Kingstone Companies (KINS) 10-K 31 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 21, 2023	Jun. 30, 2022
Cover [Abstract]
Entity Registrant Name	KINGSTONE COMPANIES, INC.
Entity Central Index Key	0000033992
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		10,755,564
Entity Public Float			$ 37,666,345
Document Annual Report	true
Document Transition Report	false
Entity File Number	0-1665
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	Common Stock, $0.01 par value per share
Trading Symbol	KINS
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Icfr Auditor Attestation Flag	false
Auditor Name	Marcum llp
Auditor Location	Hartford, CT
Auditor Firm Id	688

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $6,600,388 at December 31, 2022 and $8,753,159 at December 31, 2021)	$ 7,766,140	$ 8,266,334
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $174,918,427 at December 31, 2022 and $155,808,478 at December 31, 2021)	154,715,163	158,080,110
Equity securities, at fair value (cost of $18,086,700 at December 31, 2022 and $37,470,669 at December 31, 2021)	13,834,390	39,687,002
Other investments	2,771,652	7,561,415
Total investments	179,087,345	213,594,861
Cash and cash equivalents	11,958,228	24,290,598
Premiums receivable, net	13,880,504	12,318,336
Reinsurance receivables, net	66,465,061	40,292,438
Deferred policy acquisition costs	23,819,453	22,238,987
Intangible assets	500,000	500,000
Property and equipment, net	10,541,935	9,291,597
Deferred income taxes, net	10,331,158	192,253
Other assets	3,748,847	8,593,205
Total assets	320,332,531	331,312,275
Liabilities
Loss and loss adjustment expense reserves	118,339,513	94,948,745
Unearned premiums	107,492,777	97,759,607
Advance premiums	2,839,028	2,693,466
Reinsurance balances payable	13,061,966	12,961,568
Deferred ceding commission revenue	10,619,569	9,748,508
Accounts payable, accrued expenses and other liabilities	6,651,723	7,704,396
Debt, net	25,158,523	29,823,791
Total liabilities	284,163,099	255,640,081
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 12,171,512 shares at December 31, 2022 and 11,955,660 shares at December 31, 2021; outstanding 10,700,106 shares at December 31, 2022 and 10,484,254 shares at December 31, 2021	121,715	119,557
Capital in excess of par	74,519,590	72,467,483
Accumulated other comprehensive (loss) income	(15,958,428)	1,796,739
(Accumulated deficit) retained earnings	(16,945,964)	6,855,896
Stockholders equity before treasury stock	41,736,913	81,239,675
Treasury stock, at cost, 1,471,406 shares at December 31, 2022 and December 31, 2021	5,567,481	5,567,481
Total stockholders' equity	36,169,432	75,672,194
Total liabilities and stockholders' equity	$ 320,332,531	$ 331,312,275

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Fixed-maturity Securities, Held-to-maturity, Fair Value	$ 6,600,388	$ 8,753,159
Fixed-maturity Securities, Available-for-sale, Amortized Cost	174,918,427	155,808,478
Equity Securities, at fair value	$ 18,086,700	$ 37,470,669
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	12,171,512	11,955,660
Common Stock, Outstanding Shares	10,700,106	10,484,254
Treasury Stock, Shares	1,471,406	1,471,406

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenues
Net premiums earned	$ 114,384,531	$ 143,881,719
Ceding commission revenue	19,319,391	89,681
Net investment income	4,936,778	6,621,392
Net (losses) gains on investments	(9,391,865)	9,786,955
Other income	910,455	851,494
Total revenues	130,159,290	161,231,241
Expenses
Loss and loss adjustment expenses	88,390,042	101,972,596
Commission expense	34,581,617	33,114,103
Other underwriting expenses	26,697,006	26,254,143
Other operating expenses	3,113,473	4,183,211
Depreciation and amortization	3,300,445	3,290,445
Interest expense	2,019,047	1,826,180
Total expenses	158,101,630	170,640,678
Loss from operations before taxes	(27,942,340)	(9,409,437)
Income tax benefit	(5,417,546)	(2,031,136)
Net loss	(22,524,794)	(7,378,301)
Other comprehensive loss, net of tax
Gross change in unrealized losses on available-for-sale-securities	(22,540,229)	(5,111,234)
Reclassification adjustment for losses (gains) included in net loss	65,333	(5,120,822)
Net change in unrealized losses	(22,474,896)	(10,232,056)
Income tax benefit related to items of other comprehensive loss	4,719,729	2,148,733
Other comprehensive loss, net of tax	(17,755,167)	(8,083,323)
Comprehensive loss	$ (40,279,961)	$ (15,461,624)
Loss per common share:
Basic	$ (2.12)	$ (0.70)
Diluted	$ (2.12)	$ (0.70)
Weighted average common shares outstanding
Basic	10,645,365	10,587,912
Diluted	10,645,365	10,587,912
Dividends declared and paid per common share	$ 0.12	$ 0.16

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Preferred Stock	Common Stock	Treasury Stock	Capital in Excess of Par	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)
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	1,904,935	0	$ 0	0	1,904,935	0	0
Vesting of restricted stock awards, shares			114,432
Vesting of restricted stock awards, amount	0	0	$ 1,144	0	(1,144)	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(30,079)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(205,773)	0	$ (300)	$ 0	(205,473)	0	0
Acquisition of treasury stock, shares				216,914
Acquisition of treasury stock, amount	(1,671,598)	0	0	$ (1,671,598)	0	0	0
Dividends	1,694,148	0	0	0	0	0	1,694,148
Net loss	(7,378,301)	0	0	0	0	0	(7,378,301)
Change in unrealized losses on available- for-sale securities, net of tax	(8,083,323)	0	$ 0	$ 0	0	(8,083,323)	0
Balance, shares at Dec. 31, 2021			11,955,660	1,471,406
Balance, amount at Dec. 31, 2021	75,672,194	0	$ 119,557	$ (5,567,481)	72,467,483	1,796,739	6,855,896
Stock-based compensation	1,392,612	0	$ 0	0	1,392,612	0	0
Vesting of restricted stock awards, shares			262,490
Vesting of restricted stock awards, amount	0	0	$ 2,625	0	(2,625)	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(79,860)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(392,011)	0	$ (799)	0	(391,212)	0	0
Dividends	1,277,066	0	0	0	0	0	1,277,066
Net loss	(22,524,794)	0	0	0	0	0	(22,524,794)
Change in unrealized losses on available- for-sale securities, net of tax	(17,755,167)	0	$ 0	0	0	(17,755,167)	0
Issuance of common stock - employee stock purchase plan, shares			33,222
Issuance of common stock - employee stock purchase plan, amount	60,464	0	$ 332	0	60,132	0	0
Warrants issued with exchange of debt	993,200	0	$ 0	$ 0	993,200	0	0
Balance, shares at Dec. 31, 2022			12,171,512	1,471,406
Balance, amount at Dec. 31, 2022	$ 36,169,432	$ 0	$ 121,715	$ (5,567,481)	$ 74,519,590	$ (15,958,428)	$ (16,945,964)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (22,524,794)	$ (7,378,301)
Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities:
Net losses (gains) on investments	140,063	(7,234,028)
Net unrealized losses (gains) on equity investments	6,494,380	(276,340)
Net unrealized losses (gains) on other investments	2,757,422	(2,276,587)
Depreciation and amortization	3,300,445	3,290,445
Bad debt expense	132,577	160,369
Amortization of bond premium, net	3,995,751	260,343
Amortization of discount and issuance costs on debt	230,389	176,180
Stock-based compensation	1,392,612	1,904,935
Deferred income tax benefit	(5,419,176)	(2,200,433)
Decrease (increase) in operating assets:
Premiums receivable, net	(1,694,745)	(659,066)
Reinsurance receivables, net	(26,172,623)	5,168,291
Deferred policy acquisition costs	(1,580,466)	(2,096,472)
Other assets	4,844,358	667,952
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves	23,390,768	12,147,517
Unearned premiums	9,733,170	7,750,335
Advance premiums	145,562	33,112
Reinsurance balances payable	100,398	5,981,833
Deferred ceding commission revenue	871,061	9,654,989
Accounts payable, accrued expenses and other liabilities	(1,052,673)	(728,837)
Net cash flows (used in) provided by operating activities	(915,521)	24,346,237
Cash flows from investing activities:
Purchase - fixed-maturity securities held-to-maturity	(498,711)	(3,175,686)
Purchase - fixed-maturity securities available-for-sale	(48,733,416)	(91,210,388)
Purchase - equity securities	(684,778)	(19,195,630)
Purchase - other investments	0	(2,000,000)
Redemption - fixed-maturity securities held-to-maturity	1,000,000	2,217,428
Sale and maturity - fixed-maturity securities available-for-sale	25,606,590	85,347,589
Sale - equity securities	19,379,047	16,333,946
Sale - real estate partnership	0	233,798
Redemption - other investments	2,576,272	0
Acquisition of property and equipment	(4,550,783)	(4,498,919)
Net cash flows used in investing activities	(5,905,779)	(15,947,862)
Cash flows from financing activities:
Proceeds from equipment financing	8,096,824	0
Principal payments on equipment financing	(191,169)	0
Principal payment on 2017 Notes refinancing	(10,050,000)	0
Bond issue costs on 2022 Notes	(1,758,112)	0
Withholding taxes paid on vested retricted stock awards	(392,011)	(205,773)
Net proceeds from issuance of common stock - employee stock purchase plan	60,464	0
Purchase of treasury stock	0	(1,671,598)
Dividends paid	(1,277,066)	(1,694,148)
Net cash flows used in financing activities	(5,511,070)	(3,571,519)
(Decrease) increase in cash and cash equivalents	(12,332,370)	4,826,856
Cash and cash equivalents, beginning of period	24,290,598	19,463,742
Cash and cash equivalents, end of period	11,958,228	24,290,598
Supplemental disclosures of cash flow information:
Cash paid for income taxes	0	0
Cash paid for interest	1,600,626	1,650,000
Supplemental schedule of non-cash investing and financing activities:
Warrants issued under the Exchange Agreement	993,200	0
Other comprehensive loss, net of tax	$ (17,755,167)	$ (8,083,323)

Nature of Business

Nature of Business	12 Months Ended
	Dec. 31, 2022
Nature of Business
Nature of Business	Note 1 - Nature of Business 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, 80.6% and 79.5% of KICO’s direct written premiums for the years ended December 31, 2022 and 2021, respectively, came from the New York policies. Kingstone, through its wholly owned subsidiary, Cosi Agency, Inc. (“Cosi”), a multi-state licensed general agency, receives commission revenue from KICO for the policies it places with others and pays commissions to these agencies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation; Going Concern The accompanying consolidated financial statements have been prepared in accordance with GAAP assuming that the Company will continue as a going concern for a period of one year from the issuance date of the financial statements. The Company’s $30,000,000 5.5% Senior Unsecured Notes (the “2017 Notes”) were due on December 30, 2022. The Company’s continuation as a going concern was dependent on its ability to obtain financing and/or other funds to satisfy such obligation. The 2017 Notes were refinanced on December 15, 2022 under a note and warrant exchange agreement with a refinanced balance of $19,950,000 as of December 31, 2022 and a maturity date of December 30, 2024. (see Note 9 - Debt). Principles of Consolidation The consolidated financial statements include the accounts of Kingstone and its wholly owned subsidiaries: (1) KICO and its wholly owned subsidiaries, CMIC Properties, Inc. and 15 Joys Lane, LLC, which together own the land and building from which KICO operates, and (2) Cosi. All significant inter-company account balances and transactions have been eliminated in consolidation. Revenue Recognition Net Premiums Earned Insurance policies issued by the Company are short-duration contracts. Accordingly, premium revenues, net of premiums ceded to reinsurers, are recognized as earned in proportion to the amount of insurance protection provided, on a pro-rata basis over the terms of the underlying policies. Unearned premiums represent premiums applicable to the unexpired portions of in-force insurance contracts at the end of each year. Ceding Commission Revenue Commissions on reinsurance premiums ceded are earned in a manner consistent with the recognition of the costs of the reinsurance, generally on a pro-rata basis over the terms of the policies reinsured. Unearned amounts are recorded as deferred ceding commission revenue. Certain reinsurance agreements contain provisions whereby the ceding commission rates vary based on the loss experience under the agreements. The Company records ceding commission revenue based on its current estimate of subject losses. The Company records adjustments to ceding commission revenue in the period that changes in the estimated losses are determined. Loss and Loss Adjustment Expenses (“LAE”) Reserves The liability for loss and LAE represents management’s best estimate of the ultimate cost of all reported and unreported losses that are unpaid as of the balance sheet date. The liability for loss and LAE is estimated on an undiscounted basis, using individual case-basis valuations, statistical analyses and various actuarial reserving methodologies. The projection of future claim payment and reporting is based on an analysis of the Company’s historical experience, supplemented by analyses of industry loss data. Management believes that the reserves for loss and LAE are adequate to cover the ultimate cost of losses and claims to date; however, because of the uncertainty from various sources, including changes in reporting patterns, claims settlement patterns, judicial decisions, legislation, and economic conditions, actual loss experience may not conform to the assumptions used in determining the estimated amounts for such liability at the balance sheet date. Adjustments to these estimates are reflected in expense for the period in which the estimates are changed. Because of the nature of the business historically written, management believes that the Company has limited exposure to environmental claim liabilities. Reinsurance In the normal course of business, the Company seeks to reduce the loss that may arise from catastrophes or other events that cause unfavorable underwriting results. This is done by reinsuring certain levels of risk in various areas of exposure with a panel of financially secure reinsurance carriers. Reinsurance receivables represents management’s best estimate of paid and unpaid loss and LAE recoverable from reinsurers, and ceded losses receivable and unearned ceded premiums under reinsurance agreements. Ceded losses receivable are estimated using techniques and assumptions consistent with those used in estimating the liability for loss and LAE. Management believes that reinsurance receivables as recorded represent its best estimate of such amounts; however, as changes in the estimated ultimate liability for loss and LAE are determined, the estimated ultimate amount receivable from the reinsurers will also change. Accordingly, the ultimate receivable could be significantly in excess of or less than the amount recorded in the consolidated financial statements. Adjustments to these estimates are reflected in the period in which the estimates are changed. Loss and LAE incurred as presented in the consolidated statements of operations and comprehensive income (loss) are net of reinsurance recoveries. Management has evaluated its reinsurance arrangements and determined that significant insurance risk is transferred to the reinsurers. Reinsurance agreements have been determined to be short-duration prospective contracts and, accordingly, the costs of the reinsurance are recognized over the life of the contract in a manner consistent with the earning of premiums on the underlying policies subject to the reinsurance contract. Management estimates uncollectible amounts receivable from reinsurers based on an assessment of factors including the creditworthiness of the reinsurers and the adequacy of collateral obtained, where applicable. There was no allowance for uncollectible reinsurance as of December 31, 2022 and 2021. The Company did not expense any uncollectible reinsurance for the years ended December 31, 2022 and 2021 Significant uncertainties are inherent in the assessment of the creditworthiness of reinsurers and estimates of any uncollectible amounts due from reinsurers. Any change in the ability of the Company’s reinsurers to meet their contractual obligations could have a material adverse effect on the consolidated financial statements as well as KICO’s ability to meet its regulatory capital and surplus requirements. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company maintains its cash balances at several financial institutions. Investments The Company classifies its fixed-maturity securities as either held-to-maturity or available-for-sale. Fixed-maturity securities that the Company has the specific intent and ability to hold until maturity are classified as such and carried at amortized cost. Available-for-sale securities are reported at their estimated fair values based on quoted market prices from recognized pricing services, with unrealized gains and losses, net of tax effects, reported as a separate component of accumulated other comprehensive income. Realized gains and losses are determined on the specific identification method and reported in net loss in the consolidated statements of operations and comprehensive income (loss). Equity securities are reported at their estimated fair values based on quoted market prices from recognized pricing services, with unrealized gains and losses reported in net loss. Other investments are reported at their estimated fair values using the net asset value (“NAV”) per share (or its equivalent) of the instrument with unrealized gains and losses reported in net loss. See Note - 3, Investments for additional discussion. The Company may sell its available-for-sale securities, equity securities, and other investments in response to changes in interest rates, risk/reward characteristics, liquidity needs or other factors. Investment income is accrued to the balance sheet dates of the consolidated financial statements and includes amortization of premium and accretion of discount on fixed-maturity securities. Interest is recognized when earned, while dividends are recognized when declared. Due and accrued investment income totaled approximately $1,299,000 and $1,861,000 as of December 31, 2022 and 2021, respectively, and is included in other assets on the accompanying consolidated balance sheets. Premiums Receivable Premiums receivable include balances due currently or in the future and are presented net of an allowance for doubtful accounts of approximately $39,000 and $233,000 as of December 31, 2022 and 2021, respectively. The allowance for uncollectible amounts is based on an analysis of amounts receivable giving consideration to historical loss experience and current economic conditions and reflects an amount that, in management’s judgment, is adequate. Uncollectible premiums receivable balances of approximately $133,000 and $160,000 were written off for the years ended December 31, 2022 and 2021, respectively. Deferred Policy Acquisition Costs Policy acquisition costs represent the costs of writing business that vary with, and are primarily related to, the successful production of insurance business (principally commissions, premium taxes and certain underwriting salaries). Policy acquisition costs are deferred and recognized as expense as the related premiums are earned. Intangible Assets The Company has recorded acquired identifiable intangible assets. The cost of a group of assets acquired in a transaction is allocated to the individual assets including identifiable intangible assets based on their fair values. Identifiable intangible assets with a finite useful life are amortized over the period that the asset is expected to contribute directly or indirectly to the future cash flows of the Company. Intangible assets with an indefinite life are not amortized, but are subject to impairment testing if events or changes in circumstances indicate that it is more likely than not the asset is impaired. All identifiable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that a carrying amount may not be recoverable. No impairment losses from intangible assets were recognized for the years ended December 31, 2022 and 2021. Property and Equipment Building and building improvements, automobiles, furniture, computer equipment, and computer software are reported at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. The Company estimates the useful life for computer equipment, automobiles, furniture and other equipment is three years, computer software is three to five years, and building and building improvements is 39 years. The Company reviews its real estate assets used as its headquarters to evaluate the necessity of recording impairment losses for market changes due to declines in the estimated fair value of the property. In evaluating potential impairment, management considers the current estimated fair value compared to the carrying value of the asset. At December 31, 2022 and 2021, the fair value of the real estate assets is estimated to be in excess of the carrying value. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. The Company files a consolidated tax return with its subsidiaries. At December 31, 2022 and 2021, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. Concentration, Credit Risk and Market Risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, investments, and premium and reinsurance receivables. At times, cash may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced any losses on such accounts and management believes the Company is not exposed to any significant credit risk. Stressed conditions, volatility and disruptions in capital markets or financial asset classes can have an adverse effect on the Company, in part because the Company has a large investment portfolio supporting the Company’s insurance liabilities, which are sensitive to changing market factors. These market factors, which include interest rates, credit spread, equity prices, and the volatility and strength of the capital markets, all affect the business and economic environment and, ultimately, the profitability of the Company’s business. The Company manages its investments to limit credit and other market risks by diversifying its portfolio among various security types and industry sectors based on KICO’s investment committee guidelines, which employ a variety of investment strategies. As of December 31, 2022 and 2021, the Company’s cash equivalents were as follows: December 31, December 31, 2022 2021 Collateralized bank repurchase agreement (1) $ 159,596 $ 142,258 Money market funds 2,458,223 992,347 Total $ 2,617,819 $ 1,134,605 (1) The Company has a security interest in certain of the bank’s holdings of direct obligations of the United States or one or more agencies thereof. The collateral is held in a hold-in-custody arrangement with a third party who maintains physical possession of the collateral on behalf of the bank. At December 31, 2022, the outstanding premiums receivable balance is generally diversified due to the large number of individual insureds comprising the Company’s customer base. The Company also has receivables from its reinsurers. Reinsurance contracts do not relieve the Company of its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company periodically evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. See Note 7- Reinsurance for reinsurance recoverables on unpaid and paid losses by reinsurer. Management’s policy is to review all outstanding receivables quarterly as well as the bad debt write-offs experienced in the past and establish an allowance for doubtful accounts, if deemed necessary. Direct premiums earned from lines of business in excess of 10% of the total subject the Company to concentration risk for the years ended December 31, 2022 and 2021as follows: Years ended December 31, 2022 2021 Personal Lines 94.0 % 95.3 % Premiums earned not subject to concentration 6.0 % 4.7 % Total premiums earned 100.0 % 100.0 % (1) For the years ended December 31, 2022 and 2021, premiums earned not subject to concentration are comprised primarily of one line of business. 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, and includes the reserves for losses and LAE, which 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 used in preparing the consolidated financial statements. Earnings (Loss) per share Basic earnings (loss) per common share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share reflects, in periods in which they have a dilutive effect, the impact of common shares issuable upon the exercise of stock options and warrants as well as non-vested restricted stock awards. The computation of diluted earnings (loss) per share excludes those options and warrants with an exercise price in excess of the average market price of the Company’s common shares during the periods presented. Additionally, the computation of diluted earnings (loss) per share excludes unvested restricted stock awards as calculated using the treasury stock method. Advertising Costs Advertising costs are charged to operations as incurred. Advertising costs are included in other underwriting expenses in the accompanying consolidated statements of operations and comprehensive income (loss) and were approximately $114,000 and $110,000 for the years ended December 31, 2022 and 2021, respectively. Stock-based Compensation Stock-based compensation expense in 2022 and 2021 is the estimated fair value of restricted stock awards and options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award less an estimate for anticipated forfeitures. The Company uses the “simplified” method to estimate the expected term of the options because the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate expected term. Warrants The Company’s outstanding issued warrants are accounted for as equity in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. The Compensated Absences Employees of the Company are entitled to paid vacations, sick days, and other time off depending on job classification, length of service and other factors. The Company has determined it is impracticable to estimate the amount of compensation of future absences and, accordingly, no liability has been recorded in the accompanying consolidated financial statements. The Company’s policy is to recognize the cost of compensated absences when paid to employees. Leases The Company records operating leases in accordance with Accounting Standards Update (“ASU”) 2016-02 – Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, the Company recognized a right-of-use-asset and corresponding liability on the balance sheet for all leases, except for leases covering a period of fewer than 12 months. The liability has been measured at the present value of the future minimum lease payments taking into account renewal options if applicable plus initial incremental direct costs such as commissions. The minimum payments are discounted using the Company’s incremental borrowing rate. The right-of-use asset is amortized as rent expense on a straight-line basis. Comprehensive Income (Loss) Comprehensive income (loss) refers to revenues, expenses, gains and losses that are included in comprehensive income (loss) but are excluded from net income (loss) as these amounts are recorded directly as an adjustment to stockholders’ equity, primarily from changes in unrealized gains and losses on available-for-sale securities, net of the related income taxes. Accounting Changes The Company has determined that it was not subject to any new accounting pronouncements that became effective during the year ended December 31, 2022. Recent Accounting Pronouncements 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	12 Months Ended
	Dec. 31, 2022
Investments
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 December 31, 2022 and 2021 are summarized as follows: December 31, 2022 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Losses Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) $ 23,874,545 $ 1,479 $ (6,928 ) $ - $ 23,869,096 $ (5,449 ) Political subdivisions of States, Territories and Possessions 17,108,154 - (2,195,273 ) (1,771,494 ) 13,141,387 (3,966,767 ) Corporate and other bonds Industrial and miscellaneous 80,338,464 - (5,796,994 ) (2,458,985 ) 72,082,485 (8,255,979 ) Residential mortgage and other asset backed securities (2) 53,597,264 58,398 (882,664 ) (7,150,803 ) 45,622,195 (7,975,069 ) Total fixed-maturity securities $ 174,918,427 $ 59,877 $ (8,881,859 ) $ (11,381,282 ) $ 154,715,163 $ (20,203,264 ) December 31, 2021 Net Cost or Gross Gross Unrealized Losses Estimated Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) Fixed-Maturity Securities: Political subdivisions of States, Territories and Possessions $ 17,236,750 $ 246,748 $ (197,984 ) $ - $ 17,285,514 $ 48,764 Corporate and other bonds Industrial and miscellaneous 80,534,769 2,603,411 (126,926 ) - 83,011,254 2,476,485 Residential mortgage and other asset backed securities 58,036,959 355,985 (489,258 ) (120,344 ) 57,783,342 (253,617 ) Total fixed-maturity securities $ 155,808,478 $ 3,206,144 $ (814,168 ) $ (120,344 ) $ 158,080,110 $ 2,271,632 (1) In October 2022, KICO placed certain U.S. Treasury Bills as required collateral for a sale leaseback transaction in a designated custodian account (see Note 9 – Debt - “Equipment Financing”). As of December 31, 2022, the estimated fair value of the eligible collateral was approximately $11,457,000. (2) 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 9 – Debt – “Federal Home Loan Bank”). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of December 31, 2022, the estimated fair value of the eligible investments was approximately $12,228,000. KICO will retain all rights regarding all securities if pledged as collateral. As of December 31, 2022 and 2021 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 December 31, 2022 and 2021 is shown below: December 31, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ 16,359,100 $ 16,307,991 $ 1,153,099 $ 1,156,636 One to five years 18,605,987 14,085,113 43,007,110 44,914,759 Five to ten years 54,559,158 52,230,283 26,808,853 27,332,581 More than 10 years 31,796,918 26,469,581 26,802,457 26,892,792 Residential mortgage and other asset backed securities 53,597,264 45,622,195 58,036,959 57,783,342 Total $ 174,918,427 $ 154,715,163 $ 155,808,478 $ 158,080,110 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 December 31, 2022 and 2021 are as follows: December 31, 2022 Gross Gross Estimated Category Cost Gains Losses Fair Value Equity Securities: Preferred stocks $ 13,583,942 $ - $ (3,589,313 ) $ 9,994,629 Common stocks, mutual funds, and exchange traded funds 4,502,758 158,635 (821,632 ) 3,839,761 Total $ 18,086,700 $ 158,635 $ (4,410,945 ) $ 13,834,390 December 31, 2021 Gross Gross Estimated Category Cost Gains Losses Fair Value Equity Securities: Preferred stocks $ 22,019,509 $ 1,007,009 $ (184,617 ) $ 22,841,901 Common stocks, mutual funds, and exchange traded funds 15,451,160 1,573,653 (179,712 ) 16,845,101 Total $ 37,470,669 $ 2,580,662 $ (364,329 ) $ 39,687,002 Other Investments The cost and estimated fair value of, and gross unrealized gains on, the Company’s other investments as of December 31, 2022 and 2021 are as follows: December 31, 2022 December 31, 2021 Gross Estimated Gross Estimated Category Cost Gains Fair Value Cost Gains Fair Value Other Investments: Hedge fund $ 1,987,040 $ 784,612 $ 2,771,652 $ 3,999,381 $ 3,562,034 $ 7,561,415 Held-to-Maturity Securities The cost or amortized cost and estimated fair value of, and gross unrealized gains and losses on, investments in held-to-maturity fixed-maturity securities as of December 31, 2022 and 2021 are summarized as follows: December 31, 2022 Net Cost or Gross Gross Unrealized Losses Estimated Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) Held-to-Maturity Securities: U.S. Treasury securities $ 1,228,560 $ 28,400 $ (34,077 ) $ - $ 1,222,883 $ (5,677 ) Political subdivisions of States, Territories and Possessions 498,638 2,092 - - 500,730 2,092 Exchange traded debt 304,111 - (29,111 ) - 275,000 (29,111 ) Corporate and other bonds Industrial and miscellaneous 5,734,831 36,968 (809,746 ) (360,278 ) 4,601,775 (1,133,056 ) Total $ 7,766,140 $ 67,460 $ (872,934 ) $ (360,278 ) $ 6,600,388 $ (1,165,752 ) December 31, 2021 Net Cost or Gross Gross Unrealized Losses Estimated Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) Held-to-Maturity Securities: U.S. Treasury securities $ 729,642 $ 209,633 $ - $ - $ 939,275 $ 209,633 Political subdivisions of States, Territories and Possessions 998,239 22,856 - - 1,021,095 22,856 Exchange traded debt 304,111 85 13,921 ) 290,275 (13,836 ) Corporate and other bonds Industrial and miscellaneous 6,234,342 280,951 (12,779 ) - 6,502,514 268,172 Total $ 8,266,334 $ 513,525 $ (26,700 ) $ - $ 8,753,159 $ 486,825 Held-to-maturity U.S. Treasury securities are held in trust pursuant to various states’ minimum fund requirements. A summary of the amortized cost and the estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of December 31, 2022 and 2021 is shown below: December 31, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ 708,535 $ 743,575 $ 994,712 $ 1,008,180 One to five years 1,120,507 1,088,522 1,205,829 1,290,465 Five to ten years 1,402,704 1,200,720 1,513,942 1,648,808 More than 10 years 4,534,394 3,567,571 4,551,851 4,805,706 Total $ 7,766,140 $ 6,600,388 $ 8,266,334 $ 8,753,159 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: Years ended December 31, 2022 2021 Income: Fixed-maturity securities $ 4,211,229 $ 5,446,795 Equity securities 1,058,351 1,529,020 Cash and cash equivalents 63,683 11,511 Total 5,333,263 6,987,326 Expenses: Investment expenses 396,485 365,934 Net investment income $ 4,936,778 $ 6,621,392 Proceeds from the redemption of fixed-maturity securities held-to-maturity were $1,000,000 and $2,217,428 for the years ended December 31, 2022 and 2021, respectively. Proceeds from the sale and maturity of fixed-maturity securities available-for-sale were $25,606,590 and $85,347,589 for the years ended December 31, 2022 and 2021, respectively. Proceeds from the sale of equity securities were $19,379,047 and $16,333,946 for the years ended December 31, 2022 and 2021, respectively. The Company’s net (losses) gains on investments for the years ended December 31, 2022 and 2021 are summarized as follows: Years ended December 31, 2022 2021 Realized Gains (Losses) Fixed-maturity securities: Gross realized gains $ 143,622 $ 5,189,810 Gross realized losses (208,955 ) (90,111 ) (65,333 ) 5,099,699 Equity securities: Gross realized gains 1,384,432 2,415,136 Gross realized losses (2,048,395 ) (280,807 ) (663,963 ) 2,134,329 Other Investments: Gross realized gains 589,233 83,798 Gross realized losses - - 589,233 83,798 Net realized (losses) gains (140,063 ) 7,317,826 Unrealized (Losses) Gains Equity Securities: Gross gains - 276,340 Gross losses (6,494,380 ) - (6,494,380 ) 276,340 Other Investments: Gross gains - 2,192,789 Gross losses (2,757,422 ) - (2,757,422 ) 2,192,789 Net unrealized (losses) gains (9,251,802 ) 2,469,129 Net (losses) gains on investments $ (9,391,865 ) $ 9,786,955 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) income. 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) income 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 income (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 December 31, 2022 and December 31, 2021, there were 155 and 48 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 years ended December 31, 2022 and 2021. Significant factors influencing the Company’s determination that unrealized losses were temporary included credit quality considerations, the magnitude of the unrealized losses in relation to each security’s cost, the nature of the investment and interest rate environment factors, 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 December 31, 2022 and 2021 as follows: December 31, 2022 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 $ 18,918,196 $ (6,928 ) 3 $ - - - $ 18,918,196 $ (6,928 ) Political subdivisions of States, Territories and Possessions 7,970,633 (2,195,273 ) 9 5,170,753 (1,771,494 ) 5 13,141,386 (3,966,767 ) Corporate and other bonds industrial and miscellaneous 56,910,104 (5,796,994 ) 75 15,172,381 (2,458,985 ) 15 72,082,485 (8,255,979 ) Residential mortgage and other asset backed securities 10,145,880 (882,664 ) 22 34,753,178 (7,150,803 ) 26 44,899,058 (8,033,467 ) Total fixed-maturity securities $ 93,944,813 $ (8,881,859 ) 109 $ 55,096,312 $ (11,381,282 ) 46 $ 149,041,125 $ (20,263,141 ) December 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 6,768,123 (197,984 ) 5 - - - 6,768,123 (197,984 ) Corporate and other bonds industrial and miscellaneous 17,593,707 (126,926 ) 15 - - - 17,593,707 (126,926 ) Residential mortgage and other asset backed securities 45,399,451 (489,258 ) 26 2,923,182 (120,344 ) 2 48,322,633 (609,602 ) Total fixed-maturity securities $ 69,761,281 $ (814,168 ) 46 $ 2,923,182 $ (120,344 ) 2 $ 72,684,463 $ (934,512 )

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	Note 4 - Fair Value Measurements Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation technique used by the Company to estimate the fair value of its financial instruments is the market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets or liabilities fall within different levels of the hierarchy, the classification is based on the lowest level input that is significant to the fair value measurement of the asset or liability. Classification of assets and liabilities within the hierarchy considers the markets in which the assets and liabilities are traded, including during periods of market disruption, and the reliability and transparency of the assumptions used to determine fair value. The hierarchy requires the use of observable market data when available. The levels of the hierarchy and those investments included in each are as follows: Level 1 Level 2 Level 3 The availability of observable inputs varies and is affected by a wide variety of factors. When the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. The degree of judgment exercised by management in determining fair value is greatest for investments categorized as Level 3. For investments in this category, the Company considers prices and inputs that are current as of the measurement date. In periods of market dislocation, as characterized by current market conditions, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause a security to be reclassified between levels. The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at December 31, 2022 and 2021 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: December 31, 2022 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 $ 23,869,096 $ - $ - $ 23,869,096 Political subdivisions of States, Territories and Possessions - 13,141,387 - 13,141,387 Corporate and other bonds industrial and miscellaneous 71,585,115 497,370 - 72,082,485 Residential mortgage and other asset backed securities - 45,622,195 - 45,622,195 Total fixed maturities 95,454,211 59,260,952 - 154,715,163 Equity securities 13,834,390 - - 13,834,390 Total investments $ 109,288,601 $ 59,260,952 $ - $ 168,549,553 December 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 $ - $ - $ - $ - Political subdivisions of States, Territories and Possessions - 17,285,514 - 17,285,514 Corporate and other bonds industrial and miscellaneous 82,500,779 510,475 - 83,011,254 Residential mortgage and other asset backed securities - 57,783,342 - 57,783,342 Total fixed maturities 82,500,779 75,579,331 - 158,080,110 Equity securities 39,687,002 - - 39,687,002 Total investments $ 122,187,781 $ 75,579,331 $ - $ 197,767,112 The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of December 31, 2022 and 2021. 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 December 31, 2022 December 31, 2 Other Investments Hedge fund $ 2,771,652 $ 7,561,415 The hedge fund 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 accompanying consolidated statements of operations and comprehensive (loss) income within net (losses) gains on investments. The estimated fair value and the level of the fair value hierarchy of the Company’s debt as of December 31, 2022 and 2021, which is not measured at fair value, is as follows: December 31, 2022 Level 1 Level 2 Level 3 Total Debt Senior Notes due 2024 $ - $ 15,829,096 $ - $ 15,829,096 December 31, 2021 Level 1 Level 2 Level 3 Tot Debt Senior Notes due 2022 $ - $ 28,436,019 $ - $ 28,436,019 The fair value of debt is estimated based on observable market prices when available. When observable market prices are not available, the fair values of debt are based on observable market prices of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or is estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Real Estate	12 Months Ended
	Dec. 31, 2022
Fair Value of Financial Instruments and Real Estate
Fair Value of Financial Instruments and Real Estate	Note 5 - Fair Value of Financial Instruments and Real Estate The Company uses the following methods and assumptions in estimating the fair value of financial instruments and real estate: Equity securities, available-for-sale fixed income securities, and other investments: Cash and cash equivalents: Premiums receivable and reinsurance receivables: Real estate: Reinsurance balances payable: The estimated fair values of the Company’s financial instruments and real estate as of December 31, 2022 and 2021 are as follows: December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Fixed-maturity securities-held-to maturity, Level 1 $ 7,766,140 $ 6,600,388 $ 8,266,334 $ 8,753,159 Cash and cash equivalents, Level 1 $ 11,958,228 $ 11,958,228 $ 24,290,598 $ 24,290,598 Premiums receivable, net, Level 3 $ 13,880,504 $ 13,880,504 $ 12,318,336 $ 12,318,336 Reinsurance receivables, net, Level 3 $ 66,465,061 $ 66,465,061 $ 40,292,438 $ 40,292,438 Real estate, net of accumulated depreciation, Level 3 $ 2,050,644 $ 2,800,000 $ 2,144,464 $ 3,025,000 Reinsurance balances payable, Level 3 $ 13,061,966 $ 13,061,966 $ 12,961,568 $ 12,961,568

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2022
Intangible Assets
Intangible Assets	Note 6 - Intangible Assets Intangible assets consist of finite and indefinite life assets. Finite life intangible assets include customer and producer relationships and other identifiable intangibles. KICO’s insurance company license is considered an indefinite life intangible asset subject to annual impairment testing. All identified intangible assets of finite useful life were fully amortized as of December 31, 2022 and 2021. The components of intangible assets and their useful lives, accumulated amortization, and net carrying value as of December 31, 2022 and 2021 are summarized as follows: Useful Gross Net Life Carrying Accumulated Carrying (in yrs) Value Amortization Amount Insurance license - $ 500,000 $ - $ 500,000 Customer relationships 10 3,400,000 3,400,000 - Other identifiable intangibles 7 950,000 950,000 - Total $ 4,850,000 $ 4,350,000 $ 500,000 Intangible asset impairment testing and amortization The Company performs an analysis annually as of December 31, or sooner if there are indicators that the asset may be impaired, to identify potential impairment of intangible assets and measures the amount of any impairment loss that may need to be recognized. Intangible asset impairment testing requires an evaluation of the estimated fair value of each identified intangible asset to its carrying value. An impairment charge would be recorded if the estimated fair value is less than the carrying amount of the intangible asset. No impairments have been identified for the years ended December 31, 2022 and 2021. The Company recorded no amortization expense related to intangible assets for the years ended December 31, 2022 and 2021.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2022
Reinsurance
Reinsurance	Note 7 - Reinsurance Effective December 31, 2021, the Company entered into a quota share reinsurance treaty for its personal lines business, which primarily consists of homeowners’ and dwelling fire policies, covering the period from December 31, 2021 through January 1, 2023 (“2021/2023 Treaty”). Upon the expiration of the 2021/2023 Treaty on January 1, 2023, the Company entered into a new quota share reinsurance treaty for its personal lines business, covering the period from January 1, 2023 through January 1, 2024 (“2023/2024 Treaty”). The Company’s excess of loss and catastrophe reinsurance treaties expired on June 30, 2022 and the Company entered into new excess of loss and catastrophe reinsurance treaties effective July 1, 2022. Effective October 20, 2021, the Company entered into a stub catastrophe reinsurance treaty covering the period from October 20, 2021 through December 31, 2021. The treaty provided reinsurance coverage for catastrophe losses of $5,000,000 in excess of $5,000,000. Effective January 1, 2022, the Company entered into an underlying excess of loss reinsurance treaty (“Underlying XOL Treaty”) covering the period from January 1, 2022 through January 1, 2023. The treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Losses from named storms are excluded from the treaty. Effective January 1, 2023, the Underlying XOL Treaty was renewed covering the period from January 1, 2023 through January 1, 2024. Material terms for reinsurance treaties in effect for the treaty years shown below are as follows: Treaty Period 2023/2024 Treaty 2021/2023 Treaty July 1, January 1, July 1, December 31, July 1, December 31, 2023 2023 2022 2021 2021 2020 to to to to to to January 1, June 30, January 1, June 30, December 30, June 30, Line of Business 2024 2023 2023 2022 2021 2021 Personal Lines Homeowners, dwelling fire and and canine legal liability Quota share treaty: Percent ceded (9) 30 % 30 % 30 % 30 % None (5) None (5) Risk retained on intial $1,000,000 of losses (5) (7) (8) (9) $ 700,000 $ 700,000 $ 700,000 $ 700,000 $ 1,000,000 $ 1,000,000 Losses per occurrence subject to quota share reinsurance coverage $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 None (5) None (5) Expiration date January 1, 2024 January 1, 2024 January 1, 2023 January 1, 2023 NA (5) NA (5) Excess of loss coverage and facultative facility coverage (1) (7) (8 ) $ 8,400,000 $ 8,400,000 $ 8,400,000 $ 8,000,000 $ 8,000,000 in excess of in excess of in excess of in excess of in excess of $ 600,000 $ 600,000 $ 600,000 $ 1,000,000 $ 1,000,000 Total reinsurance coverage per occurrence (5) (7) (8) $ 500,000 $ 8,500,000 $ 8,500,000 $ 8,500,000 $ 8,000,000 $ 8,000,000 Losses per occurrence subject to reinsurance coverage (5) (8 ) $ 8,000,000 $ 9,000,000 $ 9,000,000 $ 9,000,000 $ 9,000,000 Expiration date (8 ) June 30, 2023 June 30, 2023 June 30, 2022 June 30, 2022 June 30, 2021 Catastrophe Reinsurance: Initial loss subject to personal lines quota share treaty (8) $ 10,000,000 $ 10,000,000 $ 10,000,000 $ 10,000,000 None (5) None (5) Risk retained per catastrophe occurrence (5) (9) (10) (8 ) $ 8,750,000 $ 7,400,000 $ 7,400,000 $ 10,000,000 $ 10,000,000 Catastrophe loss coverage in excess of quota share coverage (2) (5) (8 ) $ 335,000,000 $ 335,000,000 $ 490,000,000 $ 490,000,000 $ 475,000,000 Catastrophe stub coverage for the period from October 18, 2021 through December 31, 2021 (6) NA NA NA NA $ 5,000,000 NA in excess of $ 5,000,000 Reinstatement premium protection (3) (4) (8 ) Yes Yes 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 $9,000,000 in total insured value, which covers direct losses from $3,500,000 to $9,000,000 through June 30, 2023. (2) 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. (3) 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. For the period July 1, 2021 through June 30, 2022, reinstatement premium protection for $70,000,000 of catastrophe coverage in excess of $10,000,000. (4) For the period July 1, 2022 through June 30, 2023, reinstatement premium protection for $9,800,000 of catastrophe coverage in excess of $10,000,000. (5) The personal lines quota share (homeowners, dwelling fire and canine legal liability) expired on December 30, 2020; reinsurance coverage from December 31, 2020 through December 30, 2021 is only for excess of loss and catastrophe reinsurance. (6) Excludes freeze and freeze related claims. (7) For the period January 1, 2022 through January 1, 2024, underlying excess of loss treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Reduces retention to $500,000 from $700,000 under the 2021/2023 Treaty and 2022/2023 Treaty. Excludes losses from named storms. (8) Excess of loss and facultative facility, and catastrophe treaties will expire on June 30, 2023; reinsurance coverage in effect from July 1, 2023 through January 1, 2024 is only for Personal lines quota share (homeowners, dwelling fire and canine liability) and underlying excess of loss reinsurance. (9) For the 2021/2023 Treaty, 4% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2023/2024 Treaty, 17.5% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. (10) Plus losses in excess of catastrophe coverage Treaty Year July 1, 2022 July 1, 2021 July 1, 2020 to to to Line of Business June 30, 2023 June 30, 2022 June 30, 2021 Personal Lines: Personal Umbrella Quota share treaty: Percent ceded - first $1,000,000 of coverage 90 % 90 % 90 % Percent ceded - excess of $1,000,000 dollars of coverage 95 % 95 % 95 % Risk retained $ 300,000 $ 300,000 $ 300,000 Total reinsurance coverage per occurrence $ 4,700,000 $ 4,700,000 $ 4,700,000 Losses per occurrence subject to quota share reinsurance coverage $ 5,000,000 $ 5,000,000 $ 5,000,000 Expiration date June 30, 2023 June 30, 2022 June 30, 2021 Commercial Lines (1): General liability commercial policies Quota share treaty None Risk retained $ 750,000 Excess of loss coverage above risk retained $ 3,750,000 in excess of $ 750,000 Total reinsurance coverage per occurrence $ 3,750,000 Losses per occurrence subject to reinsurance coverage $ 4,500,000 Commercial Umbrella Quota share treaty None (1) Coverage on all commercial lines policies expired in September 2020; reinsurance coverage is based on treaties in effect on the date of loss. 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. Approximate reinsurance recoverables on unpaid and paid losses by reinsurer at December 31, 2022 and 2021 are as follows: Unpaid Paid ($ in thousands) Losses Losses Total Security December 31, 2022 Swiss Reinsurance America Corporation 9,469 4,823 14,292 - Hanover Rueck SE 8,681 2,698 11,379 - Others 9,510 6,067 15,577 2,399 (2) Total $ 27,660 $ 13,588 $ 41,248 $ 2,399 December 31, 2021 Cavello Bay Reinsurance Limited (1) $ 2,134 $ 3,245 $ 5,379 $ 3,006 (3) Swiss Reinsurance America Corporation 4,069 631 4,700 - Hanover Rueck SE 2,474 1,176 3,650 - Allied World Assurance Company 1,098 29 1,127 - Others 863 1,415 2,278 791 (4) Total $ 10,638 $ 6,496 $ 17,134 $ 3,797 (Columns in the tables above may not sum to totals due to rounding) (1) On December 27, 2018, Enstar Group Limited announced that one of its wholly owned subsidiaries, Cavello Bay Reinsurance Limited, acquired Maiden Reinsurance North America, Inc. (2) As of December 31, 2022, represents $1,918,000 secured pursuant to collateralized trust agreement and $481,000 guaranteed by irrevocable letters of credit. (3) As of December 31, 2021, represents $3,006,000 secured pursuant to collateralized trust agreement. (4) As of December 31, 2021, represents $791,000 guaranteed by irrevocable letters of credit. Assets held in the trusts referred to in footnotes (2) and (3) in the table above are not included in the Company’s invested assets, and investment income earned on these assets is credited to the reinsurers respectively. In addition to reinsurance recoverables on unpaid and paid losses, reinsurance receivables in the accompanying consolidated balance sheets as of December 31, 2022 and 2021 include unearned ceded premiums of approximately $25,217,000 and $23,159,000, respectively. Ceding Commission Revenue The Company earned ceding commission revenue under the 2021/2023 Treaty for the year ended December 31, 2022 based on a fixed provisional commission rate at which provisional ceding commissions will be earned. The 2021/2023 Treaty was effective as of December 31, 2021; there was no other personal lines quota share treaty in effect for the year ended December 31, 2021. The Company will earn ceding commission revenue under the 2023/2024 Treaty based on a fixed provisional commission rate at which provisional ceding commissions will be earned. The Company earned ceding commission revenue under its expired quota share reinsurance agreements based on: (i) a fixed provisional commission rate at which provisional ceding commissions were earned, and (ii) a continuing 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 increase when the estimated ultimate loss ratio decreases and, conversely, the commission rate and contingent ceding commissions earned decrease when the estimated ultimate loss ratio increases. Ceding commission revenue consists of the following: Year ended December 31, 2022 2021 Provisional ceding commissions earned $ 19,105,779 $ 233,990 Contingent ceding commissions earned 213,612 (144,309 ) $ 19,319,391 $ 89,681 Provisional ceding commissions are settled monthly. Balances due from reinsurers for contingent ceding commissions on quota share treaties are settled periodically based on the Loss Ratio of each treaty year that ends on June 30, for the expired treaties that were subject to contingent commissions. As discussed above, the Loss Ratios from prior years’ treaties are subject to change as incurred losses from those periods develop, resulting in an increase or decrease in the commission rate and contingent ceding commissions earned. As of December 31, 2022 and 2021, net contingent ceding commissions payable to reinsurers under all treaties was approximately $2,667,000 and $2,881,000, respectively, which is recorded in reinsurance balances payable on the accompanying consolidated balance sheets.

Deferred Policy Acquisition Cos

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue	12 Months Ended
	Dec. 31, 2022
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue	Note 8 - Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue Deferred policy acquisition costs incurred and policy-related ceding commission revenue are deferred and amortized to income on property and casualty insurance business as follows: Years ended December 31, 2022 2021 Net deferred policy acquisition costs, net of deferred ceding commission revenue, beginning of year $ 12,490,479 $ 20,048,996 Cost incurred and deferred: Commissions and brokerage 36,354,386 35,128,938 Other underwriting and policy acquisition costs 9,154,706 8,841,557 Ceding commission revenue (7,236,720 ) (7,257,909 ) Net deferred policy acquisition costs 38,272,372 36,712,586 Additional deferred ceding commission revenue due to inception of quota share - (9,686,577 ) Amortization (37,562,967 ) (34,584,526 ) 709,405 (7,558,517 ) Net deferred policy acquisition costs, net of deferred ceding commission revenue, end of year $ 13,199,884 $ 12,490,479 Deferred policy acquisition costs and deferred ceding commission revenue as of December 31, 2022 and 2021 are as follows: December 31, 2022 2021 Deferred policy acquisition costs $ 23,819,453 $ 22,238,987 Deferred ceding commission revenue (10,619,569 ) (9,748,508 ) Balance at end of period $ 13,199,884 $ 12,490,479

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt
Debt	Note 9 – 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 December 31, 2022 and December 31, 2021, 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 one year of borrowing. KICO is currently able to borrow on an overnight basis. If KICO has collateral, the maximum allowable advance as of December 31, 2022 and 2021 was approximately $13,192,000 and $13,419,000, respectively. Available collateral as of December 31, 2022 and 2021 was approximately $12,228,000 and $0, respectively. Advances are limited to 85% of the amount of available collateral. There were no borrowings under this facility during the years ended December 31, 2022 and 2021. Debt Debt as of December 31, 2022 and 2021 consists of the following: December 31, 2022 2021 2017 Notes, net $ - $ 29,823,791 2022 Notes, net 17,252,868 - Equipment financing 7,905,655 - Balance at end of period $ 25,158,523 $ 29,823,791 Note and Warrant Exchange On December 9, 2022, the Company entered into a Note and Warrant Exchange Agreement (the “Exchange Agreement”) with several holders (the “Exchanging Noteholders”) of the Company’s outstanding 5.50% Senior Notes due 2022 (the “2017 Notes”). On the date of the Exchange Agreement, the Exchanging Noteholders held 2017 Notes in the aggregate principal amount of $21,545,000 of the $30,000,000 aggregate principal amount of the 2017 Notes then outstanding. Pursuant to the Exchange Agreement, on December 15, 2022, the Exchanging Noteholders exchanged their respective 2017 Notes for the following: (i) new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000 (the “2022 Notes”); (ii) cash in the aggregate approximate amount of $1,595,000, together with accrued interest on the 2017 Notes; and (iii) three-year warrants for the purchase of an aggregate of 969,525 shares of Common Stock of the Company, exercisable at an exercise price of $1.00 per share (the “Warrants”). The remaining $8,455,000 principal amount of the 2017 Notes, together with accrued interest thereon, was paid on the maturity date of the 2017 Notes of December 30, 2022, with Company funds. 2017 Notes On December 19, 2017, the Company issued $30 million of its 2017 Notes in an underwritten public offering. Interest was 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 debt as of December 31, 2022 and 2021 is as follows: December 31, December 31, 2022 2021 5.50% Senior Unsecured Notes $ - $ 30,000,000 Discount - (32,442 ) Issuance costs - (143,767 ) 2017 Notes, net $ - $ 29,823,791 The 2017 Notes were unsecured obligations of the Company and were not the obligations of or guaranteed by any of the Company’s subsidiaries. The 2017 Notes ranked 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 2017 Notes. The Notes ranked equally in right of payment to all of the Company’s existing and future senior indebtedness, but were effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such secured indebtedness. In addition, the 2017 Notes were structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries. The 2017 Notes were redeemable by the Company, at its option, 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 2017 Notes to be redeemed; and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2017 Notes to be redeemed that would have been due if the 2017 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 (“Make Whole Call”). Due to the Make Whole Call, management’s intent was to retire or otherwise satisfy the Notes at or close to the scheduled maturity date in December 2022. The Company 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 was 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. 2022 Notes On December 15, 2022, the Company issued $19,950,000 of its 2022 Notes pursuant to the Exchange Agreement. Interest is payable semi-annually in arrears on June 30 and December 30 of each year, which will begin on June 30, 2023 at the rate of 12.0% per annum. Warrants were issued with a fair value of $993,200 (see Note 12 – Stockholders’ Equity) and transaction costs were $1,758,112, for an effective yield of 13.92% per annum. The balance of the 2022 Notes as of December 31, 2022 is as follows: 12.0% Senior Unsecured Notes $ 19,950,000 Warrants (979,684 ) Issuance costs (1,717,448 ) 2022 Notes, net $ 17,252,868 The Company is required to make a mandatory redemption of 2022 Notes on December 30, 2023, in an amount such that the aggregate principal amount of 2022 Notes to be redeemed plus accrued and unpaid interest thereon shall be equal to the amount by which the maximum Ordinary Dividend Paying Capacity of KICO (as defined below) measured as of December 15, 2023 exceeds the Company’s Holding Company Expenses (as defined below) for the calendar year ended December 31, 2023. “Ordinary Dividend Paying Capacity” means the sum, as measured on December 15, 2023, of (i) the maximum allowable amount of dividends that KICO is permitted to pay without seeking any regulatory approval in accordance with New York insurance regulations based on its statutory annual and quarterly financial statements filed with the National Association of Insurance Commissioners as of and for the thirty-six (36) month period ended September 30, 2023 plus (ii) any dividends paid by KICO to the Company during the period beginning January 1, 2023 and ending September 30, 2023. “Holding Company Expenses” means the sum of (i) cash interest expense paid or to be paid during the calendar year ended December 31, 2023 on the 2022 Notes, intercompany loans and any other indebtedness of the holding company on a stand-alone basis and (ii) other cash operating expenses, including taxes, paid or to be paid by the holding company during the calendar year ended December 31, 2023. The amount of other operating expenses paid in cash in the preceding clause (ii) shall not exceed $2.5 million. Holding Company Expenses will be determined based on the actual Holding Company Expenses for the nine months ending September 30, 2023, and an estimate of Holding Company Expenses for the three months ending December 30, 2023. The 2022 Notes are unsecured obligations of the Company and are not the obligations of or guaranteed by any of the Company’s subsidiaries. The 2022 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 2022 Notes. The Notes rank equally in right of payment to all of the Company’s existing and future senior indebtedness, but are effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such secured indebtedness. In addition, the 2022 Notes are structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries. The 2022 Notes will be redeemable, at the Company’s option, in whole or in part, at any time or in part from time to time, on and after December 30, 2022, upon not less than fifteen (15) nor more than sixty (60) days’ notice, at the following redemption prices (expressed as percentages of the principal amount thereof) if redeemed during the respective period set forth below, plus, in each case, accrued and unpaid interest, if any, to the date of redemption (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date): Period: Percentage December 30, 2022 to December 29, 2023 102.00 % December 30, 2023 to September 29, 2024 101.00 % September 30, 2024 to December 29, 2024 100.00 % As of the end of each calendar quarter, commencing with the calendar quarter ending December 31, 2022, the Company is subject to a leverage maintenance test (“Leverage Maintenance Test”), which requires that the Total Consolidated Indebtedness (as defined below) of the Company not be greater than 30% of Total Consolidated Capitalization (as defined below). As of December 31, 2022, the ratio as defined under the Leverage Maintenance Test was 26.7%. “Total Consolidated Indebtedness” is the aggregate principal amount (or accreted value in the case of any Indebtedness issued with more than de minimis original issue discount) of all outstanding long-term of the Company except for the sale leaseback transaction described below under “Equipment Financing”, any refinancing or any future sale leaseback transaction. “Total Consolidated Capitalization” is the amount equal to the sum of (x) Total Consolidated Indebtedness outstanding as of such date and (y) the total consolidated shareholders’ equity of the Company, excluding accumulated other comprehensive (loss) income, as recorded on the Company’s consolidated balance sheet. Equipment Financing On October 27, 2022, KICO entered into a sale leaseback transaction, whereby KICO sold $8,096,824 of fixed assets to a bank. Under GAAP, the sale leaseback transaction is recorded as equipment financing (“Financing”). The provisions of the Financing require KICO to pay a monthly payment of principal and interest at the rate of 5.86% per annum totaling $126,877 for a term of 60 months commencing on October 27, 2022. The terms of the Financing provide buyout options to KICO at the end of the 60 month term, which are as follows: · At the end of the lease, KICO may purchase the fixed assets for a purchase price of $2,024,206, which is 25% of the original fixed asset cost of $8,096,824; or · KICO may renew the lease for 16 months at the same rental rate, which totals $2,030,036. A provision of the Financing requires KICO to pledge collateral for the lease obligation. As of December 31, 2022, KICO pledged a total of $8,691,026 in United States Treasury Bills. Future contractual payment obligations under the Financing as of December 31, 2022 are as follows: For the Year Ending December 31, Total 2023 $ 1,088,372 2024 1,153,862 2025 1,223,293 2026 1,296,901 2027 1,119,021 5,881,449 2027 purchase price 2,024,206 Total $ 7,905,655

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2022
Property and Equipment
Property and Equipment	Note 10 - Property and Equipment The components of property and equipment are summarized as follows: Accumulated Cost Depreciation Net December 31, 2022 Building $ 2,344,188 $ (945,981 ) $ 1,398,207 Land 652,437 - 652,437 Furniture and office equipment 828,011 (828,011 ) - Leasehold improvements - - - Computer equipment and software 23,195,784 (14,738,212 ) 8,457,572 Automobile 134,034 (100,315 ) 33,719 Total $ 27,154,454 $ (16,612,519 ) $ 10,541,935 December 31, 2021 Building $ 2,344,188 $ (855,558 ) $ 1,488,630 Land 652,437 - 652,437 Furniture and office equipment 802,325 (797,618 ) 4,707 Leasehold improverments 18,996 (5,650 ) 13,346 Computer equipment and software 18,686,373 (11,601,776 ) 7,084,597 Automobile 99,352 (51,473 ) 47,879 Total $ 22,603,671 $ (13,312,074 ) $ 9,291,597 Depreciation expense for the years ended December 31, 2022 and 2021 was $3,300,445 and $3,290,445, respectively.

Property and Casualty Insurance

Property and Casualty Insurance Activity	12 Months Ended
	Dec. 31, 2022
Property and Casualty Insurance Activity
Property and Casualty Insurance Activity	Note 11 - Property and Casualty Insurance Activity Premiums written, ceded and earned are as follows: Direct Assumed Ceded Net Year ended December 31, 2022 Premiums written $ 201,254,837 $ - $ (79,195,016 ) $ 122,059,821 Change in unearned premiums (9,733,170 ) - 2,057,880 (7,675,290 ) Premiums earned $ 191,521,667 $ - $ (77,137,136 ) $ 114,384,531 Year ended December 31, 2021 Premiums written $ 181,665,178 $ - $ (52,909,694 ) $ 128,755,484 Change in unearned premiums (7,750,334 ) - 22,876,569 $ 15,126,235 Premiums earned $ 173,914,844 $ - $ (30,033,125 ) $ 143,881,719 Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as of December 31, 2022 and 2021 was $2,839,028 and $2,693,466, respectively. The components of the liability for loss and LAE expenses and related reinsurance receivables as of December 31, 2022 and 2021 are as follows: Gross Reinsurance Liability Receivables December 31, 2022 Case-basis reserves $ 62,745,588 $ 16,618,887 Loss adjustment expenses 16,847,618 2,364,053 IBNR reserves 38,746,307 8,676,560 Recoverable on unpaid losses 27,659,500 Recoverable on paid losses - 13,588,981 Total loss and loss adjustment expenses $ 118,339,513 41,248,481 Unearned premiums 25,216,580 Receivables - reinsurance contracts - Total reinsurance receivables $ 66,465,061 December 31, 2021 Case-basis reserves $ 54,761,591 $ 7,839,767 Loss adjustment expenses 14,795,659 1,072,847 IBNR reserves 25,391,495 1,725,065 Recoverable on unpaid losses 10,637,679 Recoverable on paid losses - 6,496,059 Total loss and loss adjustment expenses $ 94,948,745 17,133,738 Unearned premiums 23,158,700 Receivables - reinsurance contracts - Total reinsurance receivables $ 40,292,438 The following table provides a reconciliation of the beginning and ending balances for unpaid losses and LAE: Years ended December 31, 2022 2021 Balance at beginning of period $ 94,948,745 $ 82,801,228 Less reinsurance recoverables (10,637,679 ) (20,154,251 ) Net balance, beginning of period 84,311,066 62,646,977 Incurred related to: Current year 85,690,180 101,987,855 Prior years 2,699,862 (15,259 ) Total incurred 88,390,042 101,972,596 Paid related to: Current year 49,602,585 60,171,695 Prior years 32,418,510 20,136,812 Total paid 82,021,095 80,308,507 Net balance at end of period 90,680,013 84,311,066 Add reinsurance recoverables 27,659,500 10,637,679 Balance at end of period $ 118,339,513 $ 94,948,745 Incurred losses and LAE are net of reinsurance recoveries under reinsurance contracts of $39,658,365 and $968,220 for the years ended December 31, 2022 and 2021, respectively. 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 years ended December 31, 2022 and 2021 was $2,699,862 unfavorable and 15,259 favorable, respectively. 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. COVID-19 has introduced additional uncertainty to recent claim trends. The Company reviews the carried reserves levels on a regular basis as additional information becomes available and makes adjustments in the periods in which such adjustments are determined to be necessary. The Company is not aware of any other 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 December 31, 2019 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 December 31, 2022, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of December 31, 2022 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, 2013 to December 31, 2021 is presented as supplementary unaudited information. All Lines of Business (in thousands, except reported claims data) As of Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance December 31, 2022 For the Years Ended December 31, Cumulative Number of Reported Claims by Accident Year Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 IBNR (Unaudited 2013 - 2021) 2013 $ 10,728 $ 9,745 $ 9,424 $ 9,621 $ 10,061 $ 10,089 $ 10,607 $ 10,495 $ 10,529 $ 10,492 $ 1 1,564 2014 14,193 14,260 14,218 14,564 15,023 16,381 16,428 16,434 16,486 24 2,138 2015 22,340 21,994 22,148 22,491 23,386 23,291 23,528 23,533 230 2,559 2016 26,062 24,941 24,789 27,887 27,966 27,417 27,352 297 2,881 2017 31,605 32,169 35,304 36,160 36,532 36,502 375 3,398 2018 54,455 56,351 58,441 59,404 61,237 1,100 4,230 2019 75,092 72,368 71,544 71,964 2,431 4,497 2020 63,083 62,833 63,217 2,568 5,869 2021 96,425 96,673 7,863 5,786 2022 79,835 21,076 4,414 Total $ 487,291 All Lines of Business (in thousands) Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance For the Years Ended December 31, Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (Unaudited 2013 - 2021) 2013 $ 3,405 $ 5,303 $ 6,633 $ 7,591 $ 8,407 $ 9,056 $ 9,717 $ 10,016 $ 10,392 $ 10,471 2014 5,710 9,429 10,738 11,770 13,819 14,901 15,491 15,770 16,120 2015 12,295 16,181 18,266 19,984 21,067 22,104 22,318 22,473 2016 15,364 19,001 21,106 23,974 25,234 25,750 26,382 2017 16,704 24,820 28,693 31,393 32,529 33,522 2018 32,383 44,516 50,553 52,025 54,424 2019 40,933 54,897 58,055 60,374 2020 39,045 50,719 53,432 2021 56,282 77,756 2022 45,856 Total $ 400,811 Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented $ 86,480 All outstanding liabilities before 2013, net of reinsurance 259 Liabilities for loss and allocated loss adjustment expenses, net of reinsurance $ 86,740 (Components may not sum to totals due to rounding) 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. The reconciliation of the net incurred and paid claims development tables to the liability for loss and LAE reserves in the consolidated balance sheet is as follows: Reconciliation of the Disclosure of Incurred and Paid Loss Development to the Liability for Loss and LAE Reserves As of ( in thousands) December 31, 2022 Liabilities for allocated loss and loss adjustment expenses, net of reinsurance $ 86,740 Total reinsurance recoverable on unpaid losses 27,660 Unallocated loss adjustment expenses 3,940 Total gross liability for loss and LAE reserves $ 118,340 The following is supplementary unaudited information about average historical claims duration as of December 31, 2022: Average Annual Percentage Payout of Incurred Loss and Allocated Loss Adjustment Expenses by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 All Lines of Business 50.8 % 19.2 % 8.3 % 6.6 % 6.1 % 4.4 % 3.3 % 1.7 % 2.9 % 0.8 % The percentages in the above table do not add up to 100 because the percentages represent averages across all accident years at each development stage.

Stockholders Equity

Stockholders Equity	12 Months Ended
	Dec. 31, 2022
Stockholders Equity
Stockholders' Equity	Note 12 – Stockholders’ Equity Dividends Declared Dividends declared and paid on Common Stock were $1,277,066 and $1,694,148 for the years ended December 31, 2022 and 2021, respectively. On November 11, 2022, the Company’s Board of Directors determined to suspend regular quarterly dividends due to restrictions that may be imposed in connection with the 2017 Notes refinancing and the need to retain cash to pay a portion of 2017 Notes that were due on December 30, 2022. Future dividend policy will be subject to the discretion of the Company’s Board of Directors. 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 of 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 years ended December 31, 2022 and 2021 include stock-based compensation expense for stock options totaling approximately $9,000 and $55,000, respectively. Stock-based compensation expense related to stock options for the years ended December 31, 2022 and 2021 is net of estimated forfeitures of approximately 18% and 16%, respectively. Such amounts have been included in the consolidated statements of operations and comprehensive income (loss) within other operating expenses. No options were granted during the year ended December 31, 2022. The fair value of stock options at the grant date are estimated using the Black-Scholes option-pricing model. 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 year ended December 31, 2022 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, 2022 107,201 $ 8.31 2.92 $ - Granted - $ - - $ - Exercised - $ - - $ - Expired/Forfeited - $ - - $ - Outstanding at December 31, 2022 107,201 $ 8.31 1.92 $ - Vested and Exercisable at December 31, 2022 107,201 $ 8.31 1.92 $ - The aggregate intrinsic value of options outstanding and options exercisable at December 31, 2022 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 $1.35 closing price of the Company’s Common Stock on December 31, 2022. No options were exercised, forfeited or expired during the year ended December 31, 2022. The total intrinsic value of options when forfeited are determined as of the date of forfeiture. The total intrinsic value of options when expired are 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, 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. As of December 31, 2022, there were no unvested options. As of December 31, 2022, there were 351,445 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 year ended December 31, 2022 is as follows: Restricted Stock Awards Shares Weighted Average Grant Date Fair Value per Share Aggregate Fair Value Balance at January 1, 2022 535,410 $ 7.01 $ 3,753,224 Granted 115,697 $ 4.71 $ 544,503 Vested (262,490 ) $ 7.32 $ (1,715,220 ) Forfeited (22,020 ) $ - $ - Balance at December 31, 2022 366,597 $ 6.97 $ 2,582,506 Fair value was calculated using the closing price of the Company’s Common Stock on the grant date. For the years ended December 31, 2022 and 2021, stock-based compensation for these grants was approximately $1,369,000 and $1,846,000, respectively, which is included in other operating expenses on the accompanying consolidated statements of operations and comprehensive income (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. Employee Stock Purchase Plan On June 19, 2021, the Company’s Board of Directors adopted the Kingstone Companies, Inc. Employee Stock Purchase Plan (the “ESPP”), subject to stockholder approval. Such approval was obtained on August 10, 2021. The purpose of the ESPP is to provide eligible employees of the Company with an opportunity to use payroll deductions to purchase shares of Common Stock of the Company. The maximum number of shares of Common Stock that may be purchased under the ESPP is 750,000, subject to adjustment as provided for in the ESPP. The ESPP was effective August 10, 2021 and expires on August 10, 2031. A maximum of 5,000 shares of Common Stock may be purchased by an employee during any offering period. The initial offering period under the ESPP was from November 1, 2021 through October 31, 2022 (“2021/2022 Offering”). There is currently no offering pursuant to the ESPP subsequent to October 31, 2022. For the years ended December 31, 2022 and 2021, stock-based compensation under the 2021/2022 Offering was approximately $15,000 and $4,000, respectively, which is included in other operating expenses on the accompanying consolidated statements of operations and comprehensive income (loss). At the end of the 2021/2022 Offering period, 33,222 shares of Common Stock were issued at $1.82 per share to participating employees for a total purchase of $60,464. Warrants In connection with the Exchange Agreement (see Note 9 – Debt – “Note and Warrant Exchange”), as additional consideration, on December 15, 2022, the Company issued warrants to the Exchanging Noteholders to purchase 969,525 shares of Common Stock. The fair value of the warrants, using the Black-Scholes valuation formula, was $993,200, which has been capitalized as a deferred financing cost of the 2022 Notes. The fair value of the warrants is being amortized over the life of the warrants, which is 36.5 months. The warrants are exercisable through December 30, 2025 at an exercise price of $1.00 per share. Holders of the warrants may exercise their outstanding warrants in cash, or, 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 warrants being exercised. As of December 31, 2022, all warrants for the purchase of an aggregate of 969,525 shares of Common Stock were outstanding. The following weighted average assumptions were used for grants during the following periods: Years ended December 31, 2022 2021 Dividend Yield 0.00 % n/a Volatility 57.45 % n/a Risk-Free Interest Rate 4.00 % n/a Expected Life 3 years n/a

Statutory Financial Information

Statutory Financial Information and Accounting Policies	12 Months Ended
	Dec. 31, 2022
Statutory Financial Information and Accounting Policies
Statutory Financial Information and Accounting Policies	Note 13 - Statutory Financial Information and Accounting Policies For regulatory purposes, KICO prepares its statutory basis financial statements based on statutory accounting principles prescribed or permitted by the New York State Department of Financial Services (the “DFS”). The DFS requires insurance companies domiciled in New York State to prepare their statutory financial statements in accordance with Statements of Statutory Accounting Principles as promulgated by the National Association of Insurance Commissioners (the “NAIC”), subject to any deviations prescribed or permitted by the DFS. These statutory accounting practices differ substantially from GAAP used by most business entities. The more significant variances from GAAP are as follows: • Policy acquisition costs are charged to operations in the year such costs are incurred, rather than being deferred and amortized as premiums are earned over the terms of the policies. • Ceding commission revenues are earned when ceded premiums are written except for ceding commission revenues in excess of anticipated acquisition costs, which are deferred and amortized as ceded premiums are earned. GAAP requires that all ceding commission revenues be earned as the underlying ceded premiums are earned over the term of the reinsurance agreements. • Certain assets including certain receivables, a portion of the net deferred tax asset, prepaid expenses and furniture and equipment are not admitted. • Investments in fixed-maturity securities are valued at NAIC value for statutory financial purposes, which is primarily amortized cost. GAAP requires certain investments in fixed-maturity securities classified as available-for-sale, to be reported at fair value. • Certain amounts related to ceded reinsurance are reported on a net basis within the statutory basis financial statements. GAAP requires these amounts to be shown gross. • For SAP purposes, changes in deferred income taxes relating to temporary differences between net income for financial reporting purposes and taxable income are recognized as a separate component of gains and losses in surplus rather than included in income tax expense or benefit as required under GAAP. State insurance laws restrict the ability of KICO to declare dividends. These restrictions are related to surplus and net investment income. Dividends are restricted to the lesser of 10% of surplus or 100% of investment income (on a statutory accounting basis) for the trailing 36 months, net of dividends paid by KICO during such period. State insurance regulators require insurance companies to maintain specified levels of statutory capital and surplus. Generally, dividends may be paid without the need for DFS approval from unassigned surplus, and the amount of an insurer’s unassigned surplus following payment of any dividends must be reasonable in relation to the insurer’s outstanding liabilities and adequate to meet its financial needs. At December 31, 2022 and 2021, unassigned (deficit) surplus was $(5,069,593) and $11,553,779, respectively. Without DFS approval, dividends may not be paid until unassigned surplus is generated. For the years ended December 31, 2022 and 2021, KICO paid dividends to Kingstone of $5,250,000 and $3,500,000, respectively. For the years ended December 31, 2022 and 2021, KICO recorded statutory basis net (loss) income of $(14,498,676) and $1,259,672, respectively. At December 31, 2022 and 2021, KICO reported statutory basis surplus as regards policyholders of $67,976,439 and $84,599,711, respectively, as filed with the DFS.

Risk Based Capital

Risk Based Capital	12 Months Ended
	Dec. 31, 2022
Risk Based Capital
Risk Based Capital	Note 14 - Risk Based Capital State insurance departments impose risk-based capital (“RBC”) requirements on insurance enterprises. The RBC Model serves as a benchmark for the regulation of insurance companies by state insurance regulators. RBC provides for targeted surplus levels based on formulas, which specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk, and are set forth in the RBC requirements. Such formulas focus on four general types of risk: (a) the risk with respect to the company’s assets (asset or default risk); (b) the risk of default on amounts due from reinsurers, policyholders, or other creditors (credit risk); (c) the risk of underestimating liabilities from business already written or inadequately pricing business to be written in the coming year (underwriting risk); and (d) the risk associated with items such as excessive premium growth, contingent liabilities, and other items not reflected on the balance sheet (off-balance sheet risk). The amount determined under such formulas is called the authorized control level RBC (“ACL”). The RBC guidelines define specific capital levels based on a company’s ACL that are determined by the ratio of the company’s total adjusted capital (“TAC”) to its ACL. TAC is equal to statutory capital, plus or minus certain other specified adjustments. The Company’s TAC was above the ACL for each of the last two years and is in compliance with RBC requirements as of December 31, 2022 and 2021.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 15 – 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. The provision for income taxes is comprised of the following: Years ended ended December 31, 2022 2021 Current federal income tax expense $ - $ 167,622 Current state income tax expense 1,630 1,675 Deferred federal and state income benefit (5,419,176 ) (2,200,433 ) Income tax benefit $ (5,417,546 ) $ (2,031,136 ) A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows: Years ended December 31 2022 2021 Computed expected tax benefit $ (5,867,891 ) 21.0 % $ (1,975,982 ) 21.0 % State taxes, net of Federal benefit (190,894 ) 0.7 (221,879 ) 2.4 State valuation allowance 198,217 (0.7 ) 224,117 (2.4 ) Benefit of higher tax brackets in NOL carryback - current year - - Benefit of higher tax brackets in NOL carryback - prior year - - Permanent differences Dividends received deduction (122,331 ) 0.4 (152,147 ) 1.6 Non-taxable investment income (95,763 ) 0.3 (75,045 ) 0.8 Stock-based compensation 117,700 (0.4 ) 55,486 (0.6 ) Sale leaseback transaction 385,634 (1.4 ) - - Other permanent differences 152,601 (0.5 ) 56,798 (0.6 ) Prior year tax matters (24,116 ) 0.1 107,173 (1.1 ) Other 29,297 (0.1 ) (49,657 ) 0.5 Income tax benefit, as reported $ (5,417,546 ) 19.4 % $ (2,031,136 ) 21.6 % 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: December 31, December 31, 2022 2021 Deferred tax asset: Net operating loss carryovers (1) $ 3,828,947 $ 1,112,318 Claims reserve discount 1,238,544 1,186,789 Unearned premium 3,574,840 3,246,364 Deferred ceding commission revenue 2,230,109 2,047,187 Net unrealized losses on securities 4,920,837 - Other 503,692 1,220,898 Total deferred tax assets 16,296,969 8,813,556 Deferred tax liability: Investment in KICO (2) 759,543 759,543 Deferred acquisition costs 5,002,085 4,670,187 Intangibles 105,000 105,000 Depreciation and amortization 99,183 1,046,817 Net unrealized gains on securities - 2,039,756 Total deferred tax liabilities 5,965,811 8,621,303 Net deferred income tax asset $ 10,331,158 $ 192,253 (1) The deferred tax assets from net operating loss carryovers are as follows: December 31, December 31, Type of NOL 2022 2021 Expiration Federal only, NOL from 2022 and 2021 $ 3,828,947 $ 1,112,318 None State only (A) 2,276,595 2,099,239 December 2027 - December 2042 Valuation allowance (2,276,595 ) (2,099,239 ) State only, net of valuation allowance - - Total deferred tax asset from net operating loss carryovers $ 3,828,947 $ 1,112,318 (A) Kingstone generates operating losses for state purposes and has prior year NOLs available. The state NOL as of December 31, 2022 and 2021 was approximately $35,025,000 and $32,296,000, 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 income (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 2042. (2) Deferred tax liability - investment in KICO On July 1, 2009, the Company completed the acquisition of 100% of the issued and outstanding common stock of KICO (formerly known as Commercial Mutual Insurance Company (“CMIC”)) pursuant to the conversion of CMIC from an advance premium cooperative insurance company to a stock property and casualty insurance company. Pursuant to the plan of conversion, the Company acquired a 100% equity interest in KICO, in consideration for the exchange of $3,750,000 principal amount of surplus notes of CMIC. In addition, the Company forgave all accrued and unpaid interest on the surplus notes as of the date of conversion. As of the date of acquisition, unpaid accrued interest on the surplus notes along with the accretion of the discount on the original purchase of the surplus notes totaled $2,921,319 (collectively the “Untaxed Interest”). As of the date of acquisition, the deferred tax liability on the Untaxed Interest was $1,169,000. Under GAAP guidance for business combinations, a temporary difference with an indefinite life exists when the parent company has a lower carrying value of its subsidiary for income tax purposes. The deferred tax liability was reduced to $759,543 upon the reduction of federal income tax rates as of December 31, 2017. The Company is required to maintain its deferred tax liability of $759,543 related to this temporary difference until the stock of KICO is sold, or the assets of KICO are sold or KICO and the parent are merged. The table below reconciles the changes in net deferred income tax assets (liabilities) to the deferred income tax provision for the year ended December 31, 2022: Decrease in net deferred income tax assets $ (10,138,905 ) Deferred tax benefit allocated to other comprehensive income (4,719,729 ) Deferred income tax benefit $ (5,419,176 ) 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 years ended December 31, 2022 and 2021. 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, 2019 through December 31, 2021 remain subject to examination.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
Employee Benefit Plans
Employee Benefit Plans	Note 16 - Employee Benefit Plans Employee Bonus Plan For the years ended December 31, 2022 and 2021 the Company did not accrue for, or pay, bonuses related to the employee bonus plan. 401 (k) Plan The Company maintains a salary reduction plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) for its qualified employees. The Company matches 100% of each participant’s contribution up to 4% of the participant’s eligible contribution. The Company incurred approximately $264,000 and $249,000, respectively, of expense for the years ended December 31, 2022 and 2021, related to the 401(k) Plan, which is recorded in other underwriting expenses on the accompanying consolidated statements of operations and comprehensive income (loss). 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 December 31, 2022 and 2021 amounted to $1,155,860 and $907,914, respectively, and is recorded in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets. The Company did not make any voluntary contributions for the years ended December 31, 2022 and 2021. Effective December 22, 2022, the Company terminated the Deferred Compensation Plan. The assets of the Deferred Compensation Plan will be liquidated by making payments to Participants in full satisfaction of their interest in the Deferred Compensation Plan (“Termination Payments”), which Termination Payments will be made no earlier than December 22, 2023 and will be completed no later than December 22, 2024.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies (Note 17)
Commitments and Contingencies	Note 17 - 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 Leases The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. See Note 2 - Accounting Policies for additional information regarding the accounting for leases. 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 had a term of seven years and two months expiring December 31, 2026. During January 2022, pursuant to a mutual agreement with the landlord at a cost of $40,000, the Cosi lease was terminated effective as of January 31, 2022. Additional information regarding the Company’s office operating leases is as follows: Year ended Year ended Lease cost December 31, 2022 December 31, 2021 Operating lease (1) (2) $ 172,494 $ 247,980 Other information on operating leases Cash payments included in the measurement of lease liability reported in operating cash flows $ 195,453 $ 264,571 Discount rate 5.50 % 5.50 % Remaining lease term in years KICO 1.25 2.25 (1) KICO rent expense is included in the consolidated statements of operations and comprehensive income (loss) within other underwriting expenses. (2) Cosi rent expense is included in the consolidated statements of operations and comprehensive income (loss) within other operating expenses. Operating lease right-of-use assets, included in other assets, were $225,278 and $795,327 as of December 31, 2022 and 2021, respectively. Operating lease right-of-use liabilities, included in accounts payable, accrued expenses and other liabilities, were $225,278 and $795,327 as of December 31, 2022 and 2021, respectively. The following table presents the contractual maturities of the Company’s lease liabilities as of December 31, 2022: For the Year Ending December 31, Total 2023 $ 194,919 2024 49,145 Total undiscounted lease payments 244,064 Less: present value adjustment 18,786 Operating lease liability (1) $ 225,278 Rent expense for the years ended December 31, 2022 and 2021 amounted to $172,494 and $247,980, respectively, and is included in the accompanying consolidated statements of operations and comprehensive income (loss) within other underwriting expenses. Employment Agreements Barry Goldstein, President, Chief Executive Officer and Executive Chairman of the Board Employment Agreement effective as of January 1, 2020 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 “Second Amended Goldstein Employment Agreement”). The Second Amended Goldstein Employment Agreement became effective as of January 1, 2020 and expired on December 31, 2022. The Second Amended Goldstein Employment Agreement extended the expiration date of the employment agreement in effect for Mr. Goldstein from December 31, 2021 to December 31, 2022. Pursuant to the Second Amended Goldstein Employment Agreement, Mr. Goldstein was 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 Second Amended Goldstein Employment Agreement, Mr. Goldstein was 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 Second Amended Goldstein 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 was at least 14%). Pursuant to the Third Amended Goldstein Employment Agreement (discussed below), Mr. Goldstein relinquished the right to receive the LTC. Pursuant to the Second Amended Goldstein Employment Agreement, in the event that Mr. Goldstein’s employment was terminated by the Company without cause or he resigned for good reason (each as defined in the Second Amended Goldstein Employment Agreement), Mr. Goldstein would have been entitled to receive his base salary and the 6% bonus for the remainder of the term. In addition, in the event of Mr. Goldstein’s death, his estate would have been entitled to receive his base salary and accrued bonus through the date of death. Further, in the event that Mr. Goldstein’s employment was terminated by the Company without cause or he resigned 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 would have vested. Mr. Goldstein would have been entitled, under certain circumstances, to a payment equal to 3.82 times his then annual salary 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 Second Amended Goldstein 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 each of the first and second anniversaries of the grant date and will vest with respect to one-sixth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. Also pursuant to the Second Amended Goldstein 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 vested with respect to one-half of the award on the first anniversary of the grant date and will vest with respect to one-fourth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. Further, pursuant to the Second Amended Goldstein Employment Agreement, Mr. Goldstein received in 2020, 2021, and 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 each of the first and second anniversaries of the grant date and will vest with respect to one-sixth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. In January 2021, Mr. Goldstein was granted 21,000 shares of restricted stock pursuant to this provision. This grant vested with respect to one-half of the award on the first anniversary of the grant date and will vest with respect to one-fourth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. In January 2022, Mr. Goldstein was granted 27,300 shares of restricted stock pursuant to this provision. This grant will vest with respect to one-half of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. Pursuant to the 2014 Plan, Mr. Goldstein’s unvested restricted stock awards will vest in the event of a change in control of the Company. In addition, in the event of the termination of Mr. Goldstein’s employment with the Company for any reason, his unvested restricted stock will vest. Employment Agreement effective as of January 1, 2023 On June 27, 2022, the Company and Mr. Goldstein entered into a third amended and restated employment agreement which took effect as of January 1, 2023, and expires on December 31, 2024 (the “Third Amended Goldstein Employment Agreement”). Pursuant to the Third Amended Goldstein Employment Agreement, Mr. Goldstein is entitled to receive an annual base salary of $500,000 and an annual bonus equal to 3% of our 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 1.25 times his base salary. Pursuant to the Third Amended Goldstein Employment Agreement, Mr. Goldstein would be entitled to receive, under certain circumstances, a payment equal to 1.5 times his then annual base salary and his accrued bonus in the event of the termination of his employment within eighteen months following a change of control of the Company. Meryl Golden, Chief Operating Officer Employment Agreement effective as of January 1, 2021 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 as KICO’s President and Chief Operating Officer. The Golden Employment Agreement became effective as of September 25, 2019 (amended on December 24, 2020) and expired on December 31, 2022. Pursuant to the Golden Employment Agreement, Ms. Golden was entitled to receive an annual salary of $500,000. The Golden Employment Agreement also provided 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 vested 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. Pursuant to the Golden Employment Agreement, as amended, in each of January 2021 and January 2022, Ms. Golden was granted 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. Pursuant to the 2014 Plan, Ms. Golden’s outstanding stock options and restricted stock awards will vest in the event of a change in control of the Company. Employment Agreement effective as of January 1, 2023 On June 27, 2022, the Company and Ms. Golden entered into a second amended and restated employment agreement which took effect as of January 1, 2023, and expires on December 31, 2024 (the “Second Amended Golden Employment Agreement”). Pursuant to the Second Amended Golden Employment Agreement, Ms. Golden is entitled to receive an annual base salary of $500,000 and an annual bonus equal to 3% of the Company’s consolidated income from operations before taxes, exclusive of our consolidated net investment income (loss), net unrealized gains (losses) on equity securities and net realized gains (losses) on investments, up to a maximum of 1.25 times her base salary. In addition, pursuant to the Second Amended Golden Employment Agreement, Ms. Golden is entitled to receive a grant, under the terms of the 2014 Plan, during each of January 2023 and January 2024, under certain circumstances, 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. The 2023 grant will vest with respect to one-half of the award on the first anniversary of the grant date and one-half of the award on December 31, 2024, based on the continued provision of services through such dates. The 2024 grant will vest on December 31, 2024, based on the continued provision of services through such date. In the event that the Company is precluded from making a grant in 2024, then instead Ms. Golden shall be entitled to receive a cash bonus of $136,500 for such year. Further, pursuant to the Second Amended Golden Employment Agreement, Ms. Golden would be entitled to receive, under certain circumstances, a payment equal to 1.5 times her then annual base salary and her accrued bonus in the event of the termination of her employment within eighteen months following a change of control of the Company. 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 including the emergence of new strains 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. Although the impact has been manageable thus far, 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 consolidated financial statements as a result of this matter.

Loss Per Common Share

Loss Per Common Share	12 Months Ended
	Dec. 31, 2022
Loss Per Common Share
Loss Per Common Share	Note 18 - Loss Per Common Share Basic net loss per common share is computed by dividing loss by the weighted-average number of shares of Common Stock outstanding. Diluted loss per common share reflects, in periods in which it has a dilutive effect, the impact of common shares issuable upon exercise of stock options and warrants as well as non-vested restricted stock awards. The computation of diluted loss per common share excludes those options and warrants 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 loss per common share excludes outstanding options and warrants in periods where the exercise of such options and warrants would be anti-dilutive. For the years ended December 31, 2022 and 2021, no options or warrants were included in the computation of diluted 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 loss per common share has not been adjusted for the effect of such options and warrants. The reconciliation of the weighted average number of common shares used in the calculation of basic and diluted loss per common share follows: Years ended December 31, 2022 2021 Weighted average number of shares outstanding 10,645,365 10,587,912 Effect of dilutive securities, common share equivalents: Stock options - - Warrants - - Restricted stock awards - - Weighted average number of shares outstanding, used for computing diluted loss per share 10,645,365 10,587,912

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events
Subsequent Events	Note 19 - Subsequent Events The Company has evaluated events that occurred subsequent to December 31, 2022 through March 31, 2023, the date these consolidated financial statements were issued, for matters that required disclosure or adjustment in these consolidated financial statements. Reinsurance Effective January 1, 2023, the Company entered into a new quota share reinsurance treaty for its personal lines business and new underlying excess of loss treaty (see Note 7 – Reinsurance).

Quarterly Financial Data (Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)	Note 20 – Quarterly Financial Data (Unaudited) The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2022 and 2021: 2022 March 31, June 30, September 30, December 31, Total Net premiums earned $ 26,673,380 $ 27,902,068 $ 29,360,976 $ 30,448,107 $ 114,384,531 Ceding commission revenue 4,681,396 4,715,587 4,886,094 5,036,314 19,319,391 Net investment income 1,359,100 634,325 1,418,521 1,524,832 4,936,778 Net losses on investments (4,398,405 ) (4,517,373 ) (397,658 ) (78,429 ) (9,391,865 ) Total revenues 28,551,295 28,979,250 35,537,635 37,091,110 130,159,290 Loss and loss adjustment expenses 22,941,198 18,656,041 22,027,516 24,765,287 88,390,042 Commission expense and other underwriting expenses 15,167,035 15,106,028 15,978,291 15,027,269 61,278,623 Net loss (9,197,532 ) (5,379,619 ) (3,997,621 ) (3,950,022 ) (22,524,794 ) Basic loss per share $ (0.87 ) $ (0.51 ) $ (0.38 ) $ (0.37 ) $ (2.12 ) Diluted loss per share $ (0.87 ) $ (0.51 ) $ (0.38 ) $ (0.37 ) $ (2.12 ) 2021 March 31, June 30, September 30, December 31, Total Net premiums earned $ 34,589,218 $ 35,436,426 $ 36,803,251 $ 37,052,824 $ 143,881,719 Ceding commission revenue (1,065 ) 45,741 (7,276 ) 52,281 89,681 Net investment income 1,783,196 1,678,075 1,676,596 1,483,525 6,621,392 Net gains on investments 2,960,407 2,315,261 204,534 4,306,753 9,786,955 Total revenues 39,503,202 39,600,449 38,957,974 43,169,616 161,231,241 Loss and loss adjustment expenses 22,560,672 20,759,210 35,740,235 22,912,479 101,972,596 Commission expense and other underwriting expenses 14,690,881 14,978,261 14,764,678 14,934,426 59,368,246 Net income (loss) (311,097 ) 1,323,361 (10,618,265 ) 2,227,700 (7,378,301 ) Basic earnings (loss) per share $ (0.03 ) $ 0.12 $ (1.01 ) $ 0.21 $ (0.70 ) Diluted earnings (loss) per share $ (0.03 ) $ 0.12 $ (1.01 ) $ 0.21 $ (0.70 ) Due to changes in number of shares outstanding from quarter to quarter, the total earnings per share of the four quarters may not necessarily equal the total earnings per share for the year.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Basis Of Presentation; Going Concern	The accompanying consolidated financial statements have been prepared in accordance with GAAP assuming that the Company will continue as a going concern for a period of one year from the issuance date of the financial statements. The Company’s $30,000,000 5.5% Senior Unsecured Notes (the “2017 Notes”) were due on December 30, 2022. The Company’s continuation as a going concern was dependent on its ability to obtain financing and/or other funds to satisfy such obligation. The 2017 Notes were refinanced on December 15, 2022 under a note and warrant exchange agreement with a refinanced balance of $19,950,000 as of December 31, 2022 and a maturity date of December 30, 2024. (see Note 9 - Debt).
Principles of Consolidation	The consolidated financial statements include the accounts of Kingstone and its wholly owned subsidiaries: (1) KICO and its wholly owned subsidiaries, CMIC Properties, Inc. and 15 Joys Lane, LLC, which together own the land and building from which KICO operates, and (2) Cosi. All significant inter-company account balances and transactions have been eliminated in consolidation.
Revenue Recognition	Net Premiums Earned Insurance policies issued by the Company are short-duration contracts. Accordingly, premium revenues, net of premiums ceded to reinsurers, are recognized as earned in proportion to the amount of insurance protection provided, on a pro-rata basis over the terms of the underlying policies. Unearned premiums represent premiums applicable to the unexpired portions of in-force insurance contracts at the end of each year. Ceding Commission Revenue Commissions on reinsurance premiums ceded are earned in a manner consistent with the recognition of the costs of the reinsurance, generally on a pro-rata basis over the terms of the policies reinsured. Unearned amounts are recorded as deferred ceding commission revenue. Certain reinsurance agreements contain provisions whereby the ceding commission rates vary based on the loss experience under the agreements. The Company records ceding commission revenue based on its current estimate of subject losses. The Company records adjustments to ceding commission revenue in the period that changes in the estimated losses are determined.
Loss and Loss Adjustment Expenses ("LAE") Reserves	The liability for loss and LAE represents management’s best estimate of the ultimate cost of all reported and unreported losses that are unpaid as of the balance sheet date. The liability for loss and LAE is estimated on an undiscounted basis, using individual case-basis valuations, statistical analyses and various actuarial reserving methodologies. The projection of future claim payment and reporting is based on an analysis of the Company’s historical experience, supplemented by analyses of industry loss data. Management believes that the reserves for loss and LAE are adequate to cover the ultimate cost of losses and claims to date; however, because of the uncertainty from various sources, including changes in reporting patterns, claims settlement patterns, judicial decisions, legislation, and economic conditions, actual loss experience may not conform to the assumptions used in determining the estimated amounts for such liability at the balance sheet date. Adjustments to these estimates are reflected in expense for the period in which the estimates are changed. Because of the nature of the business historically written, management believes that the Company has limited exposure to environmental claim liabilities.
Reinsurance	In the normal course of business, the Company seeks to reduce the loss that may arise from catastrophes or other events that cause unfavorable underwriting results. This is done by reinsuring certain levels of risk in various areas of exposure with a panel of financially secure reinsurance carriers. Reinsurance receivables represents management’s best estimate of paid and unpaid loss and LAE recoverable from reinsurers, and ceded losses receivable and unearned ceded premiums under reinsurance agreements. Ceded losses receivable are estimated using techniques and assumptions consistent with those used in estimating the liability for loss and LAE. Management believes that reinsurance receivables as recorded represent its best estimate of such amounts; however, as changes in the estimated ultimate liability for loss and LAE are determined, the estimated ultimate amount receivable from the reinsurers will also change. Accordingly, the ultimate receivable could be significantly in excess of or less than the amount recorded in the consolidated financial statements. Adjustments to these estimates are reflected in the period in which the estimates are changed. Loss and LAE incurred as presented in the consolidated statements of operations and comprehensive income (loss) are net of reinsurance recoveries. Management has evaluated its reinsurance arrangements and determined that significant insurance risk is transferred to the reinsurers. Reinsurance agreements have been determined to be short-duration prospective contracts and, accordingly, the costs of the reinsurance are recognized over the life of the contract in a manner consistent with the earning of premiums on the underlying policies subject to the reinsurance contract. Management estimates uncollectible amounts receivable from reinsurers based on an assessment of factors including the creditworthiness of the reinsurers and the adequacy of collateral obtained, where applicable. There was no allowance for uncollectible reinsurance as of December 31, 2022 and 2021. The Company did not expense any uncollectible reinsurance for the years ended December 31, 2022 and 2021 Significant uncertainties are inherent in the assessment of the creditworthiness of reinsurers and estimates of any uncollectible amounts due from reinsurers. Any change in the ability of the Company’s reinsurers to meet their contractual obligations could have a material adverse effect on the consolidated financial statements as well as KICO’s ability to meet its regulatory capital and surplus requirements.
Cash and Cash Equivalents	The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company maintains its cash balances at several financial institutions.
Investments	The Company classifies its fixed-maturity securities as either held-to-maturity or available-for-sale. Fixed-maturity securities that the Company has the specific intent and ability to hold until maturity are classified as such and carried at amortized cost. Available-for-sale securities are reported at their estimated fair values based on quoted market prices from recognized pricing services, with unrealized gains and losses, net of tax effects, reported as a separate component of accumulated other comprehensive income. Realized gains and losses are determined on the specific identification method and reported in net loss in the consolidated statements of operations and comprehensive income (loss). Equity securities are reported at their estimated fair values based on quoted market prices from recognized pricing services, with unrealized gains and losses reported in net loss. Other investments are reported at their estimated fair values using the net asset value (“NAV”) per share (or its equivalent) of the instrument with unrealized gains and losses reported in net loss. See Note - 3, Investments for additional discussion. The Company may sell its available-for-sale securities, equity securities, and other investments in response to changes in interest rates, risk/reward characteristics, liquidity needs or other factors. Investment income is accrued to the balance sheet dates of the consolidated financial statements and includes amortization of premium and accretion of discount on fixed-maturity securities. Interest is recognized when earned, while dividends are recognized when declared. Due and accrued investment income totaled approximately $1,299,000 and $1,861,000 as of December 31, 2022 and 2021, respectively, and is included in other assets on the accompanying consolidated balance sheets.
Premiums Receivable	Premiums receivable include balances due currently or in the future and are presented net of an allowance for doubtful accounts of approximately $39,000 and $233,000 as of December 31, 2022 and 2021, respectively. The allowance for uncollectible amounts is based on an analysis of amounts receivable giving consideration to historical loss experience and current economic conditions and reflects an amount that, in management’s judgment, is adequate. Uncollectible premiums receivable balances of approximately $133,000 and $160,000 were written off for the years ended December 31, 2022 and 2021, respectively.
Deferred Policy Acquisition Costs	Policy acquisition costs represent the costs of writing business that vary with, and are primarily related to, the successful production of insurance business (principally commissions, premium taxes and certain underwriting salaries). Policy acquisition costs are deferred and recognized as expense as the related premiums are earned.
Intangible Assets	The Company has recorded acquired identifiable intangible assets. The cost of a group of assets acquired in a transaction is allocated to the individual assets including identifiable intangible assets based on their fair values. Identifiable intangible assets with a finite useful life are amortized over the period that the asset is expected to contribute directly or indirectly to the future cash flows of the Company. Intangible assets with an indefinite life are not amortized, but are subject to impairment testing if events or changes in circumstances indicate that it is more likely than not the asset is impaired. All identifiable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that a carrying amount may not be recoverable. No impairment losses from intangible assets were recognized for the years ended December 31, 2022 and 2021.
Property and Equipment	Building and building improvements, automobiles, furniture, computer equipment, and computer software are reported at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. The Company estimates the useful life for computer equipment, automobiles, furniture and other equipment is three years, computer software is three to five years, and building and building improvements is 39 years. The Company reviews its real estate assets used as its headquarters to evaluate the necessity of recording impairment losses for market changes due to declines in the estimated fair value of the property. In evaluating potential impairment, management considers the current estimated fair value compared to the carrying value of the asset. At December 31, 2022 and 2021, the fair value of the real estate assets is estimated to be in excess of the carrying value.
Income Taxes	Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. The Company files a consolidated tax return with its subsidiaries. At December 31, 2022 and 2021, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required.
Concentration, Credit Risk and Market Risk	Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, investments, and premium and reinsurance receivables. At times, cash may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced any losses on such accounts and management believes the Company is not exposed to any significant credit risk. Stressed conditions, volatility and disruptions in capital markets or financial asset classes can have an adverse effect on the Company, in part because the Company has a large investment portfolio supporting the Company’s insurance liabilities, which are sensitive to changing market factors. These market factors, which include interest rates, credit spread, equity prices, and the volatility and strength of the capital markets, all affect the business and economic environment and, ultimately, the profitability of the Company’s business. The Company manages its investments to limit credit and other market risks by diversifying its portfolio among various security types and industry sectors based on KICO’s investment committee guidelines, which employ a variety of investment strategies. As of December 31, 2022 and 2021, the Company’s cash equivalents were as follows: December 31, December 31, 2022 2021 Collateralized bank repurchase agreement (1) $ 159,596 $ 142,258 Money market funds 2,458,223 992,347 Total $ 2,617,819 $ 1,134,605 (1) The Company has a security interest in certain of the bank’s holdings of direct obligations of the United States or one or more agencies thereof. The collateral is held in a hold-in-custody arrangement with a third party who maintains physical possession of the collateral on behalf of the bank. At December 31, 2022, the outstanding premiums receivable balance is generally diversified due to the large number of individual insureds comprising the Company’s customer base. The Company also has receivables from its reinsurers. Reinsurance contracts do not relieve the Company of its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company periodically evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. See Note 7- Reinsurance for reinsurance recoverables on unpaid and paid losses by reinsurer. Management’s policy is to review all outstanding receivables quarterly as well as the bad debt write-offs experienced in the past and establish an allowance for doubtful accounts, if deemed necessary. Direct premiums earned from lines of business in excess of 10% of the total subject the Company to concentration risk for the years ended December 31, 2022 and 2021as follows: Years ended December 31, 2022 2021 Personal Lines 94.0 % 95.3 % Premiums earned not subject to concentration 6.0 % 4.7 % Total premiums earned 100.0 % 100.0 % (1) For the years ended December 31, 2022 and 2021, premiums earned not subject to concentration are comprised primarily of one line of business.
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, and includes the reserves for losses and LAE, which 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 used in preparing the consolidated financial statements.
Earnings (Loss) per share	Basic earnings (loss) per common share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share reflects, in periods in which they have a dilutive effect, the impact of common shares issuable upon the exercise of stock options and warrants as well as non-vested restricted stock awards. The computation of diluted earnings (loss) per share excludes those options and warrants with an exercise price in excess of the average market price of the Company’s common shares during the periods presented. Additionally, the computation of diluted earnings (loss) per share excludes unvested restricted stock awards as calculated using the treasury stock method.
Advertising Costs	Advertising costs are charged to operations as incurred. Advertising costs are included in other underwriting expenses in the accompanying consolidated statements of operations and comprehensive income (loss) and were approximately $114,000 and $110,000 for the years ended December 31, 2022 and 2021, respectively.
Stock-based Compensation	Stock-based compensation expense in 2022 and 2021 is the estimated fair value of restricted stock awards and options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award less an estimate for anticipated forfeitures. The Company uses the “simplified” method to estimate the expected term of the options because the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate expected term.
Warrants	The Company’s outstanding issued warrants are accounted for as equity in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. The
Compensated Absences	Employees of the Company are entitled to paid vacations, sick days, and other time off depending on job classification, length of service and other factors. The Company has determined it is impracticable to estimate the amount of compensation of future absences and, accordingly, no liability has been recorded in the accompanying consolidated financial statements. The Company’s policy is to recognize the cost of compensated absences when paid to employees.
Leases	The Company records operating leases in accordance with Accounting Standards Update (“ASU”) 2016-02 – Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, the Company recognized a right-of-use-asset and corresponding liability on the balance sheet for all leases, except for leases covering a period of fewer than 12 months. The liability has been measured at the present value of the future minimum lease payments taking into account renewal options if applicable plus initial incremental direct costs such as commissions. The minimum payments are discounted using the Company’s incremental borrowing rate. The right-of-use asset is amortized as rent expense on a straight-line basis.
Comprehensive Income (Loss)	Comprehensive income (loss) refers to revenues, expenses, gains and losses that are included in comprehensive income (loss) but are excluded from net income (loss) as these amounts are recorded directly as an adjustment to stockholders’ equity, primarily from changes in unrealized gains and losses on available-for-sale securities, net of the related income taxes.
Accounting Changes	The Company has determined that it was not subject to any new accounting pronouncements that became effective during the year ended December 31, 2022.
Recent 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 was effective for the Company on January 1, 2023. The Company has determined as of the date of adoption the updated guidance did not have a material impact on its 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of deposits of cash equivalents	December 31, December 31, 2022 2021 Collateralized bank repurchase agreement (1) $ 159,596 $ 142,258 Money market funds 2,458,223 992,347 Total $ 2,617,819 $ 1,134,605
Schedule of Concentration Risk	Years ended December 31, 2022 2021 Personal Lines 94.0 % 95.3 % Premiums earned not subject to concentration 6.0 % 4.7 % Total premiums earned 100.0 % 100.0 %

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments
Schedule of Available for Sale Securities	December 31, 2022 Cost or Gross Gross Unrealized Losses Estimated Net Amortized Unrealized Less than 12 More than 12 Fair Unrealized Category Cost Gains Months Months Value Losses Fixed-Maturity Securities: U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) $ 23,874,545 $ 1,479 $ (6,928 ) $ - $ 23,869,096 $ (5,449 ) Political subdivisions of States, Territories and Possessions 17,108,154 - (2,195,273 ) (1,771,494 ) 13,141,387 (3,966,767 ) Corporate and other bonds Industrial and miscellaneous 80,338,464 - (5,796,994 ) (2,458,985 ) 72,082,485 (8,255,979 ) Residential mortgage and other asset backed securities (2) 53,597,264 58,398 (882,664 ) (7,150,803 ) 45,622,195 (7,975,069 ) Total fixed-maturity securities $ 174,918,427 $ 59,877 $ (8,881,859 ) $ (11,381,282 ) $ 154,715,163 $ (20,203,264 ) December 31, 2021 Net Cost or Gross Gross Unrealized Losses Estimated Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) Fixed-Maturity Securities: Political subdivisions of States, Territories and Possessions $ 17,236,750 $ 246,748 $ (197,984 ) $ - $ 17,285,514 $ 48,764 Corporate and other bonds Industrial and miscellaneous 80,534,769 2,603,411 (126,926 ) - 83,011,254 2,476,485 Residential mortgage and other asset backed securities 58,036,959 355,985 (489,258 ) (120,344 ) 57,783,342 (253,617 ) Total fixed-maturity securities $ 155,808,478 $ 3,206,144 $ (814,168 ) $ (120,344 ) $ 158,080,110 $ 2,271,632
Schedule of available for sale fixed maturity securities contractual maturity	December 31, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ 16,359,100 $ 16,307,991 $ 1,153,099 $ 1,156,636 One to five years 18,605,987 14,085,113 43,007,110 44,914,759 Five to ten years 54,559,158 52,230,283 26,808,853 27,332,581 More than 10 years 31,796,918 26,469,581 26,802,457 26,892,792 Residential mortgage and other asset backed securities 53,597,264 45,622,195 58,036,959 57,783,342 Total $ 174,918,427 $ 154,715,163 $ 155,808,478 $ 158,080,110
Schedule of equity securities	December 31, 2022 Gross Gross Estimated Category Cost Gains Losses Fair Value Equity Securities: Preferred stocks $ 13,583,942 $ - $ (3,589,313 ) $ 9,994,629 Common stocks, mutual funds, and exchange traded funds 4,502,758 158,635 (821,632 ) 3,839,761 Total $ 18,086,700 $ 158,635 $ (4,410,945 ) $ 13,834,390 December 31, 2021 Gross Gross Estimated Category Cost Gains Losses Fair Value Equity Securities: Preferred stocks $ 22,019,509 $ 1,007,009 $ (184,617 ) $ 22,841,901 Common stocks, mutual funds, and exchange traded funds 15,451,160 1,573,653 (179,712 ) 16,845,101 Total $ 37,470,669 $ 2,580,662 $ (364,329 ) $ 39,687,002
Schedule of Other Investments	December 31, 2022 December 31, 2021 Gross Estimated Gross Estimated Category Cost Gains Fair Value Cost Gains Fair Value Other Investments: Hedge fund $ 1,987,040 $ 784,612 $ 2,771,652 $ 3,999,381 $ 3,562,034 $ 7,561,415
Schedule of Held to Maturity Securities	December 31, 2022 Net Cost or Gross Gross Unrealized Losses Estimated Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) Held-to-Maturity Securities: U.S. Treasury securities $ 1,228,560 $ 28,400 $ (34,077 ) $ - $ 1,222,883 $ (5,677 ) Political subdivisions of States, Territories and Possessions 498,638 2,092 - - 500,730 2,092 Exchange traded debt 304,111 - (29,111 ) - 275,000 (29,111 ) Corporate and other bonds Industrial and miscellaneous 5,734,831 36,968 (809,746 ) (360,278 ) 4,601,775 (1,133,056 ) Total $ 7,766,140 $ 67,460 $ (872,934 ) $ (360,278 ) $ 6,600,388 $ (1,165,752 ) December 31, 2021 Net Cost or Gross Gross Unrealized Losses Estimated Unrealized Amortized Unrealized Less than 12 More than 12 Fair Gains/ Category Cost Gains Months Months Value (Losses) Held-to-Maturity Securities: U.S. Treasury securities $ 729,642 $ 209,633 $ - $ - $ 939,275 $ 209,633 Political subdivisions of States, Territories and Possessions 998,239 22,856 - - 1,021,095 22,856 Exchange traded debt 304,111 85 13,921 ) 290,275 (13,836 ) Corporate and other bonds Industrial and miscellaneous 6,234,342 280,951 (12,779 ) - 6,502,514 268,172 Total $ 8,266,334 $ 513,525 $ (26,700 ) $ - $ 8,753,159 $ 486,825
Schedule of Held to Maturity Securities by contractual maturity	December 31, 2022 December 31, 2021 Amortized Estimated Amortized Estimated Remaining Time to Maturity Cost Fair Value Cost Fair Value Less than one year $ 708,535 $ 743,575 $ 994,712 $ 1,008,180 One to five years 1,120,507 1,088,522 1,205,829 1,290,465 Five to ten years 1,402,704 1,200,720 1,513,942 1,648,808 More than 10 years 4,534,394 3,567,571 4,551,851 4,805,706 Total $ 7,766,140 $ 6,600,388 $ 8,266,334 $ 8,753,159
Schedule of Investment Income	Years ended December 31, 2022 2021 Income: Fixed-maturity securities $ 4,211,229 $ 5,446,795 Equity securities 1,058,351 1,529,020 Cash and cash equivalents 63,683 11,511 Total 5,333,263 6,987,326 Expenses: Investment expenses 396,485 365,934 Net investment income $ 4,936,778 $ 6,621,392
Schedule of Securities with realized gains and losses on investments	Years ended December 31, 2022 2021 Realized Gains (Losses) Fixed-maturity securities: Gross realized gains $ 143,622 $ 5,189,810 Gross realized losses (208,955 ) (90,111 ) (65,333 ) 5,099,699 Equity securities: Gross realized gains 1,384,432 2,415,136 Gross realized losses (2,048,395 ) (280,807 ) (663,963 ) 2,134,329 Other Investments: Gross realized gains 589,233 83,798 Gross realized losses - - 589,233 83,798 Net realized (losses) gains (140,063 ) 7,317,826 Unrealized (Losses) Gains Equity Securities: Gross gains - 276,340 Gross losses (6,494,380 ) - (6,494,380 ) 276,340 Other Investments: Gross gains - 2,192,789 Gross losses (2,757,422 ) - (2,757,422 ) 2,192,789 Net unrealized (losses) gains (9,251,802 ) 2,469,129 Net (losses) gains on investments $ (9,391,865 ) $ 9,786,955
Schedule of Securities with Unrealized Losses	December 31, 2022 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 $ 18,918,196 $ (6,928 ) 3 $ - - - $ 18,918,196 $ (6,928 ) Political subdivisions of States, Territories and Possessions 7,970,633 (2,195,273 ) 9 5,170,753 (1,771,494 ) 5 13,141,386 (3,966,767 ) Corporate and other bonds industrial and miscellaneous 56,910,104 (5,796,994 ) 75 15,172,381 (2,458,985 ) 15 72,082,485 (8,255,979 ) Residential mortgage and other asset backed securities 10,145,880 (882,664 ) 22 34,753,178 (7,150,803 ) 26 44,899,058 (8,033,467 ) Total fixed-maturity securities $ 93,944,813 $ (8,881,859 ) 109 $ 55,096,312 $ (11,381,282 ) 46 $ 149,041,125 $ (20,263,141 ) December 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 6,768,123 (197,984 ) 5 - - - 6,768,123 (197,984 ) Corporate and other bonds industrial and miscellaneous 17,593,707 (126,926 ) 15 - - - 17,593,707 (126,926 ) Residential mortgage and other asset backed securities 45,399,451 (489,258 ) 26 2,923,182 (120,344 ) 2 48,322,633 (609,602 ) Total fixed-maturity securities $ 69,761,281 $ (814,168 ) 46 $ 2,923,182 $ (120,344 ) 2 $ 72,684,463 $ (934,512 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Schedule of Fair Value Measurements	December 31, 2022 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 $ 23,869,096 $ - $ - $ 23,869,096 Political subdivisions of States, Territories and Possessions - 13,141,387 - 13,141,387 Corporate and other bonds industrial and miscellaneous 71,585,115 497,370 - 72,082,485 Residential mortgage and other asset backed securities - 45,622,195 - 45,622,195 Total fixed maturities 95,454,211 59,260,952 - 154,715,163 Equity securities 13,834,390 - - 13,834,390 Total investments $ 109,288,601 $ 59,260,952 $ - $ 168,549,553 December 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 $ - $ - $ - $ - Political subdivisions of States, Territories and Possessions - 17,285,514 - 17,285,514 Corporate and other bonds industrial and miscellaneous 82,500,779 510,475 - 83,011,254 Residential mortgage and other asset backed securities - 57,783,342 - 57,783,342 Total fixed maturities 82,500,779 75,579,331 - 158,080,110 Equity securities 39,687,002 - - 39,687,002 Total investments $ 122,187,781 $ 75,579,331 $ - $ 197,767,112
Schedule of Hedge Fund Investments	Category December 31, 2022 December 31, 2 Other Investments Hedge fund $ 2,771,652 $ 7,561,415
Fair value hierarchy of long-term debt	December 31, 2022 Level 1 Level 2 Level 3 Total Debt Senior Notes due 2024 $ - $ 15,829,096 $ - $ 15,829,096 December 31, 2021 Level 1 Level 2 Level 3 Tot Debt Senior Notes due 2022 $ - $ 28,436,019 $ - $ 28,436,019

Fair Value of Financial Instr_2

Fair Value of Financial Instruments and Real Estate (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value of Financial Instruments and Real Estate
Schedule of Fair Value of Financial Instruments	December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Fixed-maturity securities-held-to maturity, Level 1 $ 7,766,140 $ 6,600,388 $ 8,266,334 $ 8,753,159 Cash and cash equivalents, Level 1 $ 11,958,228 $ 11,958,228 $ 24,290,598 $ 24,290,598 Premiums receivable, net, Level 3 $ 13,880,504 $ 13,880,504 $ 12,318,336 $ 12,318,336 Reinsurance receivables, net, Level 3 $ 66,465,061 $ 66,465,061 $ 40,292,438 $ 40,292,438 Real estate, net of accumulated depreciation, Level 3 $ 2,050,644 $ 2,800,000 $ 2,144,464 $ 3,025,000 Reinsurance balances payable, Level 3 $ 13,061,966 $ 13,061,966 $ 12,961,568 $ 12,961,568

Intangibles Assets (Tables)

Intangibles Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Intangible Assets
Schedule of components of intangible assets and their useful lives, accumulated amortization, and net carrying value	Useful Gross Net Life Carrying Accumulated Carrying (in yrs) Value Amortization Amount Insurance license - $ 500,000 $ - $ 500,000 Customer relationships 10 3,400,000 3,400,000 - Other identifiable intangibles 7 950,000 950,000 - Total $ 4,850,000 $ 4,350,000 $ 500,000

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2022
Reinsurance
Line of Business	Treaty Period 2023/2024 Treaty 2021/2023 Treaty July 1, January 1, July 1, December 31, July 1, December 31, 2023 2023 2022 2021 2021 2020 to to to to to to January 1, June 30, January 1, June 30, December 30, June 30, Line of Business 2024 2023 2023 2022 2021 2021 Personal Lines Homeowners, dwelling fire and and canine legal liability Quota share treaty: Percent ceded (9) 30 % 30 % 30 % 30 % None (5) None (5) Risk retained on intial $1,000,000 of losses (5) (7) (8) (9) $ 700,000 $ 700,000 $ 700,000 $ 700,000 $ 1,000,000 $ 1,000,000 Losses per occurrence subject to quota share reinsurance coverage $ 1,000,000 $ 1,000,000 $ 1,000,000 $ 1,000,000 None (5) None (5) Expiration date January 1, 2024 January 1, 2024 January 1, 2023 January 1, 2023 NA (5) NA (5) Excess of loss coverage and facultative facility coverage (1) (7) (8 ) $ 8,400,000 $ 8,400,000 $ 8,400,000 $ 8,000,000 $ 8,000,000 in excess of in excess of in excess of in excess of in excess of $ 600,000 $ 600,000 $ 600,000 $ 1,000,000 $ 1,000,000 Total reinsurance coverage per occurrence (5) (7) (8) $ 500,000 $ 8,500,000 $ 8,500,000 $ 8,500,000 $ 8,000,000 $ 8,000,000 Losses per occurrence subject to reinsurance coverage (5) (8 ) $ 8,000,000 $ 9,000,000 $ 9,000,000 $ 9,000,000 $ 9,000,000 Expiration date (8 ) June 30, 2023 June 30, 2023 June 30, 2022 June 30, 2022 June 30, 2021 Catastrophe Reinsurance: Initial loss subject to personal lines quota share treaty (8) $ 10,000,000 $ 10,000,000 $ 10,000,000 $ 10,000,000 None (5) None (5) Risk retained per catastrophe occurrence (5) (9) (10) (8 ) $ 8,750,000 $ 7,400,000 $ 7,400,000 $ 10,000,000 $ 10,000,000 Catastrophe loss coverage in excess of quota share coverage (2) (5) (8 ) $ 335,000,000 $ 335,000,000 $ 490,000,000 $ 490,000,000 $ 475,000,000 Catastrophe stub coverage for the period from October 18, 2021 through December 31, 2021 (6) NA NA NA NA $ 5,000,000 NA in excess of $ 5,000,000 Reinstatement premium protection (3) (4) (8 ) Yes Yes Yes Yes Yes Treaty Year July 1, 2022 July 1, 2021 July 1, 2020 to to to Line of Business June 30, 2023 June 30, 2022 June 30, 2021 Personal Lines: Personal Umbrella Quota share treaty: Percent ceded - first $1,000,000 of coverage 90 % 90 % 90 % Percent ceded - excess of $1,000,000 dollars of coverage 95 % 95 % 95 % Risk retained $ 300,000 $ 300,000 $ 300,000 Total reinsurance coverage per occurrence $ 4,700,000 $ 4,700,000 $ 4,700,000 Losses per occurrence subject to quota share reinsurance coverage $ 5,000,000 $ 5,000,000 $ 5,000,000 Expiration date June 30, 2023 June 30, 2022 June 30, 2021 Commercial Lines (1): General liability commercial policies Quota share treaty None Risk retained $ 750,000 Excess of loss coverage above risk retained $ 3,750,000 in excess of $ 750,000 Total reinsurance coverage per occurrence $ 3,750,000 Losses per occurrence subject to reinsurance coverage $ 4,500,000 Commercial Umbrella Quota share treaty None
Schedule of approximate reinsurance recoverables	Unpaid Paid ($ in thousands) Losses Losses Total Security December 31, 2022 Swiss Reinsurance America Corporation 9,469 4,823 14,292 - Hanover Rueck SE 8,681 2,698 11,379 - Others 9,510 6,067 15,577 2,399 (2) Total $ 27,660 $ 13,588 $ 41,248 $ 2,399 December 31, 2021 Cavello Bay Reinsurance Limited (1) $ 2,134 $ 3,245 $ 5,379 $ 3,006 (3) Swiss Reinsurance America Corporation 4,069 631 4,700 - Hanover Rueck SE 2,474 1,176 3,650 - Allied World Assurance Company 1,098 29 1,127 - Others 863 1,415 2,278 791 (4) Total $ 10,638 $ 6,496 $ 17,134 $ 3,797
Schedule of Ceding commissions earned	Year ended December 31, 2022 2021 Provisional ceding commissions earned $ 19,105,779 $ 233,990 Contingent ceding commissions earned 213,612 (144,309 ) $ 19,319,391 $ 89,681

Deferred Policy Acquisition C_2

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue
Schedule of acquisition costs incurred	Years ended December 31, 2022 2021 Net deferred policy acquisition costs, net of deferred ceding commission revenue, beginning of year $ 12,490,479 $ 20,048,996 Cost incurred and deferred: Commissions and brokerage 36,354,386 35,128,938 Other underwriting and policy acquisition costs 9,154,706 8,841,557 Ceding commission revenue (7,236,720 ) (7,257,909 ) Net deferred policy acquisition costs 38,272,372 36,712,586 Additional deferred ceding commission revenue due to inception of quota share - (9,686,577 ) Amortization (37,562,967 ) (34,584,526 ) 709,405 (7,558,517 ) Net deferred policy acquisition costs, net of deferred ceding commission revenue, end of year $ 13,199,884 $ 12,490,479
Schedule of Ending balances for deferred acquisition costs and deferred ceding commission revenue	December 31, 2022 2021 Deferred policy acquisition costs $ 23,819,453 $ 22,238,987 Deferred ceding commission revenue (10,619,569 ) (9,748,508 ) Balance at end of period $ 13,199,884 $ 12,490,479

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt
Long-term debt	December 31, 2022 2021 2017 Notes, net $ - $ 29,823,791 2022 Notes, net 17,252,868 - Equipment financing 7,905,655 - Balance at end of period $ 25,158,523 $ 29,823,791
Schedule of Note and Warrant Exchange	December 31, December 31, 2022 2021 5.50% Senior Unsecured Notes $ - $ 30,000,000 Discount - (32,442 ) Issuance costs - (143,767 ) 2017 Notes, net $ - $ 29,823,791 12.0% Senior Unsecured Notes $ 19,950,000 Warrants (979,684 ) Issuance costs (1,717,448 ) 2022 Notes, net $ 17,252,868
Schedule of percentages of the principal amount	Period: Percentage December 30, 2022 to December 29, 2023 102.00 % December 30, 2023 to September 29, 2024 101.00 % September 30, 2024 to December 29, 2024 100.00 %
Schedule of Future contractual payment obligations	For the Year Ending December 31, Total 2023 $ 1,088,372 2024 1,153,862 2025 1,223,293 2026 1,296,901 2027 1,119,021 5,881,449 2027 purchase price 2,024,206 Total $ 7,905,655

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property and Equipment
Schedule of components of property and equipment	Accumulated Cost Depreciation Net December 31, 2022 Building $ 2,344,188 $ (945,981 ) $ 1,398,207 Land 652,437 - 652,437 Furniture and office equipment 828,011 (828,011 ) - Leasehold improvements - - - Computer equipment and software 23,195,784 (14,738,212 ) 8,457,572 Automobile 134,034 (100,315 ) 33,719 Total $ 27,154,454 $ (16,612,519 ) $ 10,541,935 December 31, 2021 Building $ 2,344,188 $ (855,558 ) $ 1,488,630 Land 652,437 - 652,437 Furniture and office equipment 802,325 (797,618 ) 4,707 Leasehold improverments 18,996 (5,650 ) 13,346 Computer equipment and software 18,686,373 (11,601,776 ) 7,084,597 Automobile 99,352 (51,473 ) 47,879 Total $ 22,603,671 $ (13,312,074 ) $ 9,291,597

Property and Casualty Insuran_2

Property and Casualty Insurance Activity (Tables)	12 Months Ended
	Dec. 31, 2022
Property and Casualty Insurance Activity
Schedule of Earned Premiums	Direct Assumed Ceded Net Year ended December 31, 2022 Premiums written $ 201,254,837 $ - $ (79,195,016 ) $ 122,059,821 Change in unearned premiums (9,733,170 ) - 2,057,880 (7,675,290 ) Premiums earned $ 191,521,667 $ - $ (77,137,136 ) $ 114,384,531 Year ended December 31, 2021 Premiums written $ 181,665,178 $ - $ (52,909,694 ) $ 128,755,484 Change in unearned premiums (7,750,334 ) - 22,876,569 $ 15,126,235 Premiums earned $ 173,914,844 $ - $ (30,033,125 ) $ 143,881,719
Schedule of liability for loss and LAE expenses	Gross Reinsurance Liability Receivables December 31, 2022 Case-basis reserves $ 62,745,588 $ 16,618,887 Loss adjustment expenses 16,847,618 2,364,053 IBNR reserves 38,746,307 8,676,560 Recoverable on unpaid losses 27,659,500 Recoverable on paid losses - 13,588,981 Total loss and loss adjustment expenses $ 118,339,513 41,248,481 Unearned premiums 25,216,580 Receivables - reinsurance contracts - Total reinsurance receivables $ 66,465,061 December 31, 2021 Case-basis reserves $ 54,761,591 $ 7,839,767 Loss adjustment expenses 14,795,659 1,072,847 IBNR reserves 25,391,495 1,725,065 Recoverable on unpaid losses 10,637,679 Recoverable on paid losses - 6,496,059 Total loss and loss adjustment expenses $ 94,948,745 17,133,738 Unearned premiums 23,158,700 Receivables - reinsurance contracts - Total reinsurance receivables $ 40,292,438
Schedule of unpaid losses and LAE	Years ended December 31, 2022 2021 Balance at beginning of period $ 94,948,745 $ 82,801,228 Less reinsurance recoverables (10,637,679 ) (20,154,251 ) Net balance, beginning of period 84,311,066 62,646,977 Incurred related to: Current year 85,690,180 101,987,855 Prior years 2,699,862 (15,259 ) Total incurred 88,390,042 101,972,596 Paid related to: Current year 49,602,585 60,171,695 Prior years 32,418,510 20,136,812 Total paid 82,021,095 80,308,507 Net balance at end of period 90,680,013 84,311,066 Add reinsurance recoverables 27,659,500 10,637,679 Balance at end of period $ 118,339,513 $ 94,948,745
Incurred Claims and Allocated Claim Adjustment Expenses	All Lines of Business (in thousands, except reported claims data) As of Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance December 31, 2022 For the Years Ended December 31, Cumulative Number of Reported Claims by Accident Year Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 IBNR (Unaudited 2013 - 2021) 2013 $ 10,728 $ 9,745 $ 9,424 $ 9,621 $ 10,061 $ 10,089 $ 10,607 $ 10,495 $ 10,529 $ 10,492 $ 1 1,564 2014 14,193 14,260 14,218 14,564 15,023 16,381 16,428 16,434 16,486 24 2,138 2015 22,340 21,994 22,148 22,491 23,386 23,291 23,528 23,533 230 2,559 2016 26,062 24,941 24,789 27,887 27,966 27,417 27,352 297 2,881 2017 31,605 32,169 35,304 36,160 36,532 36,502 375 3,398 2018 54,455 56,351 58,441 59,404 61,237 1,100 4,230 2019 75,092 72,368 71,544 71,964 2,431 4,497 2020 63,083 62,833 63,217 2,568 5,869 2021 96,425 96,673 7,863 5,786 2022 79,835 21,076 4,414 Total $ 487,291
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, Accident Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 (Unaudited 2013 - 2021) 2013 $ 3,405 $ 5,303 $ 6,633 $ 7,591 $ 8,407 $ 9,056 $ 9,717 $ 10,016 $ 10,392 $ 10,471 2014 5,710 9,429 10,738 11,770 13,819 14,901 15,491 15,770 16,120 2015 12,295 16,181 18,266 19,984 21,067 22,104 22,318 22,473 2016 15,364 19,001 21,106 23,974 25,234 25,750 26,382 2017 16,704 24,820 28,693 31,393 32,529 33,522 2018 32,383 44,516 50,553 52,025 54,424 2019 40,933 54,897 58,055 60,374 2020 39,045 50,719 53,432 2021 56,282 77,756 2022 45,856 Total $ 400,811 Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented $ 86,480 All outstanding liabilities before 2013, net of reinsurance 259 Liabilities for loss and allocated loss adjustment expenses, net of reinsurance $ 86,740
Reconciliation of the net incurred and paid claims	Reconciliation of the Disclosure of Incurred and Paid Loss Development to the Liability for Loss and LAE Reserves As of ( in thousands) December 31, 2022 Liabilities for allocated loss and loss adjustment expenses, net of reinsurance $ 86,740 Total reinsurance recoverable on unpaid losses 27,660 Unallocated loss adjustment expenses 3,940 Total gross liability for loss and LAE reserves $ 118,340
Supplementary unaudited information about average historical claims duration	Average Annual Percentage Payout of Incurred Loss and Allocated Loss Adjustment Expenses by Age, Net of Reinsurance Years 1 2 3 4 5 6 7 8 9 10 All Lines of Business 50.8 % 19.2 % 8.3 % 6.6 % 6.1 % 4.4 % 3.3 % 1.7 % 2.9 % 0.8 %

Stockholders Equity (Tables)

Stockholders Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders Equity
Schedule of Stock Options Activity	Stock Options Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2022 107,201 $ 8.31 2.92 $ - Granted - $ - - $ - Exercised - $ - - $ - Expired/Forfeited - $ - - $ - Outstanding at December 31, 2022 107,201 $ 8.31 1.92 $ - Vested and Exercisable at December 31, 2022 107,201 $ 8.31 1.92 $ -
Schedule of the restricted Common Stock activity	Restricted Stock Awards Shares Weighted Average Grant Date Fair Value per Share Aggregate Fair Value Balance at January 1, 2022 535,410 $ 7.01 $ 3,753,224 Granted 115,697 $ 4.71 $ 544,503 Vested (262,490 ) $ 7.32 $ (1,715,220 ) Forfeited (22,020 ) $ - $ - Balance at December 31, 2022 366,597 $ 6.97 $ 2,582,506
Weighted average assumptions	Years ended December 31, 2022 2021 Dividend Yield 0.00 % n/a Volatility 57.45 % n/a Risk-Free Interest Rate 4.00 % n/a Expected Life 3 years n/a

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of provision for income taxes from continuing operations	Years ended ended December 31, 2022 2021 Current federal income tax expense $ - $ 167,622 Current state income tax expense 1,630 1,675 Deferred federal and state income benefit (5,419,176 ) (2,200,433 ) Income tax benefit $ (5,417,546 ) $ (2,031,136 )
Schedule of a reconciliation of the federal statutory rate	Years ended December 31 2022 2021 Computed expected tax benefit $ (5,867,891 ) 21.0 % $ (1,975,982 ) 21.0 % State taxes, net of Federal benefit (190,894 ) 0.7 (221,879 ) 2.4 State valuation allowance 198,217 (0.7 ) 224,117 (2.4 ) Benefit of higher tax brackets in NOL carryback - current year - - Benefit of higher tax brackets in NOL carryback - prior year - - Permanent differences Dividends received deduction (122,331 ) 0.4 (152,147 ) 1.6 Non-taxable investment income (95,763 ) 0.3 (75,045 ) 0.8 Stock-based compensation 117,700 (0.4 ) 55,486 (0.6 ) Sale leaseback transaction 385,634 (1.4 ) - - Other permanent differences 152,601 (0.5 ) 56,798 (0.6 ) Prior year tax matters (24,116 ) 0.1 107,173 (1.1 ) Other 29,297 (0.1 ) (49,657 ) 0.5 Income tax benefit, as reported $ (5,417,546 ) 19.4 % $ (2,031,136 ) 21.6 %
Schedule of Deferrred Tax Assets and Liabilities	December 31, December 31, 2022 2021 Deferred tax asset: Net operating loss carryovers (1) $ 3,828,947 $ 1,112,318 Claims reserve discount 1,238,544 1,186,789 Unearned premium 3,574,840 3,246,364 Deferred ceding commission revenue 2,230,109 2,047,187 Net unrealized losses on securities 4,920,837 - Other 503,692 1,220,898 Total deferred tax assets 16,296,969 8,813,556 Deferred tax liability: Investment in KICO (2) 759,543 759,543 Deferred acquisition costs 5,002,085 4,670,187 Intangibles 105,000 105,000 Depreciation and amortization 99,183 1,046,817 Net unrealized gains on securities - 2,039,756 Total deferred tax liabilities 5,965,811 8,621,303 Net deferred income tax asset $ 10,331,158 $ 192,253
Schedule of net operating loss carryovers	December 31, December 31, Type of NOL 2022 2021 Expiration Federal only, NOL from 2022 and 2021 $ 3,828,947 $ 1,112,318 None State only (A) 2,276,595 2,099,239 December 2027 - December 2042 Valuation allowance (2,276,595 ) (2,099,239 ) State only, net of valuation allowance - - Total deferred tax asset from net operating loss carryovers $ 3,828,947 $ 1,112,318
Schedule of changes in net deferred income tax liability to the deferred income tax provision	Decrease in net deferred income tax assets $ (10,138,905 ) Deferred tax benefit allocated to other comprehensive income (4,719,729 ) Deferred income tax benefit $ (5,419,176 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies (Note 17)
Lease cost	Year ended Year ended Lease cost December 31, 2022 December 31, 2021 Operating lease (1) (2) $ 172,494 $ 247,980 Other information on operating leases Cash payments included in the measurement of lease liability reported in operating cash flows $ 195,453 $ 264,571 Discount rate 5.50 % 5.50 % Remaining lease term in years KICO 1.25 2.25
Schedule of lease liability maturities	For the Year Ending December 31, Total 2023 $ 194,919 2024 49,145 Total undiscounted lease payments 244,064 Less: present value adjustment 18,786 Operating lease liability (1) $ 225,278

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
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	Years ended December 31, 2022 2021 Weighted average number of shares outstanding 10,645,365 10,587,912 Effect of dilutive securities, common share equivalents: Stock options - - Warrants - - Restricted stock awards - - Weighted average number of shares outstanding, used for computing diluted loss per share 10,645,365 10,587,912

Quarterly Financial Data (Una_2

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2022
Quarterly Financial Data (Unaudited)
Schedule of Quarterly Financial Data	2022 March 31, June 30, September 30, December 31, Total Net premiums earned $ 26,673,380 $ 27,902,068 $ 29,360,976 $ 30,448,107 $ 114,384,531 Ceding commission revenue 4,681,396 4,715,587 4,886,094 5,036,314 19,319,391 Net investment income 1,359,100 634,325 1,418,521 1,524,832 4,936,778 Net losses on investments (4,398,405 ) (4,517,373 ) (397,658 ) (78,429 ) (9,391,865 ) Total revenues 28,551,295 28,979,250 35,537,635 37,091,110 130,159,290 Loss and loss adjustment expenses 22,941,198 18,656,041 22,027,516 24,765,287 88,390,042 Commission expense and other underwriting expenses 15,167,035 15,106,028 15,978,291 15,027,269 61,278,623 Net loss (9,197,532 ) (5,379,619 ) (3,997,621 ) (3,950,022 ) (22,524,794 ) Basic loss per share $ (0.87 ) $ (0.51 ) $ (0.38 ) $ (0.37 ) $ (2.12 ) Diluted loss per share $ (0.87 ) $ (0.51 ) $ (0.38 ) $ (0.37 ) $ (2.12 ) 2021 March 31, June 30, September 30, December 31, Total Net premiums earned $ 34,589,218 $ 35,436,426 $ 36,803,251 $ 37,052,824 $ 143,881,719 Ceding commission revenue (1,065 ) 45,741 (7,276 ) 52,281 89,681 Net investment income 1,783,196 1,678,075 1,676,596 1,483,525 6,621,392 Net gains on investments 2,960,407 2,315,261 204,534 4,306,753 9,786,955 Total revenues 39,503,202 39,600,449 38,957,974 43,169,616 161,231,241 Loss and loss adjustment expenses 22,560,672 20,759,210 35,740,235 22,912,479 101,972,596 Commission expense and other underwriting expenses 14,690,881 14,978,261 14,764,678 14,934,426 59,368,246 Net income (loss) (311,097 ) 1,323,361 (10,618,265 ) 2,227,700 (7,378,301 ) Basic earnings (loss) per share $ (0.03 ) $ 0.12 $ (1.01 ) $ 0.21 $ (0.70 ) Diluted earnings (loss) per share $ (0.03 ) $ 0.12 $ (1.01 ) $ 0.21 $ (0.70 )

Nature of Business (Details Nar

Nature of Business (Details Narrative)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Nature of Business
Direct written premiums, percentage	80.60%	79.50%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Summary of Significant Accounting Policies
Collateralized bank repurchase agreement (1)	$ 159,596	$ 142,258
Money market funds	2,458,223	992,347
Total	$ 2,617,819	$ 1,134,605

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details 1)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Total premiums earned	100%	100%
Premiums earned not subject to concentration [Member]
Total premiums earned subject to concentration	94%	95.30%
Personal Lines [Member] [Member] [Member] [Member]
Total premiums earned subject to concentration	6%	4.70%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 19, 2017
Allowance for doubtful accounts	$ 39,000	$ 233,000
Uncollectible premiums receivable balances written off	133,000	160,000
Advertising costs	114,000	$ 110,000
Estimates useful lifes		39 years
Senior Notes [Member]
Invested assets and cash	19,950,000
Debt instrument, face amount	$ 30,000,000		$ 30,000,000
Debt instrument, interest rate	5.50%		5.50%
Automobiles [Member]
Estimates useful lifes		3 years
Computer Equipment [Member]
Estimates useful lifes		3 years
Furniture and Fixtures [Member]
Estimates useful lifes		3 years
Other Equipment [Member]
Estimates useful lifes		3 years
Computer Software [Member] | Maximum [Member]
Estimates useful lifes		5 years
Computer Software [Member] | Minimum [Member]
Estimates useful lifes		3 years
Preferred Stock
Estimates useful lifes	39 years

Investments (Details)

Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
US Treasury and Government [Member]
Cost or amortized cost	$ 23,874,545
Gross unrealized gains	1,479
Gross unrealized losses - less than 12 months	(6,928)
Gross unrealized loss - more than 12 months	0
Estimated fair value	23,869,096
Net unrealized gains	(5,449)
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Cost or amortized cost	17,108,154	$ 17,236,750
Gross unrealized gains	0	246,748
Gross unrealized losses - less than 12 months	(2,195,273)	(197,984)
Gross unrealized loss - more than 12 months	(1,771,494)	0
Estimated fair value	13,141,387	17,285,514
Net unrealized gains	(3,966,767)	48,764
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Cost or amortized cost	80,338,464	80,534,769
Gross unrealized gains	0	2,603,411
Gross unrealized losses - less than 12 months	(5,796,994)	(126,926)
Gross unrealized loss - more than 12 months	(2,458,985)	0
Estimated fair value	72,082,485	83,011,254
Net unrealized gains	(8,255,979)	2,476,485
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Cost or amortized cost	53,597,264	58,036,959
Gross unrealized gains	58,398	355,985
Gross unrealized losses - less than 12 months	(882,664)	(489,258)
Gross unrealized loss - more than 12 months	(7,150,803)	(120,344)
Estimated fair value	45,622,195	57,783,342
Net unrealized gains	(7,975,069)	(253,617)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Cost or amortized cost	174,918,427	155,808,478
Gross unrealized gains	59,877	3,206,144
Gross unrealized losses - less than 12 months	(8,881,859)	(814,168)
Gross unrealized loss - more than 12 months	(11,381,282)	(120,344)
Estimated fair value	154,715,163	158,080,110
Net unrealized gains	$ (20,203,264)	$ 2,271,632

Investments (Details 1)

Investments (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Amortized cost	$ 154,715,163	$ 158,080,110
Estimated fair value	174,918,427	155,808,478
Residential mortgage and other asset backed securities [Member]
Amortized cost	53,597,264	58,036,959
Estimated fair value	45,622,195	57,783,342
Less Than One Year [Member]
Amortized cost	16,359,100	1,153,099
Estimated fair value	16,307,991	1,156,636
One To Five Years [Member]
Amortized cost	18,605,987	43,007,110
Estimated fair value	14,085,113	44,914,759
Five To Ten Years [Member]
Amortized cost	54,559,158	26,808,853
Estimated fair value	52,230,283	27,332,581
More Than 10 Years [Member]
Amortized cost	31,796,918	26,802,457
Estimated fair value	$ 26,469,581	$ 26,892,792

Investments (Details 2)

Investments (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Gross gains	$ 0	$ 276,340
Estimated fair value	2,771,652	7,561,415
Hedge Funds [Member]
Cost	1,987,040	3,999,381
Gross gains	784,612	3,562,034
Estimated fair value	2,771,652	7,561,415
Equity Securities [Member]
Cost	18,086,700	37,470,669
Gross gains	158,635	2,580,662
Gross losses	(4,410,945)	(364,329)
Estimated fair value	13,834,390	39,687,002
Preferred Stock [Member]
Cost	13,583,942	22,019,509
Gross gains	0	1,007,009
Gross losses	(3,589,313)	(184,617)
Estimated fair value	9,994,629	22,841,901
Common stock, mutual fund and exchange traded funds [Member]
Cost	4,502,758	15,451,160
Gross gains	158,635	1,573,653
Gross losses	(821,632)	(179,712)
Estimated fair value	$ 3,839,761	$ 16,845,101

Investments (Details 3)

Investments (Details 3) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Net unrealized gains	$ (1,165,752)	$ 486,825
Estimated fair value	6,600,388	8,753,159
Gross unrealized loss - more than 12 months	(360,278)	0
Gross unrealized losses - less than 12 months	(872,934)	(26,700)
Gross unrealized gains	67,460	513,525
Cost or amortized cost	7,766,140	8,266,334
Exchange Traded Debt [Member]
Net unrealized gains	(29,111)	(13,836)
Estimated fair value	275,000	290,275
Gross unrealized loss - more than 12 months	0
Gross unrealized losses - less than 12 months	(29,111)	(13,921)
Gross unrealized gains	0	85
Cost or amortized cost	304,111	304,111
Held-to-Maturity Securities US Treasury Securities [Member]
Net unrealized gains	(5,677)	209,633
Estimated fair value	1,222,883	939,275
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	(34,077)	0
Gross unrealized gains	28,400	209,633
Cost or amortized cost	1,228,560	729,642
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Net unrealized gains	2,092	22,856
Estimated fair value	500,730	1,021,095
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized gains	2,092	22,856
Cost or amortized cost	498,638	998,239
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Net unrealized gains	(1,133,056)	268,172
Estimated fair value	4,601,775	6,502,514
Gross unrealized loss - more than 12 months	(360,278)	0
Gross unrealized losses - less than 12 months	(809,746)	(12,779)
Gross unrealized gains	36,968	280,951
Cost or amortized cost	$ 5,734,831	$ 6,234,342

Investments (Details 4)

Investments (Details 4) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Amortized cost	$ 7,766,140	$ 8,266,334
Estimated fair value	6,600,388	8,753,159
Less Than One Year [Member]
Amortized cost	708,535	994,712
Estimated fair value	743,575	1,008,180
One To Five Years [Member]
Amortized cost	1,120,507	1,205,829
Estimated fair value	1,088,522	1,290,465
Five To Ten Years [Member]
Amortized cost	1,402,704	1,513,942
Estimated fair value	1,200,720	1,648,808
More Than 10 Years [Member]
Amortized cost	4,534,394	4,551,851
Estimated fair value	$ 3,567,571	$ 4,805,706

Investments (Details 5)

Investments (Details 5) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments
Fixed-maturity securities	$ 4,211,229	$ 5,446,795
Equity securities	1,058,351	1,529,020
Cash and cash equivalents	63,683	11,511
Total	5,333,263	6,987,326
Investment expenses	396,485	365,934
Net investment income	$ 4,936,778	$ 6,621,392

Investments (Details 6)

Investments (Details 6) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments
Gross realized gains	$ 143,622	$ 5,189,810
Gross realized losses	(208,955)	(90,111)
Total fixed-maturity securities	(65,333)	5,099,699
Gross realized gains	1,384,432	2,415,136
Gross realized losses	(2,048,395)	(280,807)
Total equity securities	(663,963)	2,134,329
Gross realized gains other	589,233	83,798
Gross realized losses other	0	0
Total Other investments	589,233	83,798
Net realized gains	(140,063)	7,317,826
Gross gains	0	276,340
Gross losses	(6,494,380)	0
Total equity securities	(6,494,380)	276,340
Gross gains	0	2,192,789
Gross losses	(2,757,422)	0
Total other investments	(2,757,422)	2,192,789
Net unrealized gains (losses)	(9,251,802)	2,469,129
Net gains (losses) on investments	$ (9,391,865)	$ 9,786,955

Investments (Details 7)

Investments (Details 7) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
US Treasury and Government [Member]
Estimated fair value - less than 12 months	$ 18,918,196	$ 0
Unrealized losses - less than 12 months	(6,928)	0
Number of positions held - less than 12 months	3	0
Estimated fair value - 12 months or more	0	0
Unrealized losses - 12 months or more	0	0
Number of positions held - 12 months or more	0	0
Estimated fair value - total	18,918,196	0
Unrealized losses - total	(6,928)	0
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Estimated fair value - less than 12 months	7,970,633	6,768,123
Unrealized losses - less than 12 months	(2,195,273)	(197,984)
Number of positions held - less than 12 months	9	5
Estimated fair value - 12 months or more	5,170,753	0
Unrealized losses - 12 months or more	(1,771,494)	0
Number of positions held - 12 months or more	5	0
Estimated fair value - total	13,141,386	6,768,123
Unrealized losses - total	(3,966,767)	(197,984)
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Estimated fair value - less than 12 months	56,910,104	17,593,707
Unrealized losses - less than 12 months	(5,796,994)	(126,926)
Number of positions held - less than 12 months	75	15
Estimated fair value - 12 months or more	15,172,381	0
Unrealized losses - 12 months or more	(2,458,985)	0
Number of positions held - 12 months or more	15	0
Estimated fair value - total	72,082,485	17,593,707
Unrealized losses - total	(8,255,979)	(126,926)
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Estimated fair value - less than 12 months	10,145,880	45,399,451
Unrealized losses - less than 12 months	(882,664)	(489,258)
Number of positions held - less than 12 months	22	26
Estimated fair value - 12 months or more	34,753,178	2,923,182
Unrealized losses - 12 months or more	(7,150,803)	(120,344)
Number of positions held - 12 months or more	26	2
Estimated fair value - total	44,899,058	48,322,633
Unrealized losses - total	(8,033,467)	(609,602)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Estimated fair value - less than 12 months	93,944,813	69,761,281
Unrealized losses - less than 12 months	(8,881,859)	(814,168)
Number of positions held - less than 12 months	109	46
Estimated fair value - 12 months or more	55,096,312	2,923,182
Unrealized losses - 12 months or more	(11,381,282)	(120,344)
Number of positions held - 12 months or more	46	2
Estimated fair value - total	149,041,125	72,684,463
Unrealized losses - total	$ (20,263,141)	$ (934,512)

Investments (Details Narrativee

Investments (Details Narrativee) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investments
Proceeds from the sale and redemption of fixed-maturity securities held-to-maturity	$ 1,000,000	$ 2,217,428
Proceeds from the sale or maturity of fixed-maturity securities available-for-sale	25,606,590	85,347,589
Sale - equity securities	19,379,047	$ 16,333,946
Fair value of the eligible investments	12,228,000
Estimated fair value	$ 11,457,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$ 23,869,096	$ 0
Political subdivisions of states, territories and possessions	13,141,387	17,285,514
Corporate and other bonds industrial and miscellaneous	72,082,485	83,011,254
Residential mortgage and other asset backed securities	45,622,195	57,783,342
Total fixed maturities	154,715,163	158,080,110
Equity securities	13,834,390	39,687,002
Total investments	168,549,553	197,767,112
Level 1 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	23,869,096	0
Political subdivisions of states, territories and possessions	0	0
Corporate and other bonds industrial and miscellaneous	71,585,115	82,500,779
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	95,454,211	82,500,779
Equity securities	13,834,390	39,687,002
Total investments	109,288,601	122,187,781
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	13,141,387	17,285,514
Corporate and other bonds industrial and miscellaneous	497,370	510,475
Residential mortgage and other asset backed securities	45,622,195	57,783,342
Total fixed maturities	59,260,952	75,579,331
Equity securities	0	0
Total investments	59,260,952	75,579,331
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 ($)	Dec. 31, 2022	Dec. 31, 2021
Hedge Funds [Member]
Hedge fund investments	$ 2,771,652	$ 7,561,415

Fair Value Measurements (Deta_3

Fair Value Measurements (Details 2) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Senior Notes due 2022	$ 15,829,096	$ 28,436,019
Level 1 [Member]
Senior Notes due 2022	0	0
Level 2 [Member]
Senior Notes due 2022	15,829,096	28,436,019
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 ($)	Dec. 31, 2022	Dec. 31, 2021
Reinsurance balances payable	$ 13,061,966	$ 12,961,568
Carrying Value [Member]
Fixed-maturity securities held-to-maturity	7,766,140	8,266,334
Cash and cash equivalents	11,958,228	24,290,598
Reinsurance receivables, net	66,465,061	40,292,438
Premiums receivable, net	13,880,504	12,318,336
Real estate, net of accumulated depreciation	2,050,644	2,144,464
Reinsurance balances payable	13,061,966	12,961,568
Fair Value [Member]
Fixed-maturity securities held-to-maturity	6,600,388	8,753,159
Cash and cash equivalents	11,958,228	24,290,598
Reinsurance receivables, net	66,465,061	40,292,438
Premiums receivable, net	13,880,504	12,318,336
Real estate, net of accumulated depreciation	2,800,000	3,025,000
Reinsurance balances payable	$ 13,061,966	$ 12,961,568

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Gross Carrying Value	$ 4,850,000	$ 4,850,000
Accumulated Amortization	4,350,000	4,350,000
Net Carrying Amount	500,000	500,000
Insurance license [Member]
Gross Carrying Value	500,000	500,000
Accumulated Amortization	0	0
Net Carrying Amount	500,000	500,000
Customer relationships [Member]
Gross Carrying Value	3,400,000	3,400,000
Accumulated Amortization	3,400,000	3,400,000
Net Carrying Amount	$ 0	$ 0
Useful Life (in yrs)	10 years	10 years
Other identifiable intangibles [Member]
Gross Carrying Value	$ 950,000	$ 950,000
Accumulated Amortization	950,000	950,000
Net Carrying Amount	$ 0	$ 0
Useful Life (in yrs)	7 years	7 years

Intangible Assets (Details Narr

Intangible Assets (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets
Amortization expense, related to intangibles	$ 0	$ 0

Reinsurance (Details)

Reinsurance (Details) - USD ($)	6 Months Ended				12 Months Ended			18 Months Ended
	Jan. 01, 2024	Jun. 30, 2023	Jan. 01, 2023	Dec. 30, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Losses per occurrence subject to quota share reinsurance coverage						$ 5,000,000
Excess of loss coverage above quota share coverage						5,000,000
Catastrophe [Member]
In excess of					$ 0
Initial loss subject to personal lines quota share treaty	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 0				$ 10,000,000	$ 0
Risk retained per catastrophe occurrence		8,750,000	7,400,000	10,000,000				7,400,000	10,000,000
Catastrophe loss coverage in excess of quota share coverage		$ 335,000,000	$ 335,000,000	490,000,000				$ 490,000,000	$ 475,000,000
Catastrophe stub coverage for the period from October 18, 2021 through December 31, 2021				$ 5,000,000
Reinstatement premium protection		Yes	Yes	Yes				Yes	Yes
Commercial Lines [Member]
Risk retained on initial $1,000,000 of losses (7)							$ 750,000
Losses per occurrence subject to quota share reinsurance coverage							4,500,000
In excess of							750,000
Total reinsurance coverage per occurrence							3,750,000
Excess of loss coverage above quota share coverage							3,750,000
Personal Lines [Member] [Member] [Member] [Member]
Percent ceded	30%	30%	30%	0%				30%	0%
Risk retained on initial $1,000,000 of losses (7)	$ 700,000	$ 700,000	$ 700,000	$ 1,000,000				$ 700,000	$ 1,000,000
Losses per occurrence subject to quota share reinsurance coverage	1,000,000	1,000,000	1,000,000	0				1,000,000	0
Excess of loss coverage and facultative facility coverage		8,400,000	8,400,000	8,000,000				8,400,000	8,000,000
In excess of		600,000	600,000	1,000,000				600,000	1,000,000
Total reinsurance coverage per occurrence	$ 500,000	8,500,000	8,500,000	8,000,000				8,500,000	8,000,000
Losses per occurrence subject to reinsurance coverage		$ 8,000,000	$ 9,000,000	$ 9,000,000				$ 9,000,000	$ 9,000,000
Expiration date	Jan. 01, 2024	Jan. 01, 2024	Jan. 01, 2023					Jan. 01, 2023
Expiration date- personal lines		Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022				Jun. 30, 2022	Jun. 30, 2021
Personal Umbrella
Risk retained on initial $1,000,000 of losses (7)					300,000	300,000	300,000
Losses per occurrence subject to quota share reinsurance coverage					5,000,000	5,000,000	5,000,000
Total reinsurance coverage per occurrence					$ 4,700,000	$ 4,700,000	$ 4,700,000
Expiration date					Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Percent ceded - first million dollars of coverage					90%	90%	90%
Percent ceded - excess of one million dollars of coverage					95%	95%	95%

Reinsurance (Details 1)

Reinsurance (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cavello Bay Reinsurance Limited
Unpaid Losses		$ 2,134,000
Paid Losses		3,245,000
Total		5,379,000
Security		3,006,000
Swiss Reinsurance America Corporation
Unpaid Losses	$ 9,469,000	4,069,000
Paid Losses	4,823,000	631,000
Total	14,292,000	4,700,000
Security	0	0
Hanover Rueck SE
Unpaid Losses	8,681,000	2,474,000
Paid Losses	2,698,000	1,176,000
Total	11,379,000	3,650,000
Security	0	0
Allied World Assurance Company
Unpaid Losses		1,098,000
Paid Losses		29,000
Total		1,127,000
Security		0
Others
Unpaid Losses	9,510,000	863,000
Paid Losses	6,067,000	1,415,000
Total	15,577,000	2,278,000
Security	2,399,000	791,000
SCOR Reinsurance Company
Unpaid Losses	27,660,000	10,638,000
Paid Losses	13,588,000	6,496,000
Total	41,248,000	17,134,000
Security	$ 2,399,000	$ 3,797,000

Reinsurance (Details 2)

Reinsurance (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reinsurance
Provisional ceding commissions earned	$ 19,105,779	$ 233,990
Contingent ceding commissions earned	213,612	(144,309)
Ceding commission revenue	$ 19,319,391	$ 89,681

Reinsurance (Details Narrative)

Reinsurance (Details Narrative) - USD ($)

6 Months Ended

12 Months Ended

18 Months Ended

Jan. 02, 2022

Jan. 01, 2024

Jun. 30, 2023

Jan. 01, 2023

Dec. 30, 2021

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Reinsurance receivables

$ 25,217,000

$ 23,159,000

Reinsurance balances payable

$ 2,667,000

2,881,000

Description Of Reinsurance Losses

Treaty, 4% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2023/2024 Treaty, 17.5% of the 30% total of losses

Reinsurance description

Effective January 1, 2022, the Company entered into an underlying excess of loss reinsurance treaty (“Underlying XOL Treaty”) covering the period from January 1, 2022 through January 1, 2023. The treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000

Catastrophe loss coverage in excess of quota share coverage, descriptions

treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Reduces retention to $500,000 from $700,000

Catastrophe loss coverage in excess of quota shares coverages, descriptions

The treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Losses from named storms are excluded from the treaty

Collateralized trust agreement

$ 1,918,000

3,006,000

Irrevocable letter of credit

481,000

$ 791,000

Losses per occurrence subject to quota share reinsurance coverage

$ 5,000,000

Excess of loss coverage above quota share coverage

5,000,000

Catastrophe [Member]

Reinstatement of premium protection, amount

$ 9,800,000

70,000,000

$ 70,000,000

Excess of catastrophe coverage

$ 0

10,000,000

$ 10,000,000

$ 10,000,000

Personal Lines [Member] [Member] [Member] [Member]

Single risk coverage

$ 9,000,000

Losses per occurrence subject to quota share reinsurance coverage

$ 1,000,000

$ 1,000,000

$ 1,000,000

$ 0

$ 1,000,000

$ 0

Personal Lines [Member] [Member] [Member] [Member] | Minimum [Member]

Direct loss

3,500,000

Personal Lines [Member] [Member] [Member] [Member] | Maximum [Member]

Direct loss

$ 9,000,000

Deferred Policy Acquisition C_3

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue (Details) - USD ($)	12 Months Ended	24 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue
Net deferred policy acquisition costs, net of ceding commission revenue, beginning of year	$ 20,048,996	$ 12,490,479
Cost incurred and deferred:
Commission and brokerage	35,128,938	36,354,386
Other underwriting and policy acquisition costs	8,841,557	9,154,706
Ceding commission revenue	(7,257,909)	(7,236,720)
Net deferred policy acquisition costs	36,712,586	38,272,372
Additional deferred ceding commission revenue due to inceprion of quota share	(9,686,577)	0
Amortization	(34,584,526)	(37,562,967)
Deferred acquisition costs	(7,558,517)	709,405
Net deferred policy acquisition costs, net of ceding commission revenue, ending of year	$ 12,490,479	$ 13,199,884

Deferred Policy Acquisition C_4

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue
Deferred policy acquisition costs	$ 23,819,453	$ 22,238,987
Deferred ceding commission revenue	(10,619,569)	(9,748,508)
Balance at end of period	$ 13,199,884	$ 12,490,479

Debt (Details)

Debt (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt	$ 25,158,523	$ 29,823,791
2017 [Member]
Debt	0	29,823,791
2022 [Member]
Debt	17,252,868	0
Equipment Financing [Member]
Debt	$ 7,905,655	$ 0

Debt (Details 1)

Debt (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Long-term debt, net	$ 25,158,523	$ 29,823,791
Long-term debt, net	(25,158,523)	(29,823,791)
Senior Notes [Member]
Long-term debt, net	19,950,000
Long-term debt, net	(19,950,000)
2017
Long-term debt, net	0	29,823,791
Long-term debt, net	0	(29,823,791)
2017 | Senior Notes [Member]
Long-term debt, net	0	30,000,000
Long-term debt, net	0	(30,000,000)
2017 | Discount
Long-term debt, net	0	32,442
Long-term debt, net	0	(32,442)
Issuance costs
Long-term debt, net	1,717,448
Long-term debt, net	(1,717,448)
Issuance costs | 2022
Long-term debt, net	0	143,767
Long-term debt, net	$ 0	$ (143,767)

Debt (Details 2)

Debt (Details 2) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Long-term debt, notes net	$ 25,158,523	$ 29,823,791
Long-term debt, net	(25,158,523)	$ (29,823,791)
Warrant Notes [Member]
Long-term debt, notes net	979,684
Long-term debt, net	(979,684)
2022 Notes, net
Long-term debt, notes net	17,252,868
Long-term debt, net	(17,252,868)
Issuance costs
Long-term debt, notes net	1,717,448
Long-term debt, net	(1,717,448)
Senior Notes [Member]
Long-term debt, notes net	19,950,000
Long-term debt, net	$ (19,950,000)

Debt (Details 3)

Debt (Details 3)	12 Months Ended
	Dec. 31, 2022
December 30, 2022 to December 29, 2023
Accrued and unpaid interest	102%
December 30, 2023 to September 29, 2024
Accrued and unpaid interest	101%
September 30, 2024 to December 29, 2024
Accrued and unpaid interest	100%

Debt (Details 4)

Debt (Details 4)	Dec. 31, 2022 USD ($)
Debt
2023	$ 1,088,372
2024	1,153,862
2025	1,223,293
2026	1,296,901
2027	1,119,021
Total	5,881,449
2027 purchase price	2,024,206
2027 purchase price	$ 7,905,655

Debt (Details Narrative)

Debt (Details Narrative) - USD ($)		1 Months Ended		12 Months Ended
	Dec. 15, 2022	Oct. 27, 2022	Dec. 19, 2017	Dec. 31, 2022	Dec. 31, 2021
Advances limit, description				Advances are limited to 85% of the amount of available collateral
Operating expenses				$ 158,101,630	$ 170,640,678
Collateral amount				12,228,000	0
Net proceeds from the offering to contribute capital				$ 28,256,335
Description of noteholder exchange				new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000 (the “2022 Notes”); (ii) cash in the aggregate approximate amount of $1,595,000, together with accrued interest on the 2017 Notes; and (iii) three-year warrants for the purchase of an aggregate of 969,525 shares of Common Stock of the Company, exercisable at an exercise price of $1.00 per share (the “Warrants”). The remaining $8,455,000 principal amount of the 2017 Notes, together with accrued interest thereon, was paid on the maturity date of the 2017 Notes of December 30, 2022
Treasury bill				$ 5,567,481	5,567,481
2022 Notes [Member]
Issue of notes	$ 19,950,000
Issue rate	12%
Warrant fair value	$ 993,200
Transaction cost	$ 1,758,112
Debt instrument, yield percentage	13.92%
Operating expenses	$ 2,500,000
Equipment [Financing]
Total Treasury Bills				8,691,026
Total Rental Rate				2,030,036
Sale of fixed assets		$ 8,096,824
Interest rate		5.86%
Finance amount principal		$ 126,877
Purchase of fixed assets		$ 2,024,206
Treasury bill				$ 8,096,824
Federal Home Loan Bank of New York [Member]
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 one year of borrowing
Maximum allowable advances				$ 13,192,000	$ 13,419,000
Senior Notes [Member]
Debt instrument, face amount			$ 30,000,000	$ 30,000,000
Debt instrument, interest rate			5.50%	5.50%
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%

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cost	$ 27,154,454	$ 22,603,671
Accumulated Depreciation	(16,612,519)	(13,312,074)
Net	10,541,935	9,291,597
Land [Member]
Cost	652,437	652,437
Accumulated Depreciation	0	0
Net	652,437	652,437
Automobiles [Member]
Cost	134,034	99,352
Accumulated Depreciation	(100,315)	(51,473)
Net	33,719	47,879
Computer Equipment [Member]
Cost	23,195,784	18,686,373
Accumulated Depreciation	(14,738,212)	(11,601,776)
Net	8,457,572	7,084,597
Furniture and Fixtures [Member]
Cost	828,011	802,325
Accumulated Depreciation	(828,011)	(797,618)
Net	0	4,707
Leasehold Improvements [Member]
Cost	0	18,996
Accumulated Depreciation	0	(5,650)
Net	0	13,346
Building [Member]
Cost	2,344,188	2,344,188
Accumulated Depreciation	(945,981)	(855,558)
Net	$ 1,398,207	$ 1,488,630

Property and Equipment (Detai_2

Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property and Equipment
Depreciation expense	$ 3,300,445	$ 3,290,445

Property and Casualty Insuran_3

Property and Casualty Insurance Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Premiums earned [Member]
Assumed	$ 0	$ 0
Ceeded	(77,137,136)	(30,033,125)
Net	114,384,531	143,881,719
Direct	191,521,667	173,914,844
Change in unearned premiums [Member]
Assumed	0	0
Ceeded	2,057,880	22,876,569
Net	(7,675,290)	15,126,235
Direct	(9,733,170)	(7,750,334)
Premiums written Member
Assumed	0	0
Ceeded	(79,195,016)	(52,909,694)
Net	122,059,821	128,755,484
Direct	$ 201,254,837	$ 181,665,178

Property and Casualty Insuran_4

Property and Casualty Insurance Activity (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Gross Liability [Member]
Case-basis reserves	$ 62,745,588	$ 54,761,591
Loss adjustment expenses	16,847,618	14,795,659
IBNR reserves	38,746,307	25,391,495
Recoverable on paid losses	0	0
Total loss and loss adjustment expenses	118,339,513	94,948,745
Reinsurance Receivables [Member]
Case-basis reserves	16,618,887	7,839,767
Loss adjustment expenses	2,364,053	1,072,847
IBNR reserves	8,676,560	1,725,065
Recoverable on unpaid losses	27,659,500	10,637,679
Recoverable on paid losses	13,588,981	6,496,059
Total loss and loss adjustment expenses	41,248,481	17,133,738
Unearned premiums	25,216,580	23,158,700
Receivables - reinsurance contracts	0	0
Total reinsurance receivables	$ 66,465,061	$ 40,292,438

Property and Casualty Insuran_5

Property and Casualty Insurance Activity (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property and Casualty Insurance Activity
Balance at beginning of period	$ 94,948,745	$ 82,801,228
Less reinsurance recoverables	(10,637,679)	(20,154,251)
Net balance, beginning of period	84,311,066	62,646,977
Incurred related to:
Current year	85,690,180	101,987,855
Prior years	2,699,862	15,259
Total incurred	88,390,042	101,972,596
Paid related to:
Current year	49,602,585	60,171,695
Prior years	32,418,510	20,136,812
Total paid	82,021,095	80,308,507
Net balance at end of period	90,680,013	84,311,066
Add reinsurance recoverables	27,659,500	10,637,679
Balance at end of period	$ 118,339,513	$ 94,948,745

Property and Casualty Insuran_6

Property and Casualty Insurance Activity (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) integer
Total incurred claims	$ 487,291
2014
2014 incurred claims	14,193
2013 incurred claims	9,745
IBNR	$ 24
Cumulative Number of Reported Claims | integer	2,138
2015
2014 incurred claims	$ 14,260
2013 incurred claims	9,424
IBNR	$ 230
Cumulative Number of Reported Claims | integer	2,559
2015 incurred claims	$ 22,340
2016
2014 incurred claims	14,218
2013 incurred claims	9,621
IBNR	$ 297
Cumulative Number of Reported Claims | integer	2,881
2015 incurred claims	$ 21,994
2016 incurred claims	26,062
2017
2014 incurred claims	14,564
2013 incurred claims	10,061
IBNR	$ 375
Cumulative Number of Reported Claims | integer	3,398
2015 incurred claims	$ 22,148
2016 incurred claims	24,941
2017 incurred claims	31,605
2018
2014 incurred claims	15,023
2013 incurred claims	10,089
IBNR	$ 1,100
Cumulative Number of Reported Claims | integer	4,230
2015 incurred claims	$ 22,491
2016 incurred claims	24,789
2017 incurred claims	32,169
2018 incurred claims	54,455
2019
2014 incurred claims	16,381
2013 incurred claims	10,607
IBNR	$ 2,431
Cumulative Number of Reported Claims | integer	4,497
2015 incurred claims	$ 23,386
2016 incurred claims	27,887
2017 incurred claims	35,304
2018 incurred claims	56,351
2019 incurred claims	75,092
2020
2014 incurred claims	16,428
2013 incurred claims	10,495
IBNR	$ 2,568
Cumulative Number of Reported Claims | integer	5,869
2015 incurred claims	$ 23,291
2016 incurred claims	27,966
2017 incurred claims	36,160
2018 incurred claims	58,441
2019 incurred claims	72,368
2020 incurred claims	63,083
2021
2014 incurred claims	16,434
2013 incurred claims	10,529
IBNR	$ 7,863
Cumulative Number of Reported Claims | integer	5,786
2015 incurred claims	$ 23,528
2016 incurred claims	27,417
2017 incurred claims	36,532
2018 incurred claims	59,404
2019 incurred claims	71,544
2020 incurred claims	62,833
2021 incurred claims	96,425
2022
2014 incurred claims	16,486
2013 incurred claims	10,492
IBNR	$ 21,076
Cumulative Number of Reported Claims | integer	4,414
2015 incurred claims	$ 23,533
2016 incurred claims	27,352
2017 incurred claims	36,502
2018 incurred claims	61,237
2019 incurred claims	71,964
2020 incurred claims	63,217
2021 incurred claims	96,673
2022 incurred claims	79,835
2013
2013 incurred claims	10,728
IBNR	$ 1
Cumulative Number of Reported Claims | integer	1,564

Property and Casualty Insuran_7

Property and Casualty Insurance Activity (Details 4)	Dec. 31, 2022 USD ($)
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented	$ 86,480,000
All outstanding liabilities before 2013, net of reinsurance	259,000
Liabilities for claims and claim adjustment expenses, net of reinsurance	86,740,000
Total	400,811,000
2014
2013	5,303,000
2014	5,710,000
2015
2013	6,633,000
2014	9,429,000
2015	12,295,000
2016
2013	7,591,000
2014	10,738,000
2015	16,181,000
2016	15,364,000
2017
2013	8,407,000
2014	11,770,000
2015	18,266,000
2016	19,001,000
2017	16,704,000
2018
2013	9,056,000
2014	13,819,000
2015	19,984,000
2016	21,106,000
2017	24,820,000
2018	32,383,000
2019
2013	9,717,000
2014	14,901,000
2015	21,067,000
2016	23,974,000
2017	28,693,000
2018	44,516,000
2019	40,933,000
2020
2013	10,016,000
2014	15,491,000
2015	22,104,000
2016	25,234,000
2017	31,393,000
2018	50,553,000
2019	54,897,000
2020	39,045,000
2021
2013	10,392,000
2014	15,770,000
2015	22,318,000
2016	25,750,000
2017	32,529,000
2018	52,025,000
2019	58,055,000
2020	50,719,000
2021	56,282,000
2022
2013	10,471,000
2014	16,120,000
2015	22,473,000
2016	26,382,000
2017	33,522,000
2018	54,424,000
2019	60,374,000
2020	53,432,000
2021	77,756,000
2022	45,856
2013
2013	$ 3,405,000

Property and Casualty Insuran_8

Property and Casualty Insurance Activity (Details 5) $ in Thousands	Dec. 31, 2022 USD ($)
Property and Casualty Insurance Activity
Liabilities for loss and loss adjustment expenses, net of reinsurance	$ 86,740
Total reinsurance recoverable on unpaid losses	27,660
Unallocated loss adjustment expenses	3,940
Total gross liability for loss and LAE reserves	$ 118,340

Property and Casualty Insuran_9

Property and Casualty Insurance Activity (Details 6)	Dec. 31, 2021
Property and Casualty Insurance Activity
Year One	50.80%
Year Two	19.20%
Year Three	8.30%
Year Four	6.60%
Year Five	6.10%
Year Six	4.40%
Year Seven	3.30%
Year Eight	1.70%
Year Nine	2.90%
Year Ten	0.80%

Property and Casualty Insura_10

Property and Casualty Insurance Activity (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Advance premiums	$ 2,839,028	$ 2,693,466
Incurred losses and loss adjustment expenses are net of reinsurance recoveries under reinsurance contracts	39,658,365	968,220
Prior year loss development	2,699,862	$ 15,259
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Incurred claim from superstrom sandy	$ 3,406

Stockholders Equity (Details)

Stockholders Equity (Details) - Exchange Traded Debt [Member]	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of options outstanding, Ending | shares	107,201
Number of options outstanding, beginning | shares	107,201
Number of options outstanding, vested and exercisable | shares	107,201
Weighted Average Remaining Contractual, Beginning balance	8 years 3 months 21 days
Weighted Average Remaining Contractual term, Ending balance	8 years 3 months 21 days
Weighted Average Remaining Contractual life, vested and exercisable	8 years 3 months 21 days
Weighted average exercise price, Beginning balance	$ 2.92
Weighted average exercise price, granted	0
Weighted average exercise price, Exercised	0
Weighted average exercise price, Forfeited	0
Weighted average exercise price, Ending balance	1.92
Weighted Average Price per share outstanding, vested and exercisable	8.31
Aggregate Intrinsic Value , vested and exercisable	$ 1.92

Stockholders Equity (Details 1)

Stockholders Equity (Details 1) - Hedge Funds [Member]	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Granted shares | shares	115,697
Vested shares | shares	(262,490)
Forfeited shares | shares	(22,020)
Number of options outstanding, Ending | shares	366,597
Weighted Average Grant Date Fair Value per Share, beginning balance | $ / shares	$ 7.01
Weighted Average Grant Date Fair Value per Share, granted | $ / shares	4.71
Weighted Average Grant Date Fair Value per Share, vested | $ / shares	7.32
Weighted Average Grant Date Fair Value per Share, forfeited | $ / shares	$ 0
Number of options outstanding, beginning | shares	535,410
Weighted Average Grant Date Fair Value per Share, ending balance | $ / shares	$ 6.97
Aggregate Fair Value, beginning balance | $	$ 3,753,224
Aggregate Fair Value, granted | $	544,503
Aggregate Fair Value, vested | $	(1,715,220)
Aggregate Fair Value, Forfeited | $	0
Aggregate Fair Value, ending balance | $	$ 2,582,506

Stockholders Equity (Details 2)

Stockholders Equity (Details 2)	12 Months Ended
	Dec. 31, 2022
Stockholders Equity
Dividend Yield	0%
Volatility	57.45%
Risk-Free Interest Rate	4%
Expected Life	3 years

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 25, 2025	Aug. 05, 2020
Dividends declared	$ 1,277,066	$ 1,694,148
Stock based compensation for stock options	$ 9,000	$ 55,000
Net of estimated forfeitures of approximately	18%	16%
Share-based compensation under offering	$ 15,000	$ 4,000
Stock based compensation for grants	$ 1,369,000	$ 1,846,000
Weighted-average vesting period	36 years 6 months
Exercise price			$ 1
Closing price of common stock	$ 1.35
Stock option net forfeited	$ 969,525
Fair value of unamortized compensation cost	$ 993,200
Maximum share purchase under ESPP	750,000
Maximum share purchased by employee	5,000
Price per share	$ 1.82	$ 1.82
Total purchase	$ 60,464	$ 60,464
Purchase Of Warrants	969,525
Common stock shares authorized	33,222	33,222
Common stock shares authorized	20,000,000	20,000,000
Held-to-Maturity Securities US Treasury Securities [Member]
Common stock shares authorized	700,000			1,400,000
Shares reserved	351,445

Statutory Financial Informati_2

Statutory Financial Information and Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statutory Financial Information and Accounting Policies
Unassigned deficit	$ (5,069,593)	$ 11,553,779
Dividends paid	5,250,000	3,500,000
Statutory basis net income (loss)	(14,498,676)	1,259,672
Statutory basis surplus	$ 67,976,439	$ 84,599,711
Dividend description	Dividends are restricted to the lesser of 10% of surplus or 100% of investment income (on a statutory accounting basis) for the trailing 36 months, net of dividends paid by KICO during such period

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Current federal income tax expense (benefit)	$ 0	$ 167,622
Current state income tax expense (benefit)	1,630	1,675
Deferred federal and state income tax expense (benefit)	(5,419,176)	(2,200,433)
Income tax benefit	$ (5,417,546)	$ (2,031,136)

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Computed expected tax expense	$ (5,867,891)	$ (1,975,982)
State taxes, net of Federal benefit	(190,894)	(221,879)
State valuation allowance	198,217	224,117
Benefit of higher tax brackets in NOL carryback - current year	0	0
Benefit of higher tax brackets in NOL carryback - Prior year	0	0
Permanent differences
Dividends received deduction	(122,331)	(152,147)
Non-taxable investment income	(95,763)	(75,045)
Stock-based compensation	117,700	55,486
Sale leaseback transaction	385,634	0
Other permanent differences	152,601	56,798
Prior year tax matters	(24,116)	107,173
Other	29,297	(49,657)
Income tax benefit, as reported	$ (5,417,546)	$ (2,031,136)
Computed expected tax expense	21%	21%
State taxes, net of Federal benefit	0.70%	2.40%
State valuation allowance	(0.70%)	(2.40%)
Benefit of higher tax brackets in NOL carryback - current year	0%	0%
Benefit of higher tax brackets in NOL carryback - Prior year	0%	0%
Dividends received deduction	0.40%	1.60%
Non-taxable investment income	0.30%	0.80%
Stock-based compensation	(0.40%)	(0.60%)
Sale leaseback transaction	1.40%	0%
Other permanent differences	(0.50%)	(0.60%)
Prior year tax matters	0.10%	(1.10%)
Other	(0.10%)	0.50%
Income tax benefit, as reported, percentage	19.40%	21.60%

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred tax asset:
Net operating loss carryovers (1)	$ 3,828,947	$ 1,112,318
Claims reserve discount	1,238,544	1,186,789
Unearned premium	3,574,840	3,246,364
Deferred ceding commission revenues	2,230,109	2,047,187
Net unrealized losses on securities	4,920,837	0
Other	503,692	1,220,898
Total deferred tax assets	16,296,969	8,813,556
Deferred tax liability:
Investment in KICO (2)	759,543	759,543
Deferred acquisition costs	5,002,085	4,670,187
Intangibles	105,000	105,000
Depreciation and amortization	99,183	1,046,817
Net unrealized gains (losses) of securities	0	2,039,756
Total deferred tax liabilities	5,965,811	8,621,303
Net deferred income tax (liability) asset	$ 10,331,158	$ 192,253

Income Taxes (Details 3)

Income Taxes (Details 3) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Federal only, NOL	$ 3,828,947	$ 1,112,318
State only (A)	$ 2,276,595	2,099,239
State only A	December 2027 - December 2042
Valuation allowance	$ (2,276,595)	(2,099,239)
State only, net of valuation allowance	0	0
Total deferred tax asset from net operating loss carryovers	$ 3,828,947	$ 1,112,318

Income Taxes (Details 4)

Income Taxes (Details 4) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Decrease in net deferred income tax assets	$ (10,138,905)
Deferred tax expense allocated to other comprehensive income	(4,719,729)
Deferred income tax expense	$ (5,419,176)	$ (2,200,433)

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017
Net operating loss carryover	$ 35,025,000	$ 32,296,000
Computer Equipment [Member]
Consideration exchange principal amount	$ 3,750,000
Acquired equity interest rate	100%
Original purchase surplus notes	$ 2,921,319
Untaxed interest	1,169,000
Deferred tax liability reduced			$ 759,543
Deferred tax liability	$ 759,543

Employee Benefit Plans (Details

Employee Benefit Plans (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 18, 2018	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plans
Contribution expense		$ 264,000	$ 249,000
Deferred compensation liability		$ 1,155,860	$ 907,914
Base compensation	up to 100
Deferred compensation	75%

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies (Note 17)
Operating leases	$ 172,494	$ 247,980
Cash payments included in the measurement of lease liability in operating cash flows	$ 195,453	$ 264,571
Discount rate	5.50%	5.50%
Remaining lease term in years in KICO	1 year 3 months	2 years 3 months

Commitments and Contingencies_3

Commitments and Contingencies (Details 1)	Dec. 31, 2022 USD ($)
Commitments and Contingencies (Note 17)
2023	$ 194,919
2024	49,145
Total undiscounted lease payments	244,064
Less: present value adjustment	18,786
Operating lease liability	$ 225,278

Commitments and Contingencies_4

Commitments and Contingencies (Details Narrative) - USD ($)	1 Months Ended				12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Jan. 31, 2020	Sep. 16, 2019	Dec. 31, 2022	Dec. 31, 2021	Jul. 08, 2019
Operating lease right-of-use assets					$ 225,278	$ 795,327
Operating lease right-of-use liabilities					225,278	795,327
Rent expenses					172,494	247,980
Stock-based compensation					$ 1,392,612	$ 1,904,935
Amended Employment Agreement [Member] | January 2020 [Member]
Restricted stock issued	230,769	17,191			157,431
Restricted stock value	$ 1,500,000	$ 136,500			$ 1,250,000
Cosi Lease [Member]
Lease costs							$ 40,000
January 2023 [Member] | Amended Employment Agreement [Member]
Restricted stock value					136,500
Annual base salary					$ 500,000
Percent of average per annum					3%
Barry Goldstein, President, Chief Executive Officer and Executive Chairman of the Board [Member] | Employment Agreement [Member]
Restricted stock issued			30,000	30,000
Barry GoldsteinMr. Goldstein [Member] | Employment Agreement [Member]
Restricted stock issued	21,000
Mery Golden Chief Operating Officer [Member] | Golden Emloyment Agreement [Member]
Annual base salary	$ 500,000			$ 500,000
Percent of average per annum	14%
Option purchase				50,000
Percent of annual bonus	6%
Mery Golden Chief Operating Officer [Member] | Golden Emloyment Agreement [Member] | Maximum [Member]
Stock-based compensation	$ 2,835,000
Mery Golden Chief Operating Officer [Member] | Golden Emloyment Agreement [Member] | Minimum [Member]
Stock-based compensation	$ 945,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loss Per Common Share
Weighted average number of shares outstanding	10,645,365	10,587,912
Effect of dilutive securities, common share equivalents: Stock options	$ 0	$ 0
Effect of dilutive securities, common share equivalents: Warrants	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	10,645,365	10,587,912

Quarterly Financial Data (Una_3

Quarterly Financial Data (Unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Net premiums earned									$ 114,384,531	$ 143,881,719
Ceding commission revenue									19,319,391	89,681
Net investment income									4,936,778	6,621,392
Net gains on investments									(9,391,865)	9,786,955
Total revenues									130,159,290	161,231,241
Net (loss) income									$ (22,524,794)	$ (7,378,301)
Basic earnings (loss) per share									$ (2.12)	$ (0.70)
Diluted earnings (loss) per share									$ (2.12)	$ (0.70)
Premiums earned not subject to concentration [Member]
Net premiums earned	$ 30,448,107	$ 29,360,976	$ 27,902,068	$ 26,673,380	$ 37,052,824	$ 36,803,251	$ 35,436,426	$ 34,589,218	$ 114,384,531	$ 143,881,719
Ceding commission revenue	5,036,314	4,886,094	4,715,587	4,681,396	52,281	7,276	45,741	1,065	19,319,391	89,681
Net investment income	1,524,832	1,418,521	634,325	1,359,100	1,483,525	1,676,596	1,678,075	1,783,196	4,936,778	6,621,392
Net gains on investments	(78,429)	(397,658)	(4,517,373)	(4,398,405)	4,306,753	204,534	2,315,261	2,960,407	(9,391,865)	9,786,955
Total revenues	37,091,110	35,537,635	28,979,250	28,551,295	43,169,616	38,957,974	39,600,449	39,503,202	130,159,290	161,231,241
Loss and loss adjustment expenses	24,765,287	22,027,516	18,656,041	22,941,198	22,912,479	35,740,235	20,759,210	22,560,672	88,390,042	101,972,596
Commission expense and other underwriting expenses	15,027,269	15,978,291	15,106,028	15,167,035	14,934,426	14,764,678	14,978,261	14,690,881	61,278,623	59,368,246
Net (loss) income	$ (3,950,022)	$ (3,997,621)	$ (5,379,619)	$ (9,197,532)	$ 2,227,700	$ (10,618,265)	$ 1,323,361	$ (311,097)	$ (22,524,794)	$ (7,378,301)
Basic earnings (loss) per share	$ (0.37)	$ (0.38)	$ (0.51)	$ (0.87)	$ 0.21	$ (1.01)	$ 0.12	$ (0.03)	$ (2.12)	$ (0.70)
Diluted earnings (loss) per share	$ (0.37)	$ (0.38)	$ (0.51)	$ (0.87)	$ 0.21	$ (1.01)	$ 0.12	$ (0.03)	$ (2.12)	$ (0.70)