 and 2018, our RBC exceeded minimum RBC requirements.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	1 6 . Subsequent Events Subsequent events have been evaluated through May 14, 2020, which is the date the consolidated and combined financial statements were available to be issued. Subsequent events impacting the Company include the following: Effects of COVID-19 The Company’s operations and business have experienced disruptions due to the conditions surrounding the COVID-19 pandemic spreading throughout the United States. These disruptions include, but are not limited to, office closures and difficulties in maintaining operational continuance during remote operations required by illness, social quarantining, and work from home orders currently in force. The Company’s management has devoted substantial time and attention to assessing the potential impact of COVID-19 and those events on the Company’s operations and financial position and developing operational and financial plans to address those matters. As a result of the COVID-19 pandemic, the Company anticipates that premiums will decrease due to policy endorsements associated with doctors electing to work part time, take a leave of absence or retire. In addition, our insureds may elect to temporarily change specialties. For example, a doctor may choose to drop from orthopedic surgery to office-only status due to the lack of elective surgeries. The Company has received notification for such requests from our policyholders which will go into effect on June 30, 2020. In terms of collections, prior to the pandemic, the Company’s policy was to cancel any insurance policies for which premiums had not been received within 60 days subsequent to policy effective date, with notice of intent to cancel sent to the insured after 30 days post-inception date. As a result of COVID-19, the Company has updated this policy and suspended cancellations of insurance contracts resulting from non-payment of premium until June 30, 2020 for invoices due after April 1, 2020. Through May 11, 2020, the amount of premium payment deferrals is about $817,000. With respect to claims, Positive Insurance Company’s policyholder base mainly consists of physicians, their corporations and medical groups. During the COVID-19 pandemic, on-site visits to doctors have declined and been replaced by an increase in telehealth/virtual office visits. Since the COVID-19 pandemic resulted in government -issued work from home orders, the Company has seen the number of new claims reported begin to decrease. Investments The Company’s investment portfolio has experienced significant fluctuations in fair value as a result of the market volatility due to the COVID-19 pandemic. The following tables reflect the changes in our investment portfolio since December 31, 2019. Amortized Cost/Cost Gross Unrealized Gains, Net Fair Value May 8, 2020 (Unaudited) U.S. government $ 9,172,746 $ 190,297 $ 9,363,043 States, territories, and possessions 1,091,178 47,775 1,138,953 Subdivisions of states, territories, and possessions 12,313,961 358,989 12,672,950 Industrial and miscellaneous 68,391,118 1,727,660 70,118,778 Total fixed maturity securities 90,969,003 2,324,721 93,293,724 Equity securities 6,446,067 (66,457 ) 6,379,610 Short-term investments 2,231,703 (9 ) 2,231,694 Total investments 99,646,773 2,258,255 101,905,028 Cash and cash equivalents 19,924,270 - 19,924,270 $ 119,571,043 $ 2,258,255 $ 121,829,298 Amortized Cost/Cost Gross Unrealized Gains, Net Fair Value December 31, 2019 U.S. government $ 10,689,829 $ 61,733 $ 10,751,562 States, territories, and possessions 1,096,638 46,385 1,143,023 Subdivisions of states, territories, and possessions 12,440,863 382,002 12,822,865 Industrial and miscellaneous 69,445,114 1,585,478 71,030,592 Total fixed maturity securities 93,672,444 2,075,598 95,748,042 Equity securities 6,602,462 1,154,504 7,756,966 Short-term investments 1,169,472 - 1,169,472 Total investments 101,444,378 3,230,102 104,674,480 Cash and cash equivalents 20,988,081 - 20,988,081 $ 122,432,459 $ 3,230,102 $ 125,662,561 CARES Act On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law. The CARES Act includes certain income tax-related law changes that the Company believes will have a material effect on its deferred income taxes in 2020. The most significant effect on the Company’s deferred income taxes is expected to be due to changes in the Federal net operating loss carryback provisions which will allow the Company to carryback NOLs originating in 2018 and 2019 to prior tax years with corporate income tax rates of 34% (as opposed to forward to future tax years with corporate income tax rates of 21%). The Company estimates that this change will result in additional Federal income tax refunds of approximately $1.1 million during 2020 and will reduce the Company’s NOL by about $3.1 million, or about $650,000 tax-effected.

Schedule I _ Registrant Only Fi

Schedule I – Registrant Only Financial Statements	12 Months Ended
	Dec. 31, 2019
Parent Company [Member]
Condensed Financial Information Of Parent Company Only Disclosure [Line Items]
Schedule I – Registrant Only Financial Statements	Positive Physicians Holdings, Inc. Schedule I – Registrant Only Financial Statements Balance Sheets (Parent Company Only) December 31, 2019 December 31, 2018 Assets Available-for-sale fixed maturity securities, at fair value $ 3,854,722 $ — Equity investment in subsidiary 43,243,947 — Short-term investments, at fair value 1,169,472 — Total investments 48,268,141 — Cash and cash equivalents 15,673,654 — Accrued investment income 26,677 — Income taxes recoverable 300,895 — Deferred income taxes (1,859 ) — Prepaid management fee 8,928,571 — Other assets 62,750 261,209 Total assets $ 73,258,829 $ 261,209 Liabilities and Stockholders' Equity Liabilities Accounts payable, accrued expenses, and other liabilities $ 149,076 $ - Due (from) to affiliates (83,652 ) 261,209 Total liabilities 65,424 261,209 Stockholders' Equity Common stock, $0.01 par value, 10,000,000 shares authorized; 3,615,500 shares issued and outstanding 36,155 — Additional paid-in capital 49,421,081 — Retained earnings 22,096,447 — Accumulated other comprehensive income 1,639,722 — Total stockholders' equity 73,193,405 — Total liabilities and stockholders' equity $ 73,258,829 $ 261,209 These financial statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto. Positive Physicians Holdings, Inc. Schedule I – Registrant Only Financial Statements Statements of Operations (Parent Company Only) Year Ended December 31, 2019 Year Ended December 31, 2018 Revenues Net investment income $ 364,159 $ — Realized investment gains 66 — Total revenues 364,225 — Expenses Other underwriting expenses 1,797,059 — Total expenses 1,797,059 — Loss before equity in undistributed earnings of subsidiary and provision for income taxes (1,432,834 ) — Provision for income taxes (300,895 ) — Loss before equity in undistributed earnings of subsidiary (1,131,939 ) — Equity in undistributed earnings of subsidiary 892,988 — Net loss (238,951 ) — Other comprehensive income, net of tax Other comprehensive income 6,995 — Equity in other comprehensive income of subsidiary 2,862,743 — Other comprehensive income, net of income taxes 2,869,738 — Comprehensive income $ 2,630,787 $ — These financial statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto. Positive Physicians Holdings, Inc. Schedule I – Registrant Only Financial Statements Statements of Cash Flows (Parent Company Only) Year Ended December 31, 2019 Year Ended December 31, 2018 Cash flows from operating activities: Net loss $ (238,951 ) $ — Adjustments to reconcile net loss to net cash used in operating activities: Net realized gain on sales of investments (66 ) — Amortization of fixed maturity premiums (7,217 ) — Depreciation and amortization expense 1,071,429 — Equity in undistributed earnings of subsidiary (892,988 ) — Changes in operating assets and liabilities: Accrued investment income (26,677 ) — Income taxes recoverable (300,895 ) — Prepaid management fee (10,000,000 ) — Other assets 198,459 (261,209 ) Accounts payable, accrued expenses, and other liabilities 149,076 — Due (from) to affiliates (344,861 ) 261,209 Net cash flows used in operating activities (10,392,691 ) — Cash flows from investing activities: Proceeds from sales of fixed maturity securities 525,000 — Purchases of fixed maturity securities (4,370,803 ) — Net purchases of short-term investments (1,162,253 ) — Investment in subsidiary (2,500,000 ) — Net cash flows used in investing activities (7,508,056 ) — Cash flows from financing activities Proceeds from issuance of common stock 33,574,401 — Net cash flows provided by financing activities 33,574,401 — Net change in cash and cash equivalents 15,673,654 — Cash and cash equivalents, at beginning of year — — Cash and cash equivalents, at end of year $ 15,673,654 $ — Cash paid during the year for interest $ — $ — These financial statements should be read in conjunction with the Consolidated Financial Statements and the notes thereto.

Schedule V - Supplemental Infor

Schedule V - Supplemental Information Concerning Property and Casualty Operations	12 Months Ended
	Dec. 31, 2019
Supplemental Information Concerning Property And Casualty Operations [Abstract]
Schedule V - Supplemental Information Concerning Property and Casualty Operations	Positive Physicians Holdings, Inc . Schedule V – Supplemental Information Concerning Property and Casualty Operations Losses and Loss Adjustment Expenses Incurred Related to: Affiliation with Registrant Deferred Acquisition Costs Unpaid Losses and Loss Adjustment Expenses Discount on Losses and Loss Adjustment Expenses Unearned Premiums Net Earned Premiums Net Investment Income Current Year Prior Years Amortization of Deferred Acquisition Costs Paid Losses and Loss Adjustment Expenses Premiums Written (a) Consolidated property-casualty entities 2019 $ 2,584,486 $ 63,607,975 $ - $ 12,783,124 $ 23,700,963 $ 2,960,367 $ 15,438,338 $ 136,271 $ 7,854,417 $ 19,923,850 $ 22,673,494 2018 $ 3,985,193 $ 68,392,333 $ - $ 13,202,626 $ 23,587,834 $ 2,568,907 $ 15,525,397 $ 4,057,821 $ 8,738,765 $ 20,126,413 $ 21,622,860

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and notes. Actual results could differ from these estimates and such differences could be material. The Company’s principal estimates include the liability for losses and loss adjustment expenses, deferred acquisition costs, other-than-temporary impairments of investments, and valuation of deferred tax assets.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers cash and cash equivalents to be cash on hand and depository bank accounts with original maturities of three months or less, are readily convertible to known amounts of cash, and present insignificant risk of changes in value due to changing interest rates.
Investments	Investments Investments in fixed maturity securities are classified as available-for-sale and are stated at fair value. Unrealized holding gains and losses, net of related tax effects, on available-for-sale fixed maturity securities are recorded directly to accumulated other comprehensive income (loss). Investments in equity securities are stated at fair value and unrealized holding gains and losses are credited or charged to net income (loss) as incurred and are included in realized investment (losses) gains, net in the accompanying consolidated and combined statements of operations. In 2018, the Company had ownership interests in limited partnership equity hedge funds, which are reported as other investments in the accompanying combined balance sheet. The partnership interests were measured at fair value using the funds’ net asset values as a practical expedient. Unrealized holding gains and losses on partnership interests were credited or charged to net income (loss) as incurred and are included in realized investment gains (losses), net in the accompanying combined statement of operations. The Company sold these partnership interests during the second half of 2019. Realized gains and losses on sales of equity and fixed maturity securities as well as other investments are recognized into income based upon the specific identification method. Interest and dividends are recognized as earned. Short-term investments are considered to be short-term, highly liquid investments that are less than one year in term to the dates of maturity at the purchase dates, and they present insignificant risk of changes in value due to changing interest rates. The Company regularly evaluates all of its investments based on current economic conditions, credit loss experience, and other specific developments. If there is a decline in a security’s net realizable value that is other than temporary, it is considered as a realized loss and the cost basis in the security is reduced to its estimated fair value. A fixed maturity security is considered to be other-than-temporarily impaired when the security’s fair value is less than its amortized cost basis and 1) we intend to sell the security, 2) it is more likely than not that we will be required to sell the security before recovery of the security’s amortized cost basis, or 3) we believe we will be unable to recover the entire amortized cost basis of the security (i.e., credit loss has occurred). Other-than-temporary-impairments (“OTTI”) of fixed maturity securities are separated into credit and noncredit-related amounts when there are credit-related losses associated with the impaired fixed maturity security for which management asserts that it does not have the intent to sell the security, and it is more likely than not that it will not be required to sell the security before recovery of its cost basis. The amount of the OTTI related to a credit loss is recognized in earnings, and the amount of the OTTI related to other factors is recorded in other comprehensive income (loss). A credit loss is determined by assessing whether the amortized cost basis of the security will be recovered, by comparing the present value of cash flows expected to be collected from the security, computed using original yield as the discount rate, to the amortized cost basis of the security. The shortfall of the present value of the cash flows expected to be collected in relation to the amortized cost basis is considered to be the “credit loss.”
Deferred Acquisition Costs	Deferred Acquisition Costs Certain direct acquisition costs consisting of commissions, premium taxes and certain other direct underwriting expenses that vary with and are primarily related to the successful production of business are deferred and amortized over the effective period of the related insurance policies as the underlying policy premiums are earned. The method followed in computing deferred acquisition costs limits the amount of deferred costs to their estimated realizable value, which gives effect to the premium to be earned, related investment income, losses and loss adjustment expenses, and certain other costs expected to be incurred as the premium is earned. Future changes in estimates, the most significant of which is expected losses and loss adjustment expenses, may require adjustments to deferred acquisition costs. If the estimation of net realizable value indicates that the deferred acquisition costs are not recoverable, then they would be written off.
Prepaid Management Fee	Prepaid Management Fee Prepaid management fee comprises costs incurred by the Company to execute a new management agreement with Diversus Management and is amortized on a straight-line basis over the
Liability for Losses and Loss Adjustment Expenses	Liability for Losses and Loss Adjustment Expenses Liability for losses and loss adjustment expenses include an amount determined from individual case estimates and loss reports and an amount, based on prior experience, actuarial assumptions and management judgments for losses incurred but not reported. Such liabilities are necessarily based on assumptions and estimates, and while management believes the amount is adequate, the ultimate liability may be in excess of or less than the amounts provided. The methods for making such estimates for establishing the resulting liabilities are continually reviewed. Estimating the ultimate cost of future losses and loss adjustment expenses is an uncertain and complex process. This estimation process is based upon the assumption that past developments are an appropriate indicator of future events and involves a variety of actuarial techniques that analyze experience, trends, and other relevant factors. The uncertainties involved with the reserving process include internal factors, such as changes in claims handling procedure, as well as external factors, such as economic trends and changes in the concepts of legal liability and damage awards. Accordingly, final loss settlements may vary from the present estimates, particularly when those payments may not occur until well into the future. Adjustments to previously established reserves are reflected in the operating results of the period in which the adjustment is determined to be necessary. Such adjustments could possibly be significant, reflecting any variety of new and adverse or favorable trends. We also offer extended reporting coverage at no additional charge in the event of disability, death or retirement after a policyholder reaches the age of 55 and has been a mature-claims policyholder with Positive Insurance Company for at least one year. An extended reporting endorsement policy reserve is required to assure that premiums are not earned prematurely. This reserve is actuarially determined, and the balance is included in unearned premiums in the consolidated and combined balance sheets.
Premium Deficiency Reserves	Premium Deficiency Reserves Premium deficiency reserves and the related expenses are recognized when it is probable that expected future benefit payments, loss adjustment expenses, direct administration costs, and an allocation of indirect administration costs under a group of existing contracts will exceed anticipated future premiums and reinsurance recoveries considered over the remaining lives of the contracts, and are recorded as a component of deferred acquisition costs in the accompanying consolidated and combined balance sheets. The Company does not consider anticipated investment income when calculating premium deficiency reserves. As of December 31, 2019 and 2018, the Company did not have any premium deficiency reserves.
Reinsurance	Reinsurance The Company cedes insurance risk to other insurance companies. This arrangement allows us to minimize the net loss potential arising from large risks. Reinsurance contracts do not relieve the Company of its obligation to its policyholders. Reinsurance premiums, losses, and loss adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contract.
Credit Risk	Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments, non-U.S. government bonds, premiums receivable, and balances recoverable from reinsurers. Non-U.S. government bonds are diversified, and no one investment accounts for greater than 5% of our invested assets. Cash and cash equivalents are deposited with financial institutions with balances that fluctuate in excess of federally insured limits. If the financial institutions were not to honor their contractual liability to us, we could incur losses. We are of the opinion that there is low risk because of the financial strength of the respective financial institutions. We are also subject to concentrations of credit risk through short-term money market investments. The credit risk related to short-term money market investments is minimized by our investing in money market funds or repurchase agreements, both secured by U.S. government securities. No one insured accounted for over 10% of premiums receivable at December 31, 2019 and December 31, 2018 or gross written premium for the years ended December 31, 2019 and 2018. We have reinsurance contracts with various reinsurers all of whom have A.M. Best ratings of A or better or have provided collateral to secure their obligations.
Revenue Recognition	Revenue Recognition Premiums are earned on a daily pro rata basis over the terms of the insurance policies. Unearned premium reserves are established to cover the unexpired portion of the policies in force less amounts ceded to reinsurers. For consideration received for policies with effective dates subsequent to the reporting period, the Company records an advance premium liability in lieu of written premium. Premiums associated with tails are generally earned as written, except for the afore-mentioned extended reporting coverage in the event of disability, death or retirement. Other forms of tails, in which premiums are earned as written, include the following: 1) An insured who terminates a claims-made policy with their prior carrier, and who purchases tail coverage (extended reporting coverage) from their old carrier or obtains retroactive (prior-acts) coverage from a new carrier, or 2) Stand-alone tail coverage in which an insured is offered a tail policy by their prior carrier but seeks a competitive quote from a different carrier. Both types of tail coverage insure against claims reported after the end of the original policy period for incidents that occurred while that policy was in effect.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale fixed maturity securities and unrealized losses related to factors other than credit on fixed maturity securities, are reported as a separate component in the equity section in the accompanying consolidated and combined balance sheets. Such items, along with net income (loss), are components of comprehensive income (loss), and are reflected in the accompanying consolidated and combined statements of comprehensive income (loss). Reclassifications of realized gains and losses on sales of investments out of accumulated other comprehensive income (loss) are recorded in realized investment (losses) gains, net in the accompanying consolidated and combined statements of operations.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability approach, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our consolidated and combined financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the consolidated and combined financial statements and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such determination, we consider all available positive and negative evidence, including future reversal of existing taxable temporary differences, tax planning strategies, projected future taxable income, and recent financial operations. Prior to March 27, 2019, PPIX, PCA, and PIPE filed separate federal income tax returns. The Company did not recognize any interest and penalties in the accompanying consolidated statement of operations for the year ended December 31, 2019 and the combined statement of operations for the year ended December 31, 2018. PPIX, PCA, and PIPE remain subject to examination by the Internal Revenue Service for tax years 2016 through 2018 and the short stub period in 2019. Beginning with 2019 tax year, the Company will file a consolidated federal income tax return.
Conversion Costs	Conversion Costs PPIX, PCA, and PIPE incurred direct consulting and other costs related to the conversions from reciprocal insurance exchanges to stock forms of ownership and as part of offering securities during the initial public offering which took place on March 27, 2019. Conversion and securities offering costs that were not expected to be reimbursed from the gross proceeds of the offering were expensed as incurred and included in other underwriting expenses in the accompanying consolidated and combined statements of operations.

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2019
Marketable Securities [Abstract]
Schedule of Amortized Cost/Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value of Fixed Maturity Securities	Amortized cost/cost, gross unrealized gains, gross unrealized losses, and fair value of fixed maturity securities by major security type for the results at December 31, 2019 and 2018 are as follows: Amortized Cost/Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019 U.S. government $ 10,689,829 $ 100,223 $ 38,490 $ 10,751,562 States, territories, and possessions 1,096,638 46,385 — 1,143,023 Subdivisions of states, territories, and possessions 12,440,863 389,472 7,470 12,822,865 Industrial and miscellaneous 69,445,114 1,591,777 6,299 71,030,592 Total fixed maturity securities $ 93,672,444 $ 2,127,857 $ 52,259 $ 95,748,042 Amortized Cost/Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2018 U.S. government $ 12,859,101 $ 87,354 $ 208,699 $ 12,737,756 States, territories, and possessions 1,111,879 14,497 897 1,125,479 Subdivisions of states, territories, and possessions 13,230,690 105,965 44,591 13,292,064 Industrial and miscellaneous 59,561,984 14,030 1,524,644 58,051,370 Total fixed maturity securities $ 86,763,654 $ 221,846 $ 1,778,831 $ 85,206,669
Schedule of Contractual Maturity Profile of Investments in Fixed Maturity Securities	The table below sets forth the contractual maturity profile of our investments in fixed maturity securities at December 31, 2019 and 2018. Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. December 31, 2019 December 31, 2018 Amortized Cost/Cost Fair Value Amortized Cost/Cost Fair Value Due in less than one year $ 8,570,607 $ 8,584,991 $ 7,094,266 $ 6,549,872 Due after one year to five years 59,713,323 60,844,219 50,676,297 47,892,580 Due after five years to ten years 24,656,702 25,539,400 27,617,956 29,361,896 Due after ten years 731,812 779,432 1,375,135 1,402,321 $ 93,672,444 $ 95,748,042 $ 86,763,654 $ 85,206,669
Schedule of Realized Gains and Losses Securities and Other Investments	During the years ended December 31, 2019 and 2018, proceeds from maturities and sales and gross realized gains and losses on securities and other investments are as follows: Year Ended December 31, 2019 2018 Proceeds $ 18,672,307 $ 19,660,697 Gross gains 651,765 206,973 Gross losses 299,997 182,717
Schedule of Realized Investment Gains (Losses)	The components of net realized investment gains (losses) for the years ended December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 (Loss) gain on sales of fixed maturity securities $ (27,146 ) $ 26,112 Gain (loss) on sales of equity securities and other investments 378,914 (1,856 ) Total gain on sales of investments 351,768 24,256 Unrealized gain (loss) on equity securities and other investments 952,508 (1,557,518 ) Total net realized investment gains (losses) $ 1,304,276 $ (1,533,262 )
Schedule of Net Investment Income	The components of net investment income for the years ended December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 Fixed maturity securities $ 2,328,645 $ 2,311,546 Cash and short-term investments 441,666 61,402 Equity securities 274,791 316,736 Other investments 27,708 9,022 3,072,810 2,698,706 Less investment expenses 112,443 129,799 Net investment income $ 2,960,367 $ 2,568,907
Schedule of Fair Value and Gross Unrealized Losses of Fixed Maturity Investments	The following table shows fair value and gross unrealized losses of our fixed maturity investments with unrealized losses that are not deemed to be other-than temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019: Less than 12 months 12 months or longer Total Description of securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2019: U.S. government $ 2,628,516 $ 8,227 $ 4,061,077 $ 30,263 $ 6,689,593 $ 38,490 Subdivisions of states, territories, and possessions — — 93,000 7,470 93,000 7,470 Industrial and miscellaneous 4,773,607 5,934 350,922 365 5,124,529 6,299 Total fixed maturity securities $ 7,402,123 $ 14,161 $ 4,504,999 $ 38,098 $ 11,907,122 $ 52,259 The following table shows fair value and gross unrealized losses of our fixed maturity investments with unrealized losses that are not deemed to be other-than temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2018: Less than 12 months 12 months or longer Total Description of securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2018: U.S. government $ 1,757,021 $ 5,521 $ 8,858,782 $ 203,178 $ 10,615,803 $ 208,699 States, territories, and possessions 410,416 897 — — 410,416 897 Subdivisions of states, territories, and possessions 3,138,650 11,729 1,993,170 32,862 5,131,820 44,591 Industrial and miscellaneous 28,187,416 563,317 25,787,215 961,327 53,974,631 1,524,644 Total fixed maturity securities $ 33,493,503 $ 581,464 $ 36,639,167 $ 1,197,367 $ 70,132,670 $ 1,778,831
Schedule of Estimate Fair Value of Assets	The table below presents the level within the fair value hierarchy generally utilized by us to estimate the fair value of assets disclosed on a recurring basis at December 31, 2019: Total Level 1 Level 2 Level 3 U.S. government $ 10,751,562 $ — $ 10,751,562 $ — States, territories, and possessions 1,143,023 — 1,143,023 — Subdivisions of states, territories and possessions 12,822,865 — 12,822,865 — Industrial and miscellaneous 71,030,592 — 71,030,592 — Total fixed maturity securities 95,748,042 — 95,748,042 — Equity securities 7,756,966 7,756,966 — — $ 103,505,008 $ 7,756,966 $ 95,748,042 $ — The table below presents the level within the fair value hierarchy generally utilized by us to estimate the fair value of assets disclosed on a recurring basis at December 31, 2018: Total Level 1 Level 2 Level 3 U.S. government $ 12,737,756 $ — $ 12,737,756 $ — States, territories, and possessions 1,125,479 — 1,125,479 — Subdivisions of states, territories and possessions 13,292,064 — 13,292,064 — Industrial and miscellaneous 58,051,370 — 58,051,370 — Total fixed maturity securities 85,206,669 — 85,206,669 — Equity securities 7,267,094 7,267,094 — — $ 92,473,763 $ 7,267,094 $ 85,206,669 $ —

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Summary of Movements in Deferred Acquisition Costs	The following table summarizes the movements in deferred acquisition costs for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 2018 Balance, beginning of year $ 3,985,193 $ 4,078,322 Amount capitalized during the year 6,453,710 8,645,636 Amount amortized during the year 7,854,417 8,738,765 Balance, end of year $ 2,584,486 $ 3,985,193

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Schedule of Reinsurance Recoverable Balances Due From Unaffiliated Reinsurer	As of December 31, 2019, the Company had reinsurance recoverable balances due from the following unaffiliated reinsurer in excess of 5% of shareholders’ equity: Reinsurance Recoverable Collateral Hannover Re $ 6,199,000 $ 5,419,000
Schedule of Effect of Reinsurance on Premiums Written, Amounts Earned, and Losses Incurred	The effect of reinsurance on premiums written, amounts earned, and losses incurred for the years ended December 31, 2019 and 2018 is as follows: Year Ended December 31, 2019 2018 Premiums written: Direct $ 26,717,701 $ 25,323,049 Ceded 4,044,207 3,700,189 Premiums written, net of reinsurance $ 22,673,494 $ 21,622,860 Premiums earned: Direct $ 27,137,204 $ 27,435,509 Ceded 3,436,241 3,847,675 Premiums earned, net of reinsurance $ 23,700,963 $ 23,587,834 Losses and loss adjustment expenses incurred: Direct $ 19,145,058 $ 21,879,774 Ceded 3,570,449 2,296,556 Losses and loss adjustment expenses incurred, net of Reinsurance $ 15,574,609 $ 19,583,218

Losses and Loss Adjustment Ex_2

Losses and Loss Adjustment Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Reconciliation of Beginning and Ending Unpaid Losses and Loss Adjustment Expense Reserve Balances	The following table provides a reconciliation of our beginning and ending unpaid loss and loss adjustment expense (“LAE”) reserve balances for the years ended December 31, 2019 and 2018. 2019 2018 Balance at January 1 $ 68,392,333 $ 68,374,554 Less: Reinsurance recoverable on liability for losses and loss adjustment expenses 7,956,043 8,585,851 Add: Reinsurance recoverable on claims paid 5,791 1,196,573 Net liability at January 1 60,442,081 60,985,276 Losses and loss adjustment expenses incurred, net: Current year 15,438,338 15,525,397 Prior years 136,271 4,057,821 Total incurred losses and loss adjustment Expenses 15,574,609 19,583,218 Less losses and loss adjustment expenses paid, net: Current year 1,334,938 714,198 Prior years 18,588,912 19,412,215 Total losses and loss adjustment expenses paid 19,923,850 20,126,413 Net liability for losses and loss adjustment expenses, at December 31 56,092,840 60,442,081 Add: Reinsurance recoverable on liability for losses and loss adjustment expenses 7,850,409 7,956,043 Less: Reinsurance recoverable on claims paid 335,274 5,791 Liability for losses and loss adjustment expenses, at December 31 $ 63,607,975 $ 68,392,333
Schedule of Incurred and Paid Loss Development Information	The following information is presented about incurred and paid loss development at December 31, 2019, net of reinsurance, as well as cumulative claim frequency and the total of incurred-but-not-reported liabilities, plus expected development on reported claims included within the net incurred claims amounts. The information about incurred and paid claims development for the years ended December 31, 2010 to December 31, 2018 is presented as supplementary information and is unaudited. Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance (in thousands) (Unaudited) December 31, 2019 Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total of Incurred- But-Not- Reported Liabilities Plus Expected Development on Reported Claims 2010 $ 18,592 $ 15,072 $ 15,710 $ 14,490 $ 12,665 $ 11,901 $ 10,774 $ 11,288 $ 10,533 $ 10,836 43 2011 - 19,524 18,783 18,591 21,175 21,079 21,030 21,329 20,586 21,028 55 2012 - - 20,305 18,496 18,813 19,107 18,478 19,744 19,592 21,124 280 2013 - - - 17,753 16,879 15,219 13,224 11,447 12,022 12,349 231 2014 - - - - 17,307 15,108 13,798 11,087 11,062 11,606 332 2015 - - - - - 19,999 17,785 16,494 16,373 15,830 900 2016 - - - - - - 18,465 18,861 21,376 22,528 2,208 2017 - - - - - - - 16,588 19,143 18,262 4,167 2018 - - - - - - - - 15,161 16,990 5,911 2019 - - - - - - - - - 15,438 10,492 $ 165,991 Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance (in thousands) (Unaudited) December 31, 2019 Accident Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Cumulative Number of Reported Claims 2010 $ 464 $ 1,721 $ 4,162 $ 6,312 $ 6,883 $ 7,774 $ 8,328 $ 9,621 $ 9,921 $ 10,166 160 2011 - 578 1,888 5,047 12,117 16,911 17,774 18,870 19,773 20,641 205 2012 - - 1,002 2,621 5,637 9,772 14,376 17,365 17,805 19,672 196 2013 - - - 526 1,896 4,249 6,942 7,625 9,470 10,962 157 2014 - - - - 417 1,676 4,069 6,448 7,780 9,717 132 2015 - - - - 523 2,476 5,186 7,446 11,758 132 2016 - - - - - - 944 3,818 9,691 13,320 181 2017 - - - - - - - 728 5,057 8,360 150 2018 499 4,873 135 2019 - - - - - - - - - 1,335 94 110,804 All outstanding liabilities before 2010, net of reinsurance 906 $ 56,093
Schedule of Reconciliation for Net Incurred and Paid Loss Development Tables to Liability for Losses and LAE	The reconciliation for the net incurred and paid loss development tables to the liability for losses and LAE at December 31, 2019 in the accompanying balance sheet is as follows: 2019 Net outstanding liabilities for losses and loss adjustment expenses: Medical professional $ 56,092,840 Liabilities for losses and loss adjustment expenses, net of Reinsurance 56,092,840 Reinsurance recoverable on unpaid claims: Medical professional 7,515,135 Total reinsurance recoverable on unpaid claims 7,515,135 Total gross liability for losses and loss adjustment expenses $ 63,607,975
Supplemental Information About Average Historical Claims Duration	The following is supplemental information about average historical claims duration at December 31, 2019: Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance (Unaudited) Accident Year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Medical Professional 4.3 % 13.6 % 19.1 % 20.8 % 15.7 % 11.6 % 8.9 % 8.4 % 3.4 % 2.3 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provision	The components of the Company’s income tax provision for the years ended December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 Current income tax benefit $ (14,678 ) $ (814,609 ) Deferred income tax expense (benefit) 21,664 (1,120,719 ) Provision for income taxes $ 6,986 $ (1,935,328 )
Schedule of Income Tax Provision Differs from Computed by Applying Federal Statutory Rate to Loss Before Income Taxes	The income tax provision differs from that computed by applying federal statutory rate to loss before income taxes for the years ended December 31, 2019 and 2018; those income tax rate differences are summarized as follows: Year Ended December 31, 2019 2018 Expected tax provision at federal statutory rate $ (48,713 ) $ (1,534,437 ) Tax exempt interest income (48,428 ) (49,051 ) Dividends received deduction (21,421 ) (23,438 ) Non-deductible conversion costs 136,439 - Change in enacted tax rates - (343,929 ) Other (10,891 ) 15,527 Provision for income taxes $ 6,986 $ (1,935,328 )
Schedule of Deferred Income Taxes	At December 31, 2019 and 2018, the Company’s deferred income taxes consisted of the following: December 31, 2019 2018 Deferred tax assets: Discount of unearned premiums $ 487,274 $ 530,428 Discount of advance premiums 85,139 55,638 Discount of losses and loss adjustment expenses 978,379 1,113,670 Guaranty fund assessment 40,890 36,027 Net operating loss carryforward 756,063 811,703 Capital loss carryforward - 34,558 Unrealized loss on investments - 250,592 Other 14,754 28 Total deferred tax assets 2,362,499 2,832,644 Deferred tax liabilities: Deferred acquisition costs 542,742 836,891 TCJA transitional adjustment 224,943 314,446 Unrealized gain on investments 678,322 — Accrual of bond market discount 19,070 3,338 Other 5,838 1,878 Total deferred tax liabilities 1,470,915 1,156,553 Deferred income taxes, net $ 891,584 $ 1,676,091

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of Management Expenses Recorded in Operating Expenses	Management fees for 2019 and 2018 are recorded in other underwriting expenses in the consolidated and combined statements of operations, respectively. Positive Insurance Company incurred management fees for the respective periods, as follows: Year Ended December 31, 2019 2018 Management fees $ 4,361,977 $ 6,330,762
Schedule of Fees Incurred Under the Contracts	Fees incurred by Positive Insurance Company under these contracts for 2019 and 2018 were recorded in other underwriting expenses in the consolidated and combined statements of operations, respectively, as follows: Year Ended December 31, 2019 2018 Claims processing and risk management services $ 1,648,100 $ 1,585,400
Schedule of Commission Expenses	Positive Insurance Company incurred related commission expenses for the respective periods, as follows: Year Ended December 31, 2019 2018 Commissions $ 131,618 $ 176,753

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
Schedule of Reconciliation of the Numerators and Denominators we used in the Basic and Diluted Per Share	The following table presents a reconciliation of the numerators and denominators that were used in the basic and diluted per share computations for the Company’s common stock: Year Ended December 31, 2019 2018 Basic earnings per common share: Numerator: Net loss $ (238,951 ) N/A Denominator: Weighted average shares outstanding 3,615,500 N/A Basic earnings per common share $ (0.07 ) N/A

Statutory Information (Tables)

Statutory Information (Tables)	12 Months Ended
	Dec. 31, 2019
Insurance [Abstract]
Schedule of Statutory Net Income (Loss) and Surplus and Other Funds	Statutory net income (loss) and surplus and other funds as determined in accordance with SAP prescribed or permitted by the Pennsylvania Insurance Department for the years ended December 31, 2019 and 2018 are as follows: Year Ended December 31, 2019 2018 Statutory net income (loss) $ 1,359,223 $ (4,937,935 ) Statutory surplus and other funds 39,415,264 36,535,665
Reconciliation of Statutory Surplus and Other Funds	A reconciliation of statutory surplus and other funds between NAIC SAP and practices prescribed by the Pennsylvania Insurance Department for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 2018 Statutory surplus and other funds prescribed by the Department $ 39,415,264 $ 36,535,665 State prescribed practices: Unearned management fees - (2,735,711 ) Statutory surplus and other funds per NAIC statutory accounting practices $ 39,415,264 $ 33,799,954

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Summary of Changes in Investment Portfolio	The following tables reflect the changes in our investment portfolio since December 31, 2019. Amortized Cost/Cost Gross Unrealized Gains, Net Fair Value May 8, 2020 (Unaudited) U.S. government $ 9,172,746 $ 190,297 $ 9,363,043 States, territories, and possessions 1,091,178 47,775 1,138,953 Subdivisions of states, territories, and possessions 12,313,961 358,989 12,672,950 Industrial and miscellaneous 68,391,118 1,727,660 70,118,778 Total fixed maturity securities 90,969,003 2,324,721 93,293,724 Equity securities 6,446,067 (66,457 ) 6,379,610 Short-term investments 2,231,703 (9 ) 2,231,694 Total investments 99,646,773 2,258,255 101,905,028 Cash and cash equivalents 19,924,270 - 19,924,270 $ 119,571,043 $ 2,258,255 $ 121,829,298 Amortized Cost/Cost Gross Unrealized Gains, Net Fair Value December 31, 2019 U.S. government $ 10,689,829 $ 61,733 $ 10,751,562 States, territories, and possessions 1,096,638 46,385 1,143,023 Subdivisions of states, territories, and possessions 12,440,863 382,002 12,822,865 Industrial and miscellaneous 69,445,114 1,585,478 71,030,592 Total fixed maturity securities 93,672,444 2,075,598 95,748,042 Equity securities 6,602,462 1,154,504 7,756,966 Short-term investments 1,169,472 - 1,169,472 Total investments 101,444,378 3,230,102 104,674,480 Cash and cash equivalents 20,988,081 - 20,988,081 $ 122,432,459 $ 3,230,102 $ 125,662,561

Organization - Additional Infor

Organization - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	May 1, 2018

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	May 1, 2018

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019USD ($)InvestmentInsured	Dec. 31, 2018USD ($)Insured
Accounting Policies [Abstract]
Prepaid management fee amortization period	7 years
Charges for extended reporting coverage	$ 0
Age for extended reporting coverage for policyholders	55 years
Minimum duration of policy for extended coverage	1 year
Premium deficiency reserves	$ 0	$ 0
Number of investment accounted for greater than 5% | Investment	0
Number of insured accounted for over 20% | Insured	0	0

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - Additional Information (Details)	Jan. 01, 2018USD ($)
Recent Accounting Pronouncements Narrative Details [Abstract]
Unrealized holding gains in equity securities, net of tax effect, reclassified from accumulated other comprehensive income to retained earnings	$ 1,387,895

Investments - Schedule of Major

Investments - Schedule of Major Security Type (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	$ 93,672,444	$ 86,763,654
Fixed maturity securities, Gross Unrealized Gains	2,127,857	221,846
Fixed maturity securities, Gross Unrealized Losses	52,259	1,778,831
Fixed maturity securities, Fair Value	95,748,042	85,206,669
Industrial and Miscellaneous [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	69,445,114	59,561,984
Fixed maturity securities, Gross Unrealized Gains	1,591,777	14,030
Fixed maturity securities, Gross Unrealized Losses	6,299	1,524,644
Fixed maturity securities, Fair Value	71,030,592	58,051,370
U.S. Government [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	10,689,829	12,859,101
Fixed maturity securities, Gross Unrealized Gains	100,223	87,354
Fixed maturity securities, Gross Unrealized Losses	38,490	208,699
Fixed maturity securities, Fair Value	10,751,562	12,737,756
States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	1,096,638	1,111,879
Fixed maturity securities, Gross Unrealized Gains	46,385	14,497
Fixed maturity securities, Gross Unrealized Losses		897
Fixed maturity securities, Fair Value	1,143,023	1,125,479
Subdivisions of States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	12,440,863	13,230,690
Fixed maturity securities, Gross Unrealized Gains	389,472	105,965
Fixed maturity securities, Gross Unrealized Losses	7,470	44,591
Fixed maturity securities, Fair Value	$ 12,822,865	$ 13,292,064

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturity Profile of Investments in Fixed Maturity Securities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	$ 93,672,444	$ 86,763,654
Fair Value, Available-for-sale Securities	95,748,042	85,206,669
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Amortized Cost, Due to mature One year or less	8,570,607	7,094,266
Amortized Cost, Due to mature After one year through five years	59,713,323	50,676,297
Amortized Cost, Due to mature After five years through ten years	24,656,702	27,617,956
Amortized Cost, Due to mature After ten years	731,812	1,375,135
Fixed maturity securities, Amortized Cost/Cost	93,672,444	86,763,654
Fair Value, Due to mature One year or less	8,584,991	6,549,872
Fair Value, Due to mature After one year through five years	60,844,219	47,892,580
Fair Value, Due to mature After five years through ten years	25,539,400	29,361,896
Fair Value, Due to mature After ten years	779,432	1,402,321
Fair Value, Available-for-sale Securities	$ 95,748,042	$ 85,206,669

Investments - Schedule of Reali

Investments - Schedule of Realized Gains and Losses Securities and Other Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities [Abstract]
Proceeds	$ 18,672,307	$ 19,660,697
Gross gains	651,765	206,973
Gross losses	$ 299,997	$ 182,717

Investments - Schedule of Rea_2

Investments - Schedule of Realized Investment Gains (Losses) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities [Abstract]
(Loss) gain on sales of fixed maturity securities	$ (27,146)	$ 26,112
Gain (loss) on sales of equity securities and other investments	378,914	(1,856)
Total gain on sales of investments	351,768	24,256
Unrealized gain (loss) on equity securities and other investments	952,508	(1,557,518)
Total net realized investment gains (losses)	$ 1,304,276	$ (1,533,262)

Investments - Schedule of Net I

Investments - Schedule of Net Investment Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities [Line Items]
Gross investment income	$ 3,072,810	$ 2,698,706
Less investment expenses	112,443	129,799
Net investment income	2,960,367	2,568,907
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	2,328,645	2,311,546
Cash and Short-term Investments [Member]
Marketable Securities [Line Items]
Gross investment income	441,666	61,402
Equity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	274,791	316,736
Other Investments [Member]
Marketable Securities [Line Items]
Gross investment income	$ 27,708	$ 9,022

Investments - Schedule of Fair

Investments - Schedule of Fair Value and Gross Unrealized Losses of Fixed Maturity Investments (Details) - Fixed Maturity Securities [Member] - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fixed maturities securities, Less than 12 months Fair Value	$ 7,402,123	$ 33,493,503
Fixed maturities securities, Less than 12 months Unrealized Losses	14,161	581,464
Fixed maturities securities, Greater than 12 months Fair Value	4,504,999	36,639,167
Fixed maturities securities, Greater than 12 months Unrealized Losses	38,098	1,197,367
Fixed maturities securities, Fair Value, Total	11,907,122	70,132,670
Fixed maturities securities, Unrealized Losses, Total	52,259	1,778,831
U.S. Government [Member]
Fixed maturities securities, Less than 12 months Fair Value	2,628,516	1,757,021
Fixed maturities securities, Less than 12 months Unrealized Losses	8,227	5,521
Fixed maturities securities, Greater than 12 months Fair Value	4,061,077	8,858,782
Fixed maturities securities, Greater than 12 months Unrealized Losses	30,263	203,178
Fixed maturities securities, Fair Value, Total	6,689,593	10,615,803
Fixed maturities securities, Unrealized Losses, Total	38,490	208,699
States, Territories, and Possessions [Member]
Fixed maturities securities, Less than 12 months Fair Value		410,416
Fixed maturities securities, Less than 12 months Unrealized Losses		897
Fixed maturities securities, Fair Value, Total		410,416
Fixed maturities securities, Unrealized Losses, Total		897
Subdivisions of States, Territories, and Possessions [Member]
Fixed maturities securities, Less than 12 months Fair Value		3,138,650
Fixed maturities securities, Less than 12 months Unrealized Losses		11,729
Fixed maturities securities, Greater than 12 months Fair Value	93,000	1,993,170
Fixed maturities securities, Greater than 12 months Unrealized Losses	7,470	32,862
Fixed maturities securities, Fair Value, Total	93,000	5,131,820
Fixed maturities securities, Unrealized Losses, Total	7,470	44,591
Industrial and Miscellaneous [Member]
Fixed maturities securities, Less than 12 months Fair Value	4,773,607	28,187,416
Fixed maturities securities, Less than 12 months Unrealized Losses	5,934	563,317
Fixed maturities securities, Greater than 12 months Fair Value	350,922	25,787,215
Fixed maturities securities, Greater than 12 months Unrealized Losses	365	961,327
Fixed maturities securities, Fair Value, Total	5,124,529	53,974,631
Fixed maturities securities, Unrealized Losses, Total	$ 6,299	$ 1,524,644

Investments - Additional Inform

Investments - Additional Information (Details)	6 Months Ended	12 Months Ended
	Dec. 31, 2019USD ($)Security	Dec. 31, 2019USD ($)Security	Dec. 31, 2018USD ($)Security
Marketable Securities [Abstract]
Number of fixed maturity securities in unrealized loss positions of less than 12 months | Security	47	47	210
Fixed maturity securities in unrealized loss positions of less than 12 months combined gross unrealized loss	$ 14,161	$ 14,161	$ 581,464
Number of fixed maturity securities in unrealized loss positions of 12 months or longer | Security	40	40	243
Fixed maturity securities in unrealized loss positions of 12 months or longer with combined gross unrealized loss	$ 38,098	$ 38,098	$ 1,197,367
Impairment of investments		$ 0	0
Ownership interest in four limited partnerships, fair value			4,051,399
Ownership interest in four limited partnerships, cost			3,547,687
Realized pre-tax gain on sale of interest in limited partnership	$ 556,723		$ 0

Investments - Assets Measured a

Investments - Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring [Member] - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities [Line Items]
Estimated fair value of assets	$ 103,505,008	$ 92,473,763
Level 1 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	7,756,966	7,267,094
Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	95,748,042	85,206,669
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	95,748,042	85,206,669
Fixed Maturity Securities [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	95,748,042	85,206,669
Fixed Maturity Securities [Member] | U.S. Government [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	10,751,562	12,737,756
Fixed Maturity Securities [Member] | U.S. Government [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	10,751,562	12,737,756
Fixed Maturity Securities [Member] | States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	1,143,023	1,125,479
Fixed Maturity Securities [Member] | States, Territories, and Possessions [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	1,143,023	1,125,479
Fixed Maturity Securities [Member] | Subdivisions of States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	12,822,865	13,292,064
Fixed Maturity Securities [Member] | Subdivisions of States, Territories, and Possessions [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	12,822,865	13,292,064
Fixed Maturity Securities [Member] | Industrial and Miscellaneous [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	71,030,592	58,051,370
Fixed Maturity Securities [Member] | Industrial and Miscellaneous [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	71,030,592	58,051,370
Equity Securities [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	7,756,966	7,267,094
Equity Securities [Member] | Level 1 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	$ 7,756,966	$ 7,267,094

Deferred Acquisition Costs - Su

Deferred Acquisition Costs - Summary of Movements in Deferred Acquisition Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Insurance [Abstract]
Balance, beginning of year	$ 3,985,193	$ 4,078,322
Amount capitalized during the year	6,453,710	8,645,636
Amount amortized during the year	7,854,417	8,738,765
Balance, end of year	$ 2,584,486	$ 3,985,193

Reinsurance - Additional Inform

Reinsurance - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reinsurance Retention Policy [Line Items]
Agreement renewal date	Apr. 1, 2020
Reinsurance recoverable	$ 7,850,409	$ 7,956,043
Reinsurance recoverable, collateral	$ 6,051,000
Minimum [Member]
Reinsurance Retention Policy [Line Items]
Reinsurance recoverable due from unaffiliated reinsurer as percentage of shareholders' equity	5.00%
Primary insurance, Pennsylvania MCARE not applied [Member]
Reinsurance Retention Policy [Line Items]
Malpractice insurance, annual coverage limit	$ 3,000,000
Malpractice insurance, maximum coverage per Incident	1,000,000
Primary Insurance [Member]
Reinsurance Retention Policy [Line Items]
Malpractice insurance, annual coverage limit	1,500,000
Malpractice insurance, maximum coverage per Incident	500,000
Pennsylvania Medical Care Availability And Reduction Of Error [Member]
Reinsurance Retention Policy [Line Items]
Malpractice insurance, maximum coverage per Incident	1,000,000
Malpractice insurance, coverage floor	500,000
Pennsylvania [Member]
Reinsurance Retention Policy [Line Items]
Malpractice insurance, annual coverage limit	3,000,000
Malpractice insurance, coverage floor	1,000,000
Retained risk amount	300,000
Reinsurance coverage, maximum	1,000,000
Maryland, Delaware, Ohio, New Jersey, and South Carolina [Member]
Reinsurance Retention Policy [Line Items]
Malpractice insurance, annual coverage limit	3,000,000
Malpractice insurance, maximum coverage per Incident	1,000,000
Retained risk amount	300,000
Reinsurance coverage, maximum	1,000,000
New Jersey [Member]
Reinsurance Retention Policy [Line Items]
Malpractice insurance additional coverage per incident	1,000,000
Maximum aggregate liability ceded to reinsurer per the terms of reinsurance agreement	2,000,000
South Carolina and Michigan [Member]
Reinsurance Retention Policy [Line Items]
Retained risk amount	100,000
Malpractice insurance additional coverage per incident	200,000
Reinsurance retention policy, excess retention, amount reinsured	$ 100,000

Reinsurance - Schedule of Reins

Reinsurance - Schedule of Reinsurance Recoverable Balances Due From Unaffiliated Reinsurer (Details)	Dec. 31, 2019USD ($)
Ceded Credit Risk [Line Items]
Collateral	$ 6,051,000
Hannover Re [Member]
Ceded Credit Risk [Line Items]
Reinsurance Recoverable	6,199,000
Collateral	$ 5,419,000

Reinsurance - Effect of Reinsur

Reinsurance - Effect of Reinsurance on Premiums Written, Amounts Earned, and Losses Incurred (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Premiums written:
Direct	$ 26,717,701	$ 25,323,049
Ceded	4,044,207	3,700,189
Premiums written, net of reinsurance	22,673,494	21,622,860
Premiums earned:
Direct	27,137,204	27,435,509
Ceded	3,436,241	3,847,675
Premiums earned, net of reinsurance	23,700,963	23,587,834
Losses and loss adjustment expenses incurred:
Direct	19,145,058	21,879,774
Ceded	3,570,449	2,296,556
Losses and loss adjustment expenses incurred, net of Reinsurance	$ 15,574,609	$ 19,583,218

Losses and Loss Adjustment Ex_3

Losses and Loss Adjustment Expenses - Reconciliation of Beginning and Ending Unpaid Losses and Loss Adjustment Expense Reserve Balances (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Insurance [Abstract]
Balance at January 1	$ 68,392,333	$ 68,374,554
Less: Reinsurance recoverable on liability for losses and loss adjustment expenses	7,956,043	8,585,851
Add: Reinsurance recoverable on claims paid	5,791	1,196,573
Net liability at January 1	60,442,081	60,985,276
Losses and loss adjustment expenses incurred, net:
Current year	15,438,338	15,525,397
Prior years	136,271	4,057,821
Total incurred losses and loss adjustment Expenses	15,574,609	19,583,218
Less losses and loss adjustment expenses paid, net:
Current year	1,334,938	714,198
Prior years	18,588,912	19,412,215
Total losses and loss adjustment expenses paid	19,923,850	20,126,413
Net liability for losses and loss adjustment expenses, at December 31	56,092,840	60,442,081
Add: Reinsurance recoverable on liability for losses and loss adjustment expenses	7,850,409	7,956,043
Less: Reinsurance recoverable on claims paid	335,274	5,791
Liability for losses and loss adjustment expenses, at December 31	$ 63,607,975	$ 68,392,333

Losses and Loss Adjustment Ex_4

Losses and Loss Adjustment Expenses - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Roll Forward In Liability For Unpaid Claims And Claims Adjustment Expense [Abstract]
Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance	$ 63,607,975	$ 68,392,333	$ 68,374,554
Prior years	18,588,912	19,412,215
Losses and loss adjustment expenses incurred, prior year	$ 136,271	$ 4,057,821

Losses and Loss Adjustment Ex_5

Losses and Loss Adjustment Expenses - Schedule of Incurred and Paid Loss Development Information (Details)	Dec. 31, 2019USD ($)Claim	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)	Dec. 31, 2011USD ($)	Dec. 31, 2010USD ($)
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 165,991,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	110,804,000
All outstanding liabilities before 2010, net of reinsurance	906,000
Liability for losses and loss adjustment expenses, net of reinsurance	56,092,840
Accident Year 2010 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	10,836,000	$ 10,533,000	$ 11,288,000	$ 10,774,000	$ 11,901,000	$ 12,665,000	$ 14,490,000	$ 15,710,000	$ 15,072,000	$ 18,592,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	43,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 10,166,000	9,921,000	9,621,000	8,328,000	7,774,000	6,883,000	6,312,000	4,162,000	1,721,000	$ 464,000
Cumulative Number of Reported Claims | Claim	160
Accident Year 2011 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 21,028,000	20,586,000	21,329,000	21,030,000	21,079,000	21,175,000	18,591,000	18,783,000	19,524,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	55,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 20,641,000	19,773,000	18,870,000	17,774,000	16,911,000	12,117,000	5,047,000	1,888,000	$ 578,000
Cumulative Number of Reported Claims | Claim	205
Accident Year 2012 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 21,124,000	19,592,000	19,744,000	18,478,000	19,107,000	18,813,000	18,496,000	20,305,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	280,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 19,672,000	17,805,000	17,365,000	14,376,000	9,772,000	5,637,000	2,621,000	$ 1,002,000
Cumulative Number of Reported Claims | Claim	196
Accident Year 2013 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 12,349,000	12,022,000	11,447,000	13,224,000	15,219,000	16,879,000	17,753,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	231,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 10,962,000	9,470,000	7,625,000	6,942,000	4,249,000	1,896,000	$ 526,000
Cumulative Number of Reported Claims | Claim	157
Accident Year 2014 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 11,606,000	11,062,000	11,087,000	13,798,000	15,108,000	17,307,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	332,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 9,717,000	7,780,000	6,448,000	4,069,000	1,676,000	$ 417,000
Cumulative Number of Reported Claims | Claim	132
Accident Year 2015 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 15,830,000	16,373,000	16,494,000	17,785,000	19,999,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	900,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 11,758,000	7,446,000	5,186,000	2,476,000	$ 523,000
Cumulative Number of Reported Claims | Claim	132
Accident Year 2016 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 22,528,000	21,376,000	18,861,000	18,465,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	2,208,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 13,320,000	9,691,000	3,818,000	$ 944,000
Cumulative Number of Reported Claims | Claim	181
Accident Year 2017 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 18,262,000	19,143,000	16,588,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	4,167,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 8,360,000	5,057,000	$ 728,000
Cumulative Number of Reported Claims | Claim	150
Accident Year 2018 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 16,990,000	15,161,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	5,911,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 4,873,000	$ 499,000
Cumulative Number of Reported Claims | Claim	135
Accident Year 2019 [Member]
Claims Development [Line Items]
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance	$ 15,438,000
Total of Incurred-But-Not-Reported Liabilities Plus Expected Development on Reported Claims	10,492,000
Cumulative Losses and Loss Adjustment Expenses Paid, Net of Reinsurance	$ 1,335,000
Cumulative Number of Reported Claims | Claim	94

Losses and Loss Adjustment Ex_6

Losses and Loss Adjustment Expenses - Schedule of Reconciliation for Net Incurred and Paid Loss Development Tables to Liability for Losses and LAE (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items]
Liabilities for losses and loss adjustment expenses, net of Reinsurance	$ 56,092,840
Total reinsurance recoverable on unpaid claims	7,515,135
Total gross liability for losses and loss adjustment expenses	63,607,975	$ 68,392,333	$ 68,374,554
Medical Professional [Member]
Shortduration Insurance Contracts Reconciliation Of Claims Development To Liability [Line Items]
Liabilities for losses and loss adjustment expenses, net of Reinsurance	56,092,840
Total reinsurance recoverable on unpaid claims	$ 7,515,135

Losses and Loss Adjustment Ex_7

Losses and Loss Adjustment Expenses - Supplemental Information About Average Historical Claims Duration (Details) - Medical Professional [Member]	Dec. 31, 2019
Shortduration Insurance Contracts Historical Claims Duration [Line Items]
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 1	4.30%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 2	13.60%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 3	19.10%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 4	20.80%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 5	15.70%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 6	11.60%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 7	8.90%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 8	8.40%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 9	3.40%
Average Annual Percentage Payout of Incurred Losses by Age, Net of Reinsurance, Year 10	2.30%

Note Payable - Additional Infor

Note Payable - Additional Information (Details) - USD ($)	Dec. 12, 2014	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
Proceeds of loan agreement	$ 300,000
Note payable, interest rate (percentage)		4.00%
Note payable		$ 64,858	$ 127,327

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Provision (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Current income tax benefit	$ (14,678)	$ (814,609)
Deferred income tax expense (benefit)	21,664	(1,120,719)
Provision for income taxes	$ 6,986	$ (1,935,328)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Federal statutory income tax rate	21.00%	21.00%
Net operating loss carryforward	$ 3,600,298	$ 3,865,253
Net operating loss carryforward, expiration year	2038
AMT credits	$ 14,754
Deferred tax assets, valuation allowance	0	0
Interest and penalties recognized	0	$ 0
Reserve discount difference amortized period		8 years
Tax cuts and job act, deferred Income taxes, tax-effected difference amount			$ 201,439
Tax cuts and job act, deferred income taxes, pre-tax difference amount			$ 959,235
Reserve discount, adjusted pre-tax amount	1,249,684
Deferred tax liability related to TCJA transitional adjustment	224,943	$ 314,446
Internal Revenue Code [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforward	$ 4,313,198

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Provision Differs from Computed by Applying Federal Statutory Rate to Loss Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Expected tax provision at federal statutory rate	$ (48,713)	$ (1,534,437)
Tax exempt interest income	(48,428)	(49,051)
Dividends received deduction	(21,421)	(23,438)
Non-deductible conversion costs	136,439
Change in enacted tax rates		(343,929)
Other	(10,891)	15,527
Provision for income taxes	$ 6,986	$ (1,935,328)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Discount of unearned premiums	$ 487,274	$ 530,428
Discount of advance premiums	85,139	55,638
Discount of losses and loss adjustment expenses	978,379	1,113,670
Guaranty fund assessment	40,890	36,027
Net operating loss carryforward	756,063	811,703
Capital loss carryforward		34,558
Unrealized loss on investments		250,592
Other	14,754	28
Total deferred tax assets	2,362,499	2,832,644
Deferred tax liabilities:
Deferred acquisition costs	542,742	836,891
TCJA transitional adjustment	224,943	314,446
Unrealized gain on investments	678,322
Accrual of bond market discount	19,070	3,338
Other	5,838	1,878
Total deferred tax liabilities	1,470,915	1,156,553
Deferred income taxes, net	$ 891,584	$ 1,676,091

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	Mar. 26, 2019	Dec. 31, 2019	Mar. 27, 2019
Related Party Transaction [Line Items]
Earned management fee, percentage	25.00%	12.00%
Quarterly performance fees payable		$ 0
Prepaid management fee		$ 8,928,571	$ 10,000,000
Prepaid management fee amortization period		7 years
Line of credit facility, maximum borrowing capacity			$ 6,000,000
Line of credit facility, Interest rate during period		8.00%
Debt instrument, convertible, conversion price			$ 1
Line of credit		$ 0
Term Loan [Member]
Related Party Transaction [Line Items]
Line of credit facility, current borrowing capacity			$ 5,500,000
Revolving Loan [Member]
Related Party Transaction [Line Items]
Line of credit facility, current borrowing capacity			$ 500,000
Other Underwriting Expenses [Member]
Related Party Transaction [Line Items]
Prepaid management amortization expense		$ 1,071,429

Related Party Transactions - Su

Related Party Transactions - Summary of Management Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Other Underwriting Expenses [Member]
Related Party Transaction [Line Items]
Management fees	$ 4,361,977	$ 6,330,762

Related Party Transactions - Sc

Related Party Transactions - Schedule of Fees Incurred under the Contract (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Gateway Risk Services LLC and Andrews Outsource Solutions LLC [Member] | Other Underwriting Expenses [Member]
Related Party Transaction [Line Items]
Claims processing and risk management services	$ 1,648,100	$ 1,585,400

Related Party Transactions - _2

Related Party Transactions - Schedule of Commission Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Specialty Insurance Services, LLC [Member] | Other Underwriting Expenses [Member]
Related Party Transaction [Line Items]
Commissions	$ 131,618	$ 176,753

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - USD ($)	Sep. 27, 2019	Mar. 27, 2019	Dec. 31, 2019	Sep. 28, 2019	Dec. 31, 2018
Subsidiary Sale Of Stock [Line Items]
Common stock, shares authorized			10,000,000
Common stock, par value			$ 0.01
Common stock, shares issued			3,615,500		0
Common stock, shares outstanding			3,615,500		0
Stock-based compensation expense			$ 0
Cash and other liquid assets			$ 16,843,126
Notice period prior to the payment of extraordinary dividend			30 days
Notice period prior to the payment of ordinary dividend.			10 days
Chief Executive Officer [Member] | Common stock [Member]
Subsidiary Sale Of Stock [Line Items]
Options granted to purchase common stock, shares	216,930
Exercise price of common stock per share	$ 12.01
Shares to be vested	108,465			108,465
Shares vesting period			3 years 6 months
Vested shares exercisable from date of vesting			8 years
IPO [Member]
Subsidiary Sale Of Stock [Line Items]
Common stock issued during period		3,615,500

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019shares
Earnings Per Share [Abstract]
Weighted average shares outstanding	3,615,500

Earnings per Share - Schedule o

Earnings per Share - Schedule of Reconciliation of the Numerators and Denominators we used in the Basic and Diluted Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net loss	$ (238,951)	$ (5,371,516)
Denominator:
Weighted average shares outstanding	3,615,500
Common stock - basic	$ (0.07)

Assessments - Additional Inform

Assessments - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Assessments [Line Items]
Guaranty fund expense net of prior years refunds and premium tax credits	$ 70,076	$ 35,623
Pennsylvania Property and Casualty Insurance Guaranty Association [Member]
Assessments [Line Items]
Accrued liabilities	$ 194,715	171,550
Pennsylvania MCARE Fund [Member]
Assessments [Line Items]
Minimum percentage of business required to obtain statutory excess professional liability	50.00%
Recognized income	$ 0
Liability for guarantee fund assessment	340,851	678,236
NJPIGA [Member]
Assessments [Line Items]
Recognized income	0
Liability for guarantee fund assessment	$ 40,301	$ 36,777

Statutory Information - Schedul

Statutory Information - Schedule of Statutory Net Income (Loss) and Surplus and Other Funds (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Insurance [Abstract]
Statutory net income (loss)	$ 1,359,223	$ (4,937,935)
Statutory surplus and other funds	$ 39,415,264	$ 36,535,665

Statutory Information - Reconci

Statutory Information - Reconciliation of Statutory Surplus and Other Funds (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Insurance [Abstract]
Statutory surplus and other funds prescribed by the Department	$ 39,415,264	$ 36,535,665
Unearned management fees		(2,735,711)
Statutory surplus and other funds per NAIC statutory accounting practices	$ 39,415,264	$ 33,799,954

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Mar. 27, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	May 08, 2020
Subsequent Event [Line Items]
Unearned premiums		$ 12,783,124	$ 13,202,626
Federal statutory income tax rate		21.00%	21.00%
Net operating loss carryforward		$ 3,600,298	$ 3,865,253
CARES Act [Member]
Subsequent Event [Line Items]
Federal statutory income tax rate				34.00%
Subsequent Events [Member] | COVID 19 [Member]
Subsequent Event [Line Items]
Unearned premiums					$ 817,000
Subsequent Events [Member] | CARES Act [Member]
Subsequent Event [Line Items]
Federal statutory income tax rate	21.00%
Additional Federal income tax refunds	$ 1,100,000
Net operating loss carryforward	3,100,000
Net operating loss carryforwards tax effected	$ 650,000

Subsequent Events - Schedule of

Subsequent Events - Schedule of Changes in Investment Portfolio (Details) - USD ($)	May 08, 2020	Dec. 31, 2019	Dec. 31, 2018
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		$ 93,672,444	$ 86,763,654
Fixed maturity securities, Gross Unrealized Gains		2,127,857	221,846
Available-for-sale fixed maturity securities, at fair value		95,748,042	85,206,669
U.S. Government [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		10,689,829	12,859,101
Fixed maturity securities, Gross Unrealized Gains		100,223	87,354
Available-for-sale fixed maturity securities, at fair value		10,751,562	12,737,756
States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		1,096,638	1,111,879
Fixed maturity securities, Gross Unrealized Gains		46,385	14,497
Available-for-sale fixed maturity securities, at fair value		1,143,023	1,125,479
Subdivisions of States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		12,440,863	13,230,690
Fixed maturity securities, Gross Unrealized Gains		389,472	105,965
Available-for-sale fixed maturity securities, at fair value		12,822,865	13,292,064
COVID 19 [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		101,444,378
Fixed maturity securities, Gross Unrealized Gains		3,230,102
Available-for-sale fixed maturity securities, at fair value		104,674,480
Amortized Cost/Cost		122,432,459
Gross Unrealized Gains, Net		3,230,102
Fair Value		125,662,561
Cash and Cash Equivalents [Member] | COVID 19 [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		20,988,081
Available-for-sale fixed maturity securities, at fair value		20,988,081
Equity Securities [Member] | COVID 19 [Member]
Marketable Securities [Line Items]
Amortized Cost/Cost		6,602,462
Gross Unrealized Gains, Net		1,154,504
Fair Value		7,756,966
Short-term Investments | COVID 19 [Member]
Marketable Securities [Line Items]
Amortized Cost/Cost		1,169,472
Fair Value		1,169,472
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		93,672,444	86,763,654
Available-for-sale fixed maturity securities, at fair value		95,748,042	$ 85,206,669
Fixed Maturity Securities [Member] | COVID 19 [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		93,672,444
Fixed maturity securities, Gross Unrealized Gains		2,075,598
Available-for-sale fixed maturity securities, at fair value		95,748,042
Fixed Maturity Securities [Member] | COVID 19 [Member] | U.S. Government [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		10,689,829
Fixed maturity securities, Gross Unrealized Gains		61,733
Available-for-sale fixed maturity securities, at fair value		10,751,562
Fixed Maturity Securities [Member] | COVID 19 [Member] | States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		1,096,638
Fixed maturity securities, Gross Unrealized Gains		46,385
Available-for-sale fixed maturity securities, at fair value		1,143,023
Fixed Maturity Securities [Member] | COVID 19 [Member] | Subdivisions of States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		12,440,863
Fixed maturity securities, Gross Unrealized Gains		382,002
Available-for-sale fixed maturity securities, at fair value		12,822,865
Fixed Maturity Securities [Member] | COVID 19 [Member] | Industrial and Miscellaneous [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost		69,445,114
Fixed maturity securities, Gross Unrealized Gains		1,585,478
Available-for-sale fixed maturity securities, at fair value		$ 71,030,592
Subsequent Events [Member] | COVID 19 [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	$ 99,646,773
Fixed maturity securities, Gross Unrealized Gains	2,258,255
Available-for-sale fixed maturity securities, at fair value	101,905,028
Amortized Cost/Cost	119,571,043
Gross Unrealized Gains, Net	2,258,255
Fair Value	121,829,298
Subsequent Events [Member] | Cash and Cash Equivalents [Member] | COVID 19 [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	19,924,270
Available-for-sale fixed maturity securities, at fair value	19,924,270
Subsequent Events [Member] | Equity Securities [Member] | COVID 19 [Member]
Marketable Securities [Line Items]
Amortized Cost/Cost	6,446,067
Gross Unrealized Gains, Net	(66,457)
Fair Value	6,379,610
Subsequent Events [Member] | Short-term Investments | COVID 19 [Member]
Marketable Securities [Line Items]
Amortized Cost/Cost	2,231,703
Gross Unrealized Gains, Net	(9)
Fair Value	2,231,694
Subsequent Events [Member] | Fixed Maturity Securities [Member] | COVID 19 [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	90,969,003
Fixed maturity securities, Gross Unrealized Gains	2,324,721
Available-for-sale fixed maturity securities, at fair value	93,293,724
Subsequent Events [Member] | Fixed Maturity Securities [Member] | COVID 19 [Member] | U.S. Government [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	9,172,746
Fixed maturity securities, Gross Unrealized Gains	190,297
Available-for-sale fixed maturity securities, at fair value	9,363,043
Subsequent Events [Member] | Fixed Maturity Securities [Member] | COVID 19 [Member] | States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	1,091,178
Fixed maturity securities, Gross Unrealized Gains	47,775
Available-for-sale fixed maturity securities, at fair value	1,138,953
Subsequent Events [Member] | Fixed Maturity Securities [Member] | COVID 19 [Member] | Subdivisions of States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	12,313,961
Fixed maturity securities, Gross Unrealized Gains	358,989
Available-for-sale fixed maturity securities, at fair value	12,672,950
Subsequent Events [Member] | Fixed Maturity Securities [Member] | COVID 19 [Member] | Industrial and Miscellaneous [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	68,391,118
Fixed maturity securities, Gross Unrealized Gains	1,727,660
Available-for-sale fixed maturity securities, at fair value	$ 70,118,778

Schedule I - Registrant Only Fi

Schedule I - Registrant Only Financial Statements (Balance Sheets) (Details) - USD ($)	Dec. 31, 2019	Mar. 27, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Available-for-sale fixed maturity securities, at fair value	$ 95,748,042		$ 85,206,669
Short-term investments, at fair value	1,169,472		373,949
Total investments	104,674,480		96,899,111
Cash and cash equivalents	20,988,081		3,903,620
Accrued investment income	699,087		627,213
Premiums receivable	7,383,876		6,623,172
Deferred income taxes	891,584		1,676,091
Prepaid management fee	8,928,571	$ 10,000,000
Other assets	124,507		486,615
Total assets	156,620,361		124,028,194
Liabilities
Accounts payable, accrued expenses, and other liabilities	5,009,346		3,805,354
Total liabilities	83,426,956		87,039,977
Stockholders' Equity
Common stock, $0.01 par value, 10,000,000 shares authorized; 3,615,500 shares issued and outstanding	36,155
Additional paid-in capital	49,421,081		15,882,835
Retained earnings	22,096,447		22,335,398
Accumulated other comprehensive income	1,639,722		(1,230,016)
Total stockholders' equity	73,193,405		36,988,217	$ 43,649,929
Total liabilities and stockholders' equity	156,620,361		124,028,194
Parent Company [Member]
Assets
Available-for-sale fixed maturity securities, at fair value	3,854,722
Equity investment in subsidiary	43,243,947
Short-term investments, at fair value	1,169,472
Total investments	48,268,141
Cash and cash equivalents	15,673,654
Accrued investment income	26,677
Premiums receivable	300,895
Deferred income taxes	(1,859)
Prepaid management fee	8,928,571
Other assets	62,750		261,209
Total assets	73,258,829		261,209
Liabilities
Accounts payable, accrued expenses, and other liabilities	149,076
Due (from) to affiliates	(83,652)		261,209
Total liabilities	65,424		261,209
Stockholders' Equity
Common stock, $0.01 par value, 10,000,000 shares authorized; 3,615,500 shares issued and outstanding	36,155
Additional paid-in capital	49,421,081
Retained earnings	22,096,447
Accumulated other comprehensive income	1,639,722
Total stockholders' equity	73,193,405
Total liabilities and stockholders' equity	$ 73,258,829		$ 261,209

Schedule I - Registrant Only _2

Schedule I - Registrant Only Financial Statements (Balance Sheets) (Parenthetical) (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Common stock, par value	$ 0.01
Common stock, shares authorized	10,000,000
Common stock, shares issued	3,615,500	0
Common stock, shares outstanding	3,615,500	0
Parent Company [Member]
Common stock, par value	$ 0.01
Common stock, shares authorized	10,000,000
Common stock, shares issued	3,615,500
Common stock, shares outstanding	3,615,500

Schedule I - Registrant Only _3

Schedule I - Registrant Only Financial Statements (Statements of Operations) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues
Net investment income	$ 2,960,367	$ 2,568,907
Realized investment gains (losses), net	1,304,276	(1,533,262)
Total revenues	27,965,606	24,623,479
Expenses
Other underwriting expenses	12,619,517	12,340,647
Total expenses	28,197,571	31,930,323
Loss before provision for income taxes	(231,965)	(7,306,844)
Provision for income taxes	6,986	(1,935,328)
Net loss	(238,951)	(5,371,516)
Other comprehensive income, net of tax
Other comprehensive income (loss)	2,869,738	(1,290,196)
Comprehensive income (loss)	2,630,787	$ (6,661,712)
Parent Company [Member]
Revenues
Net investment income	364,159
Realized investment gains (losses), net	66
Total revenues	364,225
Expenses
Other underwriting expenses	1,797,059
Total expenses	1,797,059
Loss before provision for income taxes	(1,432,834)
Provision for income taxes	(300,895)
Loss before equity in undistributed earnings of subsidiary	(1,131,939)
Equity in undistributed earnings of subsidiary	892,988
Net loss	(238,951)
Other comprehensive income, net of tax
Other comprehensive income	6,995
Equity in other comprehensive income of subsidiary	2,862,743
Other comprehensive income (loss)	2,869,738
Comprehensive income (loss)	$ 2,630,787

Schedule I - Registrant Only _4

Schedule I - Registrant Only Financial Statements (Statements of Cash Flows) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net loss	$ (238,951)	$ (5,371,516)
Adjustments to reconcile net loss to net cash used in operating activities:
Net realized gain on sales of investments	(351,768)	(24,256)
Amortization of fixed maturity premiums	236,608	245,858
Depreciation and amortization expense	1,124,363	94,112
Changes in operating assets and liabilities:
Accrued investment income	(71,874)	(48,513)
Income taxes recoverable	(16,178)	(180,230)
Prepaid management fee	(10,000,000)
Other assets	309,173	(187,007)
Accounts payable, accrued expenses, and other liabilities	1,203,992	190,926
Net cash flows used in operating activities	(13,352,352)	(6,765,867)
Cash flows from investing activities:
Proceeds from sales of fixed maturity securities	13,053,782	18,336,061
Purchases of fixed maturity securities	(20,236,649)	(14,648,042)
Net purchases of short-term investments	(787,253)	(373,382)
Net cash flows (used in) provided by investing activities	(3,075,119)	2,533,156
Cash flows from financing activities
Proceeds from issuance of common stock	33,574,401
Net cash flows provided by (used in) financing activities	33,511,932	(59,895)
Net change in cash and cash equivalents	17,084,461	(4,292,606)
Cash and cash equivalents, at beginning of year	3,903,620	8,196,226
Cash and cash equivalents, at end of year	20,988,081	3,903,620
Cash paid during the year for interest	3,445	6,620
Parent Company [Member]
Cash flows from operating activities:
Net loss	(238,951)
Adjustments to reconcile net loss to net cash used in operating activities:
Net realized gain on sales of investments	(66)
Amortization of fixed maturity premiums	(7,217)
Depreciation and amortization expense	1,071,429
Equity in undistributed earnings of subsidiary	(892,988)
Changes in operating assets and liabilities:
Accrued investment income	(26,677)
Income taxes recoverable	(300,895)
Prepaid management fee	(10,000,000)
Other assets	198,459	(261,209)
Accounts payable, accrued expenses, and other liabilities	149,076
Due (from) to affiliates	(344,861)	$ 261,209
Net cash flows used in operating activities	(10,392,691)
Cash flows from investing activities:
Proceeds from sales of fixed maturity securities	525,000
Purchases of fixed maturity securities	(4,370,803)
Net purchases of short-term investments	(1,162,253)
Investment in subsidiary	(2,500,000)
Net cash flows (used in) provided by investing activities	(7,508,056)
Cash flows from financing activities
Proceeds from issuance of common stock	33,574,401
Net cash flows provided by (used in) financing activities	33,574,401
Net change in cash and cash equivalents	15,673,654
Cash and cash equivalents, at end of year	$ 15,673,654

Schedule V - Supplemental Inf_2

Schedule V - Supplemental Information Concerning Property and Casualty Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental Information Concerning Property And Casualty Operations [Abstract]
Deferred acquisition costs	$ 2,584,486	$ 3,985,193	$ 4,078,322
Losses and loss adjustment expenses	63,607,975	68,392,333	$ 68,374,554
Unearned premiums	12,783,124	13,202,626
Net premiums earned	23,700,963	23,587,834
Net investment income	2,960,367	2,568,907
Losses and Loss Adjustment Expenses Incurred Related to: Current Year	15,438,338	15,525,397
Losses and loss adjustment expenses incurred, prior year	136,271	4,057,821
Amortization of Deferred Acquisition Costs	7,854,417	8,738,765
Paid Losses and Loss Adjustment Expenses	19,923,850	20,126,413
Premiums Written	$ 22,673,494	$ 21,622,860