Kingstone Companies (KINS) 10-Q 17 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Nov. 09, 2020
Cover [Abstract]
Entity Registrant Name	KINGSTONE COMPANIES, INC.
Entity Central Index Key	0000033992
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		10,680,653
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	36-2476480
Entity Address Address Line 1	15 Joys Lane
Entity Address City Or Town	Kingston
Entity Address State Or Province	NY
Entity Address Postal Zip Code	12401
City Area Code	845
Local Phone Number	802-7900
Security 12b Title	0.01
Trading Symbol	KINS
Security Exchange Name	NASDAQ
Entity File Number	0-1665

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $9,564,055 at March 31, 2021 and $8,194,824 at December 31, 2020)	$ 9,180,786	$ 7,368,815
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $139,299,693 at March 31, 2021 and $145,045,584 at December 31, 2020)	147,585,805	157,549,272
Equity securities, at fair value (cost of $32,651,343 at March 31, 2021 and $32,571,166 at December 31, 2020)	35,430,803	34,413,313
Other investments	6,348,590	3,518,626
Total investments	198,545,984	202,850,026
Cash and cash equivalents	22,179,960	19,463,742
Premiums receivable, net	10,885,621	11,819,639
Reinsurance receivables, net	37,366,742	45,460,729
Deferred policy acquisition costs	19,351,989	20,142,515
Intangible assets	500,000	500,000
Property and equipment, net	8,294,847	8,083,123
Other assets	9,759,071	9,262,493
Total assets	306,884,214	317,582,267
Liabilities
Loss and loss adjustment expense reserves	84,457,059	82,801,228
Unearned premiums	86,219,795	90,009,272
Advance premiums	4,145,845	2,660,354
Reinsurance balances payable	2,336,498	6,979,735
Deferred ceding commission revenue	93,318	93,519
Accounts payable, accrued expenses and other liabilities	7,789,131	8,433,233
Deferred income taxes, net	3,138,231	4,156,913
Long-term debt, net	29,691,656	29,647,611
Total liabilities	217,871,533	224,781,865
Commitments and Contingencies (Note 11)	0	0
Stockholders' Equity
Preferred stock, $.01 par value; authorized 2,500,000 shares	0	0
Common stock, $.01 par value; authorized 20,000,000 shares; issued 11,935,321 shares at March 31, 2021 and 11,871,307 at December 31, 2020; outstanding 10,672,794 shares at March 31, 2021 and 10,616,815 shares at December 31, 2020	119,353	118,713
Capital in excess of par	71,116,917	70,769,165
Accumulated other comprehensive income	6,548,178	9,880,062
Retained earnings	15,190,031	15,928,345
Equity	92,974,479	96,696,285
Treasury stock, at cost, 1,262,527 shares at March 31, 2021 and 1,254,492 shares at December 31, 2020	(3,961,798)	(3,895,883)
Total stockholders' equity	89,012,681	92,800,402
Total liabilities and stockholders' equity	$ 306,884,214	$ 317,582,267

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets
Fixed-maturity securities, held-to-maturity, fair value	$ 9,564,055	$ 8,194,824
Fixed-maturity securities, available-for-sale, amortized cost	139,299,693	145,045,584
Equity securities, available-for-sale, cost	$ 32,651,343	$ 32,571,166
Stockholders' Equity
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized shares	2,500,000	2,500,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	20,000,000	20,000,000
Common stock, issued shares	11,935,321	11,871,307
Common stock, outstanding shares	10,672,794	10,616,815
Treasury stock, shares	1,262,527	1,254,492

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Net premiums earned	$ 34,589,218	$ 26,941,450
Ceding commission revenue	(1,065)	3,831,099
Net investment income	1,783,196	1,665,844
Net gains (losses) on investments	2,960,407	(6,444,418)
Other income	171,446	259,630
Total revenues	39,503,202	26,253,605
Expenses
Loss and loss adjustment expenses	22,560,672	16,385,821
Commission expense	8,223,839	7,855,927
Other underwriting expenses	6,467,042	6,761,792
Other operating expenses	1,352,306	1,236,895
Depreciation and amortization	822,340	687,094
Interest expense	456,545	456,545
Total expenses	39,882,744	33,384,074
Loss from operations before income taxes	(379,542)	(7,130,469)
Income tax benefit	(68,445)	(1,686,266)
Net loss	(311,097)	(5,444,203)
Other comprehensive loss, net of tax
Gross change in unrealized losses on available-for-sale-securities	(3,823,279)	(6,727,489)
Reclassification adjustment for gains included in net loss	(394,297)	(102,222)
Net change in unrealized losses	(4,217,576)	(6,829,711)
Income tax benefit related to items of other comprehensive loss	885,692	1,434,240
Other comprehensive loss, net of tax	(3,331,884)	(5,395,471)
Comprehensive loss	$ (3,642,981)	$ (10,839,674)
Loss per common share:
Basic	$ (0.03)	$ (0.50)
Diluted	$ (0.03)	$ (0.50)
Weighted average common shares outstanding
Basic	10,676,298	10,807,841
Diluted	10,676,298	10,807,841
Dividends declared and paid per common share	$ 0.0400	$ 0.0625

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity (Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Treasury Stock	Capital in Excess of Par	Accumulated other comprehensive Income	Retained Earnings
Balance, shares at Dec. 31, 2019			11,824,889	1,027,439
Balance, amount at Dec. 31, 2019	$ 88,221,581	$ 0	$ 118,248	$ (2,712,552)	$ 69,133,918	$ 4,768,870	$ 16,913,097
Stock-based compensation	487,450	0	$ 0	0	487,450	0	0
Vesting of restricted stock awards, shares			38,866
Vesting of restricted stock awards, amount	0	0	$ 387	0	(387)	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(12,489)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(87,954)	0	$ (123)	$ 0	(87,831)	0	0
Acquisition of treasury stock, shares				42,434
Acquisition of treasury stock, amount	(242,724)	0	0	$ (242,724)	0	0	0
Dividends	(675,960)	0	0	0	0	0	(675,960)
Net loss	(5,444,203)	0	0	0	0	0	(5,444,203)
Change in unrealized gains on available- for-sale securities, net of tax	(5,395,471)	0	$ 0	$ 0	0	(5,395,471)	0
Balance, shares at Mar. 31, 2020			11,851,266	1,069,873
Balance, amount at Mar. 31, 2020	76,862,719	0	$ 118,512	$ (2,955,276)	69,533,150	(626,601)	10,792,934
Balance, shares at Dec. 31, 2020			11,871,307	1,254,492
Balance, amount at Dec. 31, 2020	92,800,402	0	$ 118,713	$ (3,895,883)	70,769,165	9,880,062	15,928,345
Stock-based compensation	494,998	0	$ 0	0	494,998	0	0
Vesting of restricted stock awards, shares			85,922
Vesting of restricted stock awards, amount	0	0	$ 859	0	(859)	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(21,908)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(146,606)	0	$ (219)	$ 0	(146,387)	0	0
Acquisition of treasury stock, shares				8,035
Acquisition of treasury stock, amount	(65,915)	0	0	$ (65,915)	0	0	0
Dividends	(427,217)	0	0	0	0	0	(427,217)
Net loss	(311,097)	0	$ 0	$ 0	0	0	(311,097)
Change in unrealized gains on available- for-sale securities, net of tax	(3,331,884)	$ 0				(3,331,884)
Balance, shares at Mar. 31, 2021			11,935,321	1,262,527
Balance, amount at Mar. 31, 2021	$ 89,012,681		$ 119,353	$ (3,961,798)	$ 71,116,917	$ 6,548,178	$ 15,190,031

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net loss	$ (311,097)	$ (5,444,203)
Adjustments to reconcile net loss to net cash flows provided by (used in) operating activities:
Net gains on sale of investments	(1,127,234)	(274,581)
Net unrealized (gains) losses on equity investments	(1,003,209)	6,121,608
Net unrealized gains of other investments	(829,964)	597,391
Depreciation and amortization	822,340	687,094
Bad debts	59,876	35,737
Amortization of bond premium, net	31,639	105,189
Amortization of discount and issuance costs on long-term debt	44,045	44,045
Stock-based compensation	494,998	487,450
Deferred income tax (benefit) expense	(132,990)	397,593
(Increase) decrease in operating assets:
Premiums receivable, net	874,142	757,551
Reinsurance receivables, net	8,093,987	(1,958,517)
Deferred policy acquisition costs	790,526	1,062,490
Other assets	(478,564)	(521,521)
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves	1,655,831	(2,647,512)
Unearned premiums	(3,789,477)	(5,904,700)
Advance premiums	1,485,491	(47,633)
Reinsurance balances payable	(4,643,237)	(6,377,437)
Deferred ceding commission revenue	(201)	(799,997)
Accounts payable, accrued expenses and other liabilities	(644,102)	(1,576,461)
Net cash flows provided by (used in) operating activities	1,392,800	(15,256,414)
Cash flows from investing activities:
Purchase - fixed-maturity securities held-to-maturity	(1,827,425)	0
Purchase - fixed-maturity securities available-for-sale	(5,424,374)	(961,000)
Purchase - equity securities	(5,732,648)	(5,220,778)
Purchase - other investments	(2,000,000)	0
Sale or maturity - fixed-maturity securities available-for-sale	11,548,405	10,553,818
Sale - equity securities	6,433,262	5,518,428
Acquisition of property and equipment	(1,034,064)	(432,112)
Net cash flows provided by investing activities	1,963,156	9,458,356
Cash flows from financing activities:
Withholding taxes paid on vested retricted stock awards	(146,606)	(87,954)
Purchase of treasury stock	(65,915)	(242,724)
Dividends paid	(427,217)	(675,960)
Net cash flows used in financing activities	(639,738)	(1,006,638)
Increase (decrease) in cash and cash equivalents	2,716,218	(6,804,696)
Cash and cash equivalents, beginning of period	19,463,742	32,391,485
Cash and cash equivalents, end of period	22,179,960	25,586,789
Supplemental disclosures of cash flow information:
Cash paid for income taxes	0	0
Cash paid for interest	$ 0	$ 0

Nature of Business

Nature of Business	3 Months Ended
	Mar. 31, 2021
Nature of Business
1. Nature of Business	Note 1 - Nature of Business and Basis of Presentation Kingstone Companies, Inc. (referred to herein as “Kingstone” or the “Company”), through its wholly owned subsidiary, Kingstone Insurance Company (“KICO”), underwrites property and casualty insurance exclusively through retail and wholesale agents and brokers. KICO is a licensed insurance company in the States of New York, New Jersey, Rhode Island, Massachusetts, Pennsylvania, Connecticut, Maine and New Hampshire. KICO is currently offering its property and casualty insurance products in New York, New Jersey, Rhode Island, Massachusetts, and Connecticut. Although New Jersey, Rhode Island, Massachusetts and Connecticut continue to be growing markets for the Company, 72.3% and 82.7% of KICO’s direct written premiums for the three months ended March 31, 2021 and 2020, respectively, came from the New York policies. Kingstone, through its wholly owned subsidiary, Cosi Agency, Inc. (“Cosi”), a multi-state licensed general agency, accesses alternate forms of distribution outside of the independent agent and broker network, through which KICO currently distributes its various products. Kingstone (through Cosi) now has the opportunity to partner with name-brand carriers and access nationwide insurance agencies. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The principles for condensed interim financial information do not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2020 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2021. The accompanying condensed consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with standards of the Public Company Accounting Oversight Board (United States) but, in the opinion of management, such financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations. The results of operations for the three months ended March 31, 2021 may not be indicative of the results that may be expected for the year ending December 31, 2021. Certain prior year balances were reclassified to conform with the current year presentation.

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies
2. Summary of Significant Accounting Policies	Note 2 – Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions, which include the reserves for losses and loss adjustment expenses, and are subject to estimation errors due to the inherent uncertainty in projecting ultimate claim amounts that will be reported and settled over a period of many years. In addition, estimates and assumptions associated with receivables under reinsurance contracts related to contingent ceding commission revenue require judgments by management. On an ongoing basis, management reevaluates its assumptions and the methods for calculating these estimates. Actual results may differ significantly from the estimates and assumptions used in preparing the consolidated financial statements. Principles of Consolidation The accompanying condensed consolidated financial statements consist of Kingstone and its following wholly owned subsidiaries: (1) KICO and its wholly owned subsidiaries, CMIC Properties, Inc. (“Properties”) and 15 Joys Lane, LLC (“15 Joys Lane”), which together own the land and building from which KICO operates, and (2) Cosi. All significant intercompany account balances and transactions have been eliminated in consolidation. Accounting Changes In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (“ASU 2019-12”). Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. The Company adopted this ASU as of January 1, 2021, and it did not have a material impact on our condensed consolidated financial statements. Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The revised accounting guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses of available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2023. The Company is currently evaluating the effect the updated guidance will have on its condensed consolidated financial statements. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

Investments

Investments	3 Months Ended
	Mar. 31, 2021
Investments
3. Investments	Note 3 - Investments Fixed-Maturity Securities The amortized cost, estimated fair value, and unrealized gains and losses on investments in fixed-maturity securities classified as available-for-sale as of March 31, 2021 and December 31, 2020 are summarized as follows: March 31, 2021 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Gains Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 2,014,895 $ 19,785 $ - $ - $ 2,034,680 $ 19,785 Political subdivisions of States, Territories and Possessions 8,606,088 173,655 (86,507 ) - 8,693,236 87,148 Corporate and other bonds Industrial and miscellaneous 104,774,373 7,791,664 (78,069 ) - 112,487,968 7,713,595 Residential mortgage and other asset backed securities (1) 23,904,337 566,540 (8,225 ) (92,731 ) 24,369,921 465,584 Total $ 139,299,693 $ 8,551,644 $ (172,801 ) $ (92,731 ) $ 147,585,805 $ 8,286,112 (1) KICO has placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York (“FHLBNY”) (see Note 7). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of March 31, 2021, the estimated fair value of the eligible investments was approximately $10,962,000. KICO will retain all rights regarding all securities if pledged as collateral. As of March 31, 2021, there was no outstanding balance on the FHLBNY credit line. December 31, 2020 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Gains Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 3,020,710 $ 29,190 $ - $ - $ 3,049,900 $ 29,190 Political subdivisions of States, Territories and Possessions 5,287,561 355,541 - - 5,643,102 355,541 Corporate and other bonds Industrial and miscellaneous 108,573,422 11,634,123 (13,216 ) - 120,194,329 11,620,907 Residential mortgage and other asset backed securities (1) 28,163,891 617,368 (7,371 ) (111,947 ) 28,661,941 498,050 Total $ 145,045,584 $ 12,636,222 $ (20,587 ) $ (111,947 ) $ 157,549,272 $ 12,503,688 (1) KICO placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York (“FHLBNY”) (see Note 7). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of December 31, 2020, the estimated fair value of the eligible investments was approximately $11,391,000. KICO will retain all rights regarding all securities if pledged as collateral. As of December 31, 2020, there was no outstanding balance on the FHLBNY credit line. A summary of the amortized cost and estimated fair value of the Company’s investments in available-for-sale fixed-maturity securities by contractual maturity as of March 31, 2021 and December 31, 2020 is shown below: March 31, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ 9,079,054 $ 9,181,876 $ 8,559,005 $ 8,668,064 One to five years 43,059,233 46,164,289 44,137,567 47,745,430 Five to ten years 51,273,291 55,781,784 55,508,712 63,159,775 More than 10 years 11,983,778 12,087,935 8,676,409 9,314,062 Residential mortgage and other asset backed securities 23,904,337 24,369,921 28,163,891 28,661,941 Total $ 139,299,693 $ 147,585,805 $ 145,045,584 $ 157,549,272 The actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalties. Equity Securities The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 Gross Gross Estimated Category Cost Gains Losses Fair Value Equity Securities: Preferred stocks $ 19,827,370 $ 1,207,776 $ (221,142 ) $ 20,814,004 Common stocks, mutual funds, and exchange traded funds 12,823,973 1,810,617 (17,791 ) 14,616,799 Total $ 32,651,343 $ 3,018,393 $ (238,933 ) $ 35,430,803 December 31, 2020 Gross Gross Estimated Category Cost Gains Losses Fair Value Equity Securities: Preferred stocks $ 18,097,942 $ 853,277 $ (426,942 ) $ 18,524,277 Common stocks, mutual funds, and exchange traded funds 14,473,224 1,820,512 (404,700 ) 15,889,036 Total $ 32,571,166 $ 2,673,789 $ (831,642 ) $ 34,413,313 Other Investments The cost and estimated fair value of, and gross gains on, the Company’s other investments as of March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 December 31, 2020 Gross Estimated Gross Estimated Category Cost Gains Fair Value Cost Gains Fair Value Other Investments: Hedge fund $ 3,999,381 $ 2,199,209 $ 6,198,590 $ 1,999,381 $ 1,369,245 $ 3,368,626 Real estate limited partnership 150,000 - 150,000 150,000 - 150,000 Total $ 4,149,381 $ 2,199,209 $ 6,348,590 $ 2,149,381 $ 1,369,245 $ 3,518,626 Held-to-Maturity Securities March 31, 2021 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Gains Held-to-Maturity Securities: U.S. Treasury securities $ 729,606 $ 210,129 $ - $ - $ 939,735 $ 210,129 Political subdivisions of States, Territories and Possessions 998,382 42,508 - - 1,040,890 42,508 Exchange traded debt 1,812,762 28,106 (5,897 ) - 1,834,971 22,209 Corporate and other bonds Industrial and miscellaneous 5,640,036 242,695 (134,272 ) - 5,748,459 108,423 Total $ 9,180,786 $ 523,438 $ (140,169 ) $ - $ 9,564,055 $ 383,269 December 31, 2020 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Gains Held-to-Maturity Securities: U.S. Treasury securities $ 729,595 $ 319,714 $ - $ - $ 1,049,309 $ 319,714 Political subdivisions of States, Territories and Possessions 998,428 50,917 - - 1,049,345 50,917 Corporate and other bonds Industrial and miscellaneous 5,640,792 455,378 - - 6,096,170 455,378 Total $ 7,368,815 $ 826,009 $ - $ - $ 8,194,824 $ 826,009 Held-to-maturity U.S. Treasury securities are held in trust pursuant to various states’ minimum funds requirements. A summary of the amortized cost and estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of March 31, 2021 and December 31, 2020 is shown below: March 31, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ 500,639 $ 512,985 $ - $ - One to five years 2,098,011 2,244,083 2,598,193 2,777,936 Five to ten years 1,505,366 1,639,444 1,502,603 1,727,316 More than 10 years 5,076,770 5,167,543 3,268,019 3,689,572 Total $ 9,180,786 $ 9,564,055 $ 7,368,815 $ 8,194,824 The actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalties. Investment Income Major categories of the Company’s net investment income are summarized as follows: Three months ended March 31, 2021 2020 Income: Fixed-maturity securities $ 1,491,127 $ 1,447,938 Equity securities 357,311 253,073 Cash and cash equivalents 924 44,223 Total 1,849,362 1,745,234 Expenses: Investment expenses 66,166 79,390 Net investment income $ 1,783,196 $ 1,665,844 Proceeds from the sale and redemption of fixed-maturity securities held-to-maturity were $-0- for the three months ended March 31, 2021 and 2020. Proceeds from the sale or maturity of fixed-maturity securities available-for-sale were $11,548,405 and $10,553,818 for the three months ended March 31, 2021 and 2020, respectively. Proceeds from the sale of equity securities were $6,433,262 and $5,518,428 for the three months ended March 31, 2021 and 2020, respectively. The Company’s net gains (losses) on investments are summarized as follows: Three months ended March 31, 2021 2020 Realized Gains (Losses) Fixed-maturity securities: Gross realized gains $ 410,311 $ 204,225 Gross realized losses (15,986 ) (32,342 ) 394,325 171,883 Equity securities: Gross realized gains 933,122 316,513 Gross realized losses (200,213 ) (213,815 ) 732,909 102,698 Net realized gains 1,127,234 274,581 Unrealized Gains (Losses) Equity securities: Gross gains 1,003,209 - Gross losses - (6,121,608 ) 1,003,209 (6,121,608 ) Other investments: Gross gains 829,964 - Gross losses - (597,391 ) 829,964 (597,391 ) Net unrealized gains (losses) 1,833,173 (6,718,999 ) Net gains (losses) on investments $ 2,960,407 $ (6,444,418 ) Impairment Review Impairment of investment securities results in a charge to operations when a market decline below cost is deemed to be other-than-temporary. The Company regularly reviews its fixed-maturity securities to evaluate the necessity of recording impairment losses for other-than-temporary declines in the estimated fair value of investments. In evaluating potential impairment, GAAP specifies (i) if the Company does not have the intent to sell a debt security prior to recovery and (ii) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered other-than-temporarily impaired unless there is a credit loss. When the Company does not intend to sell the security and it is more likely than not that the Company will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an other-than-temporary impairment (“OTTI”) of a debt security in earnings and the remaining portion in comprehensive loss. The credit loss component recognized in earnings is identified as the amount of principal cash flows not expected to be received over the remaining term of the security based on cash flow projections. For held-to-maturity fixed-maturity securities, the amount of OTTI recorded in comprehensive loss for the noncredit portion of a previous OTTI is amortized prospectively over the remaining life of the security based on timing of future estimated cash flows of the security. OTTI losses are recorded in the consolidated statements of operations and comprehensive loss as net realized losses on investments and result in a permanent reduction of the cost basis of the underlying investment. The determination of OTTI is a subjective process and different judgments and assumptions could affect the timing of loss realization. At March 31, 2021 and December 31, 2020, there were 20 and 16 fixed-maturity securities, respectively, that accounted for the gross unrealized losses. The Company determined that none of the unrealized losses were deemed to be OTTI for its portfolio of investments for the three months ended March 31, 2021 and 2020. Significant factors influencing the Company’s determination that unrealized losses were temporary included the magnitude of the unrealized losses in relation to each security’s cost, the nature of the investment and management’s intent and ability to hold the investment for a period of time sufficient to allow for an anticipated recovery of estimated fair value to the Company’s cost basis. The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at March 31, 2021 as follows: March 31, 2021 Less than 12 months 12 months or more Total Estimated No. of Estimated No. of Estimated Fair Unrealized Positions Fair Unrealized Positions Fair Unrealized Category Value Losses Held Value Losses Held Value Losses Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ - $ - - $ - $ - - $ - $ - Political subdivisions of States, Territories and Possessions 4,236,366 (86,507 ) 3 - - - 4,236,366 (86,507 ) Corporate and other bonds industrial and miscellaneous 4,991,204 (78,069 ) 3 - - - 4,991,204 (78,069 ) Residential mortgage and other asset backed securities 3,512,982 (8,225 ) 4 3,477,111 (92,731 ) 10 6,990,093 (100,956 ) Total fixed-maturity securities $ 12,740,552 $ (172,801 ) 10 $ 3,477,111 $ (92,731 ) 10 $ 16,217,663 $ (265,532 ) The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2020 as follows: December 31, 2020 Less than 12 months 12 months or more Total Estimated No. of Estimated No. of Estimated Fair Unrealized Positions Fair Unrealized Positions Fair Unrealized Category Value Losses Held Value Losses Held Value Losses Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ - $ - - $ - $ - - $ - $ - Political subdivisions of States, Territories and Possessions - - - - - - - - Corporate and other bonds industrial and miscellaneous 1,006,901 (13,216 ) 1 - - - 1,006,901 (13,216 ) Residential mortgage and other asset backed securities 6,137,522 (7,371 ) 5 3,735,732 (111,947 ) 10 9,873,254 (119,318 ) Total fixed-maturity securities $ 7,144,423 $ (20,587 ) 6 $ 3,735,732 $ (111,947 ) 10 $ 10,880,155 $ (132,534 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
4. Fair Value Measurements	Note 4 - Fair Value Measurements The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at March 31, 2021 and December 31, 2020 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: March 31, 2021 Level 1 Level 2 Level 3 Total Fixed-maturity securities available-for-sale U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 2,034,680 $ - $ - $ 2,034,680 Political subdivisions of States, Territories and Possessions - 8,693,236 - 8,693,236 Corporate and other bonds industrial and miscellaneous 110,434,895 2,053,073 - 112,487,968 Residential mortgage backed securities - 24,369,921 - 24,369,921 Total fixed maturities 112,469,575 35,116,230 - 147,585,805 Equity securities 35,430,803 - - 35,430,803 Total investments $ 147,900,378 $ 35,116,230 $ - $ 183,016,608 December 31, 2020 Level 1 Level 2 Level 3 Total Fixed-maturity securities available-for-sale U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 3,049,900 $ - $ - $ 3,049,900 Political subdivisions of States, Territories and Possessions - 5,643,102 - 5,643,102 Corporate and other bonds industrial and miscellaneous 118,123,890 2,070,439 - 120,194,329 Residential mortgage and other asset backed securities - 28,661,941 - 28,661,941 Total fixed maturities 121,173,790 36,375,482 - 157,549,272 Equity securities 34,413,313 - - 34,413,313 Total investments $ 155,587,103 $ 36,375,482 $ - $ 191,962,585 The following table sets forth the Company’s investment in a hedge fund and real estate limited partnership both measured at Net Asset Value (“NAV”) per share as of March 31, 2021 and December 31, 2020. The Company measures this investment at fair value on a recurring basis. Fair value using NAV per share is as follows as of the dates indicated: Category March 31, 2021 December 31, 2020 Other Investments: Hedge fund $ 6,198,590 $ 3,368,626 Real estate limited partnership 150,000 150,000 Total $ 6,348,590 $ 3,518,626 The investment is generally redeemable with at least 45 days prior written notice. The hedge fund investment is accounted for as a limited partnership by the Company. Income is earned based upon the Company’s allocated share of the partnership’s changes in unrealized gains and losses to its partners. Such amounts have been recorded in the condensed consolidated statements of operations and comprehensive loss within net gains (losses) on investments. The estimated fair value and the level of the fair value hierarchy of the Company’s long-term debt as of March 31, 2021 and December 31, 2020 not measured at fair value is as follows: March 31, 2021 Level 1 Level 2 Level 3 Total Long-term debt Senior Notes due 2022 $ - $ 27,295,348 $ - $ 27,295,348 December 31, 2020 Level 1 Level 2 Level 3 Total Long-term debt Senior Notes due 2022 $ - $ 27,272,727 $ - $ 27,272,727

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Real Estate	3 Months Ended
	Mar. 31, 2021
Fair Value of Financial Instruments and Real Estate
5. Fair Value of Financial Instruments and Real Estate	Note 5 - Fair Value of Financial Instruments and Real Estate The estimated fair values of the Company’s financial instruments and real estate as of March 31, 2021 and December 31, 2020 are as follows: March 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Fixed-maturity securities-held-to maturity $ 9,180,786 $ 9,564,055 $ 7,368,815 $ 8,194,824 Cash and cash equivalents $ 22,179,960 $ 22,179,960 $ 19,463,742 $ 19,463,742 Premiums receivable, net $ 10,885,621 $ 10,885,621 $ 14,020,716 $ 14,020,716 Reinsurance receivables, net $ 37,366,742 $ 37,366,742 $ 45,460,729 $ 45,460,729 Real estate, net of accumulated depreciation $ 2,199,771 $ 2,705,000 $ 2,219,999 $ 2,705,000 Reinsurance balances payable $ 2,336,498 $ 2,336,498 $ 6,979,735 $ 6,979,735

Property and Casualty Insurance

Property and Casualty Insurance Activity	3 Months Ended
	Mar. 31, 2021
Property and Casualty Insurance Activity
6. Property and Casualty Insurance Activity	Note 6 – Property and Casualty Insurance Activity Premiums Earned Premiums written, ceded and earned are as follows: Direct Assumed Ceded Net Three months ended March 31, 2021 Premiums written $ 38,129,117 $ - $ (7,329,507 ) $ 30,799,610 Change in unearned premiums 3,789,478 - 130 3,789,608 Premiums earned $ 41,918,595 $ - $ (7,329,377 ) $ 34,589,218 Three months ended March 31, 2020 Premiums written $ 36,696,929 $ - $ (13,506,255 ) $ 23,190,674 Change in unearned premiums 5,904,700 - (2,153,924 ) 3,750,776 Premiums earned $ 42,601,629 $ - $ (15,660,179 ) $ 26,941,450 Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as of March 31, 2021 and December 31, 2020 was $4,145,845 and $2,660,354, respectively. Loss and Loss Adjustment Expense Reserves The following table provides a reconciliation of the beginning and ending balances for unpaid losses and loss adjustment expense (“LAE”) reserves: Three months ended March 31, 2021 2020 Balance at beginning of period $ 82,801,228 $ 80,498,611 Less reinsurance recoverables (20,154,251 ) (15,728,224 ) Net balance, beginning of period 62,646,977 64,770,387 Incurred related to: Current year 22,571,727 16,512,475 Prior years (11,055 ) (126,654 ) Total incurred 22,560,672 16,385,821 Paid related to: Current year 7,749,998 5,787,129 Prior years 10,059,577 13,777,236 Total paid 17,809,575 19,564,365 Net balance at end of period 67,398,074 61,591,843 Add reinsurance recoverables 17,058,985 16,259,256 Balance at end of period $ 84,457,059 $ 77,851,099 Prior year incurred loss and LAE development is based upon estimates by line of business and accident year. Prior year loss and LAE development incurred during the three months ended March 31, 2021 and 2020 was $11,055 unfavorable and $126,654 unfavorable, respectively. Management periodically performs a review of open liability claims to assess carried case and incurred but not reported (“IBNR”) reserve levels, giving consideration to both Company and industry trends. Loss and LAE reserves The reserving process for loss and LAE reserves provides for the Company’s best estimate at a particular point in time of the ultimate unpaid cost of all losses and LAE incurred, including settlement and administration of losses, and is based on facts and circumstances then known including losses that have occurred but that have not yet been reported. The process relies on standard actuarial reserving methodologies, judgments relative to estimates of ultimate claim severity and frequency, the length of time before losses will develop to their ultimate level (‘tail’ factors), and the likelihood of changes in the law or other external factors that are beyond the Company’s control. Several actuarial reserving methodologies are used to estimate required loss reserves. The process produces carried reserves set by management based upon the actuaries’ best estimate and is the cumulative combination of the best estimates made by line of business, accident year, and loss and LAE. The amount of loss and LAE reserves for individual reported claims (the “case reserve”) is determined by the claims department and changes over time as new information is gathered. Such information is critical to the review of appropriate IBNR reserves and includes a review of coverage applicability, comparative liability on the part of the insured, injury severity, property damage, replacement cost estimates, and any other information considered pertinent to estimating the exposure presented by the claim. The amounts of loss and LAE reserves for unreported claims and development on known claims (IBNR reserves) are determined using historical information aggregated by line of insurance as adjusted to current conditions. Since this process produces loss reserves set by management based upon the actuaries’ best estimate, there is no explicit or implicit provision for uncertainty in the carried loss reserves. Due to the inherent uncertainty associated with the reserving process, the ultimate liability may differ, perhaps substantially, from the original estimate. Such estimates are regularly reviewed and updated and any resulting adjustments are included in the current period’s results. Reserves are closely monitored and are recomputed periodically using the most recent information on reported claims and a variety of statistical techniques. On at least a quarterly basis, the Company reviews by line of business existing reserves, new claims, changes to existing case reserves, and paid losses with respect to the current and prior periods. Several methods are used, varying by line of business and accident year, in order to select the estimated period-end loss reserves. These methods include the following: Paid Loss Development Incurred Loss Development Paid Bornhuetter-Ferguson (“BF”) Incurred Bornhuetter-Ferguson (“BF”) Incremental Claim-Based Methods Frequency / Severity Based Methods Management’s best estimate of required reserves is generally based on an average of the methods above, with appropriate weighting of methods based on the line of business and accident year being projected. In some cases, additional methods or historical data from industry sources are employed to supplement the projections derived from the methods listed above. Three key assumptions that materially affect the estimate of loss reserves are the loss ratio estimate for the current accident year used in the BF methods, the loss development factor selections used in the loss development methods, and the loss severity assumptions used in the frequency / severity method described above. The loss ratio estimates used in the BF methods are selected after reviewing historical accident year loss ratios adjusted for rate changes, trend, and mix of business. The severity assumptions used in the frequency / severity method are determined by reviewing historical average claim severity for older more mature accident periods, trended forward to less mature accident periods. The Company is not aware of any claim trends that have emerged or that would cause future adverse development that have not already been contemplated in setting current carried reserves levels. In New York State, lawsuits for negligence are subject to certain limitations and must be commenced within three years from the date of the accident or are otherwise barred. Accordingly, the Company’s exposure to unreported claims (“pure” IBNR) for accident dates of March 31, 2018 and prior is limited, although there remains the possibility of adverse development on reported claims (“case development” IBNR). In certain rare circumstances states have retroactively revised a statute of limitations. The Company is not aware of any such effort that would have a material impact on the Company’s results. The following is information about incurred and paid claims development as of March 31, 2021, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of March 31, 2021 included in the net incurred loss and allocated expense amounts. The historical information regarding incurred and paid claims development for the years ended December 31, 2012 to December 31, 2020 is presented as supplementary unaudited information. All Lines of Business (in thousands, except reported claims data) Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance As of For the Years Ended December 31, March 31, 2021 Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 Three months ended March 31, 2021 IBNR Cumulative Number of Reported Claims by Accident Year (Unaudited 2012 - 2020) (Unaudited) 2012 $ 9,539 $ 9,344 $ 10,278 $ 10,382 $ 10,582 $ 10,790 $ 10,791 $ 11,015 $ 10,885 $ 10,885 $ 13 4,704 (1) 2013 10,728 9,745 9,424 9,621 10,061 10,089 10,607 10,495 10,511 4 1,564 2014 14,193 14,260 14,218 14,564 15,023 16,381 16,428 16,414 180 2,138 2015 22,340 21,994 22,148 22,491 23,386 23,291 23,359 95 2,557 2016 26,062 24,941 24,789 27,887 27,966 27,857 512 2,878 2017 31,605 32,169 35,304 36,160 36,186 400 3,393 2018 54,455 56,351 58,441 58,511 1,963 4,215 2019 75,092 72,368 72,371 8,809 4,453 2020 63,083 63,014 8,473 5,772 2021 21,443 7,581 816 Total $ 340,551 (1) Reported claims for accident year 2012 includes 3,406 claims from Superstorm Sandy. All Lines of Business (in thousands) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Three months ended March 31, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (Unaudited 2012 - 2020) (Unaudited) 2012 $ 3,950 $ 5,770 $ 7,127 $ 8,196 $ 9,187 $ 10,236 $ 10,323 $ 10,428 $ 10,451 $ 10,533 2013 3,405 5,303 6,633 7,591 8,407 9,056 9,717 10,016 10,133 2014 5,710 9,429 10,738 11,770 13,819 14,901 15,491 15,497 2015 12,295 16,181 18,266 19,984 21,067 22,104 22,201 2016 15,364 19,001 21,106 23,974 25,234 25,310 2017 16,704 24,820 28,693 31,393 31,831 2018 32,383 44,516 50,553 50,921 2019 40,933 54,897 55,822 2020 39,045 46,451 2021 7,287 Total $ 275,987 Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented $ 64,564 All outstanding liabilities before 2011, net of reinsurance 114 Liabilities for loss and allocated loss adjustment expenses, net of reinsurance $ 64,678 Reported claim counts are measured on an occurrence or per event basis. A single claim occurrence could result in more than one loss type or claimant; however, the Company counts claims at the occurrence level as a single claim regardless of the number of claimants or claim features involved. As of (in thousands) March 31, 2021 Liabilities for loss and loss adjustment expenses, net of reinsurance $ 64,678 Total reinsurance recoverable on unpaid losses 17,059 Unallocated loss adjustment expenses 2,720 Total gross liability for loss and LAE reserves $ 84,457 Reinsurance Effective December 15, 2019, the Company entered into a quota share reinsurance treaty for its personal lines business, which primarily consists of homeowners’ policies, covering the period from December 15, 2019 through December 30, 2020 (“2019/2020 Treaty”). Effective December 31, 2020, the 2019/2020 Treaty expired on a cut off basis; this treaty was not renewed. The Company entered into new excess of loss and catastrophe reinsurance treaties effective July 1, 2020. Material terms for reinsurance treaties in effect for the treaty years shown below are as follows: Treaty Year December 15, 2019 to Line of Business December 30, 2020 Personal Lines Homeowners, dwelling fire and and canine legal liability Quota share treaty: Percent ceded 25 % Treaty Year December 31, 2020 July 1, 2020 December 15, 2019 to to to Line of Business June 30, 2021 December 30, 2020 June 30, 2020 Personal Lines Homeowners, dwelling fire and canine legal liability Quota share treaty: Risk retained on intial $1,000,000 of losses (6) $ 1,000,000 $ 750,000 $ 750,000 Losses per occurrence subject to quota share reinsurance coverage None (6) $ 1,000,000 $ 1,000,000 Expiration date NA (6) December 30, 2020 December 30, 2020 Excess of loss coverage and facultative facility coverage (1) $ 8,000,000 $ 8,000,000 $ 9,000,000 in excess of in excess of in excess of $ 1,000,000 $ 1,000,000 $ 1,000,000 Total reinsurance coverage per occurrence (6) $ 8,000,000 $ 8,250,000 $ 9,250,000 Losses per occurrence subject to reinsurance coverage $ 8,000,000 $ 9,000,000 $ 10,000,000 Expiration date (6) June 30, 2021 June 30, 2021 June 30, 2020 Catastrophe Reinsurance: Initial loss subject to personal lines quota share treaty None (6) $ 7,500,000 $ 7,500,000 Risk retained per catastrophe occurrence (2) (6) $ 10,000,000 $ 8,125,000 $ 5,625,000 Catastrophe loss coverage in excess of quota share coverage (3) (6) $ 475,000,000 $ 475,000,000 $ 602,500,000 Reinstatement premium protection (4) (5) Yes Yes Yes (1) For personal lines, includes the addition of an automatic facultative facility allowing KICO to obtain homeowners single risk coverage up to $10,000,000 in total insured value, which covers direct losses from $3,500,000 to $10,000,000. (2) Plus losses in excess of catastrophe coverage. For the period July 1, 2020 through December 30, 2020, there was no reinsurance coverage for the $2,500,000 gap between quota share limit of $7,500,000 and first $10,000,000 layer of catastrophe coverage (see note (6) below). (3) Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts. Duration of 168 consecutive hours for a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone. (4) For the period July 1, 2019 through June 30, 2020, reinstatement premium protection for $292,500,000 of catastrophe coverage in excess of $7,500,000. (5) For the period July 1, 2020 through June 30, 2021, reinstatement premium protection for $70,000,000 of catastrophe coverage in excess of $10,000,000. (6) The personal lines quota share (homeowners, dwelling fire and canine legal liability) expired on December 30, 2020; reinsurance coverage from December 31, 2020 through June 30, 2021 is only for excess of loss and catastrophe reinsurance. Treaty Year July 1, 2020 July 1, 2019 to to Line of Business June 30, 2021 June 30, 2020 Personal Lines Personal Umbrella Quota share treaty: Percent ceded - first $1,000,000 of coverage 90 % 90 % Percent ceded - excess of $1,000,000 of coverage 95 % 100 % Risk retained $ 300,000 $ 100,000 Total reinsurance coverage per occurrence $ 4,700,000 $ 4,900,000 Losses per occurrence subject to quota share reinsurance coverage $ 5,000,000 $ 5,000,000 Expiration date June 30, 2021 June 30, 2020 Commercial Lines General liability commercial policies Quota share treaty None None Risk retained $ 750,000 $ 750,000 Excess of loss coverage above risk retained $ 3,750,000 $ 3,750,000 in excess of in excess of $ 750,000 $ 750,000 Total reinsurance coverage per occurrence $ 3,750,000 $ 3,750,000 Losses per occurrence subject to reinsurance coverage $ 4,500,000 $ 4,500,000 Commercial Umbrella Quota share treaty: None None The Company’s reinsurance program has been structured to enable the Company to grow its premium volume while maintaining regulatory capital and other financial ratios generally within or below the expected ranges used for regulatory oversight purposes. The reinsurance program also provides income as a result of ceding commissions earned pursuant to the quota share reinsurance contracts. The Company’s participation in reinsurance arrangements does not relieve the Company of its obligations to policyholders. Ceding Commission Revenue The Company earns ceding commission revenue under its quota share reinsurance agreements based on: (i) a fixed provisional commission rate at which provisional ceding commissions are earned, and (ii) a sliding scale of commission rates and ultimate treaty year loss ratios on the policies reinsured under each of these agreements based upon which contingent ceding commissions are earned. The sliding scale includes minimum and maximum commission rates in relation to specified ultimate loss ratios. The commission rate and contingent ceding commissions earned increases when the estimated ultimate loss ratio decreases and, conversely, the commission rate and contingent ceding commissions earned decreases when the estimated ultimate loss ratio increases. The Company’s estimated ultimate treaty year loss ratios (the “Loss Ratio(s)”) for treaties in effect during the three months ended March 31, 2020 are attributable to contracts under the 2019/2020 Treaty. There was no treaty in effect during the three months ended March 31, 2021. In addition to the treaty that was in effect during the three months ended March 31, 2020, the Loss Ratios from prior years’ treaties are subject to change as incurred losses from those periods increase or decrease, resulting in an increase or decrease in the commission rate and contingent ceding commissions earned. Ceding commission revenue consists of the following: Three months ended March 31, 2021 2020 Provisional ceding commissions earned $ 45,499 $ 3,720,360 Contingent ceding commissions earned (46,564 ) 110,739 $ (1,065 ) $ 3,831,099

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt
7. Debt	Note 7 – Debt Federal Home Loan Bank In July 2017, KICO became a member of, and invested in, the Federal Home Loan Bank of New York (“FHLBNY”). KICO is required to maintain an investment in capital stock of FHLBNY. Based on redemption provisions of FHLBNY, the stock has no quoted market value and is carried at cost. At its discretion, FHLBNY may declare dividends on the stock. Management reviews for impairment based on the ultimate recoverability of the cost basis in the stock. At March 31, 2021 and December 31, 2020, no impairment has been recognized. FHLBNY members have access to a variety of flexible, low cost funding through FHLBNY’s credit products, enabling members to customize advances, which are to be fully collateralized. Eligible collateral to pledge to FHLBNY includes residential and commercial mortgage backed securities, along with U.S. Treasury and agency securities. See Note 3 – Investments for eligible collateral held in a designated custodian account available for future advances. Advances are limited to 5% of KICO’s net admitted assets as of the previous quarter and are due and payable within ninety days of borrowing. The maximum allowable advance as of March 31, 2021 was approximately $12,751,000. Advances are limited to 85% of the amount of available collateral, which was approximately $9,318,000 as of March 31, 2021. There were no borrowings under this facility during the three months ended March 31, 2021 and 2020. Long-term Debt On December 19, 2017, the Company issued $30 million of its 5.50% Senior Unsecured Notes due December 30, 2022 (the “Notes”) in an underwritten public offering. Interest is payable semi-annually in arrears on June 30 and December 30 of each year, which began on June 30, 2018 at the rate of 5.50% per annum. The net proceeds of the issuance were $29,121,630, net of discount of $163,200 and transaction costs of $715,170, for an effective yield of 5.67% per annum. The balance of long-term debt as of March 31, 2021 and December 31, 2020 is as follows: March 31, December 31, 2021 2020 5.50% Senior Unsecured Notes $ 30,000,000 $ 30,000,000 Discount (56,773 ) (64,883 ) Issuance costs (251,571 ) (287,506 ) Long-term debt, net $ 29,691,656 $ 29,647,611 The Notes are unsecured obligations of the Company and are not the obligations of or guaranteed by any of the Company’s subsidiaries. The Notes rank senior in right of payment to any of the Company’s existing and future indebtedness that is by its terms expressly subordinated or junior in right of payment to the Notes. The Notes rank equally in right of payment to all of the Company’s existing and future senior indebtedness, but will be effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such secured indebtedness. In addition, the Notes will be structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries. The Company may redeem the Notes, at any time in whole or from time to time in part, at the redemption price equal to the greater of: (i) 100% of the principal amount of the Notes to be redeemed; and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if the Notes matured on the applicable redemption date (exclusive of interest accrued to the applicable redemption date) discounted to the redemption date on a semi-annual basis at the Treasury Rate, plus 50 basis points. The Company has used an aggregate $28,256,335 of the net proceeds from the offering to contribute capital to KICO in order to support additional growth. The remainder of the net proceeds is being used for general corporate purposes. A registration statement relating to the debt issued in the offering was filed with the SEC, which became effective on November 28, 2017.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity
8. Stockholders' Equity	Note 8 – Stockholders’ Equity Dividends Declared and Paid Dividends declared and paid on Common Stock were $427,217 and $675,960 for the three months ended March 31, 2021 and 2020, respectively. The Company’s Board of Directors approved a quarterly dividend on May 3, 2021 of $.04 per share payable in cash on June 15, 2021 to stockholders of record as of May 28, 2021 (see Note 13 - Subsequent Events). Stock Options Effective August 12, 2014, the Company adopted the 2014 Equity Participation Plan (the “2014 Plan”) pursuant to which a maximum of 700,000 shares of Common Stock of the Company were initially authorized to be issued pursuant to the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and stock bonuses. Incentive stock options granted under the 2014 Plan expire no later than ten years from the date of grant (except no later than five years for a grant to a 10% stockholder). Non-statutory stock options granted under the 2014 Plan expire no later than ten years from the date of grant. The Board of Directors or the Compensation Committee determines the vesting provisions for stock awards granted under the 2014 Plan, subject to the provisions of the 2014 Plan. On August 5, 2020, the Company’s stockholders approved amendments to the 2014 Plan, including an increase in the maximum number shares of Common Stock of the Company that are authorized to be issued pursuant to the 2014 Plan to 1,400,000. The results of operations for the three months ended March 31, 2021 and 2020 include stock-based compensation expense for stock options totaling approximately $14,000 and $17,000, respectively. Stock-based compensation expense related to stock options is net of estimated forfeitures of approximately 16% for the three months ended March 31, 2021 and 2020. No options were granted during the three months ended March 31, 2021. The weighted average estimated fair value of stock options granted during the three months ended March 31, 2020 was $1.66 per share, respectively. The fair value of stock options at the grant date was estimated using the Black-Scholes option-pricing model. The following weighted average assumptions were used for grants during the following periods: Three months ended March 31, 2021 2020 Dividend Yield n/a 3.14 % Volatility n/a 37.69 % Risk-Free Interest Rate n/a 1.40 % Expected Life n/a 2.75 % The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company’s stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s stock options. A summary of stock option activity under the Company’s 2014 Plan for the three months ended March 31, 2021 is as follows: Stock Options Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2021 119,966 $ 8.26 3.55 $ - Granted - $ - - $ - Exercised - $ - - $ - Expired (12,000 ) $ 7.85 - $ - Outstanding at March 31, 2021 107,966 $ 8.31 3.68 $ 33,994 Vested and Exercisable at March 31, 2021 27,500 $ 8.64 3.18 $ 1,725 The aggregate intrinsic value of options outstanding and options exercisable at March 31, 2021 is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s Common Stock for the options that had exercise prices that were lower than the $8.54 closing price of the Company’s Common Stock on March 31, 2021. No options were exercised during the three months ended March 31, 2021. The total intrinsic value of options expired during the three months ended March 31, 2021 was $-0-, determined as of the date of expiration. Participants in the 2014 Plan may exercise their outstanding vested options, in whole or in part, by having the Company reduce the number of shares otherwise issuable by a number of shares having a fair market value equal to the exercise price of the option being exercised (“Net Exercise”), or by exchanging a number of shares owned for a period of greater than one year having a fair market value equal to the exercise price of the option being exercised (“Share Exchange”). As of March 31, 2021, the estimated fair value of unamortized compensation cost related to unvested stock option awards was approximately $50,000. Unamortized compensation cost as of March 31, 2021 is expected to be recognized over a remaining weighted-average vesting period of 1.04 years. As of March 31, 2021, there were 556,357 shares reserved for grants under the 2014 Plan. Restricted Stock Awards A summary of the restricted Common Stock activity under the Company’s 2014 Plan for the three months ended March 31, 2021 is as follows: Restricted Stock Awards Shares Weighted Average Grant Date Fair Value per Share Aggregate Fair Value Balance at January 1, 2021 370,964 $ 9.96 $ 3,990,999 Granted 321,335 $ 6.95 $ 2,233,366 Vested (124,187 ) $ 9.50 $ (1,180,239 ) Forfeited - $ - $ - Balance at March 31, 2021 568,112 $ 8.98 $ 5,044,126 Fair value was calculated using the closing price of the Company’s Common Stock on the grant date. For the three months ended March 31, 2021 and 2020, stock-based compensation for these grants was approximately $481,000 and $472,000, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive loss. These amounts reflect the Company’s accounting expense and do not correspond to the actual value that will be recognized by the directors, executives and employees.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Taxes
9. Income Taxes	Note 9 – Income Taxes The Company files a consolidated U.S. federal income tax return that includes all wholly owned subsidiaries. State tax returns are filed on a consolidated or separate return basis depending on applicable laws. The Company records adjustments related to prior years’ taxes during the period when they are identified, generally when the tax returns are filed. The effect of these adjustments on the current and prior periods (during which the differences originated) is evaluated based upon quantitative and qualitative factors and are considered in relation to the consolidated financial statements taken as a whole for the respective periods. Deferred tax assets and liabilities are determined using the enacted tax rates applicable to the period the temporary differences are expected to be recovered. Accordingly, the current period income tax provision can be affected by the enactment of new tax rates. The net deferred income taxes on the balance sheets reflect temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and income tax purposes, tax effected at various rates depending on whether the temporary differences are subject to federal taxes, state taxes, or both. Significant components of the Company’s deferred tax assets and liabilities are as follows: March 31, December 31, 2021 2020 Deferred tax asset: Net operating loss carryovers (1) $ 559,181 $ - Claims reserve discount 901,585 838,030 Unearned premium 3,783,502 3,880,275 Deferred ceding commission revenue 19,597 19,639 Other 608,485 648,691 Total deferred tax assets 5,872,350 5,386,635 Deferred tax liability: Investment in KICO (2) 759,543 759,543 Deferred acquisition costs 4,063,918 4,229,928 Intangible asset 105,000 105,000 Depreciation and amortization 908,157 954,446 Net unrealized gains of securities - available-for-sale 3,173,963 3,494,631 Total deferred tax liabilities 9,010,581 9,543,548 Net deferred income tax liability $ (3,138,231 ) $ (4,156,913 ) (1) The deferred tax assets from net operating loss carryovers (“NOL”) are as follows: March 31, December 31, Type of NOL 2021 2020 Expiration Federal only, current year (A) $ 559,181 $ 1,200,056 NOL carried back - (1,200,056 ) Federal only, current year $ 559,181 $ - None State only (B) 1,931,884 1,815,546 December 31, 2040 Valuation allowance (1,931,884 ) (1,815,546 ) State only, net of valuation allowance - - Total deferred tax asset from net operating loss carryovers $ 559,181 $ - (A) On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, allowing for a five year carryback of 2020 and 2019 NOLs. The Company elected on its 2019 federal income tax return to carry back the 2019 NOL to tax years 2014 and 2015. The Company will elect on its 2020 federal income tax return to carry back the 2020 NOL to tax year 2015. The corporate tax rate in 2014 and 2015 was 34%, compared to the corporate tax rate of 21% in 2020 and 2019. (B) Kingstone generates operating losses for state purposes and has prior year NOLs available. The state NOL as of March 31, 2021 and December 31, 2020 was approximately $29,721,000 and $27,931,000, respectively. KICO, the Company’s insurance underwriting subsidiary, is not subject to state income taxes. KICO’s state tax obligations are paid through a gross premiums tax, which is included in the consolidated statements of operations and comprehensive loss within other underwriting expenses. Kingstone has recorded a valuation allowance due to the uncertainty of generating enough state taxable income to utilize 100% of the available state NOLs over their remaining lives, which expire between 2027 and 2041. In assessing the valuation of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. No valuation allowance against deferred tax assets has been established, except for NOL limitations, as the Company believes it is more likely than not the deferred tax assets will be realized based on the historical taxable income of KICO, or by offset to deferred tax liabilities. The Company had no material unrecognized tax benefit and no adjustments to liabilities or operations were required. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the three months ended March 31, 2021 and 2020. If any had been recognized these would have been reported in income tax expense. Generally, taxing authorities may examine the Company’s tax returns for the three years from the date of filing. The Company’s tax returns for the years ended December 31, 2017 through December 31, 2019 remain subject to examination.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2021
Loss per common share:
10. Earnings Per Common Share	Note 10 –Earnings/(Loss) Per Common Share Basic net earnings/(loss) per common share is computed by dividing income/(loss) available to common shareholders by the weighted-average number of shares of Common Stock outstanding. Diluted earnings/(loss) per common share reflect, in periods in which they have a dilutive effect, the impact of common shares issuable upon exercise of stock options as well as non-vested restricted stock awards. The computation of diluted earnings/(loss) per common share excludes those options with an exercise price in excess of the average market price of the Company’s Common Stock during the periods presented. The computation of diluted earnings/(loss) per common share excludes outstanding options in periods where the exercise of such options would be anti-dilutive. For the three months ended March 31, 2021, no options were included in the computation of diluted earnings (loss) per common share as they would have been anti-dilutive for the relevant periods and, as a result, the weighted average number of shares of Common Stock used in the calculation of diluted earnings per common share has not been adjusted for the effect of such options. The reconciliation of the weighted average number of shares of Common Stock used in the calculation of basic and diluted earnings (loss) per common share follows: Three months ended March 31, 2021 2020 Weighted average number of shares outstanding 10,676,298 10,807,841 Effect of dilutive securities, common share equivalents: Stock options - - Restricted stock awards - - Weighted average number of shares outstanding, used for computing diluted earnings per share 10,676,298 10,807,841

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
11. Commitments and Contingencies	Note 11 - Commitments and Contingencies Litigation From time to time, the Company is involved in various legal proceedings in the ordinary course of business. For example, to the extent a claim is asserted by a third party in a lawsuit against one of the Company’s insureds covered by a particular policy, the Company may have a duty to defend the insured party against the claim. These claims may relate to bodily injury, property damage or other compensable injuries as set forth in the policy. Such proceedings are considered in estimating the liability for loss and LAE expenses. Office Lease The Company is a party to a non-cancellable operating lease, dated March 27, 2015, for its office facility for KICO located in Valley Stream, New York expiring March 31, 2024. On July 8, 2019, the Company entered into a lease agreement for an additional office facility for Cosi located in Valley Stream, New York under a non-cancelable operating lease. The lease has a term of seven years and two months expiring December 31, 2026. Additional information regarding the Company’s office operating leases is as follows: Three months ended Three months ended Lease cost March 31, 2021 March 31, 2020 Operating leases $ 60,518 $ 81,251 Short-term leases - - Total lease cost (1) $ 60,518 $ 81,251 Other information on operating leases Cash payments included in the measurement of lease liability reported in operating cash flows $ 64,979 $ 82,736 Discount rate 5.50 % 5.50 % Remaining lease term in years 5.75 years 6.75 years (1) Included in the condensed consolidated statements of operations and comprehensive loss within other underwriting expenses for KICO and within other operating expenses for Cosi. The following table presents the contractual maturities of the Company’s lease liabilities as of March 31, 2021: For the Year Ending December 31, Total Remainder of 2021 $ 220,245 2022 273,831 2023 283,415 2024 140,739 2025 94,799 Thereafter 98,117 Total undiscounted lease payments 1,111,146 Less: present value adjustment 156,672 Operating lease liability $ 954,474 Rent expense for the three months ended March 31, 2021 and 2020 amounted to $60,518 and $81,251, respectively. Rent expense is included in the accompanying condensed consolidated statements of operations and comprehensive loss within other underwriting expenses. Employment Agreements Barry Goldstein, President, Chief Executive Officer and Executive Chairman of the Board On October 14, 2019, the Company and Barry B. Goldstein, the Company’s President, Chief Executive Officer and Executive Chairman of the Board, entered into a Second Amended and Restated Employment Agreement (the “Amended Employment Agreement”). The Amended Employment Agreement is effective as of January 1, 2020 and expires on December 31, 2022. The Amended Employment Agreement extends the expiration date of the employment agreement in effect for Mr. Goldstein from December 31, 2021 to December 31, 2022. Pursuant to the Amended Employment Agreement, Mr. Goldstein is entitled to receive an annual base salary of $500,000 and an annual bonus equal to 6% of the Company’s consolidated income from operations before taxes, exclusive of the Company’s consolidated net investment income (loss), net unrealized gains (losses) on equity securities and net realized gains (losses) on investments, up to a maximum of 2.5 times his base salary. In addition, pursuant to the Amended Employment Agreement, Mr. Goldstein is entitled to receive a long-term compensation (“LTC”) award of between $945,000 and $2,835,000 based on a specified minimum increase in the Company’s adjusted book value per share (as defined in the Amended Employment Agreement) as of December 31, 2022 as compared to December 31, 2019 (with the maximum LTC payment being due if the average per annum increase is at least 14%). Further, pursuant to the Amended Employment Agreement, in the event that Mr. Goldstein’s employment is terminated by the Company without cause or he resigns for good reason (each as defined in the Amended Employment Agreement), Mr. Goldstein would be entitled to receive his base salary, the 6% bonus and the LTC payment for the remainder of the term. In addition, in the event of Mr. Goldstein’s death, his estate would be entitled to receive his base salary, accrued bonus and accrued LTC payment through the date of death. Further, in the event that Mr. Goldstein’s employment is terminated by the Company without cause or he resigns for good reason, or, in the event of the termination of Mr. Goldstein’s employment due to disability or death, Mr. Goldstein’s granted but unvested restricted stock awards will vest. Mr. Goldstein would be entitled, under certain circumstances, to a payment equal to 3.82 times his then annual salary, the target LTC payment of $1,890,000 and his accrued 6% bonus in the event of the termination of his employment within eighteen months following a change of control of the Company. Pursuant to the Amended Employment Agreement, in January 2020, Mr. Goldstein received a grant of 157,431 shares of restricted stock under the terms of the Company’s 2014 Plan determined by dividing $1,250,000 by the fair market value of the Company’s Common Stock on the date of grant. This 2020 grant vested with respect to one-third of the award on the first anniversary of the grant date and will vest with respect to one-third of the award on each of the second anniversary of the grant date and December 31, 2022 based on the continued provision of services through the applicable vesting date. Also pursuant to the Amended Employment Agreement, Mr. Goldstein received a grant, under the terms of the 2014 Plan, during January 2021, of 230,769 shares of restricted stock determined by dividing $1,500,000 by the fair market value of the Company’s Common Stock on the date of grant. This 2021 grant will vest with respect to one-half of the award on each of the first anniversary of the grant date and on December 31, 2022 based on the continued provision of services through the applicable vesting date. Further, pursuant to the Amended Employment Agreement, Mr. Goldstein received in 2020 and 2021, and will be entitled to receive during 2022 a grant, under the terms of the 2014 Plan, of a number of shares of restricted stock determined by dividing $136,500 by the fair market value of the Company’s Common Stock on the date of grant. In January 2020, Mr. Goldstein was granted 17,191 shares of restricted stock pursuant to this provision. This grant vested with respect to one-third of the award on the first anniversary of the grant date and will vest with respect to one-third of the award on each of the second anniversary of the grant date and on December 31, 2022 based on the continued provision of services through the applicable vesting date. In January 2021, Mr. Goldstein was granted 21,000 shares of restricted stock pursuant to the provision. This grant will vest with respect to one-half of the award on each of the first anniversary of the grant date and on December 31, 2022 based on the continued provision of services through the applicable vesting date. The 2022 grant will vest on December 31, 2022 based on the continued provision of services through such date. Dale A. Thatcher Effective July 19, 2019 (the “Separation Date”), Dale A. Thatcher retired and resigned his positions as Chief Executive Officer and President of the Company and KICO. At such time, he also resigned his positions on the Board of Directors of each of the Company and KICO. Effective upon Mr. Thatcher’s separation from employment, the Board appointed Barry B. Goldstein, former Chief Executive Officer and Executive Chairman of the Board of Directors, to the position of Chief Executive Officer and President of each of the Company and KICO. Mr. Goldstein previously served as Chief Executive Officer and President of the Company from March 2001 through December 31, 2018, and as Chief Executive Officer and President of KICO from January 2012 through December 31, 2018. In connection with his separation from employment, each of the Company and KICO entered into an Agreement and General Release (the “Separation Agreement”) with Mr. Thatcher. Pursuant to the Separation Agreement, the Company In addition, the Company and KICO agreed to provide Mr. Thatcher with a severance payment of $20,000 in consideration for a release. Pursuant to the Separation Agreement, Mr. Thatcher agreed that, for a period of three years following the Separation Date, he shall not accept any operating executive role with another property and casualty insurance company. Meryl Golden, Chief Operating Officer On September 16, 2019, the Company and Meryl Golden entered into an employment agreement (the “Golden Employment Agreement”) pursuant to which Ms. Golden serves as the Company’s Chief Operating Officer. Ms. Golden also serves KICO’s Chief Operating Officer. The Golden Employment Agreement became effective as of September 25, 2019 (amended on December 24, 2020) and now expires on December 31, 2022. Pursuant to the Golden Employment Agreement, Ms. Golden is entitled to receive an annual salary of $500,000. The Golden Employment also provides for the grant on the effective date of a five year option for the purchase of 50,000 shares of the Company’s Common Stock pursuant to the 2014 Plan. The options granted vest in four equal installments, with the first installment vesting on the grant date, and the remaining installments vesting on the first, second, and third anniversaries of the grant date, subject to the terms of the stock option agreement between the Company and Ms. Golden. In January 2021, pursuant to the Golden Employment Agreement as amended, Ms. Golden was granted 30,000 shares of restricted Common Stock pursuant to the 2014 Plan and will be entitled to receive in January 2022 an additional grant of 30,000 shares of restricted Common Stock pursuant to the 2014 Plan. Each such grant will vest in three equal installments on each of the first, second and third anniversaries of the grant date. COVID-19 The outbreak of the coronavirus, also known as “COVID-19”, has spread across the globe and is impacting worldwide economic activity. Conditions surrounding the coronavirus continue to rapidly evolve and government authorities have implemented emergency measures to mitigate the spread of the virus. The outbreak and the related mitigation measures have had and will continue to have a material adverse impact on global economic conditions as well as on the Company’s business activities. The extent to which COVID-19 may impact the Company’s business activities will depend on future developments, such as the ultimate geographic spread of the disease, the duration of the outbreak, travel restrictions, business disruptions, and the effectiveness of actions taken in the United States and other countries to contain, prevent and treat the disease. These events are highly uncertain and, as such, the Company cannot determine their financial impact at this time. No adjustments have been made to the amounts reported in these condensed consolidated financial statements as a result of this matter.

Deferred Compensation Plan

Deferred Compensation Plan	3 Months Ended
	Mar. 31, 2021
Deferred Compensation Plan
12. Employee Benefit Plans	Note 12 – Deferred Compensation Plan On June 18, 2018, the Company adopted the Kingstone Companies, Inc. Deferred Compensation Plan (the “Deferred Compensation Plan”). The Deferred Compensation Plan is offered to a select group (“Participants”), consisting of management and highly compensated employees as a method of recognizing and retaining such Participants. The Deferred Compensation Plan provides for eligible Participants to elect to defer up to 75% of their base compensation and up to 100% of bonuses and other compensation and to have such deferred amounts deemed to be invested in specified investment options. In addition to the Participant deferrals, the Company may choose to make matching contributions to some or all of the Participants in the Deferred Compensation Plan to the extent the Participant did not receive the maximum matching or non-elective contributions permissible under the Company’s 401(k) Plan due to limitations under the Internal Revenue Code or the 401(k) Plan. Participants may elect to receive payment of their account balances in a single cash payment or in annual installments for a period of up to ten years. The deferred compensation liability as of March 31, 2021 and December 31, 2020 amounted to $835,302 and $763,789, respectively, and is recorded in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. The Company did not make any voluntary contributions for the three months ended March 31, 2021 and 2020.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events
13. Subsequent Events	Note 13 – Subsequent Events The Company has evaluated events that occurred subsequent to March 31, 2021 through the date these condensed consolidated financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements. Dividends Declared On May 3, 2021, the Company’s Board of Directors approved a quarterly dividend of $0.04 per share payable in cash on June 15, 2021 to stockholders of record as of the close of business on May 28, 2021 (see Note 8 – Stockholders’ Equity).

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions, which include the reserves for losses and loss adjustment expenses, and are subject to estimation errors due to the inherent uncertainty in projecting ultimate claim amounts that will be reported and settled over a period of many years. In addition, estimates and assumptions associated with receivables under reinsurance contracts related to contingent ceding commission revenue require judgments by management. On an ongoing basis, management reevaluates its assumptions and the methods for calculating these estimates. Actual results may differ significantly from the estimates and assumptions used in preparing the consolidated financial statements.
Principles of Consolidation	The accompanying condensed consolidated financial statements consist of Kingstone and its following wholly owned subsidiaries: (1) KICO and its wholly owned subsidiaries, CMIC Properties, Inc. (“Properties”) and 15 Joys Lane, LLC (“15 Joys Lane”), which together own the land and building from which KICO operates, and (2) Cosi. All significant intercompany account balances and transactions have been eliminated in consolidation.
Accounting changes	In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (“ASU 2019-12”). Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. The Company adopted this ASU as of January 1, 2021, and it did not have a material impact on our condensed consolidated financial statements.
Accounting Pronouncements	In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The revised accounting guidance requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses of available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective for the Company on January 1, 2023. The Company is currently evaluating the effect the updated guidance will have on its condensed consolidated financial statements. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Investments
Schedule of Available for Sale Securities	March 31, 2021 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Gains Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 2,014,895 $ 19,785 $ - $ - $ 2,034,680 $ 19,785 Political subdivisions of States, Territories and Possessions 8,606,088 173,655 (86,507 ) - 8,693,236 87,148 Corporate and other bonds Industrial and miscellaneous 104,774,373 7,791,664 (78,069 ) - 112,487,968 7,713,595 Residential mortgage and other asset backed securities (1) 23,904,337 566,540 (8,225 ) (92,731 ) 24,369,921 465,584 Total $ 139,299,693 $ 8,551,644 $ (172,801 ) $ (92,731 ) $ 147,585,805 $ 8,286,112 December 31, 2020 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Gains Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 3,020,710 $ 29,190 $ - $ - $ 3,049,900 $ 29,190 Political subdivisions of States, Territories and Possessions 5,287,561 355,541 - - 5,643,102 355,541 Corporate and other bonds Industrial and miscellaneous 108,573,422 11,634,123 (13,216 ) - 120,194,329 11,620,907 Residential mortgage and other asset backed securities (1) 28,163,891 617,368 (7,371 ) (111,947 ) 28,661,941 498,050 Total $ 145,045,584 $ 12,636,222 $ (20,587 ) $ (111,947 ) $ 157,549,272 $ 12,503,688
Schedule of available for sale fixed maturity securities contractual maturity	March 31, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ 9,079,054 $ 9,181,876 $ 8,559,005 $ 8,668,064 One to five years 43,059,233 46,164,289 44,137,567 47,745,430 Five to ten years 51,273,291 55,781,784 55,508,712 63,159,775 More than 10 years 11,983,778 12,087,935 8,676,409 9,314,062 Residential mortgage and other asset backed securities 23,904,337 24,369,921 28,163,891 28,661,941 Total $ 139,299,693 $ 147,585,805 $ 145,045,584 $ 157,549,272
Schedule of equity securities	March 31, 2021 Gross Gross Estimated Category Cost Gains Losses Fair Value Equity Securities: Preferred stocks $ 19,827,370 $ 1,207,776 $ (221,142 ) $ 20,814,004 Common stocks, mutual funds, and exchange traded funds 12,823,973 1,810,617 (17,791 ) 14,616,799 Total $ 32,651,343 $ 3,018,393 $ (238,933 ) $ 35,430,803 December 31, 2020 Gross Gross Estimated Category Cost Gains Losses Fair Value Equity Securities: Preferred stocks $ 18,097,942 $ 853,277 $ (426,942 ) $ 18,524,277 Common stocks, mutual funds, and exchange traded funds 14,473,224 1,820,512 (404,700 ) 15,889,036 Total $ 32,571,166 $ 2,673,789 $ (831,642 ) $ 34,413,313
Schedule of Other Investments	March 31, 2021 December 31, 2020 Gross Estimated Gross Estimated Category Cost Gains Fair Value Cost Gains Fair Value Other Investments: Hedge fund $ 3,999,381 $ 2,199,209 $ 6,198,590 $ 1,999,381 $ 1,369,245 $ 3,368,626 Real estate limited partnership 150,000 - 150,000 150,000 - 150,000 Total $ 4,149,381 $ 2,199,209 $ 6,348,590 $ 2,149,381 $ 1,369,245 $ 3,518,626
Schedule of Held to Maturity Securities	March 31, 2021 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Gains Held-to-Maturity Securities: U.S. Treasury securities $ 729,606 $ 210,129 $ - $ - $ 939,735 $ 210,129 Political subdivisions of States, Territories and Possessions 998,382 42,508 - - 1,040,890 42,508 Exchange traded debt 1,812,762 28,106 (5,897 ) - 1,834,971 22,209 Corporate and other bonds Industrial and miscellaneous 5,640,036 242,695 (134,272 ) - 5,748,459 108,423 Total $ 9,180,786 $ 523,438 $ (140,169 ) $ - $ 9,564,055 $ 383,269 December 31, 2020 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Gains Held-to-Maturity Securities: U.S. Treasury securities $ 729,595 $ 319,714 $ - $ - $ 1,049,309 $ 319,714 Political subdivisions of States, Territories and Possessions 998,428 50,917 - - 1,049,345 50,917 Corporate and other bonds Industrial and miscellaneous 5,640,792 455,378 - - 6,096,170 455,378 Total $ 7,368,815 $ 826,009 $ - $ - $ 8,194,824 $ 826,009
Schedule of Held to Maturity Securities by contractual maturity	March 31, 2021 December 31, 2020 Amortized Estimated Amortized Estimated Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ 500,639 $ 512,985 $ - $ - One to five years 2,098,011 2,244,083 2,598,193 2,777,936 Five to ten years 1,505,366 1,639,444 1,502,603 1,727,316 More than 10 years 5,076,770 5,167,543 3,268,019 3,689,572 Total $ 9,180,786 $ 9,564,055 $ 7,368,815 $ 8,194,824
Schedule of Investment Income	Three months ended March 31, 2021 2020 Income: Fixed-maturity securities $ 1,491,127 $ 1,447,938 Equity securities 357,311 253,073 Cash and cash equivalents 924 44,223 Total 1,849,362 1,745,234 Expenses: Investment expenses 66,166 79,390 Net investment income $ 1,783,196 $ 1,665,844
Schedule of Securities with realized gains and losses on investments	Three months ended March 31, 2021 2020 Realized Gains (Losses) Fixed-maturity securities: Gross realized gains $ 410,311 $ 204,225 Gross realized losses (15,986 ) (32,342 ) 394,325 171,883 Equity securities: Gross realized gains 933,122 316,513 Gross realized losses (200,213 ) (213,815 ) 732,909 102,698 Net realized gains 1,127,234 274,581 Unrealized Gains (Losses) Equity securities: Gross gains 1,003,209 - Gross losses - (6,121,608 ) 1,003,209 (6,121,608 ) Other investments: Gross gains 829,964 - Gross losses - (597,391 ) 829,964 (597,391 ) Net unrealized gains (losses) 1,833,173 (6,718,999 ) Net gains (losses) on investments $ 2,960,407 $ (6,444,418 )
Schedule of Securities with Unrealized Losses	March 31, 2021 Less than 12 months 12 months or more Total Estimated No. of Estimated No. of Estimated Fair Unrealized Positions Fair Unrealized Positions Fair Unrealized Category Value Losses Held Value Losses Held Value Losses Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ - $ - - $ - $ - - $ - $ - Political subdivisions of States, Territories and Possessions 4,236,366 (86,507 ) 3 - - - 4,236,366 (86,507 ) Corporate and other bonds industrial and miscellaneous 4,991,204 (78,069 ) 3 - - - 4,991,204 (78,069 ) Residential mortgage and other asset backed securities 3,512,982 (8,225 ) 4 3,477,111 (92,731 ) 10 6,990,093 (100,956 ) Total fixed-maturity securities $ 12,740,552 $ (172,801 ) 10 $ 3,477,111 $ (92,731 ) 10 $ 16,217,663 $ (265,532 ) December 31, 2020 Less than 12 months 12 months or more Total Estimated No. of Estimated No. of Estimated Fair Unrealized Positions Fair Unrealized Positions Fair Unrealized Category Value Losses Held Value Losses Held Value Losses Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies $ - $ - - $ - $ - - $ - $ - Political subdivisions of States, Territories and Possessions - - - - - - - - Corporate and other bonds industrial and miscellaneous 1,006,901 (13,216 ) 1 - - - 1,006,901 (13,216 ) Residential mortgage and other asset backed securities 6,137,522 (7,371 ) 5 3,735,732 (111,947 ) 10 9,873,254 (119,318 ) Total fixed-maturity securities $ 7,144,423 $ (20,587 ) 6 $ 3,735,732 $ (111,947 ) 10 $ 10,880,155 $ (132,534 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements
Schedule of Fair Value Measurements	March 31, 2021 Level 1 Level 2 Level 3 Total Fixed-maturity securities available-for-sale U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 2,034,680 $ - $ - $ 2,034,680 Political subdivisions of States, Territories and Possessions - 8,693,236 - 8,693,236 Corporate and other bonds industrial and miscellaneous 110,434,895 2,053,073 - 112,487,968 Residential mortgage backed securities - 24,369,921 - 24,369,921 Total fixed maturities 112,469,575 35,116,230 - 147,585,805 Equity securities 35,430,803 - - 35,430,803 Total investments $ 147,900,378 $ 35,116,230 $ - $ 183,016,608 December 31, 2020 Level 1 Level 2 Level 3 Total Fixed-maturity securities available-for-sale U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 3,049,900 $ - $ - $ 3,049,900 Political subdivisions of States, Territories and Possessions - 5,643,102 - 5,643,102 Corporate and other bonds industrial and miscellaneous 118,123,890 2,070,439 - 120,194,329 Residential mortgage and other asset backed securities - 28,661,941 - 28,661,941 Total fixed maturities 121,173,790 36,375,482 - 157,549,272 Equity securities 34,413,313 - - 34,413,313 Total investments $ 155,587,103 $ 36,375,482 $ - $ 191,962,585
Schedule of Hedge Fund Investments	Category March 31, 2021 December 31, 2020 Other Investments: Hedge fund $ 6,198,590 $ 3,368,626 Real estate limited partnership 150,000 150,000 Total $ 6,348,590 $ 3,518,626
Fair value hierarchy of long-term debt	March 31, 2021 Level 1 Level 2 Level 3 Total Long-term debt Senior Notes due 2022 $ - $ 27,295,348 $ - $ 27,295,348 December 31, 2020 Level 1 Level 2 Level 3 Total Long-term debt Senior Notes due 2022 $ - $ 27,272,727 $ - $ 27,272,727

Fair Value of Financial Instr_2

Fair Value of Financial Instruments and Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value of Financial Instruments and Real Estate (Tables)
Schedule of Fair Value of Financial Instruments	March 31, 2021 December 31, 2020 Carrying Estimated Carrying Estimated Value Fair Value Value Fair Value Fixed-maturity securities-held-to maturity $ 9,180,786 $ 9,564,055 $ 7,368,815 $ 8,194,824 Cash and cash equivalents $ 22,179,960 $ 22,179,960 $ 19,463,742 $ 19,463,742 Premiums receivable, net $ 10,885,621 $ 10,885,621 $ 14,020,716 $ 14,020,716 Reinsurance receivables, net $ 37,366,742 $ 37,366,742 $ 45,460,729 $ 45,460,729 Real estate, net of accumulated depreciation $ 2,199,771 $ 2,705,000 $ 2,219,999 $ 2,705,000 Reinsurance balances payable $ 2,336,498 $ 2,336,498 $ 6,979,735 $ 6,979,735

Property and Casualty Insuran_2

Property and Casualty Insurance Activity (Tables)	3 Months Ended
	Mar. 31, 2021
Property and Casualty Insurance Activity
Schedule of Earned Premiums	Direct Assumed Ceded Net Three months ended March 31, 2021 Premiums written $ 38,129,117 $ - $ (7,329,507 ) $ 30,799,610 Change in unearned premiums 3,789,478 - 130 3,789,608 Premiums earned $ 41,918,595 $ - $ (7,329,377 ) $ 34,589,218 Three months ended March 31, 2020 Premiums written $ 36,696,929 $ - $ (13,506,255 ) $ 23,190,674 Change in unearned premiums 5,904,700 - (2,153,924 ) 3,750,776 Premiums earned $ 42,601,629 $ - $ (15,660,179 ) $ 26,941,450
Schedule of Loss and Loss Adjustment Expenses	Three months ended March 31, 2021 2020 Balance at beginning of period $ 82,801,228 $ 80,498,611 Less reinsurance recoverables (20,154,251 ) (15,728,224 ) Net balance, beginning of period 62,646,977 64,770,387 Incurred related to: Current year 22,571,727 16,512,475 Prior years (11,055 ) (126,654 ) Total incurred 22,560,672 16,385,821 Paid related to: Current year 7,749,998 5,787,129 Prior years 10,059,577 13,777,236 Total paid 17,809,575 19,564,365 Net balance at end of period 67,398,074 61,591,843 Add reinsurance recoverables 17,058,985 16,259,256 Balance at end of period $ 84,457,059 $ 77,851,099
Incurred Claims and Allocated Claim Adjustment Expenses	All Lines of Business (in thousands, except reported claims data) Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance As of For the Years Ended December 31, March 31, 2021 Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 Three months ended March 31, 2021 IBNR Cumulative Number of Reported Claims by Accident Year (Unaudited 2012 - 2020) (Unaudited) 2012 $ 9,539 $ 9,344 $ 10,278 $ 10,382 $ 10,582 $ 10,790 $ 10,791 $ 11,015 $ 10,885 $ 10,885 $ 13 4,704 (1) 2013 10,728 9,745 9,424 9,621 10,061 10,089 10,607 10,495 10,511 4 1,564 2014 14,193 14,260 14,218 14,564 15,023 16,381 16,428 16,414 180 2,138 2015 22,340 21,994 22,148 22,491 23,386 23,291 23,359 95 2,557 2016 26,062 24,941 24,789 27,887 27,966 27,857 512 2,878 2017 31,605 32,169 35,304 36,160 36,186 400 3,393 2018 54,455 56,351 58,441 58,511 1,963 4,215 2019 75,092 72,368 72,371 8,809 4,453 2020 63,083 63,014 8,473 5,772 2021 21,443 7,581 816 Total $ 340,551
Cumulative Paid Claims and Allocated Claim Adjustment Expenses	All Lines of Business (in thousands) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Three months ended March 31, Accident Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (Unaudited 2012 - 2020) (Unaudited) 2012 $ 3,950 $ 5,770 $ 7,127 $ 8,196 $ 9,187 $ 10,236 $ 10,323 $ 10,428 $ 10,451 $ 10,533 2013 3,405 5,303 6,633 7,591 8,407 9,056 9,717 10,016 10,133 2014 5,710 9,429 10,738 11,770 13,819 14,901 15,491 15,497 2015 12,295 16,181 18,266 19,984 21,067 22,104 22,201 2016 15,364 19,001 21,106 23,974 25,234 25,310 2017 16,704 24,820 28,693 31,393 31,831 2018 32,383 44,516 50,553 50,921 2019 40,933 54,897 55,822 2020 39,045 46,451 2021 7,287 Total $ 275,987 Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented $ 64,564 All outstanding liabilities before 2011, net of reinsurance 114 Liabilities for loss and allocated loss adjustment expenses, net of reinsurance $ 64,678
Reconciliation of the net incurred and paid claims	As of (in thousands) March 31, 2021 Liabilities for loss and loss adjustment expenses, net of reinsurance $ 64,678 Total reinsurance recoverable on unpaid losses 17,059 Unallocated loss adjustment expenses 2,720 Total gross liability for loss and LAE reserves $ 84,457
Supplementary unaudited information about average historical claims duration	Treaty Year December 15, 2019 to Line of Business December 30, 2020 Personal Lines Homeowners, dwelling fire and and canine legal liability Quota share treaty: Percent ceded 25 % Treaty Year December 31, 2020 July 1, 2020 December 15, 2019 to to to Line of Business June 30, 2021 December 30, 2020 June 30, 2020 Personal Lines Homeowners, dwelling fire and canine legal liability Quota share treaty: Risk retained on intial $1,000,000 of losses (6) $ 1,000,000 $ 750,000 $ 750,000 Losses per occurrence subject to quota share reinsurance coverage None (6) $ 1,000,000 $ 1,000,000 Expiration date NA (6) December 30, 2020 December 30, 2020 Excess of loss coverage and facultative facility coverage (1) $ 8,000,000 $ 8,000,000 $ 9,000,000 in excess of in excess of in excess of $ 1,000,000 $ 1,000,000 $ 1,000,000 Total reinsurance coverage per occurrence (6) $ 8,000,000 $ 8,250,000 $ 9,250,000 Losses per occurrence subject to reinsurance coverage $ 8,000,000 $ 9,000,000 $ 10,000,000 Expiration date (6) June 30, 2021 June 30, 2021 June 30, 2020 Catastrophe Reinsurance: Initial loss subject to personal lines quota share treaty None (6) $ 7,500,000 $ 7,500,000 Risk retained per catastrophe occurrence (2) (6) $ 10,000,000 $ 8,125,000 $ 5,625,000 Catastrophe loss coverage in excess of quota share coverage (3) (6) $ 475,000,000 $ 475,000,000 $ 602,500,000 Reinstatement premium protection (4) (5) Yes Yes Yes Treaty Year July 1, 2020 July 1, 2019 to to Line of Business June 30, 2021 June 30, 2020 Personal Lines Personal Umbrella Quota share treaty: Percent ceded - first $1,000,000 of coverage 90 % 90 % Percent ceded - excess of $1,000,000 of coverage 95 % 100 % Risk retained $ 300,000 $ 100,000 Total reinsurance coverage per occurrence $ 4,700,000 $ 4,900,000 Losses per occurrence subject to quota share reinsurance coverage $ 5,000,000 $ 5,000,000 Expiration date June 30, 2021 June 30, 2020 Commercial Lines General liability commercial policies Quota share treaty None None Risk retained $ 750,000 $ 750,000 Excess of loss coverage above risk retained $ 3,750,000 $ 3,750,000 in excess of in excess of $ 750,000 $ 750,000 Total reinsurance coverage per occurrence $ 3,750,000 $ 3,750,000 Losses per occurrence subject to reinsurance coverage $ 4,500,000 $ 4,500,000 Commercial Umbrella Quota share treaty: None None
Schedule of Ceding Commission Revenue	Three months ended March 31, 2021 2020 Provisional ceding commissions earned $ 45,499 $ 3,720,360 Contingent ceding commissions earned (46,564 ) 110,739 $ (1,065 ) $ 3,831,099

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt
Long-term debt	March 31, December 31, 2021 2020 5.50% Senior Unsecured Notes $ 30,000,000 $ 30,000,000 Discount (56,773 ) (64,883 ) Issuance costs (251,571 ) (287,506 ) Long-term debt, net $ 29,691,656 $ 29,647,611

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity
Schedule of stock option activity	Stock Options Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2021 119,966 $ 8.26 3.55 $ - Granted - $ - - $ - Exercised - $ - - $ - Expired (12,000 ) $ 7.85 - $ - Outstanding at March 31, 2021 107,966 $ 8.31 3.68 $ 33,994 Vested and Exercisable at March 31, 2021 27,500 $ 8.64 3.18 $ 1,725
Weighted average assumptions	Three months ended March 31, 2021 2020 Dividend Yield n/a 3.14 % Volatility n/a 37.69 % Risk-Free Interest Rate n/a 1.40 % Expected Life n/a 2.75 %
Schedule of Restriced Stock Awards	Restricted Stock Awards Shares Weighted Average Grant Date Fair Value per Share Aggregate Fair Value Balance at January 1, 2021 370,964 $ 9.96 $ 3,990,999 Granted 321,335 $ 6.95 $ 2,233,366 Vested (124,187 ) $ 9.50 $ (1,180,239 ) Forfeited - $ - $ - Balance at March 31, 2021 568,112 $ 8.98 $ 5,044,126

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Income Taxes
Schedule of Deferrred Tax Assets and Liabilities	March 31, December 31, 2021 2020 Deferred tax asset: Net operating loss carryovers (1) $ 559,181 $ - Claims reserve discount 901,585 838,030 Unearned premium 3,783,502 3,880,275 Deferred ceding commission revenue 19,597 19,639 Other 608,485 648,691 Total deferred tax assets 5,872,350 5,386,635 Deferred tax liability: Investment in KICO (2) 759,543 759,543 Deferred acquisition costs 4,063,918 4,229,928 Intangible asset 105,000 105,000 Depreciation and amortization 908,157 954,446 Net unrealized gains of securities - available-for-sale 3,173,963 3,494,631 Total deferred tax liabilities 9,010,581 9,543,548 Net deferred income tax liability $ (3,138,231 ) $ (4,156,913 )
Schedule of net operating loss carryovers	March 31, December 31, Type of NOL 2021 2020 Expiration Federal only, current year (A) $ 559,181 $ 1,200,056 NOL carried back - (1,200,056 ) Federal only, current year $ 559,181 $ - None State only (B) 1,931,884 1,815,546 December 31, 2040 Valuation allowance (1,931,884 ) (1,815,546 ) State only, net of valuation allowance - - Total deferred tax asset from net operating loss carryovers $ 559,181 $ -

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
Loss per common share:
Reconciliation of the weighted average number of shares of Common Stock used in the calculation of basic and diluted earnings per common share	Three months ended March 31, 2021 2020 Weighted average number of shares outstanding 10,676,298 10,807,841 Effect of dilutive securities, common share equivalents: Stock options - - Restricted stock awards - - Weighted average number of shares outstanding, used for computing diluted earnings per share 10,676,298 10,807,841

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies
Lease cost	Three months ended Three months ended Lease cost March 31, 2021 March 31, 2020 Operating leases $ 60,518 $ 81,251 Short-term leases - - Total lease cost (1) $ 60,518 $ 81,251 Other information on operating leases Cash payments included in the measurement of lease liability reported in operating cash flows $ 64,979 $ 82,736 Discount rate 5.50 % 5.50 % Remaining lease term in years 5.75 years 6.75 years
Schedule of lease liability maturities	For the Year Ending December 31, Total Remainder of 2021 $ 220,245 2022 273,831 2023 283,415 2024 140,739 2025 94,799 Thereafter 98,117 Total undiscounted lease payments 1,111,146 Less: present value adjustment 156,672 Operating lease liability $ 954,474

Nature of Business (Details Nar

Nature of Business (Details Narrative)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Nature of Business
Direct written premiums, percentage	72.30%	82.70%

Investments (Details)

Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Cost or amortized cost	$ 8,606,088	$ 5,287,561
Gross unrealized gains	173,655	355,541
Gross unrealized losses - less than 12 months	86,507	0
Gross unrealized loss - more than 12 months	0	0
Estimated fair value	8,693,236	5,643,102
Net unrealized gains	87,148	355,541
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Cost or amortized cost	104,774,373	108,573,422
Gross unrealized gains	7,791,664	11,634,123
Gross unrealized losses - less than 12 months	78,069	13,216
Gross unrealized loss - more than 12 months	0	0
Estimated fair value	112,487,968	120,194,329
Net unrealized gains	7,713,595	11,620,907
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Cost or amortized cost	23,904,337	28,163,891
Gross unrealized gains	566,540	617,368
Gross unrealized losses - less than 12 months	8,225	7,371
Gross unrealized loss - more than 12 months	92,731	111,947
Estimated fair value	24,369,921	28,661,941
Net unrealized gains	465,584	498,050
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Cost or amortized cost	139,299,693	145,045,584
Gross unrealized gains	8,551,644	12,636,222
Gross unrealized losses - less than 12 months	172,801	20,587
Gross unrealized loss - more than 12 months	92,731	111,947
Estimated fair value	147,585,805	157,549,272
Net unrealized gains	8,286,112	12,503,688
U.S. Treasury Securities and Obligations of U.S. Government [Member]
Cost or amortized cost	2,014,895	3,020,710
Gross unrealized gains	19,785	29,190
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	0	0
Estimated fair value	2,034,680	3,049,900
Net unrealized gains	$ 19,785	$ 29,190

Investments (Details 1)

Investments (Details 1) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Amortized cost	$ 139,299,693	$ 145,045,584
Estimated fair value	147,585,805	157,549,272
Less Than One Year [Member]
Amortized cost	9,079,054	8,559,005
Estimated fair value	9,181,876	8,668,064
One To Five Years [Member]
Amortized cost	43,059,233	44,137,567
Estimated fair value	46,164,289	47,745,430
Five To Ten Years [Member]
Amortized cost	51,273,291	55,508,712
Estimated fair value	55,781,784	63,159,775
More Than 10 Years [Member]
Amortized cost	11,983,778	8,676,409
Estimated fair value	12,087,935	9,314,062
Residential mortgage-backed securities [Member]
Amortized cost	23,904,337	28,163,891
Estimated fair value	$ 24,369,921	$ 28,661,941

Investments (Details 2)

Investments (Details 2) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Estimated fair value	$ 6,348,590	$ 3,518,626
Other Investments [Member]
Cost	4,149,381	2,149,381
Estimated fair value	6,348,590	3,518,626
Gross gains	2,199,209	1,369,245
Hedge Fund [Member]
Cost	3,999,381	1,999,381
Estimated fair value	6,198,590	3,368,626
Gross gains	2,199,209	1,369,245
Real Estate Limited Partnership [Member]
Cost	150,000	150,000
Estimated fair value	150,000	150,000
Gross gains	0	0
Equity Securities [Member]
Cost	32,651,343	32,571,166
Estimated fair value	35,430,803	34,413,313
Gross gains	3,018,393	2,673,789
Gross losses	238,933	831,642
Preferred Stock [Member]
Cost	19,827,370	18,097,942
Estimated fair value	20,814,004	18,524,277
Gross gains	1,207,776	853,277
Gross losses	221,142	426,942
Common stock, mutual fund and exchange traded funds [Member]
Cost	12,823,973	14,473,224
Estimated fair value	14,616,799	15,889,036
Gross gains	1,810,617	1,820,512
Gross losses	$ 17,791	$ 404,700

Investments (Details 3)

Investments (Details 3) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Net unrealized gains	$ 383,269	$ 826,009
Estimated fair value	9,564,055	8,194,824
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	140,169	0
Gross unrealized gains		826,009
Cost or amortized cost	9,180,786	7,368,815
Exchange Traded Debt [Member]
Net unrealized gains	22,209
Estimated fair value	1,834,971
Gross unrealized loss - more than 12 months	0
Gross unrealized losses - less than 12 months	5,897
Gross unrealized gains	28,106
Cost or amortized cost	1,812,762
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Net unrealized gains	42,508	50,917
Estimated fair value	1,040,890	1,049,345
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized gains	42,508	50,917
Cost or amortized cost	998,382	998,428
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Net unrealized gains	108,423	455,378
Estimated fair value	5,748,459	6,096,170
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	134,272	0
Gross unrealized gains	242,695	455,378
Cost or amortized cost	5,640,036	5,640,792
Held-to-Maturity Securities US Treasury Securities [Member]
Net unrealized gains	210,129	319,714
Estimated fair value	939,735	1,049,309
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized gains	210,129	319,714
Cost or amortized cost	$ 729,606	$ 729,595

Investments (Details 4)

Investments (Details 4) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Amortized cost	$ 9,180,786	$ 7,368,815
Estimated fair value	9,564,055	8,194,824
Less Than One Year [Member]
Amortized cost	500,639	0
Estimated fair value	512,985	0
One To Five Years [Member]
Amortized cost	2,098,011	2,598,193
Estimated fair value	2,244,083	2,777,936
Five To Ten Years [Member]
Amortized cost	1,505,366	1,502,603
Estimated fair value	1,639,444	1,727,316
More Than 10 Years [Member]
Amortized cost	5,076,770	3,268,019
Estimated fair value	$ 5,167,543	$ 3,689,572

Investments (Details 5)

Investments (Details 5) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments
Fixed-maturity securities	$ 1,491,127	$ 1,447,938
Equity securities	357,311	253,073
Cash and cash equivalents	924	44,223
Total	1,849,362	1,745,234
Investment expenses	66,166	79,390
Net investment income	$ 1,783,196	$ 1,665,844

Investments (Details 6)

Investments (Details 6) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments
Gross realized gains	$ 410,311	$ 204,225
Gross realized losses	15,986	32,342
Total fixed-maturity securities	394,325	171,883
Gross realized gains	933,122	316,513
Gross realized losses	200,213	213,815
Total equity securities	732,909	102,698
Net realized gains	1,127,234	274,581
Gross gains	1,003,209	0
Gross losses	0	6,121,608
Total equity securities	1,003,209	6,121,608
Gross gains	829,964	0
Gross losses	0	597,391
Total other investments	829,964	597,391
Net unrealized gains	1,833,173	6,718,999
Net gains on investments	$ 2,960,407	$ 6,444,418

Investments (Details 7)

Investments (Details 7) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Estimated fair value - less than 12 months	$ 4,236,366	$ 0
Unrealized losses - less than 12 months	86,507	0
Number of positions held - less than 12 months	3	0
Unrealized losses - 12 months or more	0	0
Number of positions held - 12 months or more	0	0
Unrealized losses - total	86,507	0
Estimated fair value - total	4,236,366	0
Estimated fair value - 12 months or more	0	0
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Estimated fair value - less than 12 months	4,991,204	1,006,901
Unrealized losses - less than 12 months	78,069	13,216
Number of positions held - less than 12 months	3	1
Unrealized losses - 12 months or more	0	0
Number of positions held - 12 months or more	0	0
Unrealized losses - total	78,069	13,216
Estimated fair value - total	4,991,204	1,006,901
Estimated fair value - 12 months or more	0	0
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Estimated fair value - less than 12 months	3,512,982	6,137,522
Unrealized losses - less than 12 months	8,225	7,371
Number of positions held - less than 12 months	4	5
Unrealized losses - 12 months or more	92,731	111,947
Number of positions held - 12 months or more	10	10
Unrealized losses - total	100,956	119,318
Estimated fair value - total	6,990,093	9,873,254
Estimated fair value - 12 months or more	3,477,111	3,735,732
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Estimated fair value - less than 12 months	12,740,552	7,144,423
Unrealized losses - less than 12 months	172,801	20,587
Number of positions held - less than 12 months	10	6
Unrealized losses - 12 months or more	92,731	111,947
Number of positions held - 12 months or more	10	10
Unrealized losses - total	265,532	132,534
Estimated fair value - total	16,217,663	10,880,155
Estimated fair value - 12 months or more	3,477,111	3,735,732
U.S. Treasury Securities and Obligations of U.S. Government [Member]
Estimated fair value - less than 12 months	0	0
Unrealized losses - less than 12 months	0	0
Number of positions held - less than 12 months	0	0
Unrealized losses - 12 months or more	0	0
Number of positions held - 12 months or more	0	0
Unrealized losses - total	0	0
Estimated fair value - total	0	0
Estimated fair value - 12 months or more	$ 0	$ 0

Investments (Details Narrative)

Investments (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Proceeds from the sale and redemption of fixed-maturity securities held-to-maturity	$ 0
Proceeds from the sale or maturity of fixed-maturity securities available-for-sale	11,548,405	$ 10,553,818
Sale - equity securities	6,433,262	$ 5,518,428
Estimated fair value	6,348,590		$ 3,518,626
KICO [Domain]
Estimated fair value	$ 10,962,000		$ 11,391,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$ 2,034,680	$ 3,049,900
Political subdivisions of states, territories and possessions	8,693,236	5,643,102
Corporate and other bonds industrial and miscellaneous	112,487,968	120,194,329
Residential mortgage and other asset backed securities	24,369,921	28,661,941
Total fixed maturities	147,585,805	157,549,272
Equity securities	35,430,803	34,413,313
Total investments	183,016,608	191,962,585
Level 1 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	2,034,680	3,049,900
Political subdivisions of states, territories and possessions	0	0
Corporate and other bonds industrial and miscellaneous	110,434,895	118,123,890
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	112,469,575	121,173,790
Equity securities	35,430,803	34,413,313
Total investments	147,900,378	155,587,103
Level 2 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	0	0
Political subdivisions of states, territories and possessions	8,693,236	5,643,102
Corporate and other bonds industrial and miscellaneous	2,053,073	2,070,439
Residential mortgage and other asset backed securities	24,369,921	28,661,941
Total fixed maturities	35,116,230	36,375,482
Equity securities	0	0
Total investments	35,116,230	36,375,482
Level 3 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	0	0
Political subdivisions of states, territories and possessions	0	0
Corporate and other bonds industrial and miscellaneous	0	0
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	0	0
Equity securities	0	0
Total investments	$ 0	$ 0

Fair Value Measurements (Deta_2

Fair Value Measurements (Details 1) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Hedge fund investments	$ 6,348,590	$ 3,518,626
Hedge Fund [Member]
Hedge fund investments	6,198,590	3,368,626
Real Estate Limited Partnership [Member]
Hedge fund investments	$ 150,000	$ 150,000

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 2) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Senior Notes due 2022	$ 27,295,348	$ 27,272,727
Level 1 [Member]
Senior Notes due 2022	0	0
Level 2 [Member]
Senior Notes due 2022	27,295,348	27,272,727
Level 3 [Member]
Senior Notes due 2022	$ 0	$ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments and Real Estate (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Reinsurance balances payable	$ 2,336,498	$ 6,979,735
Carrying Value [Member]
Fixed-maturity securities held-to-maturity	9,180,786	7,368,815
Cash and cash equivalents	22,179,960	19,463,742
Premiums receivable, net	10,885,621	14,020,716
Reinsurance receivables, net	37,366,742	45,460,729
Real estate, net of accumulated depreciation	2,199,771	2,219,999
Reinsurance balances payable	2,336,498	6,979,735
Fair Value [Member]
Fixed-maturity securities held-to-maturity	9,564,055	8,194,824
Cash and cash equivalents	22,179,960	19,463,742
Premiums receivable, net	10,885,621	14,020,716
Reinsurance receivables, net	37,366,742	45,460,729
Real estate, net of accumulated depreciation	2,705,000	2,705,000
Reinsurance balances payable	$ 2,336,498	$ 6,979,735

Property and Casualty Insuran_3

Property and Casualty Insurance Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Premiums Written
Direct	$ 38,129,117	$ 36,696,929
Assumed	0	0
Ceded	7,329,507	13,506,255
Net	30,799,610	23,190,674
Changes In Unearned Premiums
Direct	3,789,478	5,904,700
Assumed	0	0
Ceded	130	2,153,924
Net	3,789,608	3,750,776
Premiums Earned
Direct	41,918,595	42,601,629
Assumed	0	0
Ceded	7,329,377	15,660,179
Net	$ 34,589,218	$ 26,941,450

Property and Casualty Insuran_4

Property and Casualty Insurance Activity (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property and Casualty Insurance Activity
Balance at beginning of period	$ 82,801,228	$ 80,498,611
Less reinsurance recoverables	20,154,251	15,728,224
Net balance, beginning of period	62,646,977	64,770,387
Current year	22,571,727	16,512,475
Prior years	11,055	126,654
Total incurred	22,560,672	16,385,821
Current year	7,749,998	5,787,129
Prior years	10,059,577	13,777,236
Total paid	17,809,575	19,564,365
Net balance at end of period	67,398,074	61,591,843
Add reinsurance recoverables	17,058,985	16,259,256
Balance at end of period	$ 84,457,059	$ 77,851,099

Property and Casualty Insuran_5

Property and Casualty Insurance Activity (Details 2)	3 Months Ended
	Mar. 31, 2021USD ($)integer
2012 incurred claims	$ 10,885,000
2013 incurred claims	10,511,000
2014 incurred claims	16,414,000
2015 incurred claims	23,359,000
2016 incurred claims	27,857,000
2017 incurred claims	36,186,000
2018 incurred claims	58,511,000
2019 incurred claims	72,371,000
2020 incurred claims	63,014,000
Total incurred claims	340,551,000
2021 incurred claims	21,443,000
Two Thousand Twelve Member
2012 incurred claims	9,539,000
IBNR	$ 13,000
Cumulative Number of Reported Claims | integer	4,704
Two Thousand Thirteen Member
2012 incurred claims	$ 9,344,000
2013 incurred claims	10,728,000
IBNR	$ 4,000
Cumulative Number of Reported Claims | integer	1,564
Two Thousand Fourteen Member
2012 incurred claims	$ 10,278,000
2013 incurred claims	9,745,000
2014 incurred claims	14,193,000
IBNR	$ 180,000
Cumulative Number of Reported Claims | integer	2,138
Two Thousand Fifteen Member
2012 incurred claims	$ 10,382,000
2013 incurred claims	9,424,000
2014 incurred claims	14,260,000
2015 incurred claims	22,340,000
IBNR	$ 95,000
Cumulative Number of Reported Claims | integer	2,557
Two Thousand Sixteen Member
2012 incurred claims	$ 10,582,000
2013 incurred claims	9,621,000
2014 incurred claims	14,218,000
2015 incurred claims	21,994,000
2016 incurred claims	26,062,000
IBNR	$ 512,000
Cumulative Number of Reported Claims | integer	2,878
Two Thousand Seventeen Member
2012 incurred claims	$ 10,790,000
2013 incurred claims	10,061,000
2014 incurred claims	14,564,000
2015 incurred claims	22,148,000
2016 incurred claims	24,941,000
2017 incurred claims	31,605,000
IBNR	$ 400,000
Cumulative Number of Reported Claims | integer	3,393
Two Thousand Eighteen Member
2012 incurred claims	$ 10,791,000
2013 incurred claims	10,089,000
2014 incurred claims	15,023,000
2015 incurred claims	22,491,000
2016 incurred claims	24,789,000
2017 incurred claims	32,169,000
2018 incurred claims	54,455,000
2019 incurred claims	11,015,000
IBNR	$ 1,963,000
Cumulative Number of Reported Claims | integer	4,215
Two Thousand Nineteen Member
2012 incurred claims	$ 11,015,000
2013 incurred claims	10,607,000
2014 incurred claims	16,381,000
2015 incurred claims	23,386,000
2016 incurred claims	27,887,000
2017 incurred claims	35,304,000
2018 incurred claims	56,351,000
2019 incurred claims	75,092,000
IBNR	$ 8,809,000
Cumulative Number of Reported Claims | integer	4,453
Two Thousand Twenty Member
2012 incurred claims	$ 10,885,000
2013 incurred claims	10,495,000
2014 incurred claims	16,428,000
2015 incurred claims	23,291,000
2016 incurred claims	27,966,000
2017 incurred claims	36,160,000
2018 incurred claims	58,441,000
2019 incurred claims	72,368,000
2020 incurred claims	63,083,000
IBNR	$ 8,473,000
Cumulative Number of Reported Claims | integer	5,772
Two Thousand Twenty One Member
IBNR	$ 7,581,000
Cumulative Number of Reported Claims | integer	816

Property and Casualty Insuran_6

Property and Casualty Insurance Activity (Details 3) $ in Thousands	Mar. 31, 2021USD ($)
2020	$ 46,451
2012	10,533
2013	10,133
2014	15,497
2015	22,201
2016	25,310
2017	31,831
2018	50,921
2019	55,822
Total	275,987
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented	64,564
All outstanding liabilities before 2011, net of reinsurance	114
Liabilities for claims and claim adjustment expenses, net of reinsurance	64,678
2021	7,287
Two Thousand Twelve Member
2012	3,950
Two Thousand Thirteen Member
2012	5,770
2013	3,405
Two Thousand Fourteen Member
2012	7,127
2013	5,303
2014	5,710
Two Thousand Fifteen Member
2012	8,196
2013	6,633
2014	9,429
2015	12,295
Two Thousand Sixteen Member
2012	9,187
2013	7,591
2014	10,738
2015	16,181
2016	15,364
Two Thousand Seventeen Member
2012	10,236
2013	8,407
2014	11,770
2015	18,266
2016	19,001
2017	16,704
Two Thousand Eighteen Member
2012	10,323
2013	9,056
2014	13,819
2015	19,984
2016	21,106
2017	24,820
2018	32,383
Two Thousand Nineteen Member
2012	10,428
2013	9,717
2014	14,901
2015	21,067
2016	23,974
2017	28,693
2018	44,516
2019	40,933
Two Thousand Twenty Member
2020	39,045
2012	10,451
2013	10,016
2014	15,491
2015	22,104
2016	25,234
2017	31,393
2018	50,553
2019	$ 54,897

Property and Casualty Insuran_7

Property and Casualty Insurance Activity (Details 4)	Mar. 31, 2021USD ($)
Property and Casualty Insurance Activity
Liabilities for loss and loss adjustment expenses, net of reinsurance	$ 64,678
Total reinsurance recoverable on unpaid claims	17,059,000
Unallocated loss adjustment expenses	2,720,000
Total gross liability for loss and LAE reserves	$ 84,457,000

Property and Casualty Insuran_8

Property and Casualty Insurance Activity (Details 5) - USD ($)	6 Months Ended		7 Months Ended	13 Months Ended
	Jun. 30, 2021	Dec. 30, 2020	Jun. 30, 2020	Dec. 30, 2020
Catastrophe [Member]
Risk retained per catastrophe occurrence			$ 5,625,000
Catastrophe loss coverage in excess of quota share coverage	$ 475,000,000	$ 475,000,000	602,500,000
Initial loss subject to personal lines quota share treaty		$ 7,500,000	$ 7,500,000
Reinstatement premium protection	Yes	Yes	Yes
Property And Casualty Personal Insurance Product Line Member
Percent ceded				25.00%
Risk retained on initial $1,000,000 of losses	$ 1,000,000	$ 750,000	$ 750,000
Excess of loss coverage and facultative facility coverage	8,000,000	8,000,000	9,000,000
In excess of	1,000,000	1,000,000	1,000,000
Total reinsurance coverage per occurrence	$ 8,000,000	$ 8,250,000	$ 9,250,000
Expiration date	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Losses per occurrence subject to reinsurance coverage	$ 8,000,000	$ 9,000,000	$ 10,000,000
Risk retained per catastrophe occurrence	10,000,000	8,125,000
Catastrophe loss coverage in excess of quota share coverage	$ 475,000,000
Losses per occurrence subject to quota share reinsurance coverage		1,000,000	$ 1,000,000
Initial loss subject to personal lines quota share treaty		$ 7,500,000

Property and Casualty Insuran_9

Property and Casualty Insurance Activity (Details 6) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Commercial Lines [Member]
Risk retained on initial $1,000,000 of losses	$ 750,000	$ 750,000	$ 750,000
Total reinsurance coverage per occurrence	3,750,000	3,750,000	3,750,000
Losses per occurrence subject to quota share reinsurance coverage	4,500,000	4,500,000	4,500,000
Excess of loss coverage and facultative facility coverage	3,750,000	3,750,000	3,750,000
In excess of	$ 750,000	$ 750,000	$ 750,000
Personal Umbrella
Percent ceded - first $1000000 of coverage	90.00%	90.00%	90.00%
Percent ceded - excess of $1000000 of coverage	95.00%	100.00%	100.00%
Risk retained on initial $1,000,000 of losses	$ 300,000	$ 100,000	$ 100,000
Total reinsurance coverage per occurrence	4,700,000	4,900,000	4,900,000
Losses per occurrence subject to quota share reinsurance coverage	$ 5,000,000	$ 5,000,000	$ 5,000,000
Expiration date	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Commercial Umbrella
Percent ceded - first $1000000 of coverage			90.00%
Percent ceded - excess of $1000000 of coverage			100.00%
Risk retained on initial $1,000,000 of losses			$ 100,000
Total reinsurance coverage per occurrence			4,900,000
Losses per occurrence subject to quota share reinsurance coverage			$ 5,000,000
Expiration date			Jun. 30, 2019

Property and Casualty Insura_10

Property and Casualty Insurance Activity (Details 7) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value of Financial Instruments and Real Estate
Provisional ceding commissions earned	$ 45,499	$ 3,720,360
Contingent ceding commissions earned	(46,564)	110,739
Total commissions earned	$ (1,065)	$ 3,831,099

Property and Casualty Insura_11

Property and Casualty Insurance Activity (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Net contingent ceding commissions payable	$ 2,336,000				$ 2,886,000
Incurred losses and loss adjustment expenses are net of reinsurance recoveries under reinsurance contracts	823,856	$ 5,866,898
Prior year loss development	11,055	$ 126,654
Advance premiums	$ 4,145,845				$ 2,660,354
Catastrophe loss coverage in excess of quota share coverage, descriptions	For the period July 1, 2020 through December 30, 2020, there was no reinsurance coverage for the $2,500,000 gap between quota share limit of $7,500,000 and first $10,000,000 layer of catastrophe coverage (see note (6) below).
Personal Lines
Single risk coverage	$ 10,000,000
Two Thousand Twelve Member
Incurred claim from superstrom sandy	3,406
Minimum [Member] | Personal Lines
Direct loss	3,500,000
Maximum [Member] | Personal Lines
Direct loss	$ 10,000,000
Reinstatement Premium Protection [Member]
Excess of catastrophe coverage			$ 10,000,000	$ 7,500,000
Reinstatement of premium protection, amount			$ 70,000,000	$ 292,500,000

Debt (Details)

Debt (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Long-term debt, net	$ 29,691,656	$ 29,647,611
Issuance costs [Member]
Long-term debt, net	251,571	287,506
5.50% Senior Unsecured Notes [Member]
Long-term debt, net	30,000,000	30,000,000
Discount [Member]
Long-term debt, net	$ 56,773	$ 64,883

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 19, 2017	Mar. 31, 2021
Advances limit, description		Advances are limited to 5% of KICO’s net admitted assets as of the previous quarter and are due and payable within ninety days
5.50% Senior Unsecured Notes [Member]
Debt instrument, face amount	$ 30,000,000
Debt instrument, interest rate	5.50%
Debt instrument, maturity date	Dec. 30, 2022
Proceeds from issuance of unsecured notes	$ 29,121,630
Debt instrument, unamortized discount	163,200
Debt instrument, transaction cost	$ 715,170
Debt instrument, yield percentage	5.67%
Amount used by company	$ 28,256,335
Federal Home Loan Bank of New York [Member]
Advances limit, description		Advances are limited to 85% of the amount of available collateral, which was approximately $9,318,000
Maximum allowable advances		$ 12,751,000

Stockholders Equity (Details)

Stockholders Equity (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity
Dividend Yield		3.14%
Volatility		37.69%
Risk-Free Interest Rate	16.00%	1.40%
Expected Life		2 years 9 months

Stockholders Equity (Details 1)

Stockholders Equity (Details 1) - Stock Option [Member]	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Number of Shares, Outstanding, Beginning Balance | shares	119,966
Number of Shares, Outstanding, Expired | shares	(12,000)
Number of Shares, Outstanding, Ending Balance | shares	107,966
Number of Shares, Outstanding, Vested and Exercisable | shares	27,500
Weighted Average Exercise Price per Share, Outstanding, Beginning Balance | $ / shares	$ 8.26
Weighted Average Exercise Price per Share, Outstanding, Expired | $ / shares	7.85
Weighted Average Exercise Price per Share, Outstanding, Ending Balance | $ / shares	8.31
Weighted Average Exercise Price per Share, Outstanding, Vested and Exercisable | $ / shares	$ 8.64
Weighted Average Remaining Contractual Term, Beginning Balance	3 years 6 months 18 days
Weighted Average Remaining Contractual Term, Ending Balance	3 years 8 months 4 days
Weighted Average Remaining Contractual Term, Vested and Exercisable	3 years 2 months 4 days
Aggregate Intrinsic Value, Beginning Balance | $	$ 0
Aggregate Intrinsic Value, Ending Balance | $	33,994
Aggregate Intrinsic Value, Vested and Exercisable | $	$ 1,725

Stockholders Equity (Details 2)

Stockholders Equity (Details 2) - Restricted Stock [Member]	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Number of options outstanding, beginning | shares	370,964
Granted shares | shares	321,335
Vested shares | shares	124,187
Number of options outstanding, ending | shares	568,112
Weighted Average Grant Date Fair Value per Share, beginning balance | $ / shares	$ 9.96
Weighted Average Grant Date Fair Value per Share, granted | $ / shares	6.95
Weighted Average Grant Date Fair Value per Share, vested | $ / shares	9.50
Weighted Average Grant Date Fair Value per Share, ending balance | $ / shares	$ 8.98
Aggregate Fair Value, beginning balance	$ 3,990,999
Aggregate Fair Value, granted	2,233,366
Aggregate Fair Value, vested	1,180,239
Aggregate Fair Value, Forfeited	0
Aggregate Fair Value, ending balance	$ 5,044,126

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Aug. 05, 2020
Dividends declared	$ 427,217	$ 675,960
Stock-based compensation expense related to stock options is net of estimated forfeitures	$ 14,000	$ 17,000
Stock-based compensation expense related to stock options is net of estimated forfeitures, rate	16.00%	1.40%
stock based compensation	$ 481,000	$ 472,000
Estimated fair value of unamortized compensation cost related to unvested stock option awards	$ 50,000
Aggregate intrinsic value, Options Outstanding and Options Exercisable	$ 8.54
Average Intrinsic Value, Expired	$ 0
Common stock shares authorized	20,000,000		20,000,000
Black - Scholes Option Pricing Model [Member]
Dividend per share	$ 1.66
Plan 2014 Member
Shares reserved for grants	556,357
Board Of Directors [Member] | Plan 2014 Member
Common stock shares authorized	700,000			1,400,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Deferred tax asset:
Net operating loss carryovers (1)	$ 559,181	$ 0
Claims reserve discount	901,585	838,030
Unearned premium	3,783,502	3,880,275
Deferred ceding commission revenues	19,597	19,639
Other	608,485	648,691
Total deferred tax assets	5,872,350	5,386,635
Deferred tax liability:
Investment in KICO (2)	759,543	759,543
Deferred acquisition costs	4,063,918	4,229,928
Intangibles asset	105,000	105,000
Depreciation and amortization	908,157	954,446
Net unrealized gains (losses) of securities - available-for-sale	3,173,963	3,494,631
Total deferred tax liabilities	9,010,581	9,543,548
Net deferred income tax liability	$ 3,138,231	$ 4,156,913

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Income Taxes
Federal only, current year (A)	$ 559,181	$ 1,200,056
NOL carried back	0	1,200,056
Federal only, current year	559,181	0
State only (B)	$ 1,931,884	1,815,546
Expiration of net operating loss carryforward	Dec. 31, 2040
Valuation allowance	$ 1,931,884	1,815,546
State only, net of valuation allowance	0	0
Total deferred tax asset from net operating loss carryovers	$ 559,181	$ 0

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended	24 Months Ended
	Dec. 31, 2020	Dec. 31, 2015	Mar. 31, 2021
Corporate tax rate	21.00%	34.00%
Net operating loss carryover	$ 27,931,000		$ 29,721,000
KICO | July 1, 2009
Original purchase surplus notes			2,921,319
Untaxed interest			1,169,000
Deferred tax liability reduced			759,543
Deferred tax liability			$ 759,543
Acquired equity interest rate			100.00%
Consideration exchange principal amount			$ 3,750,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Loss per common share:
Weighted average number of shares outstanding	10,676,298	10,807,841	10,807,841
Effect of dilutive securities, common share equivalents: Stock options	$ 0		$ 0
Effect of dilutive securities, common share equivalents: Restricted stock awards	$ 0		$ 0
Weighted average number of shares outstanding, used for computing diluted earnings per share	10,676,298	10,807,841	10,807,841

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Commitments and Contingencies
Operating leases	$ 60,518	$ 81,251
Short-term leases	0	0
Total lease cost	60,518	81,251
Other information on operating leases
Cash payments included in the measurement of lease liability in operating cash flows	$ 64,979	$ 82,736
Remaining lease term in years	5 years 9 months	6 years 9 months
Discount rate	5.50%	5.50%

Commitments and Contingencies_3

Commitments and Contingencies (Details 1)	Mar. 31, 2021USD ($)
Commitments and Contingencies
Remainder of 2021	$ 220,245
2022	273,831
2023	283,415
2024	140,739
2025	94,799
Thereafter	98,117
Total undiscounted lease payments	1,111,146
Less: present value adjustment	156,672
Operating lease liability	$ 954,474

Commitments and Contingencies_4

Commitments and Contingencies (Details Narrative) - USD ($)	1 Months Ended			3 Months Ended		12 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Sep. 16, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Rent expenses				$ 60,518	$ 81,251
Dale A. Thatcher [Member]
Severance payments				$ 20,000
Dale A. Thatcher [Member] | Relinquishment Agreement [Member]
Description of payments and benefits				$381,111 (representing the amount of base salary he would have received had he remained employed through March 31, 2020), (ii) $5,000 in full satisfaction for any bonus payments payable under the existing employment agreements, (iii) continuing group health coverage commencing on the Separation Date and ending on March 31, 2020, and (iv) continued vesting of all stock awards previously granted to Mr. Thatcher in his capacity as an executive officer but which were unvested as of the Separation Date
Unissued shares vested				14,077
Dale A. Thatcher [Member] | Relinquishment Agreement [Member] | January 1, 2021 [Member]
Unissued shares vested				11,905
Dale A. Thatcher [Member] | Relinquishment Agreement [Member] | January 1, 2022 [Member]
Unissued shares vested				14,076
Aggregate consideration payment				$ 280,406
Barry Goldstein, President, Chief Executive Officer and Executive Chairman of the Board [Member] | Employment Agreement [Member]
Salary				$ 500,000
Description Annual Bonus				annual bonus equal to 6% of the Company’s consolidated income from operations before taxes, exclusive of the Company’s consolidated net investment income (loss), net unrealized gains (losses) on equity securities and net realized gains (losses) on investments, up to a maximum of 2.5 times his base salary. In addition, pursuant to the Amended Employment Agreement, Mr. Goldstein is entitled to receive a long-term compensation (“LTC”) award of between $945,000 and $2,835,000 based on a specified minimum increase in the Company’s adjusted book value per share
Employment agreement description				Mr. Goldstein’s granted but unvested restricted stock awards will vest. Mr. Goldstein would be entitled, under certain circumstances, to a payment equal to 3.82 times his then annual salary, the target LTC payment of $1,890,000 and his accrued 6% bonus in the event of the termination of his employment within eighteen months following a change of control of the Company
Restricted stock issued		30,000		30,000
Barry GoldsteinMr. Goldstein [Member] | Employment Agreement [Member]
Restricted stock issued	21,000
Golden Emloyment Agreement [Member] | Mery Golden Chief Operating Officer [Member]
Salary			$ 500,000
Option purchase			50,000
Amended Employment Agreement [Member] | January 2020 [Member]
Restricted stock issued	230,769			157,431		17,191
Restricted stock issued value	$ 1,500,000			$ 1,250,000		$ 136,500

Deferred Compensation Plan (Det

Deferred Compensation Plan (Details Narrative) - USD ($)	1 Months Ended
	Jun. 18, 2018	Mar. 31, 2021	Dec. 31, 2020
Deferred Compensation Plan
Deferred compensation liability		$ 835,302	$ 763,789
Description of deferred compensation	The Deferred Compensation Plan provides for eligible Participants to elect to defer up to 75% of their base compensation and up to 100% of bonuses and other compensation and to have such deferred amounts deemed to be invested in specified investment options

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	May 03, 2021$ / shares
Subsequent Event [Member] | Board Of Directors [Member]
Dividend	$ 0.04