Positive Physicians (PPHI) 10-Q 14 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 12, 2020
Cover [Abstract]
Entity Registrant Name	Positive Physicians Holdings, Inc.
Entity Central Index Key	0001752039
Trading Symbol	PPHI
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,615,500
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Current Reporting Status	Yes
Entity File Number	001-38814
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 Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	PA
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Assets
Available-for-sale fixed maturity securities, at fair value	$ 101,517,706	$ 95,748,042
Equity securities, at fair value	260,915	7,756,966
Short-term investments, at fair value	249,988	1,169,472
Total investments	102,028,609	104,674,480
Cash and cash equivalents	22,867,591	20,988,081
Accrued investment income	671,412	699,087
Premiums receivable	6,590,480	7,383,876
Reinsurance recoverable	8,265,060	7,850,409
Income taxes recoverable	2,061,515	1,313,935
Unearned ceded premiums	1,923,151	1,181,345
Deferred acquisition costs	2,594,469	2,584,486
Deferred income taxes	207,071	891,584
Prepaid management fee	8,214,286	8,928,571
Other assets	276,808	124,507
Total assets	155,700,452	156,620,361
Liabilities
Losses and loss adjustment expenses	63,510,324	63,607,975
Unearned premiums	12,950,905	12,783,124
Reinsurance payable	2,926,238	1,961,653
Accounts payable, accrued expenses, and other liabilities	2,086,480	5,009,346
Note payable	32,690	64,858
Total liabilities	81,506,637	83,426,956
Stockholders' Equity
Common stock, $0.01 par value, 10,000,000 shares authorized; 3,615,500 shares issued and outstanding	36,155	36,155
Additional paid-in capital	49,492,203	49,421,081
Retained earnings	21,331,807	22,096,447
Accumulated other comprehensive income	3,333,650	1,639,722
Total stockholders' equity	74,193,815	73,193,405
Total liabilities and stockholders' equity	$ 155,700,452	$ 156,620,361

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical)	Jun. 30, 2020$ / sharesshares
Statement Of Financial Position [Abstract]
Common stock, par value | $ / shares	$ 0.01
Common stock, shares authorized	10,000,000
Common stock, shares issued	3,615,500
Common stock, shares outstanding	3,615,500

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Net premiums earned	$ 4,699,722	$ 5,327,994	$ 9,384,432	$ 10,819,201
Net investment income	648,546	766,247	1,414,843	1,394,503
Realized investment gains (losses), net	491,940	173,618	(1,472,481)	1,025,269
Total revenues	5,840,208	6,267,859	9,326,794	13,238,973
Expenses
Losses and loss adjustment expenses, net	3,195,811	4,267,440	6,381,414	7,589,116
Other underwriting expenses	2,352,947	2,785,060	4,691,851	6,285,437
Interest expense	1,260	413	1,855	1,779
Total expenses	5,550,018	7,052,913	11,075,120	13,876,332
Income (loss) before provision for income taxes	290,190	(785,054)	(1,748,326)	(637,359)
Provision for income taxes	(67,873)	(224,107)	(983,686)	(168,201)
Net income (loss)	$ 358,063	$ (560,947)	$ (764,640)	$ (469,158)
Income (loss) per common share
Common stock - basic	$ 0.10	$ (0.16)	$ (0.21)	$ (0.13)
Common stock - diluted	$ 0.10	$ (0.16)	$ (0.21)	$ (0.13)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net income (loss)	$ 358,063	$ (560,947)	$ (764,640)	$ (469,158)
Unrealized gain on available-for-sale fixed maturity securities:
Unrealized holding gain during the period, net of income tax expense of $938,368 and $277,179 for three months ended June 30, 2020 and 2019 and $450,285 and $621,384 for six months ended June 30, 2020 and 2019, respectively	3,533,937	1,042,739	1,736,858	2,309,331
Reclassification adjustments for (gains) losses included in net income (loss), net of income tax (expense) benefit of $(1,033) and $(6) for three months ended June 30, 2020 and 2019 and $(11,412) and $7,509 for six months ended June 30, 2020 and 2019, respectively	(3,887)	(22)	(42,930)	28,248
Other comprehensive income	3,530,050	1,042,717	1,693,928	2,337,579
Comprehensive income	$ 3,888,113	$ 481,770	$ 929,288	$ 1,868,421

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Unrealized holding gain during the period, income tax expense	$ 938,368	$ 277,179	$ 450,285	$ 621,384
Reclassification adjustments for (gains) losses included in net income (loss), income tax (expense) benefit	$ (1,033)	$ (6)	$ (11,412)	$ 7,509

Consolidated Statements of Stoc

Consolidated 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, 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 income (loss)	(469,158)			(469,158)
Other comprehensive income	2,337,579				2,337,579
Balance at Jun. 30, 2019	72,431,039	36,155	49,421,081	21,866,240	1,107,563
Balance at Mar. 31, 2019	71,991,948	36,155	49,463,760	22,427,187	64,846
Issuance of common stock	(42,679)		(42,679)
Net income (loss)	(560,947)			(560,947)
Other comprehensive income	1,042,717				1,042,717
Balance at Jun. 30, 2019	72,431,039	36,155	49,421,081	21,866,240	1,107,563
Balance at Dec. 31, 2019	73,193,405	36,155	49,421,081	22,096,447	1,639,722
Stock based compensation expense	71,122		71,122
Net income (loss)	(764,640)			(764,640)
Other comprehensive income	1,693,928				1,693,928
Balance at Jun. 30, 2020	74,193,815	36,155	49,492,203	21,331,807	3,333,650
Balance at Mar. 31, 2020	70,281,995	36,155	49,468,496	20,973,744	(196,400)
Stock based compensation expense	23,707		23,707
Net income (loss)	358,063			358,063
Other comprehensive income	3,530,050				3,530,050
Balance at Jun. 30, 2020	$ 74,193,815	$ 36,155	$ 49,492,203	$ 21,331,807	$ 3,333,650

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (764,640)	$ (469,158)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Deferred income taxes	234,230	(168,927)
Net realized (gain) loss on sales of investments	(49,364)	179,944
Unrealized loss (gain) on equity securities and other investments	1,521,845	(1,205,213)
Amortization of fixed maturity premiums	154,586	113,397
Depreciation and amortization expense	740,752	383,610
Stock based compensation expense	71,122
Changes in operating assets and liabilities:
Accrued investment income	27,675	(1,747)
Premiums receivable	793,396	2,101,019
Reinsurance recoverable	(414,651)	(1,684,074)
Income taxes recoverable	(747,580)	313
Unearned ceded premiums	(741,806)	(991,017)
Deferred acquisition costs	(9,983)	326,736
Prepaid management fee		(10,000,000)
Other assets	(178,769)	(74,497)
Losses and loss adjustment expenses	(97,651)	(900,573)
Unearned premiums	167,781	(448,072)
Reinsurance payable	964,585	160,454
Accounts payable, accrued expenses, and other liabilities	(2,922,866)	(1,689,520)
Net cash flows used in operating activities	(1,251,338)	(14,367,325)
Cash flows from investing activities:
Proceeds from sales of fixed maturity securities	12,235,480	5,993,685
Proceeds from sales of equity securities and other investments	6,026,885	1,313,230
Purchases of fixed maturity securities	(15,686,197)	(5,786,607)
Purchases of equity securities	(332,624)	(534,224)
Net sales of short-term investments	919,472	300,000
Net cash flows provided by investing activities	3,163,016	1,286,084
Cash flows from financing activities
Proceeds from issuance of common stock		33,574,401
Payments of notes payable	(32,168)	(30,937)
Net cash flows (used in) provided by financing activities	(32,168)	33,543,464
Net change in cash and cash equivalents	1,879,510	20,462,223
Cash and cash equivalents, at beginning of period	20,988,081	3,903,620
Cash and cash equivalents, at end of period	22,867,591	24,365,843
Cash paid during the period for interest	$ 1,855	$ 2,261

Organization

Organization	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. Organization The accompanying unaudited 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 Quarterly 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 Quarterly 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	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	2. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. 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. Positive Physicians Holdings, Inc. was formed on May 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 unaudited 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. We recommend you read the interim consolidated financial statements we include in this Form 10-Q Report in conjunction with the financial statements and the notes to our financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2019.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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. 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 gains (losses), net in the accompanying consolidated statements of operations. Realized gains and losses on sales of equity and fixed maturity securities 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 balance sheets. 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 as of June 30, 2020 and December 31, 2019 or gross written premium for the three and six months ended June 30, 2020 and 2019. 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 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 balance sheets. Such items, along with net income (loss), are components of comprehensive income, and are reflected in the accompanying consolidated statements of comprehensive income. Reclassifications of realized gains and losses on sales of investments out of accumulated other comprehensive income are recorded in realized investment gains (losses), net in the accompanying consolidated 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 financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the consolidated 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 statements of operations for the three and six months ended June 30, 2020 and 2019. 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 the 2019 tax year, the Company will file a consolidated federal income tax return.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
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 In February 2016, the Financial Accounting Standards Board (“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 financial statements. The following recently issued accounting pronouncements are relevant to the Company’s consolidated financial statements: In June 2016, the FASB issued Accounting Standards Update (“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 filers with the Securities and Exchange Commission (“SEC”), 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 the Company’s expected adoption date for ASU 2016-13 is January 1, 2023.

Investments

Investments	6 Months Ended
	Jun. 30, 2020
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: Other observable inputs, either directly or indirectly, including: • 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 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 June 30, 2020 and December 31, 2019 are as follows: Amortized Cost/Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2020 U.S. government $ 11,359,661 $ 205,497 $ 18,101 $ 11,547,057 States, territories, and possessions 1,088,928 59,450 — 1,148,378 Subdivisions of states, territories, and possessions 12,290,490 495,142 6,946 12,778,686 Industrial and miscellaneous 72,558,805 3,686,060 201,280 76,043,585 Total fixed maturity securities $ 97,297,884 $ 4,446,149 $ 226,327 $ 101,517,706 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 The table below sets forth the contractual maturity profile of our investments in fixed maturity securities at June 30, 2020 and December 31, 2019. 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. June 30, 2020 December 31, 2019 Amortized Cost/Cost Fair Value Amortized Cost/Cost Fair Value Due in less than one year $ 17,075,418 $ 17,211,639 $ 8,570,607 $ 8,584,991 Due after one year to five years 58,599,281 61,398,223 59,713,323 60,844,219 Due after five years to ten years 21,091,272 22,320,449 24,656,702 25,539,400 Due after ten years 531,913 587,395 731,812 779,432 $ 97,297,884 $ 101,517,706 $ 93,672,444 $ 95,748,042 Realized gains and losses are determined using the specific identification method. During the three and six months ended June 30, 2020 and 2019, proceeds from maturities and sales and gross realized gains and losses on securities and other investments are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Proceeds $ 10,748,023 $ 2,329,834 $ 18,262,365 $ 7,306,915 Gross gains 771,306 41,207 823,155 59,898 Gross losses 516,504 186,205 773,791 239,842 The components of net realized investment gains (losses) for the three and six months ended June 30, 2020 and 2019 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Gain (loss) on sales of fixed maturity securities $ 3,887 $ 22 $ 42,930 $ (28,248 ) Gain (loss) on sales of equity securities and other investments 250,915 (145,020 ) 6,434 (151,696 ) Total gain (loss) on sales of investments 254,802 (144,998 ) 49,364 (179,944 ) Unrealized gain (loss) on equity securities and other investments 237,138 318,616 (1,521,845 ) 1,205,213 Total net realized investment gains (losses) $ 491,940 $ 173,618 $ (1,472,481 ) $ 1,025,269 The components of net investment income for the three and six months ended June 30, 2020 and 2019 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed maturity securities $ 593,377 $ 561,161 $ 1,245,052 $ 1,126,231 Cash and short-term investments 50,745 154,571 137,241 177,584 Equity securities 23,841 76,383 72,605 143,119 Other income 7,125 5,250 14,250 13,750 675,088 797,365 1,469,148 1,460,684 Less investment expenses 26,542 31,118 54,305 66,181 Net investment income $ 648,546 $ 766,247 $ 1,414,843 $ 1,394,503 The following tables show 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 June 30, 2020 and 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 June 30, 2020: U.S. government $ 3,670,584 $ 945 $ 444,584 $ 17,156 $ 4,115,168 $ 18,101 States, territories, and possessions — — — — — — Subdivisions of states, territories, and possessions — — 68,379 6,946 68,379 6,946 Industrial and miscellaneous 4,947,932 201,280 — — 4,947,932 201,280 Total fixed maturity securities $ 8,618,516 $ 202,225 $ 512,963 $ 24,102 $ 9,131,479 $ 226,327 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 States, territories, and possessions — — — — — — 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 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 six months ended June 30, 2020 and 2019, 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 June 30, 2020: Total Level 1 Level 2 Level 3 U.S. government $ 11,547,057 $ — $ 11,547,057 $ — States, territories, and possessions 1,148,378 — 1,148,378 — Subdivisions of states, territories and possessions 12,778,686 — 12,778,686 — Industrial and miscellaneous 76,043,585 — 76,043,585 — Total fixed maturity securities 101,517,706 — 101,517,706 — Equity securities 260,915 260,915 — — $ 101,778,621 $ 260,915 $ 101,517,706 $ — 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 $ —

Deferred Acquisition Costs

Deferred Acquisition Costs	6 Months Ended
	Jun. 30, 2020
Insurance [Abstract]
Deferred Acquisition Costs	6. Deferred Acquisition Costs The following table summarizes the movements in deferred acquisition costs for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance, beginning of period $ 2,968,462 $ 4,690,104 $ 2,584,486 $ 3,985,193 Amount capitalized during the period 227,097 933,145 1,920,875 3,760,410 Amount amortized during the period 601,090 1,964,792 1,910,892 4,087,146 Balance, end of period $ 2,594,469 $ 3,658,457 $ 2,594,469 $ 3,658,457

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2020
Insurance [Abstract]
Reinsurance	7. Reinsurance Under the Company’s current reinsurance agreement, we retain a portion of our exposure and pay 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. We provide 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. We retain 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 current 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.” 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. As of June 30, 2020, our participation was not material. The effect of reinsurance on premiums written, amounts earned, and losses incurred for the three and six months ended June 30, 2020 and 2019 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Premiums written: Direct $ 3,515,340 $ 3,783,325 $ 11,233,852 $ 11,980,842 Ceded 2,176,966 648,254 2,423,445 2,600,731 Premiums written, net of reinsurance $ 1,338,374 $ 3,135,071 $ 8,810,407 $ 9,380,111 Premiums earned: Direct $ 5,164,623 $ 6,075,535 $ 11,066,071 $ 12,428,915 Ceded 464,901 747,541 1,681,639 1,609,714 Premiums earned, net of reinsurance $ 4,699,722 $ 5,327,994 $ 9,384,432 $ 10,819,201 Losses and loss adjustment expenses incurred: Direct $ 3,470,626 $ 6,365,077 $ 7,436,399 $ 10,276,266 Ceded 274,815 2,097,637 1,054,985 2,687,150 Losses and loss adjustment expenses incurred, net of reinsurance $ 3,195,811 $ 4,267,440 $ 6,381,414 $ 7,589,116

Losses and Loss Adjustment Expe

Losses and Loss Adjustment Expenses	6 Months Ended
	Jun. 30, 2020
Insurance [Abstract]
Losses and Loss Adjustment Expenses	8. Losses and Loss Adjustment Expenses At June 30, 2020, the Company estimated that its liability for unpaid losses and loss adjustment expenses (“LAE”) for all insurance policies and reinsurance contracts issued by its insurance business was $63,510,324. This amount included estimated losses from claims plus estimated expenses to settle claims. This estimate also included estimated amounts for losses occurring on or prior to June 30, 2020 that had not yet been reported to the Company. At June 30, 2020, the Company also estimated that its reinsurance recoverable on unpaid claims was $7,424,458. Management believes that its unpaid losses and LAE are fairly stated at June 30, 2020. However, estimating the ultimate claims liability is necessarily a complex and judgmental process inasmuch as the amounts are based on management’s informed estimates, assumptions and judgments using data currently available. As additional experience and data become available regarding claims payment and reporting patterns, legal and legislative developments, judicial theories of liability, changes in social attitudes and economic conditions, the estimates are revised accordingly. Original estimates are also increased or decreased, as additional information becomes known regarding individual claims. If the Company’s ultimate losses, net of reinsurance, prove to differ substantially from the amounts recorded at June 30, 2020, then the related adjustments could have a material adverse impact on the Company’s financial condition, results of operations and liquidity. 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. There were no significant changes in the methodologies and assumptions used to develop the liabilities for losses and LAE during the six months ended June 30, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	9 . Income Taxes At June 30, 2020 and December 31, 2019, the Company had no unrecognized tax benefits, no accrued interest and penalties, and no significant uncertain tax positions. No interest and penalties were recognized during the six months ended June 30, 2020 and 2019. At June 30, 2020 and December 31, 2019, the Company had unused net operating loss (“NOL”) carryforwards of $1,133,600 and $3,600,298, respectively, which will begin to expire in 2038, if unused. The Company’s remaining unused NOLs that were generated prior to the conversions and merger in 2019 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’s NOL balance at June 30, 2020 primarily consists of taxable losses that were generated by the holding company in 2020. 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 have a material effect on the Company’s deferred income taxes. The most significant effect on the Company’s deferred income taxes is due to changes in the federal net operating loss carryback provisions which 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%). As a result of this legislation, during the first six months of 2020, the Company significantly reduced its NOL balance by $2,969,550, or $623,606 tax-effected, and recorded additional federal income tax refunds of $1,205,964. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all the Company’s 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), tax planning strategies, and projected future taxable income in making this assessment. At June 30, 2020 and December 31, 2019, management determined that it was 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 June 30, 2020 and December 31, 2019.

Agreements with Diversus

Agreements with Diversus	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Agreements with Diversus	1 0 . Agreements with Diversus Positive Insurance Company has a management agreement with Diversus Management , 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 current agreement, which became effective March 27, 2019, 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 June 30, 2020. Management fees are recorded in other underwriting expenses in the consolidated statements of operations. The Company incurred management fees for the respective periods as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Management fees $ 823,577 $ 887,322 $ 2,142,988 $ 2,936,702 In connection with the execution of the existing 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 accompanying consolidated balance sheets and is amortized on a straight-line basis over a period of seven years. For each of the three months ended June 30, 2020 and 2019, the Company incurred amortization expense of $357,143. For the six months ended June 30, 2020 and 2019, the Company incurred amortization expense of $714,285 and $357,143, respectively. These amounts are recorded in other underwriting expenses in the consolidated statements of operations and included as part of both the current and prior year amounts disclosed in the table above. 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 are recorded in other underwriting expenses in the consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Claims processing and risk management services $ 402,875 $ 408,875 $ 795,450 $ 808,250 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 are recorded in other underwriting expenses in the consolidated statements of operations. Positive Insurance Company incurred related commission expenses for the respective periods as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Commissions $ 16,133 $ - $ 78,206 $ 77,850 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. The Company terminated the loan agreement on May 19, 2020. There was no outstanding balance on the credit facility prior to the termination of the loan agreement.

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Common Stock	1 1 . Common Stock The Company is authorized to issue 10,000,000 shares of $0.01 par value common stock. 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 recorded by the Company during the three and six months ended June 30, 2020 was $23,707 and $71,122, respectively. The holding company has cash and other liquid assets aggregating $15,824,903 at June 30, 2020. 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	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings Per Share	1 2 . 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 as of March 27, 2019. The basic weighted average number of common shares outstanding was 3,615,500 for the three and six months ended June 30, 2020 and 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: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic earnings per common share: Numerator: Net income (loss) $ 358,063 $ (560,947 ) $ (764,640 ) $ (469,158 ) Denominator: Weighted average shares outstanding 3,615,500 3,615,500 3,615,500 3,615,500 Basic earnings per common share $ 0.10 $ (0.16 ) $ (0.21 ) $ (0.13 ) Diluted earnings per common share: Numerator: Net income (loss) $ 358,063 $ (560,947 ) $ (764,640 ) $ (469,158 ) Denominator: Weighted average shares outstanding - basic 3,615,500 3,615,500 3,615,500 3,615,500 Add: vested stock options 23,243 — 23,243 — Number of shares used in diluted computation 3,638,743 3,615,500 3,638,743 3,615,500 Diluted earnings per common share $ 0.10 $ (0.16 ) $ (0.21 ) $ (0.13 )

COVID-19

COVID-19	6 Months Ended
	Jun. 30, 2020
Extraordinary And Unusual Items [Abstract]
COVID-19	1 3 . 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 that were 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 has seen premium decreases due to policy endorsements associated with doctors electing to work part time, take a leave of absence or retire. In addition, some of our insureds have elected to temporarily change their areas of practice and/or 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 went into effect on June 30, 2020 and necessary reimbursements or credits against future payments have been applied. During the second quarter, the Company recorded approximately $160,000 in return premium adjustments, or reductions in direct premiums written, associated with these policy endorsements. 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, or post-payment due 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 and deferred payments until June 30, 2020 for invoices due after April 1, 2020. Due to this change in policy, the Company recorded an allowance for uncollectible premium of approximately $150,000 at June 30, 2020 based on the aging of outstanding premiums receivable.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent Events On August 1, 2020, the Company’s independent registered public accounting firm changed its name from Baker Tilly Virchow Krause, LLP to Baker Tilly US, LLP. On May 18, 2020, the Company received a written notice from the Listing Qualifications Department of Nasdaq indicating that the Company is not in compliance with Listing Rule 5550(a)(4), due to the Company’s failure to meet the minimum 500,000 publicly held shares requirement for continued listing on the Nasdaq Capital Market. On August 5, 2020, the Company filed with the SEC a Form 25, notification to voluntarily delist from the Nasdaq Capital Market, after announcing its intention on July 27, 2020 and that it anticipates that its common stock will be quoted on the OTCQX Best Market following the Nasdaq delisting. The delisting will be effective August 17, 2020 at which time the Company’s stock will begin trading on the OTCQX Best Market. The Company’s stock will continue to trade under the symbol, PPHI.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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. 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 gains (losses), net in the accompanying consolidated statements of operations. Realized gains and losses on sales of equity and fixed maturity securities 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 balance sheets.
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 as of June 30, 2020 and December 31, 2019 or gross written premium for the three and six months ended June 30, 2020 and 2019. 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	Comprehensive Income 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 balance sheets. Such items, along with net income (loss), are components of comprehensive income, and are reflected in the accompanying consolidated statements of comprehensive income. Reclassifications of realized gains and losses on sales of investments out of accumulated other comprehensive income are recorded in realized investment gains (losses), net in the accompanying consolidated 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 financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the consolidated 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 statements of operations for the three and six months ended June 30, 2020 and 2019. 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 the 2019 tax year, the Company will file a consolidated federal income tax return.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 are as follows: Amortized Cost/Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2020 U.S. government $ 11,359,661 $ 205,497 $ 18,101 $ 11,547,057 States, territories, and possessions 1,088,928 59,450 — 1,148,378 Subdivisions of states, territories, and possessions 12,290,490 495,142 6,946 12,778,686 Industrial and miscellaneous 72,558,805 3,686,060 201,280 76,043,585 Total fixed maturity securities $ 97,297,884 $ 4,446,149 $ 226,327 $ 101,517,706 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
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 June 30, 2020 and December 31, 2019. 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. June 30, 2020 December 31, 2019 Amortized Cost/Cost Fair Value Amortized Cost/Cost Fair Value Due in less than one year $ 17,075,418 $ 17,211,639 $ 8,570,607 $ 8,584,991 Due after one year to five years 58,599,281 61,398,223 59,713,323 60,844,219 Due after five years to ten years 21,091,272 22,320,449 24,656,702 25,539,400 Due after ten years 531,913 587,395 731,812 779,432 $ 97,297,884 $ 101,517,706 $ 93,672,444 $ 95,748,042
Schedule of Realized Gains and Losses Securities and Other Investments	During the three and six months ended June 30, 2020 and 2019, proceeds from maturities and sales and gross realized gains and losses on securities and other investments are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Proceeds $ 10,748,023 $ 2,329,834 $ 18,262,365 $ 7,306,915 Gross gains 771,306 41,207 823,155 59,898 Gross losses 516,504 186,205 773,791 239,842
Schedule of Realized Investment Gains (Losses)	The components of net realized investment gains (losses) for the three and six months ended June 30, 2020 and 2019 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Gain (loss) on sales of fixed maturity securities $ 3,887 $ 22 $ 42,930 $ (28,248 ) Gain (loss) on sales of equity securities and other investments 250,915 (145,020 ) 6,434 (151,696 ) Total gain (loss) on sales of investments 254,802 (144,998 ) 49,364 (179,944 ) Unrealized gain (loss) on equity securities and other investments 237,138 318,616 (1,521,845 ) 1,205,213 Total net realized investment gains (losses) $ 491,940 $ 173,618 $ (1,472,481 ) $ 1,025,269
Schedule of Net Investment Income	The components of net investment income for the three and six months ended June 30, 2020 and 2019 are as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fixed maturity securities $ 593,377 $ 561,161 $ 1,245,052 $ 1,126,231 Cash and short-term investments 50,745 154,571 137,241 177,584 Equity securities 23,841 76,383 72,605 143,119 Other income 7,125 5,250 14,250 13,750 675,088 797,365 1,469,148 1,460,684 Less investment expenses 26,542 31,118 54,305 66,181 Net investment income $ 648,546 $ 766,247 $ 1,414,843 $ 1,394,503
Schedule of Fair Value and Gross Unrealized Losses of Fixed Maturity Investments	The following tables show 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 June 30, 2020 and 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 June 30, 2020: U.S. government $ 3,670,584 $ 945 $ 444,584 $ 17,156 $ 4,115,168 $ 18,101 States, territories, and possessions — — — — — — Subdivisions of states, territories, and possessions — — 68,379 6,946 68,379 6,946 Industrial and miscellaneous 4,947,932 201,280 — — 4,947,932 201,280 Total fixed maturity securities $ 8,618,516 $ 202,225 $ 512,963 $ 24,102 $ 9,131,479 $ 226,327 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 States, territories, and possessions — — — — — — 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
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 June 30, 2020: Total Level 1 Level 2 Level 3 U.S. government $ 11,547,057 $ — $ 11,547,057 $ — States, territories, and possessions 1,148,378 — 1,148,378 — Subdivisions of states, territories and possessions 12,778,686 — 12,778,686 — Industrial and miscellaneous 76,043,585 — 76,043,585 — Total fixed maturity securities 101,517,706 — 101,517,706 — Equity securities 260,915 260,915 — — $ 101,778,621 $ 260,915 $ 101,517,706 $ — 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 $ —

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2020
Insurance [Abstract]
Summary of Movements in Deferred Acquisition Costs	The following table summarizes the movements in deferred acquisition costs for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Balance, beginning of period $ 2,968,462 $ 4,690,104 $ 2,584,486 $ 3,985,193 Amount capitalized during the period 227,097 933,145 1,920,875 3,760,410 Amount amortized during the period 601,090 1,964,792 1,910,892 4,087,146 Balance, end of period $ 2,594,469 $ 3,658,457 $ 2,594,469 $ 3,658,457

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2020
Insurance [Abstract]
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 three and six months ended June 30, 2020 and 2019 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Premiums written: Direct $ 3,515,340 $ 3,783,325 $ 11,233,852 $ 11,980,842 Ceded 2,176,966 648,254 2,423,445 2,600,731 Premiums written, net of reinsurance $ 1,338,374 $ 3,135,071 $ 8,810,407 $ 9,380,111 Premiums earned: Direct $ 5,164,623 $ 6,075,535 $ 11,066,071 $ 12,428,915 Ceded 464,901 747,541 1,681,639 1,609,714 Premiums earned, net of reinsurance $ 4,699,722 $ 5,327,994 $ 9,384,432 $ 10,819,201 Losses and loss adjustment expenses incurred: Direct $ 3,470,626 $ 6,365,077 $ 7,436,399 $ 10,276,266 Ceded 274,815 2,097,637 1,054,985 2,687,150 Losses and loss adjustment expenses incurred, net of reinsurance $ 3,195,811 $ 4,267,440 $ 6,381,414 $ 7,589,116

Agreements with Diversus (Table

Agreements with Diversus (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of Management Expenses Recorded in Operating Expenses	Management fees are recorded in other underwriting expenses in the consolidated statements of operations. The Company incurred management fees for the respective periods as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Management fees $ 823,577 $ 887,322 $ 2,142,988 $ 2,936,702
Schedule of Fees Incurred under the Contracts	Fees incurred by Positive Insurance Company under these contracts are recorded in other underwriting expenses in the consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Claims processing and risk management services $ 402,875 $ 408,875 $ 795,450 $ 808,250
Schedule of Commission Expenses	Positive Insurance Company incurred related commission expenses for the respective periods as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Commissions $ 16,133 $ - $ 78,206 $ 77,850

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
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: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic earnings per common share: Numerator: Net income (loss) $ 358,063 $ (560,947 ) $ (764,640 ) $ (469,158 ) Denominator: Weighted average shares outstanding 3,615,500 3,615,500 3,615,500 3,615,500 Basic earnings per common share $ 0.10 $ (0.16 ) $ (0.21 ) $ (0.13 ) Diluted earnings per common share: Numerator: Net income (loss) $ 358,063 $ (560,947 ) $ (764,640 ) $ (469,158 ) Denominator: Weighted average shares outstanding - basic 3,615,500 3,615,500 3,615,500 3,615,500 Add: vested stock options 23,243 — 23,243 — Number of shares used in diluted computation 3,638,743 3,615,500 3,638,743 3,615,500 Diluted earnings per common share $ 0.10 $ (0.16 ) $ (0.21 ) $ (0.13 )

Organization - Additional Infor

Organization - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Date of incorporation	May 1, 2018

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020
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)	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)InvestmentInsured	Dec. 31, 2019Insured
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
Number of investment accounted for greater than 5% | Investment	0
Number of insured accounted for over 20% | Insured	0	0

Investments - Schedule of Major

Investments - Schedule of Major Security Type (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	$ 97,297,884	$ 93,672,444
Fixed maturity securities, Gross Unrealized Gains	4,446,149	2,127,857
Fixed maturity securities, Gross Unrealized Losses	226,327	52,259
Fixed maturity securities, Fair Value	101,517,706	95,748,042
Industrial and Miscellaneous [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	72,558,805	69,445,114
Fixed maturity securities, Gross Unrealized Gains	3,686,060	1,591,777
Fixed maturity securities, Gross Unrealized Losses	201,280	6,299
Fixed maturity securities, Fair Value	76,043,585	71,030,592
U.S. Government [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	11,359,661	10,689,829
Fixed maturity securities, Gross Unrealized Gains	205,497	100,223
Fixed maturity securities, Gross Unrealized Losses	18,101	38,490
Fixed maturity securities, Fair Value	11,547,057	10,751,562
States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	1,088,928	1,096,638
Fixed maturity securities, Gross Unrealized Gains	59,450	46,385
Fixed maturity securities, Fair Value	1,148,378	1,143,023
Subdivisions of States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	12,290,490	12,440,863
Fixed maturity securities, Gross Unrealized Gains	495,142	389,472
Fixed maturity securities, Gross Unrealized Losses	6,946	7,470
Fixed maturity securities, Fair Value	$ 12,778,686	$ 12,822,865

Investments - Schedule of Contr

Investments - Schedule of Contractual Maturity Profile of Investments in Fixed Maturity Securities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Fixed maturity securities, Amortized Cost/Cost	$ 97,297,884	$ 93,672,444
Fair Value, Available-for-sale Securities	101,517,706	95,748,042
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Amortized Cost, Due to mature One year or less	17,075,418	8,570,607
Amortized Cost, Due to mature After one year through five years	58,599,281	59,713,323
Amortized Cost, Due to mature After five years through ten years	21,091,272	24,656,702
Amortized Cost, Due to mature After ten years	531,913	731,812
Fixed maturity securities, Amortized Cost/Cost	97,297,884	93,672,444
Fair Value, Due to mature One year or less	17,211,639	8,584,991
Fair Value, Due to mature After one year through five years	61,398,223	60,844,219
Fair Value, Due to mature After five years through ten years	22,320,449	25,539,400
Fair Value, Due to mature After ten years	587,395	779,432
Fair Value, Available-for-sale Securities	$ 101,517,706	$ 95,748,042

Investments - Schedule of Reali

Investments - Schedule of Realized Gains and Losses Securities and Other Investments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Marketable Securities [Abstract]
Proceeds	$ 10,748,023	$ 2,329,834	$ 18,262,365	$ 7,306,915
Gross gains	771,306	41,207	823,155	59,898
Gross losses	$ 516,504	$ 186,205	$ 773,791	$ 239,842

Investments -Schedule of Realiz

Investments -Schedule of Realized Investment Gains (Losses) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Marketable Securities [Abstract]
Gain (loss) on sales of fixed maturity securities	$ 3,887	$ 22	$ 42,930	$ (28,248)
Gain (loss) on sales of equity securities and other investments	250,915	(145,020)	6,434	(151,696)
Total gain (loss) on sales of investments	254,802	(144,998)	49,364	(179,944)
Unrealized gain (loss) on equity securities and other investments	237,138	318,616	(1,521,845)	1,205,213
Total net realized investment gains (losses)	$ 491,940	$ 173,618	$ (1,472,481)	$ 1,025,269

Investments - Schedule of Net I

Investments - Schedule of Net Investment Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Marketable Securities [Line Items]
Gross investment income	$ 675,088	$ 797,365	$ 1,469,148	$ 1,460,684
Less investment expenses	26,542	31,118	54,305	66,181
Net investment income	648,546	766,247	1,414,843	1,394,503
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	593,377	561,161	1,245,052	1,126,231
Cash and Short-term Investments [Member]
Marketable Securities [Line Items]
Gross investment income	50,745	154,571	137,241	177,584
Equity Securities [Member]
Marketable Securities [Line Items]
Gross investment income	23,841	76,383	72,605	143,119
Other Income [Member]
Marketable Securities [Line Items]
Gross investment income	$ 7,125	$ 5,250	$ 14,250	$ 13,750

Investments - Schedule of Fair

Investments - Schedule of Fair Value and Gross Unrealized Losses of Fixed Maturity Investments (Details) - Fixed Maturity Securities [Member] - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fixed maturities securities, Less than 12 months Fair Value	$ 8,618,516	$ 7,402,123
Fixed maturities securities, Less than 12 months Unrealized Losses	202,225	14,161
Fixed maturities securities, Greater than 12 months Fair Value	512,963	4,504,999
Fixed maturities securities, Greater than 12 months Unrealized Losses	24,102	38,098
Fixed maturities securities, Fair Value, Total	9,131,479	11,907,122
Fixed maturities securities, Unrealized Losses, Total	226,327	52,259
U.S. Government [Member]
Fixed maturities securities, Less than 12 months Fair Value	3,670,584	2,628,516
Fixed maturities securities, Less than 12 months Unrealized Losses	945	8,227
Fixed maturities securities, Greater than 12 months Fair Value	444,584	4,061,077
Fixed maturities securities, Greater than 12 months Unrealized Losses	17,156	30,263
Fixed maturities securities, Fair Value, Total	4,115,168	6,689,593
Fixed maturities securities, Unrealized Losses, Total	18,101	38,490
Subdivisions of States, Territories, and Possessions [Member]
Fixed maturities securities, Greater than 12 months Fair Value	68,379	93,000
Fixed maturities securities, Greater than 12 months Unrealized Losses	6,946	7,470
Fixed maturities securities, Fair Value, Total	68,379	93,000
Fixed maturities securities, Unrealized Losses, Total	6,946	7,470
Industrial and Miscellaneous [Member]
Fixed maturities securities, Less than 12 months Fair Value	4,947,932	4,773,607
Fixed maturities securities, Less than 12 months Unrealized Losses	201,280	5,934
Fixed maturities securities, Greater than 12 months Fair Value		350,922
Fixed maturities securities, Greater than 12 months Unrealized Losses		365
Fixed maturities securities, Fair Value, Total	4,947,932	5,124,529
Fixed maturities securities, Unrealized Losses, Total	$ 201,280	$ 6,299

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Marketable Securities [Abstract]
Impairment of investments	$ 0	$ 0

Investments - Assets Measured a

Investments - Assets Measured at Fair Value on a Recurring Basis (Details) - Recurring [Member] - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Estimated fair value of assets	$ 101,778,621	$ 103,505,008
Level 1 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	260,915	7,756,966
Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	101,517,706	95,748,042
Fixed Maturity Securities [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	101,517,706	95,748,042
Fixed Maturity Securities [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	101,517,706	95,748,042
Fixed Maturity Securities [Member] | U.S. Government [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	11,547,057	10,751,562
Fixed Maturity Securities [Member] | U.S. Government [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	11,547,057	10,751,562
Fixed Maturity Securities [Member] | States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	1,148,378	1,143,023
Fixed Maturity Securities [Member] | States, Territories, and Possessions [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	1,148,378	1,143,023
Fixed Maturity Securities [Member] | Subdivisions of States, Territories, and Possessions [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	12,778,686	12,822,865
Fixed Maturity Securities [Member] | Subdivisions of States, Territories, and Possessions [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	12,778,686	12,822,865
Fixed Maturity Securities [Member] | Industrial and Miscellaneous [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	76,043,585	71,030,592
Fixed Maturity Securities [Member] | Industrial and Miscellaneous [Member] | Level 2 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	76,043,585	71,030,592
Equity Securities [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	260,915	7,756,966
Equity Securities [Member] | Level 1 [Member]
Marketable Securities [Line Items]
Estimated fair value of assets	$ 260,915	$ 7,756,966

Deferred Acquisition Costs - Su

Deferred Acquisition Costs - Summary of Movements in Deferred Acquisition Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Insurance [Abstract]
Balance, beginning of period	$ 2,968,462	$ 4,690,104	$ 2,584,486	$ 3,985,193
Amount capitalized during the period	227,097	933,145	1,920,875	3,760,410
Amount amortized during the period	601,090	1,964,792	1,910,892	4,087,146
Balance, end of period	$ 2,594,469	$ 3,658,457	$ 2,594,469	$ 3,658,457

Reinsurance - Additional Inform

Reinsurance - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
Reinsurance Retention Policy [Line Items]
Agreement renewal date	Apr. 1, 2020
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, coverage floor	500,000
Malpractice insurance, maximum coverage per Incident	1,000,000
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
Pennsylvania [Member]
Reinsurance Retention Policy [Line Items]
Malpractice insurance, coverage floor	1,000,000
Malpractice insurance, annual coverage limit	3,000,000
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 - Effect of Reinsur

Reinsurance - Effect of Reinsurance on Premiums Written, Amounts Earned, and Losses Incurred (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Premiums written:
Direct	$ 3,515,340	$ 3,783,325	$ 11,233,852	$ 11,980,842
Ceded	2,176,966	648,254	2,423,445	2,600,731
Premiums written, net of reinsurance	1,338,374	3,135,071	8,810,407	9,380,111
Premiums earned:
Direct	5,164,623	6,075,535	11,066,071	12,428,915
Ceded	464,901	747,541	1,681,639	1,609,714
Premiums earned, net of reinsurance	4,699,722	5,327,994	9,384,432	10,819,201
Losses and loss adjustment expenses incurred:
Direct	3,470,626	6,365,077	7,436,399	10,276,266
Ceded	274,815	2,097,637	1,054,985	2,687,150
Losses and loss adjustment expenses incurred, net of reinsurance	$ 3,195,811	$ 4,267,440	$ 6,381,414	$ 7,589,116

Losses and Loss Adjustment Ex_2

Losses and Loss Adjustment Expenses - Additional Information (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Roll Forward In Liability For Unpaid Claims And Claims Adjustment Expense [Abstract]
Liabilities for Unpaid Losses and Loss Adjustment Expenses, net of reinsurance	$ 63,510,324	$ 63,607,975
Reinsurance recoverable on unpaid claims	$ 7,424,458

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Line Items]
Unrecognized tax benefits	$ 0		$ 0
Unrecognized tax benefits, interest and penalties	0		0
Significant uncertain tax positions	0		0
Interest and penalties recognized	0	$ 0
Net operating loss carryforward	$ 1,133,600		3,600,298
Net operating loss carryforward, expiration year	2038
Deferred tax assets, valuation allowance	$ 0		$ 0
CARES Act [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforward	$ 2,969,550
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%		21.00%	21.00%	34.00%
Net operating loss carryforwards tax effected	$ 623,606
Additional Federal income tax refunds	$ 1,205,964

Agreements with Diversus - Addi

Agreements with Diversus - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Mar. 27, 2019
Related Party Transaction [Line Items]
Earned management fee, percentage			12.00%
Quarterly performance fees payable	$ 0		$ 0
Prepaid management fee	8,214,286		$ 8,214,286		$ 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	0		$ 0
Other Underwriting Expenses [Member]
Related Party Transaction [Line Items]
Prepaid management amortization expense	$ 357,143	$ 357,143	$ 714,285	$ 357,143

Agreements with Diversus - Summ

Agreements with Diversus - Summary of Management Expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Other Underwriting Expenses [Member]
Related Party Transaction [Line Items]
Management fees	$ 823,577	$ 887,322	$ 2,142,988	$ 2,936,702

Agreements with Diversus - Sche

Agreements with Diversus - Schedule of Fees Incurred under the Contract (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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	$ 402,875	$ 408,875	$ 795,450	$ 808,250

Agreements with Diversus - Sc_2

Agreements with Diversus - Schedule of Commission Expenses (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Specialty Insurance Services, LLC [Member] | Other Underwriting Expenses [Member]
Related Party Transaction [Line Items]
Commissions	$ 16,133	$ 78,206	$ 77,850

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - USD ($)	Sep. 27, 2019	Mar. 27, 2019	Jun. 30, 2020	Jun. 30, 2020	Sep. 28, 2019
Subsidiary Sale Of Stock [Line Items]
Common stock, shares authorized			10,000,000	10,000,000
Common stock, par value			$ 0.01	$ 0.01
Common stock, shares issued			3,615,500	3,615,500
Common stock, shares outstanding			3,615,500	3,615,500
Stock-based compensation expense			$ 23,707	$ 71,122
Cash and other liquid assets			$ 15,824,903	$ 15,824,903
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) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Weighted average shares outstanding	3,615,500	3,615,500	3,615,500	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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income (loss)	$ 358,063	$ (560,947)	$ (764,640)	$ (469,158)
Denominator:
Weighted average shares outstanding	3,615,500	3,615,500	3,615,500	3,615,500
Basic earnings per common share	$ 0.10	$ (0.16)	$ (0.21)	$ (0.13)
Denominator:
Diluted earnings per common share	$ 0.10	$ (0.16)	$ (0.21)	$ (0.13)
Basic Earnings (Loss) Per Common Share
Numerator:
Net income (loss)	$ 358,063	$ (560,947)	$ (764,640)	$ (469,158)
Denominator:
Weighted average shares outstanding	3,615,500	3,615,500	3,615,500	3,615,500
Basic earnings per common share	$ 0.10	$ (0.16)	$ (0.21)	$ (0.13)
Diluted Earnings (Loss) Per Common Share
Numerator:
Net income (loss)	$ 358,063	$ (560,947)	$ (764,640)	$ (469,158)
Denominator:
Weighted average shares outstanding	3,615,500	3,615,500	3,615,500	3,615,500
Denominator:
Add: vested stock options	23,243		23,243
Number of shares used in diluted computation	3,638,743	3,615,500	3,638,743	3,615,500
Diluted earnings per common share	$ 0.10	$ (0.16)	$ (0.21)	$ (0.13)

COVID-19 - Additional Informati

COVID-19 - Additional Information (Details) - COVID 19 [Member]	3 Months Ended
	Jun. 30, 2020USD ($)
Unusual Or Infrequent Item [Line Items]
Return premium adjustments or reductions in direct premiums written	$ 160,000
Allowance for uncollectible premium	$ 150,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	May 18, 2020shares
Nasdaq Capital Market [Member]
Subsequent Event [Line Items]
Minimum publicly held shares requirement for continued listing	500,000