Midwest Holding (MDWT) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Nov. 01, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Entity File Number	001-39812
Entity Registrant Name	Midwest Holding Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-0362426
Entity Address, Address Line One	2900 S. 70th, Suite 400
Entity Address, City or Town	Lincoln
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68506
City Area Code	402
Local Phone Number	489-8266
Title of 12(b) Security	Voting Common Stock, $0.001 par value
Trading Symbol	MDWT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,737,564
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000355379
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Fixed maturities, available for sale, at fair value (amortized cost: $649,483 and $369,156, respectively) (See Note 4)	$ 656,781	$ 377,163
Mortgage loans on real estate, held for investment	168,184	94,990
Derivative instruments (See Note 5)	17,262	11,361
Equity securities, at fair value (cost: $38,988 in 2021 and zero in 2020)	38,910
Other invested assets	47,021	21,897
Investment escrow	1,307	3,174
Federal Home Loan Bank (FHLB) stock	500
Preferred stock	6,934	3,898
Notes receivable	5,885	5,666
Policy loans	55	46
Total investments	942,839	518,195
Cash and cash equivalents	81,487	151,679
Deferred acquisition costs, net	24,037	13,456
Premiums receivable	334	314
Accrued investment income	12,175	6,807
Reinsurance recoverables (See Note 9)	37,720	32,146
Intangible assets	700	700
Property and equipment, net	121	104
Operating lease right of use assets	258	348
Other assets	6,889	1,533
Assets associated with business held for sale (See Note 2)	1,065	1,119
Total assets	1,107,625	726,401
Liabilities:
Benefit reserves	12,388	12,776
Policy claims	5,579	162
Deposit-type contracts (See note 11)	960,507	597,868
Advance premiums	1	2
Deferred gain on coinsurance transactions	27,799	18,199
Lease liabilities (See Note 13):
Operating lease	299	397
Other liabilities	19,864	9,553
Liabilities associated with business held for sale (See Note 2)	1,060	1,114
Total liabilities	1,027,497	640,071
Contingencies and Commitments (See Note 12)
Stockholders' Equity:
Preferred stock, $0.001 par value; authorized 2,000,000 shares; no shares issued and outstanding as of September 30, 2021 or December 31, 2020
Voting common stock, $0.001 par value; authorized 20,000,000 shares; 3,737,564 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; non-voting common stock, $0.001 par value, 2,000,000 shares authorized; no shares issued and outstanding September 30, 2021 and December 31, 2020, respectively	4	4
Additional paid-in capital	136,236	133,592
Treasury stock	(175)	(175)
Accumulated deficit	(63,178)	(53,522)
Accumulated other comprehensive income	7,241	6,431
Total stockholders' equity	80,128	86,330
Total liabilities and stockholders' equity	$ 1,107,625	$ 726,401

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Assets
Amortized Cost	$ 649,483	$ 369,156
Equity securities cost	$ 38,988	$ 0
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	3,737,564	3,737,564
Common stock, shares outstanding	3,737,564	3,737,564
Non Voting Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Non Voting Common Stock, Shares Authorized	2,000,000	2,000,000
Non Voting Common Stock, Shares Issued	0	0
Non Voting Common Stock, Shares Outstanding	0	0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Investment income, net of expenses	$ 6,196	$ 434	$ 12,303	$ 1,277
Net realized (loss) gain on investments (See Note 4)	(2,115)	(1,951)	(2,704)	7,829
Amortization of deferred gain on reinsurance	662	293	1,711	814
Service fee revenue, net of expenses	628	590	1,738	1,359
Other revenue	400	117	1,007	134
Total revenue (loss)	5,771	(517)	14,055	11,413
Expenses
Interest credited	284	380	1,868	464
Benefits		(3)		(6)
Amortization of deferred acquisition costs	753	235	1,780	376
Salaries and benefits	4,025	1,444	11,466	3,624
Other operating expenses	4,124	1,706	6,769	5,337
Total expenses	9,186	3,762	21,883	9,795
(Loss) income from continuing operations before taxes	(3,415)	(4,279)	(7,828)	1,618
Income tax expense (See Note 8)	351	(1,258)	(1,828)	(2,145)
Net loss attributable to Midwest Holding, Inc.	(3,064)	(5,537)	(9,656)	(527)
Comprehensive income (loss):
Unrealized gains on investments arising during the three months ended September 30 2021 and 2020, net of offsets, net of tax ($154 and $104, respectively); unrealized gains on investments arising during the nine months ended September 30, 2021 and 2020, net of offsets, net of tax ($216 and $77, respectively)	1,085	2,451	2,421	4,954
Unrealized losses on foreign currency		406
Less: Reclassification adjustment for net realized gains on investments, net of tax for the three months ended September 30, 2021 and 2020 ($134 and $23, respectively), and net of tax for the nine months ended September 30, 2021 and 2020 ($428 and $266, respectively)	(505)	1,951	(1,611)	(7,829)
Other comprehensive income (loss)	580	4,808	810	(2,875)
Comprehensive loss	$ (2,484)	$ (729)	$ (8,846)	$ (3,402)
Loss per common share
Basic	$ (0.82)	$ (2.04)	$ (2.58)	$ (0.22)
Diluted	$ (0.82)	$ (2)	$ (2.58)	$ (0.21)

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Unrealized gains on investments arising during period, net of tax	$ 154	$ 104	$ 216	$ 77
Reclassification adjustment for net realized gains on investments, net of tax	$ 134	$ 23	$ 428	$ 266

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Treasury Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	AOCI	Noncontrolling Interest.	Total
Balance at Dec. 31, 2019		$ 2	$ 54,494	$ (41,082)	$ 620	$ 124	$ 14,158
Net loss attributable to Midwest Holding, Inc.				(527)			(527)
Capital raise, net of $285,468 related expenses		1	14,942				14,943
Reverse stock split fractions retired	$ (175)						(175)
Employee stock options			55				55
Purchase of remaining 49% of 1505 Capital LLC			(376)			(124)	(500)
Unrealized gains on investments, net of taxes					(2,876)		(2,876)
Balance at Sep. 30, 2020	(175)	3	69,115	(41,609)	(2,256)		25,078
Balance at Dec. 31, 2019		2	54,494	(41,082)	620	$ 124	14,158
Balance at Dec. 31, 2020	(175)	4	133,592	(53,522)	6,431		86,330
Balance at Jun. 30, 2020		3	69,085	(36,072)	(7,064)		25,952
Net loss attributable to Midwest Holding, Inc.				(5,537)			(5,537)
Reverse stock split fractions retired	(175)						(175)
Employee stock options			30				30
Unrealized gains on investments, net of taxes					4,402		4,402
Unrealized losses on foreign currency					406		406
Balance at Sep. 30, 2020	(175)	3	69,115	(41,609)	(2,256)		25,078
Balance at Dec. 31, 2020	(175)	4	133,592	(53,522)	6,431		86,330
Net loss attributable to Midwest Holding, Inc.				(9,656)			(9,656)
Additional capital raise related expenses			(121)				(121)
Employee stock options			2,765				2,765
Unrealized gains on investments, net of taxes					810		810
Balance at Sep. 30, 2021	(175)	4	136,236	(63,178)	7,241		80,128
Balance at Jun. 30, 2021	(175)	4	135,233	(60,114)	6,661		81,609
Net loss attributable to Midwest Holding, Inc.				(3,064)			(3,064)
Additional capital raise related expenses			7				7
Employee stock options			996				996
Unrealized gains on investments, net of taxes					580		580
Balance at Sep. 30, 2021	$ (175)	$ 4	$ 136,236	$ (63,178)	$ 7,241		$ 80,128

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Issuance costs	$ 285
1505 Capital LLC
Ownership percentage acquired	49.00%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Loss attributable to Midwest Holding, Inc.	$ (9,656)	$ (527)
Adjustments to arrive at cash provided by operating activities:
Net premium and discount on investments	(1,529)	(18)
Depreciation and amortization	38	45
Stock options	2,765	30
Amortization of deferred acquisition costs	1,780	376
Deferred acquisition costs capitalized	(12,449)	(6,784)
Net realized losses (gains) on investments	2,704	(7,829)
Deferred coinsurance ceding commission	9,601	8,161
Changes in operating assets and liabilities:
Reinsurance recoverables	(6,659)	(7,142)
Interest and dividends due and accrued	(5,368)	(3,436)
Premiums receivable	(20)	(1)
Policy liabilities	14,763	6,429
Other assets and liabilities	4,948	13,538
Other assets and liabilities - discontinued operations	(1)	15
Net cash provided by operating activities	917	2,857
Fixed maturities available for sale:
Purchases	(480,700)	(158,933)
Proceeds from sale or maturity	204,452	24,050
Mortgage loans on real estate, held for investment
Purchases	(97,075)	(52,503)
Proceeds from sale	25,749	8,918
Derivatives
Purchases	(14,496)	(5,065)
Proceeds from sale	4,314
Purchase of equity securities	(38,972)
Other invested assets
Purchases	(58,437)	(26,788)
Proceeds from sale	34,965	13,671
Purchase of restricted common stock in FHLB	(500)
Preferred stock	(3,128)
Notes receivable		(5,516)
Net change in policy loans	(9)	(41)
Net purchases of property and equipment	(54)	(44)
Net cash used in investing activities	(423,891)	(202,251)
Cash Flows from Financing Activities:
Capital contribution	(121)	14,941
Repurchase of common stock		(150)
Acquisition of noncontrolling interest		(500)
Receipts on deposit-type contracts	367,446	279,537
Withdrawals on deposit-type contracts	(14,543)	(1,718)
Net cash provided by financing activities	352,782	292,110
Net (decrease) increase in cash and cash equivalents	(70,192)	92,716
Cash and cash equivalents:
Beginning	151,679	43,716
Ending	81,487	$ 136,432
Supplementary information
Cash paid for taxes	$ 3,711

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Nature of Operations and Basis of Presentation	Note 1. Nature of Operations and Basis of Presentation Nature of Operations Midwest Holding Inc. (“Midwest,” “the Company,” “we,” “our,” or “us”) was incorporated in Nebraska on October 31, 2003 for the primary purpose of operating a financial services company. The Company redomesticated from the State of Nebraska to the State of Delaware on August 27, 2020. The Company is in the life and annuity insurance business and operates through its wholly owned subsidiaries, American Life & Security Corp. (“American Life”), and 1505 Capital LLC (“1505 Capital”) as well as through its sponsored captive reinsurance company, Seneca Reinsurance Company, LLC (“Seneca Re”). American Life is a Nebraska-domiciled life insurance company, which is also commercially domiciled in Texas, that is currently licensed to sell, underwrite, and market life insurance and annuity products in 22 states and the District of Columbia. Effective March 12, 2020, Seneca Re, a Vermont limited liability company, was formed by Midwest to operate as a sponsored captive insurance company for the purpose of insuring and reinsuring various types of risks of its participants through one or more protected cells and to conduct any other business or activity that is permitted for sponsored captive insurance companies under Vermont insurance regulations. On March 30, 2020, Seneca Re received its Certification of Authority to transact the business of a captive insurance company. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of September 30, 2021, Seneca Re has one incorporated cell, Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) which is consolidated in our financial statements. On May 12, 2020, Midwest contributed $300 to Seneca Re for a 100% ownership interest. On April 2, 2019, we obtained a 51% ownership in 1505 Capital, a Delaware limited liability company, that was established in 2018 to provide financial and investment advisory and management services to clients and related investment activities. On June 15, 2020, we purchased the remaining 49% ownership in 1505 Capital for $500. 1505 Capital’s financial results have been consolidated with the Company’s since the date of its acquisition. On April 24, 2020, Midwest entered into a Securities Purchase Agreement with Crestline Assurance Holdings LLC, a Delaware limited liability company (“Crestline Assurance”), Xenith Holdings LLC, and Vespoint LLC, pursuant to which Crestline Assurance purchased 444,444 shares of the Company’s voting common stock, par value $0.001 per share (“common stock”), at a purchase price of $22.50 per share for $10.0 million. Under the agreement, the Company contributed $5.0 million to American Life. Also, effective as of April 24, 2020, in a separate transaction, Midwest sold 231,655 shares of common stock to various investors in a private placement at $22.50 per share for $5.227 million. On July 27, 2020, American Life entered into a reinsurance agreement (the “Reinsurance Agreement”) with a new protected cell formed by Seneca Re (Seneca Incorporated Cell, LLC 2020-02 (“SRC2”)). SRC2 was capitalized by Crestline Management, L.P. (“Crestline”), a significant shareholder of Midwest via a Crestline subsidiary, Crestline Re SPC1. The Reinsurance Agreement, which was effective as of April 24, 2020, and was entered into pursuant to a Master Letter Agreement (the “Master Agreement”) dated and effective as of April 24, 2020, among American Life, Seneca Re and Crestline. The Reinsurance Agreement supports American Life’s new business production by providing reinsurance capacity for American Life to write certain kinds of fixed and multi-year guaranteed annuity products. Concurrently with the Reinsurance Agreement: ​ ● American Life and SRC2 each entered into investment management agreements with Crestline, pursuant to which Crestline manages the assets that support the reinsured business; and ● American Life and SRC2 entered into a trust agreement whereby SRC2 maintains for American Life’s benefit a trust account that supports the reinsured business. ​ Under the Master Agreement, Crestline agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from its multi-year guaranteed annuities (“MYGA”) and a quota share percentage of 40% for American Life’s fixed indexed annuity (“FIA”) products. The Master Agreement expires on April 24, 2023. In addition, pursuant to the Master Agreement, the parties thereto have agreed to enter into a separate agreement whereby, among other things and subject to certain conditions, American Life will agree to reinsure additional new business production to one or more reinsurers formed and/or capitalized by Crestline, Midwest or an appropriate affiliate will refer potential advisory clients to Crestline, and American Life will consider investing in certain assets originated or sourced by Crestline. ​ Effective December 8, 2020, American Life entered into a novation agreement with SRC2 and Crestline Re SPC, for and on behalf of Crestline Re SP1, under which the above-described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline Re SP1. In December 2020, the Company completed a public offering of its common stock for gross proceeds of $70.0 million (see Note 17). In connection therewith, the Company's common stock was approved for listing and began trading on the Nasdaq Capital Market (“NASDAQ”) upon the closing of the offering. Management evaluates the Company as one reporting segment in the life insurance industry. The Company is primarily engaged in the underwriting and marketing of annuity products through American Life, and then reinsuring such products with third-party reinsurers, and since May 13, 2020, with Seneca Re protected cells. American Life’s legacy product offerings consisted of a multi-benefit life insurance policy that combined cash value life insurance with a tax deferred annuity and a single premium term life product. American Life presently offers five annuity products, two MYGAs, a FIA, and two bonus plans associated with the FIA product. It is not presently offering any traditional life insurance products. Basis of Presentation Our consolidated financial statements for the three and nine months ended September 30, 2021 and 2020 and year ended December 31, 2020 have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation and certain immaterial reclassifications have been made to the prior period results to conform to the current period’s presentation with no impact on results of operations or total stockholders’ equity. I n the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The information contained in the “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”), should be read in conjunction with the reading of these interim unaudited consolidated financial statements. ​ The results of operations for the nine months ended September 30, 2021 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2021. Investments All fixed maturities owned by the Company are considered available-for-sale and are included in the consolidated financial statements at their fair value as of the financial statement date. Premiums and discounts on fixed maturity debt instruments are amortized using the scientific-yield method over the term of the bonds. Realized gains and losses on securities sold during the year are determined using the specific identification method. Unrealized holding gains and losses, net of applicable income taxes, are included in accumulated other comprehensive income. Declines in the fair value of available-for-sale securities below their amortized cost are evaluated to assess whether any other-than-temporary impairment loss should be recorded. In determining if these losses are expected to be other-than-temporary, the Company considers severity of impairment, duration of impairment, forecasted recovery period, industry outlook, the financial condition of the issuer, issuer credit ratings, and the intent and ability of the Company to hold the investment until the recovery of the cost. The recognition of other-than-temporary impairment losses on debt securities is dependent on the facts and circumstances related to the specific security. If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security prior to recovery of the amortized cost, the difference between amortized cost and fair value is recognized in the statement of comprehensive income as an impairment. If the Company does not expect to recover the amortized basis, does not plan to sell the security, and if it is not more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the recognition of the impairment is bifurcated. The Company recognizes the credit loss portion as realized losses and the noncredit loss portion in accumulated other comprehensive loss. The credit component of other-than-temporary impairment is determined by comparing the net present value of projected cash flows with the amortized cost basis of the debt security. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the fixed income security at the date of acquisition. Cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings, and estimates regarding timing and amount of recoveries associated with a default. The Company had no impairment to recognize as of September 30, 2021. As of December 31, 2020, the Company analyzed its securities portfolio and determined that an impairment of approximately $35 should be recorded for one debt security, an impairment of $500 was recognized on a preferred stock, and a valuation allowance of $777 established on one lease. The valuation allowance on the lease of $777 was released as of March 31, 2021 due to the sale of the investment. The Company believes the remaining investments were not impaired as of December 31, 2020. Investment income consists of interest, dividends, gains and losses from equity method investments, and real estate income, which are recognized on an accrual basis along with the amortization of premiums and discounts. Certain available-for-sale investments are maintained as collateral under funds withheld (“FW”) and modified coinsurance (“Modco”) agreements but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. American Life has treaties with several third-party reinsurers that have FW and Modco provisions. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers to reduce the potential credit risk. The unrealized gains/losses on those investments are passed through to the third-party reinsurers as either a realized gain or loss on the Consolidated Statements of Comprehensive Loss. Mortgage loans on real estate, held for investment Mortgage loans on real estate held for investment are carried at unpaid principal balances. Interest income on mortgage loans on real estate, held for investment, is recognized in net investment income at the contract interest rate when earned. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon losses expected by management to be realized in connection with future dispositions or settlements of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate. These evaluations are revised as conditions change and new information becomes available. No such valuation allowance was established as of September 30, 2021 or as of December 31, 2020. Derivative Instruments Derivatives are used to hedge the risks experienced in our ongoing operations, such as equity, interest rate, and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the Consolidated Balance Sheets. To qualify for hedge accounting, at the inception of the hedging relationship, we formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method to be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which would be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. During the last quarter of 2020, the Company began investing in foreign currency futures to hedge the fluctuations in the foreign currency. The formal documentation and hedge effectiveness was not completed at the date we entered into those futures contracts; therefore, they do not qualify for hedge accounting. The futures fair market values were recorded on our Consolidated Statements of Comprehensive Loss as realized gains or (losses). Additionally, reinsurance agreements written on a FW or Modco basis contain embedded derivatives on our fixed indexed annuity product. Gains or (losses) associated with the performance of assets maintained in the Modco deposit and FW accounts are reflected as realized gains or (losses) in Consolidated Statements of Comprehensive Loss. Equity Securities Equity securities at September 30, 2021 and 2020 consisted of exchange traded funds (“ETFs”). The ETF’s are carried at fair value with the change in fair value recorded through realized gains and losses in Consolidated Statements of Comprehensive Loss. As of September 30, 2021, we held $38.9 million of ETFs and zero as of December 31, 2020. Federal Home Loan Bank (FHLB) stock ​ American Life purchased Federal Home Loan Bank of Topeka (“FHLB”) common stock on May 5, 2021. This investment was to solidify our membership with FHLB Topeka. The carrying value of FHLB stock approximates fair value since the Company can redeem the stock with FHLB at cost. As a member of the FHLB, the Company is required to purchase this stock, which is carried at cost and classified as restricted equity securities. Membership allows access to various funding arrangements to provide a source of additional liquidity. As of September 30, 2021, there were no outstanding funding arrangements. Other Invested Assets Other invested assets also consists of approximately $19.2 million of various investments. Of this total, approximately $6.9 million are non-registered private funds with underlying assets with characteristics of bonds. The remaining assets are student loan funding pools, joint ventures, other corporate assets, equipment leases and private equity funds. At December 31, 2020, we had a $19.7 million investment in a private fund. Effective January 2021, this investment was repackaged into a special purpose vehicle between American Life and an unaffiliated entity, PF Collinwood Holdings, LLC (“PFC”), with American Life owning 100% of the entity. No gain or loss was recognized from the repackaging of PFC. The fair value of PFC as of September 30, 2021 was $14.9 million. Investment escrow The Company held in escrow $1.3 million and $3.2 million as of September 30, 2021 and of December 31, 2020, respectively. The cash held at year end was used to purchased mortgages in October 2021 and January 2021, respectively. Preferred Stock The Company impaired in full a preferred stock investment as of December 31, 2020. This was recorded as a reduction of the asset on the Consolidated Balance Sheets of $500 and a corresponding bad debt expense on the Consolidated Statements of Comprehensive Loss. In 2020 American Life entered into a series of transactions with an unaffiliated entity, Ascona Group Holdings Ltd (“AGH”). One of the transactions involved the acquisition of Pound Sterling (“GBP”) 3.6 million of preferred equity in Ascona Group Holdings Limited (“the Preferred Equity”) along with warrants bearing no initial assigned value (the “Warrants”). American Life initially created a special purpose vehicle, Ascona Asset Holding LLC (“AAH”), to hold the Preferred Equity and Warrants, and later created Ascona Collinwood HoldCo LLC (“ACH”) to be the sole member of AAH. American Life and Crestline Re SP1 own 74% and 26%, respectively, of ACH. We are carrying the preferred equity at a market value of $4.7 million as of September 30, 2021 and $3.9 million of December 31, 2020 and the warrants had a market value of $2.2 million as of September 30, 2021 and no value as of December 31, 2020. Notes receivable The Company held in notes receivable as of September 30, 2021 and December 31, 2020, a note carried at fair value of $5.9 and $5.7 million, respectively, between American Life and a related party. The note receivable has an annual interest rate of 5% which is paid in kind (“PIK”) interest per annum that increases the outstanding note balance. This note was rated BBB+ by a nationally recognized statistical rating organization. This note matures on June 18, 2050. Policy loans Cash and cash equivalents The Company considers all liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of September 30, 2021 and December 31, 2020, the Company held approximately GBP 1.1 million and GBP 500 in custody accounts, respectively. The USD equivalent held was approximately $1.5 million and $700, respectively. As of September 30, 2021 and December 31, 2020, the Company held approximately EUR 2.6 million and 90, respectively. The USD equivalent held was approximately $3.0 million and $110, respectively. As of September 30, 2021 and December 31, 2020, we had gains of approximately $290 and approximately $50, respectively, related to the change in the foreign currency exchange rate of the GBP and EUR that were recorded in realized (losses) gains on investments in the Consolidated Statements of Comprehensive Loss. The Company had money market investments of approximately $49.1 million and $100.6 million at September 30, 2021 and December 31, 2020, respectively. Deferred acquisition costs Deferred acquisition costs (“DAC”) consist of incremental direct costs, net of amounts ceded to third-party reinsurers, that result directly from and are essential to the contract acquisition transaction and would not have been incurred by the Company had the contract acquisition not occurred. These costs are capitalized, to the extent recoverable, and amortized over the life of the premiums produced. The Company evaluates the types of acquisition costs it capitalizes. The Company capitalizes agent compensation and benefits and other expenses that are directly related to the successful acquisition of contracts. The Company also capitalizes expenses directly related to activities performed by the Company, such as underwriting, policy issuance, and processing fees incurred in connection with successful contract acquisitions. R ecoverability of DAC is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. The Company performs a recoverability analysis annually in the fourth quarter of each calendar year unless events occur which require an immediate review. The Company determined that no events occurred in the nine months ended September 30, 2021 that suggest a review should be undertaken. The Company performed a recoverability analysis during the fourth quarter of 2020 and determined that no material impairment existed in connection with recovery of the DAC balances . Property and equipment Property and equipment are stated at cost net of accumulated depreciation. Annual depreciation is primarily computed using straight-line methods for financial reporting and straight-line and accelerated methods for tax purposes. Furniture and equipment is depreciated over 3 During the first quarter of 2021, the Company began the implementation of a new cloud-based enterprise resource planning and enterprise performance management system. The Company expects to capitalize an estimated $850 of related consultation and support expenses relating to this system and will begin amortizing these fees over a period of five years from the date of implementation. The useful life of the system has been estimated at five years in accordance with guidance in ASC 350, Intangibles – Goodwill and Other Maintenance and repairs are expensed as incurred. Replacements and improvements which extend the useful life of the asset are capitalized. The net book value of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in earnings. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its fair value. Management has determined that no such events occurred in the nine months ended September 30, 2021 that would indicate the carrying amounts may not be recoverable. Reinsurance In the normal course of business, the Company seeks to limit any single exposure to losses on large risks by purchasing reinsurance. The amounts reported in the Consolidated Balance Sheets as reinsurance recoverable include amounts billed to reinsurers on losses paid as well as estimates of amounts expected to be recovered from reinsurers on insurance liabilities that have not yet been paid. Reinsurance recoverable on unpaid losses are estimated based upon assumptions consistent with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance liabilities are reported gross of reinsurance recoverable. Management believes the recoverables are appropriately established. The Company generally strives to diversify its credit risks related to reinsurance ceded. Reinsurance premiums are generally reflected in income in a manner consistent with the recognition of premiums on the reinsured contracts. Reinsurance does not extinguish the Company’s primary liability under the policies written. Therefore, the Company regularly evaluates the financial condition of its reinsurers including their activities with respect to claim settlement practices and commutations, and establishes allowances for uncollectible reinsurance recoverables as appropriate. There were no allowances established as of September 30, 2021 or December 31, 2020. We expect to reinsure substantially all of our new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. Under these reinsurance agreements, we expect there will be a monthly or quarterly settlement of premiums, claims, surrenders, collateral, and other administration fees. We believe this strategy will help preserve American Life’s capital while supporting its growth because American Life will have lower capital requirements when its business is reinsured due to lower overall financial exposure versus retaining the insurance policy business itself. See Note 9 below for further discussion of our reinsurance activities. There are two main categories of reinsurance transactions: 1) “indemnity,” where we cede a portion of our risk but retain the legal responsibility to our policyholders should our reinsurers not meet their financial obligations; and 2) “assumption,” where we transfer the risk and legal responsibilities to the reinsurers. The reinsurers are required to acquire the appropriate regulatory and policyholder approvals to convert indemnity policies to assumption policies. Our reinsurers may be domestic or foreign capital markets investors or traditional reinsurance companies seeking to assume U.S. insurance business. We plan to mitigate the credit risk relating to reinsurers generally by requiring other financial commitments from the reinsurers to secure the reinsured risks, such as posting substantial collateral. It should be noted that under indemnity reinsurance agreements American Life remains exposed to the credit risk of its reinsurers. If one or more reinsurers become insolvent or are otherwise unable or unwilling to pay claims under the terms of the applicable reinsurance agreement, American Life retains legal responsibility to pay policyholder claims, which, in such event would likely materially and adversely affect the capital and surplus of American Life. As indicated above under “Nature of Operations,” Midwest formed Seneca Re in early 2020. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of September 30, 2021, Seneca Re has one incorporated cell, Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) which was consolidated in our financial statements. American Life entered into a novation agreement with SRC2 and Crestline Re SPC, for and on behalf of Crestline Re SP1, under which the above-described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline Re SP1. Some reinsurers are not and may not be “accredited” or qualified as reinsurers under Nebraska law and regulations. In order to enter into reinsurance agreements with such reinsurers and to reduce potential credit risk, American Life holds a deposit or withholds funds from the reinsurer or requires the reinsurer to maintain a trust that holds assets backing up the reinsurer’s obligation to pay claims on the business it assumes. The reinsurer may also appoint an investment manager for such funds, which in some cases may be our investment adviser subsidiary, 1505 Capital, to manage these assets pursuant to guidelines adopted by us that are consistent with Nebraska investment statutes and reinsurance regulations. American Life currently has treaties with several third-party reinsurers and one related party reinsurer. Of the third-party reinsurers, only four have FW or Modco provisions. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers, to reduce the potential credit risk. Under those provisions with third-party reinsurers, the assets backing the treaties are maintained by American Life as investments but the assets and total returns or losses on the investments are owned by the reinsurers. Under GAAP, this arrangement is considered an embedded derivative as discussed in Comprehensive Loss and Note 5 below. Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained unrealized gains of approximately $2.0 million and $2.9 million as of September 30, 2021 and December 31, 2020, respectively. The terms of the contracts with the third-party reinsurers provide that unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the unrealized gains on the assets held by American Life were offset by gains in the embedded derivative of $900 and losses of $2.9 million as of September 30, 2021 and December 31, 2020, respectively. We account for this unrealized gain (loss) pass-through by recording equivalent realized gains or (losses) on our Consolidated Statements of Comprehensive Loss and in amount payable to our third-party reinsurers on the Consolidated Balance Sheets. For further discussion see Note 5. Derivative Instruments below. Benefit reserves The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables. Policy claims Policy claims are based on reported claims plus estimated incurred but not reported claims developed from trends of historical data applied to current exposure. Deposit-type contracts Deposit-type contracts consist of amounts on deposit associated with deferred annuities, premium deposit funds and supplemental contracts without life contingencies. Deferred gain on coinsurance transactions American Life has entered into several reinsurance contracts where it has earned or is earning ceding commissions. These ceding commissions are recorded as a deferred liability and amortized over the life of the business ceded. American Life receives commission, administrative, and option allowances from reinsurance transactions that represent recovery of acquisition costs. These allowances first reduce the DAC associated with the reinsured blocks of business with the remainder being included in the deferred gain on coinsurance transactions that is also being amortized. Income taxes The Company is subject to income taxes in the U.S. federal and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for the years before 2017. The Company is not currently under examination for any open years. The provision for income taxes is based on income as reported in the financial statements. The income tax provision is calculated under the asset and liability method. Deferred tax assets are recorded based on the differences between the financial statement and tax basis of assets and liabilities at the enacted tax rates. The principal assets and liabilities giving rise to such differences are investments, insurance reserves, and deferred acquisition costs. A deferred tax asset valuation allowance is established when there is uncertainty that such assets would be realized. The Company has no uncertain tax positions that it believes are more-likely-than not that the benefit will not to be realized. When applicable, the Company recognizes interest accrued related to unrecognized tax benefits and penalties in income tax expense. Revenue recognition and related expenses Amounts received as payment for annuities are recognized as deposits to policyholder account balances and included in future insurance policy benefits. Revenues from these contract

Assets and Liabilities Associat

Assets and Liabilities Associated with Business Held for Sale	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Associated with Business Held for Sale	Note 2. Assets and Liabilities Associated with Business Held for Sale On November 30, 2018, American Life entered into an Assumption and Indemnity Reinsurance Agreement (“Reinsurance Agreement”) with Unified Life Insurance Company (“Unified”), an unaffiliated Texas domiciled stock insurance company. The Reinsurance Agreement provided that American Life would cede and Unified would agree to reinsure, on an indemnity reinsurance basis, 100% of the liabilities and obligations under substantially all of American Life’s life, annuity, and health policies (“Policies”). The Agreement closed on December 10, 2018. The effective date of the Agreement was July 1, 2018. After the closing of the Reinsurance Agreement, Unified began the process of preparing and delivering certificates of assumption and other materials to policyholders of American Life in order to effect an assumption of the Policies by Unified such that all of American Life’s rights and obligations under the policies arising on and after July 1, 2018 would be completely assumed by Unified without further indemnification or other obligations, except for liabilities, claims and obligations incurred before July 1, 2018. Unified is obligated to indemnify American Life against all liabilities and claims and all of its policy obligations from and after July 1, 2018. As of September 30, 2021 and December 31, 2020, 90% and 89%, respectively, of the indemnity policies were converted to assumptive policies thereby releasing American Life from all of its legal obligations related to those policies. The consideration paid by Unified to American Life under the Reinsurance Agreement upon closing was $3.5 million (“Ceding Commission”), subject to minor settlement adjustments. At closing, American Life transferred the statutory reserves and liabilities directly related to the policies to Unified. The Ceding Commission is being amortized on a straight-line basis over the life of the policies. When the policies are converted to assumptive, meaning American Life has no liability exposure for those policies, the remaining Ceding Commission is recognized in our Consolidated Statements of Comprehensive Loss. Ceding Commission amortized for the three months ended September 30, 2021 and 2020 was $8 and $17, respective. Ceding Commission amortized for the nine months ended September 30, 2021 and 2020 was $28 and $296, respectively, and is recognized in our Consolidated Statements of Comprehensive Loss. Our Consolidated Balance Sheets were required to be restated under GAAP for all periods shown with the assets and liabilities which were ceded by American Life to Unified into separate line items as assets and liabilities held for sale. The table below summarizes the assets and liabilities that are included in discontinued operations as of September 30, 2021 and as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ As of December 31, (In thousands) 2021 2020 Carrying amounts of major classes of assets included as part of discontinued operations: ​ ​ Policy loans ​ $ 28 ​ $ 33 Reinsurance recoverables ​ 1,017 ​ 1,062 Premiums receivable ​ 20 ​ 24 Total assets held for sale in the Consolidated Balance Sheets ​ $ 1,065 ​ $ 1,119 ​ ​ ​ ​ ​ ​ ​ Carrying amounts of major classes of liabilities included as part of discontinued operations: ​ ​ Benefit reserves ​ $ 567 ​ $ 595 Policy claims ​ 36 ​ 35 Deposit-type contracts ​ 456 ​ 483 Accounts payable and accrued expenses ​ 1 ​ 1 Total liabilities held for sale in the Consolidated Balance Sheets ​ $ 1,060 ​ $ 1,114 ​ ​ ​ ​ ​ ​ ​ ​

Purchase of Non-controlling Int

Purchase of Non-controlling Interest	9 Months Ended
	Sep. 30, 2021
Purchase of Non-controlling Interest
Purchase of Non-controlling Interest	​ Note 3. Purchase of Non-controlling Interest ​ On April 2, 2019, Midwest entered into a contract to acquire a 51% controlling ownership in 1505 Capital. 1505 Capital was organized to provide financial and investment advisory and management services to clients and any related investment, trading, or financial activities. Midwest purchased for $1.00 its 51% ownership and on June 15, 2020, purchased the remaining 49% ownership in 1505 Capital for $500. ​

Investments

Investments	9 Months Ended
	Sep. 30, 2021
Marketable Securities [Abstract]
Investments	Note 4. Investments ​ The amortized cost and estimated fair value of investments as of September 30, 2021 and December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (In thousands) Cost Gains Losses Fair Value September 30, 2021: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ U.S. government obligations ​ $ 1,931 ​ $ 54 ​ $ 4 ​ $ 1,981 Mortgage-backed securities ​ 54,267 ​ 989 ​ 11 ​ 55,245 Collateralized loan obligations ​ ​ 307,082 ​ ​ 4,026 ​ ​ 455 ​ ​ 310,653 States and political subdivisions -- general obligations ​ 106 ​ 11 ​ — ​ 117 States and political subdivisions -- special revenue ​ 5,140 ​ 1,091 ​ 1 ​ 6,230 Trust preferred ​ ​ 16,501 ​ ​ 85 ​ ​ 189 ​ ​ 16,397 Corporate ​ 264,456 ​ 2,454 ​ 752 ​ 266,158 Total fixed maturities ​ $ 649,483 ​ $ 8,710 ​ $ 1,412 ​ $ 656,781 Mortgage loans on real estate, held for investment ​ ​ 168,184 ​ ​ — ​ ​ — ​ ​ 168,184 Derivatives ​ ​ 16,559 ​ ​ 5,357 ​ ​ 4,654 ​ ​ 17,262 Federal Home Loan Bank (FHLB) stock ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 500 Equity securities ​ ​ 38,988 ​ ​ — ​ ​ 78 ​ ​ 38,910 Other invested assets ​ ​ 45,088 ​ ​ 3,051 ​ ​ 1,118 ​ ​ 47,021 Investment escrow ​ ​ 1,307 ​ ​ - ​ ​ — ​ ​ 1,307 Preferred stock ​ ​ 4,683 ​ ​ 2,251 ​ ​ — ​ ​ 6,934 Notes receivable ​ ​ 5,885 ​ ​ — ​ ​ — ​ ​ 5,885 Policy loans ​ ​ 55 ​ ​ — ​ ​ — ​ ​ 55 Total investments ​ $ 930,732 ​ $ 19,369 ​ $ 7,262 ​ $ 942,839 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ ​ 5,744 ​ $ 426 ​ $ 6 ​ ​ 6,164 Mortgage-backed securities ​ ​ 14,638 ​ 276 ​ 157 ​ ​ 14,757 Asset-backed securities ​ ​ 216,501 ​ ​ 5,623 ​ ​ 350 ​ ​ 221,774 States and political subdivisions -- general obligations ​ ​ 107 ​ 11 ​ — ​ ​ 118 States and political subdivisions -- special revenue ​ ​ 5,293 ​ 909 ​ — ​ ​ 6,202 Trust preferred ​ ​ 2,218 ​ ​ 67 ​ ​ — ​ ​ 2,285 Corporate ​ ​ 124,655 ​ 1,379 ​ 171 ​ ​ 125,863 Total fixed maturities ​ ​ 369,156 ​ ​ 8,691 ​ ​ 684 ​ ​ 377,163 Mortgage loans on real estate, held for investment ​ ​ 94,990 ​ ​ — ​ ​ — ​ ​ 94,990 Derivatives ​ ​ 8,532 ​ ​ 3,257 ​ ​ 428 ​ ​ 11,361 Other invested assets ​ ​ 21,897 ​ ​ — ​ ​ — ​ ​ 21,897 Investment escrow ​ ​ 3,174 ​ ​ — ​ ​ — ​ ​ 3,174 Preferred stock ​ ​ 3,898 ​ ​ — ​ ​ — ​ ​ 3,898 Notes receivable ​ ​ 5,666 ​ ​ — ​ ​ — ​ ​ 5,666 Policy loans ​ ​ 46 ​ ​ — ​ ​ — ​ ​ 46 Total investments ​ $ 507,359 ​ $ 11,948 ​ $ 1,112 ​ $ 518,195 ​ The following table shows the distribution of the credit ratings of our portfolio of fixed maturity securities by carrying value as of September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Carrying ​ ​ ​ Carrying ​ ​ (In thousands) Value Percent Value Percent AAA and U.S. Government ​ $ 2,892 0.4 % $ 3,071 0.8 % AA ​ 573 0.1 ​ 5,818 1.5 ​ A ​ 144,482 22.0 ​ 49,445 13.1 ​ BBB ​ 386,980 58.9 ​ 247,636 65.7 ​ Total investment grade ​ 534,927 81.4 ​ 305,970 81.1 ​ BB and other ​ 121,854 18.6 ​ 71,193 18.9 ​ Total ​ $ 656,781 100.0 % $ 377,163 100.0 % ​ Reflecting the quality of securities maintained by us, as of September 30, 2021 and December 31, 2020, 81.4% and 81.1%, respectively, of all fixed maturity securities were investment grade. The following table summarizes, for all fixed maturity securities in an unrealized loss position as of September 30, 2021 and December 31, 2020, the estimated fair value, pre-tax gross unrealized loss, and number of securities by consecutive months they have been in an unrealized loss position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Number ​ ​ ​ ​ Gross ​ Number ​ ​ Estimated ​ Unrealized ​ of ​ Estimated ​ Unrealized ​ of (In thousands) Fair Value Loss Securities (1) Fair Value Loss Securities (1) Fixed Maturities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ $ 105 ​ $ 1 1 ​ $ 55 ​ $ — ​ 2 Mortgage-backed securities ​ 5,688 ​ 11 7 ​ 5,708 ​ 157 ​ 5 Collateralized loan obligations ​ ​ 81,972 ​ ​ 455 ​ ​ 101 ​ ​ 14,878 ​ ​ 247 ​ ​ 19 States and political subdivisions -- special revenue ​ 124 ​ 1 3 ​ 6 ​ — ​ 1 Trust preferred ​ ​ 9,844 ​ ​ 189 ​ ​ 6 ​ ​ — ​ ​ — ​ ​ — Corporate ​ 72,073 ​ 731 50 ​ 3,860 ​ 104 ​ 7 Greater than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ 73 ​ 3 3 ​ 120 ​ 6 ​ 4 Collateralized loan obligations ​ — ​ — — ​ 7,020 ​ 103 ​ 6 Corporate ​ 330 ​ ​ 21 3 ​ 287 ​ ​ 67 ​ 3 Total fixed maturities ​ $ 170,209 ​ $ 1,412 174 ​ $ 31,934 ​ $ 684 ​ ​ 47 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) We may reflect a security in more than one aging category based on various purchase dates. Our securities positions resulted in a gross unrealized loss position as of September 30, 2021 that was greater than the gross unrealized loss position at December 31, 2020 due to a decline in market values. We performed an analysis and determined that there were no indicators that we should perform a cash flow testing analysis and no impairment was required as of September 30, 2021. During the impairment analysis performed as of December 31, 2020 one of our assets had been in a loss position for over two years and had a decrease in its credit rating since 2019; cashflow testing on that security determined an impairment existed so we recorded an impairment of $35. As of September 30, 2021, management believed the Company would fully recover its cost basis in the remaining securities and management did not have the intent to sell, nor was it more likely than not that the Company will be required to sell, such securities until they recover or mature. ​ The majority of the unrealized losses are related to our collateralized loan obligations (“CLOs”). CLOs are typically illiquid and are intended to be held to maturity. The Company has monitored the underlying unrealized losses and believes they pose minimal risk of material loss in the long-term due to the quality of the underlying credits. The loss on the CLOs as of September 30, 2021 and December 31, 2020 were related to interest rates and not credit related losses. See the discussion above under “Comprehensive loss” in Note 1 regarding unrealized gains/losses on investments that are owned by our reinsurers and the corresponding offset carried as a gain in the associated embedded derivatives. ​ The Company purchases and sells equipment leases in its investment portfolio. As of September 30, 2021, the Company owned several leases. An impairment analysis was completed on the only non-performing lease in the portfolio as of June 30, 2020 and it was determined that the underlying collateral value was substantially less than the outstanding remaining lease payments of $3.6 million. The Company recognized a valuation allowance as of June 30, 2020 of $777 on that asset. During March 2021, the non-performing asset was sold for a loss of $2.4 million. The valuation allowance was released and a loss of $2.4 million was recognized; however, this asset was held on behalf of a third-party reinsurer. Therefore, due to the terms of the reinsurance agreements, the loss was passed through to the third-party reinsurer by reducing its investment income earned. ​ The amortized cost and estimated fair value of fixed maturities as of September 30, 2021, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. No securities due in the next year are in an unrealized loss position, further supporting management’s decision not to recognize an other-than-temporary impairment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Estimated (In thousands) Cost Fair Value Due in one year or less ​ $ 28,636 ​ $ 28,713 Due after one year through five years ​ 121,140 ​ 122,389 Due after five years through ten years ​ 380,355 ​ 384,055 Due after ten years through twenty years ​ ​ 67,401 ​ ​ 68,387 Due after twenty years ​ ​ 48,939 ​ ​ 50,332 No maturity ​ ​ 3,012 ​ ​ 2,905 ​ ​ $ 649,483 ​ $ 656,781 ​ The Company is required to hold assets on deposit for the benefit of policyholders in accordance with statutory rules and regulations. As of September 30, 2021 and December 31, 2020, these required deposits had a total amortized cost of $3.2 and $3.5 million and fair values of $3.2 million and $3.7, respectively. Mortgage loans consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ September 30, 2021 ​ ​ December 31, 2020 Industrial ​ $ — ​ $ 1,250 Commercial mortgage loan - multi-family ​ ​ 70,210 ​ ​ 66,916 Other ​ ​ 97,974 ​ ​ 26,824 Total mortgage loans ​ $ 168,184 ​ $ 94,990 ​ As of September 30, 2021, the commercial mortgages loans were secured by properties geographically dispersed (with the largest concentrations in loans secured by properties in Delaware (36%) New York (29%), Pennsylvania (6%), Arizona (5%), California (4%), and non-US (8%)). As of December 31, 2020, the commercial mortgages loans were secured by properties geographically dispersed (with the largest concentrations in New York (28%), Pennsylvania (14%), California (14%) and Europe (12%)). The loan-to-value ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A loan-to-value ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The following represents the loan-to-value ratio of the commercial mortgage loan portfolio, excluding those under development, net of valuation allowances. ​ ​ ​ ​ ​ ​ ​ (In thousands) September 30, 2021 ​ December 31, 2020 Loan-to-Value Ratio: ​ ​ ​ ​ ​ 0%-59.99% $ 83,284 ​ $ 49,280 60%-69.99% ​ 18,126 ​ ​ 22,349 70%-79.99% ​ 66,774 ​ ​ 23,361 80% or greater ​ — ​ ​ — Total mortgage loans $ 168,184 ​ $ 94,990 ​ The components of net investment income for the three and nine months ended September 30, 2021 and 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Fixed maturities ​ $ 6,373 ​ $ 322 ​ $ 13,103 ​ $ 1,364 Mortgage loans ​ ​ 938 ​ ​ 81 ​ ​ 1,479 ​ ​ 81 Other invested assets ​ ​ 74 ​ ​ 63 ​ ​ 225 ​ ​ 63 Other interest income ​ - ​ - ​ 266 ​ — Gross investment income ​ 7,385 ​ 466 ​ 15,073 ​ 1,508 Less: investment expenses ​ (1,189) ​ (32) ​ (2,770) ​ (231) Investment income, net of expenses ​ $ 6,196 ​ $ 434 ​ $ 12,303 ​ $ 1,277 ​ Proceeds for the three months ended September 30, 2021 and 2020 from sales of fixed maturities classified as available-for-sale were $72.0 million and $5.6 million, respectively. Gross gains of $376 and $154 and gross losses of $262 and $45 were realized on those sales during the three months ended September 30, 2021 and 2020, respectively. Proceeds for the nine months ended September 30, 2021 and 2020 from sales of fixed maturities classified as available-for-sale were $204.5 million and $24.1 million, respectively. Gross gains of $2.2 million and $1.3 million and gross losses of $454 and $76 were realized on those sales during the nine months ended September 30, 2021 and 2020, respectively. The proceeds included those assets associated with the third-party reinsurers. The gains and losses relate only to the assets retained by American Life.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 5. Derivative Instruments The Company enters into derivative instruments to manage risk, primarily equity, interest rate, credit, foreign currency and market volatility. The following is a summary of the notional amount, number of contracts and fair value of our asset and liability derivatives of September 30, 2021 and December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Location in the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Not Designated ​ Statement of Notional ​ Number of ​ Estimated ​ Notional ​ Number of ​ Estimated as Hedging Instruments ​ Balance Sheets Amount ​ Contracts ​ Fair Value ​ Amount ​ Contracts ​ Fair Value Equity-indexed options ​ Derivatives $ 481,039 ​ 456 ​ $ 14,736 ​ $ 272,854 ​ 252 ​ $ 11,361 Equity-indexed ​ Deposit-type ​ 487,781 ​ 3,401 ​ ​ 107,396 ​ ​ 311,964 ​ 2,101 ​ ​ 84,501 ​ The following table summarizes the impact of unrealized (gains) on the investments related to the FW and Modco provisions where the total return on the asset portfolio is passed through to the third-party reinsurer as embedded derivatives: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 (In thousands) ​ Book Value ​ Market Value ​ Total Return ​ Book Value ​ Market Value ​ Total Return Portfolio ​ Assets ​ Assets ​ Swap Value ​ Assets ​ Assets ​ Swap Value American Republic Insurance Company ​ $ 43,537 ​ $ 43,722 ​ $ (185) ​ $ — ​ $ — ​ $ — Crestline Re SP1 ​ ​ 145,882 ​ ​ 146,293 ​ ​ (411) ​ ​ 62,163 ​ ​ 63,131 ​ ​ (968) Ironbound ​ ​ 156,775 ​ ​ 157,881 ​ ​ (1,106) ​ ​ 98,714 ​ ​ 99,748 ​ ​ (1,034) Ascendent Re ​ ​ 54,085 ​ ​ 54,281 ​ ​ (196) ​ ​ 27,224 ​ ​ 27,480 ​ ​ (256) US Alliance ​ ​ 44,024 ​ ​ 44,141 ​ ​ (117) ​ ​ 35,707 ​ ​ 36,360 ​ ​ (653) Total ​ $ 444,303 ​ $ 446,318 ​ $ (2,015) ​ $ 223,808 ​ $ 226,719 ​ $ (2,911) ​ As of September 30, 2021 and December 31, 2020, the total return swap value was recorded as unrealized gains of $2.0 million and $2.9 million, respectively. The increase in our realized gain of $900 resulted in an increase in our amounts recoverable from reinsurers on our Consolidated Balance Sheets since December 31, 2020 and a realized gain of $900 and loss of $2.9 million, for the nine months ended September 30, 2021 and the year ended December 31, 2020, respectively, on our Consolidated Statements of Comprehensive Loss.

Fair Values of Financial Instru

Fair Values of Financial Instruments	9 Months Ended
	Sep. 30, 2021
Investments, All Other Investments [Abstract]
Fair Values of Financial Instruments	Note 6. Fair Values of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. We use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, accounting standards establish a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: ● Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. ● Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. ● Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. A review of fair value hierarchy classifications is conducted on a quarterly basis. Changes in the valuation inputs, or their ability to be observed, may result in a reclassification for certain financial assets or liabilities. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in/out of the Level 3 category as of the beginning of the period in which the reclassifications occur. A description of the valuation methodologies used for assets measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Level 1 measurements Cash equivalents: ​ Level 2 measurements Investment escrow: Fixed maturity securities: Derivatives: Equity securities in fair value recorded through realized gains and losses on the statement of operations. As of September 30, 2021 we had purchased $38.9 million of ETFs and none as of December 31, 2020. Notes receivable Level 3 measurements Fixed maturity securities: ​ Mortgage loans on real estate, held for investment: loans are generally stated at principal amounts outstanding, net of deferred expenses and allowance for loan loss. The Company determined that the net principal amount represents the fair value of the mortgages. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Loan origination fees and direct costs, as well as premiums and discounts, are amortized as level yield adjustments over the respective loan terms. Unamortized net fees or costs are recognized upon early repayment of the loans. Loan commitment fees are generally deferred and amortized on an effective yield basis over the term of the loan. Impaired loans are generally carried on a non-accrual status. Loans are ordinarily placed on non-accrual status when, in management’s opinion, the collection of principal or interest is unlikely, or when the collection of principal or interest is 90 days or more past due. ​ Other invested assets: Other invested assets include equipment leases, non-registered private funds with underlying assets with characteristics of bonds, student loan funding pools, joint ventures, other corporate assets, and private equity funds . The inputs used to measure the fair value of these assets are classified as Level 3 within the fair value hierarchy. Federal Home Loan Bank (FHLB) stock: Preferred stock: ​ Policy loans: ​ Deposit-type contracts: Embedded derivative for equity-indexed contracts guaranteed contract values include the same best estimate assumptions for policy decrements as assumptions used to project policy contract values. ​ The following table presents the Company’s fair value hierarchy for those financial instruments measured at fair value as of September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ Other ​ Significant ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ Estimated ​ ​ Markets ​ Inputs ​ Inputs ​ Fair (In thousands) (Level 1) (Level 2) (Level 3) Value September 30, 2021 ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,981 ​ $ — ​ $ 1,981 Mortgage-backed securities ​ ​ — ​ ​ 55,245 ​ ​ — ​ ​ 55,245 Collateralized loan obligations ​ ​ — ​ ​ 310,653 ​ ​ — ​ ​ 310,653 States and political subdivisions — general obligations ​ — ​ 117 ​ — ​ 117 States and political subdivisions — special revenue ​ — ​ 6,230 ​ — ​ 6,230 Trust preferred ​ ​ — ​ ​ 16,397 ​ ​ — ​ ​ 16,397 Corporate ​ — ​ 36,205 ​ 229,953 ​ 266,158 Total fixed maturity securities ​ ​ — ​ ​ 426,828 ​ ​ 229,953 ​ ​ 656,781 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 168,184 ​ ​ 168,184 Derivatives ​ ​ — ​ ​ 17,262 ​ ​ — ​ ​ 17,262 Equity securities ​ ​ — ​ ​ 38,910 ​ ​ — ​ ​ 38,910 Other invested assets ​ ​ — ​ ​ — ​ ​ 47,021 ​ ​ 47,021 Investment escrow ​ ​ — ​ ​ 1,307 ​ ​ 0 ​ ​ 1,307 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Preferred stock ​ ​ — ​ ​ — ​ ​ 6,934 ​ ​ 6,934 Notes receivable ​ ​ — ​ ​ 5,885 ​ ​ — ​ ​ 5,885 Policy loans ​ ​ — ​ ​ — ​ ​ 55 ​ ​ 55 Total Investments ​ $ — ​ $ 490,192 ​ $ 452,647 ​ $ 942,839 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 107,396 ​ ​ 107,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 6,164 ​ $ — ​ $ 6,164 Mortgage-backed securities ​ ​ — ​ ​ 14,757 ​ ​ — ​ ​ 14,757 Collateralized loan obligations ​ ​ — ​ ​ 221,774 ​ ​ — ​ ​ 221,774 States and political subdivisions — general obligations ​ — ​ 118 ​ — ​ 118 States and political subdivisions — special revenue ​ — ​ 6,202 ​ — ​ 6,202 Trust preferred ​ ​ — ​ ​ 2,285 ​ ​ — ​ ​ 2,285 Corporate ​ — ​ 18,609 ​ 107,254 ​ 125,863 Total fixed maturity securities ​ ​ — ​ ​ 269,909 ​ ​ 107,254 ​ ​ 377,163 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 94,990 ​ ​ 94,990 Derivatives ​ ​ — ​ ​ 11,361 ​ ​ — ​ ​ 11,361 Other invested assets ​ ​ — ​ ​ — ​ ​ 21,897 ​ ​ 21,897 Investment escrow ​ ​ — ​ ​ 3,174 ​ ​ — ​ ​ 3,174 Preferred stock ​ ​ — ​ ​ — ​ ​ 3,898 ​ ​ 3,898 Notes receivable ​ ​ — ​ ​ 5,666 ​ ​ — ​ ​ 5,666 Policy loans ​ ​ — ​ ​ — ​ ​ 46 ​ ​ 46 Total Investments ​ $ — ​ $ 290,110 ​ $ 228,085 ​ $ 518,195 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 84,501 ​ ​ 84,501 ​ There were no transfers of financial instruments between any levels Accounting standards require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring basis are discussed above. There were no financial assets or financial liabilities measured at fair value on a non-recurring basis. The following disclosure contains the carrying values, estimated fair values and their corresponding placement in the fair value hierarchy for financial assets and financial liabilities as of September 30, 2021 and December 31, 2020, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 55 ​ $ — ​ $ — ​ $ 55 ​ $ 55 Cash equivalents ​ 81,487 ​ 61,218 ​ — ​ — ​ 81,487 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (Deposit-type contracts) ​ 960,507 ​ — ​ — ​ 960,507 ​ 960,507 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 46 ​ $ — ​ $ — ​ $ 46 ​ $ 46 Cash equivalents ​ 151,679 ​ 100,567 ​ — ​ — ​ 151,679 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (Deposit-type contracts) ​ 597,868 ​ — ​ — ​ 597,868 ​ 597,868 ​ The following tables present a reconciliation of the beginning balance for all investments measured at fair value on a recurring basis using level three inputs during the nine months ended September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ September 30, (In thousands) 2020 Additions Sales 2021 Assets ​ ​ ​ ​ Fixed maturities ​ $ 107,254 ​ $ 169,846 ​ $ 47,147 ​ ​ 229,953 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 94,990 ​ ​ 98,943 ​ ​ 25,749 ​ ​ 168,184 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ 500 ​ ​ — ​ ​ 500 Other invested assets ​ ​ 21,897 ​ ​ 59,964 ​ ​ 34,840 ​ ​ 47,021 Preferred stock ​ ​ 3,898 ​ ​ 3,036 ​ ​ - ​ ​ 6,934 Total Investments ​ $ 228,039 ​ $ 332,289 ​ $ 107,736 ​ $ 452,592 ​ ​ The following tables present a reconciliation of the beginning balance for all investments measured at fair value on a recurring basis using level three inputs during the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ December 31, (In thousands) 2019 Additions Sales ​ Allowance ​ Impairment ​ 2020 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities ​ $ — ​ $ 107,254 ​ $ — ​ $ — ​ $ — ​ $ 107,254 Mortgage loans on real ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ estate, held for investment ​ ​ 13,810 ​ ​ 99,357 ​ ​ 18,177 ​ ​ — ​ ​ — ​ ​ 94,990 Other invested assets ​ ​ 2,469 ​ ​ 74,723 ​ ​ 54,518 ​ ​ (777) ​ ​ — ​ ​ 21,897 Preferred stock ​ ​ 500 ​ ​ 3,898 ​ ​ — ​ ​ — ​ ​ (500) ​ ​ 3,898 Total Investments ​ $ 16,779 ​ $ 285,232 ​ $ 72,695 ​ $ (777) ​ $ (500) ​ $ 228,039 ​ Significant Unobservable Inputs —Significant unobservable inputs occur when we could not obtain or corroborate the quantitative detail of the inputs. This applies to fixed maturity securities, preferred stock, mortgage loans and certain derivatives, as well as embedded derivatives in liabilities. Additional significant unobservable inputs are described below. ​ Interest sensitive contract liabilities – embedded derivative – Significant unobservable inputs we use in the fixed indexed annuities embedded derivative of the interest sensitive contract liabilities valuation include: ​ 1) Nonperformance risk – For contracts we issue, we use the credit spread, relative to the US Department of the Treasury (Treasury) curve based on our public credit rating as of the valuation date. This represents our credit risk for use in the estimate of the fair value of embedded derivatives. ​ 2) Option budget – We assume future hedge costs in the derivative’s fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth. ​ 3) Policyholder behavior – We regularly review the lapse and withdrawal assumptions (surrender rate). These are based on our initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products. ​ The following summarizes the unobservable inputs for available for sale and trading securities and the embedded derivatives of fixed indexed annuities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 (In millions, except for percentages) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $107.4 ​ Option Budget Method ​ Nonperformance risk ​ 3.0% ​ 1.1% ​ 0.6% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 3.4% ​ 2.4% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.6% ​ Decrease * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (In millions, except for percentages) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $84.5 ​ Option Budget Method ​ Nonperformance risk ​ 0.3% ​ 1.3% ​ 0.7% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 2.6% ​ 3.4% ​ 2.7% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.6% ​ Decrease * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings Loss Per Share

Earnings Loss Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Loss Per Share	Note 7. Earnings Loss Per Share The Company has 20.0 million voting common shares authorized, two million non-voting common shares authorized, and two million preferred shares authorized. There were 3,737,564 voting common shares issued and outstanding as of September 30, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2021 2020 2021 2020 (in thousands, except per share amounts) ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to Midwest Holding, Inc. ​ $ (3,064) ​ $ (5,537) ​ $ (9,656) ​ $ (527) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ 3,737,564 ​ ​ 2,718,967 ​ ​ 3,737,564 ​ ​ 2,435,115 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options and deferred compensation agreements ​ ​ 31,450 ​ ​ 47,517 ​ ​ 31,450 ​ ​ 47,517 Denominator for earnings (loss) per common share - assuming dilution ​ ​ 3,769,014 ​ ​ 2,766,484 ​ ​ 3,769,014 ​ ​ 2,482,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per common share ​ $ (0.82) ​ $ (2.04) ​ $ (2.58) ​ $ (0.22) Loss per common share - assuming dilution ​ $ (0.82) ​ $ (2.00) ​ $ (2.58) ​ $ (0.21) ​

Income Tax Matters

Income Tax Matters	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Tax Matters	Note 8. Income Tax Matters Significant components of the Company’s deferred tax assets and liabilities as of September 30, 2021 and December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2021 December 31, 2020 Deferred tax assets: ​ ​ Loss carryforwards ​ $ 1,364 ​ $ 1,557 Capitalized costs ​ 139 ​ 175 Stock option granted ​ ​ 595 ​ ​ 14 Unrealized losses on investments ​ 669 ​ 1,534 Policy acquisition costs ​ ​ 3,074 ​ ​ 2,243 Charitable contribution carryforward ​ ​ 2 ​ ​ 2 Sec 163(j) limitation ​ ​ 154 ​ ​ 154 Benefit reserves ​ 6,753 ​ 3,569 Total deferred tax assets ​ 12,750 ​ 9,248 Less valuation allowance ​ (10,267) ​ (7,002) Total deferred tax assets, net of valuation allowance ​ 2,483 ​ 2,246 Deferred tax liabilities: ​ ​ Unrealized losses on investments ​ 1,819 ​ 1,994 Due premiums ​ 82 ​ 82 Intangible assets ​ 147 ​ 147 Derivative option allowance ​ 396 ​ — Bond Discount ​ ​ 34 ​ ​ 20 Property and equipment ​ 5 ​ 3 Total deferred tax liabilities ​ 2,483 ​ 2,246 Net deferred tax assets ​ $ — ​ $ — ​ As of September 30, 2021 and December 31, 2020, the Company recorded valuation allowances of $10.3 million and $7.0 million, respectively, on the deferred tax assets to reduce the total to an amount that management believes will ultimately be realized. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. There was income tax expense for the three months ended September 30, 2021 and 2020 of $(351) and $1.3 million, respectively, and income tax expense for the nine months ended September 30, 2021 and 2020 of $1.8 million and negative tax expense of $2.1 million, respectively. This differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax income, as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Computed expected income tax benefit ​ $ (749) ​ $ (899) ​ $ (1,676) ​ $ 340 Increase (reduction) in income taxes resulting from: ​ ​ ​ ​ ​ ​ State tax net of federal benefit ​ ​ — ​ ​ 152 ​ ​ — ​ ​ 152 IMR and reinsurance ​ ​ 65 ​ ​ — ​ ​ 240 ​ ​ — Nondeductible expenses ​ ​ 1 ​ ​ 1 ​ ​ 4 ​ ​ 4 Change in valuation allowance ​ 333 ​ 1,429 ​ 3,266 ​ ​ 1,421 Dividends received deduction ​ ​ (1) ​ ​ — ​ ​ (6) ​ ​ — Other ​ ​ — ​ ​ 575 ​ ​ — ​ ​ 228 Prior year true-up ​ — ​ — ​ — ​ — Subtotal of increases ​ 398 ​ 2,157 ​ 3,504 ​ 1,805 Tax expense ​ $ (351) ​ $ 1,258 ​ $ 1,828 ​ $ 2,145 ​ ​ Section 382 of the Internal Revenue Code limits the utilization of U.S. net operating loss (“NOL”) carryforwards following a change of control, which occurred on June 28, 2018. As of September 30, 2021, the deferred tax assets included the expected tax benefit attributable to federal NOLs of $6.5 million. The federal NOLs generated prior to June 28, 2018 which are subject to Section 382 limitation can be carried forward. If not utilized, the NOLs of $1.1 million prior to 2017 will expire through the year of 2032. The CARES Act of 2020 temporarily removed the NOL limitations enacted under the Tax Cuts and Jobs Act of 2017 on tax years ended December 31, 2018 through December 31, 2020. Therefore, NOLs generated from June 28, 2018 to December 31, 2020 do not expire and will carry forward indefinitely. NOLs generated after December 31, 2020 also do not expire and can be carried forward indefinitely but their utilization in any carry forward year is limited to 80% of taxable income in that year. The Company believes that it is more likely than not that the benefit from federal NOL carryforwards will not be realized; thus, we have recorded a full valuation allowance of $1.4 million on the deferred tax assets related to these federal NOL carryforwards. Loss carry forwards for tax purposes as of September 30, 2021, have expiration dates that range from 2024 2040

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Reinsurance	Note 9. Reinsurance A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and, 2020, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2021 December 31, 2020 Assets: ​ ​ Reinsurance recoverables ​ $ 37,720 ​ $ 32,146 Liabilities: ​ ​ ​ ​ ​ ​ Deposit-type contracts ​ ​ ​ ​ ​ ​ Direct ​ $ 960,507 ​ ​ 597,868 Reinsurance ceded ​ ​ (596,068) ​ ​ (405,981) Retained deposit-type contracts ​ $ 364,439 ​ $ 191,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2021 2020 ​ 2021 2020 (in thousands) ​ ​ ​ ​ ​ Premiums ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct ​ $ 37 ​ $ 225 ​ $ 139 ​ $ 678 Reinsurance ceded ​ ​ (37) ​ ​ (225) ​ ​ (139) ​ ​ (678) Total Premiums ​ $ — ​ $ — ​ $ — ​ $ — Future policy and other policy benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct ​ $ 3 ​ $ 52 ​ $ 25 ​ $ 99 Reinsurance ceded ​ (3) ​ (52) ​ (25) ​ (99) Total future policy and other policy benefits ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by third-party reinsurers except for a reinsurance with Unified as it was accounted for as discontinued operations as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable/ ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ (Payable) on Benefit ​ Ceded ​ Recoverable/ (in thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ (Payable) to/from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (2,242) ​ $ — ​ $ (2,242) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 561 Sagicor Life Insurance Company ​ A- ​ — ​ 164 ​ 10,834 ​ 289 ​ 10,709 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ 2,612 ​ ​ — ​ ​ 2,612 Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 15,847 ​ ​ — ​ ​ 15,847 American Republic Insurance Company ​ ​ NR ​ ​ — ​ ​ — ​ ​ 4,771 ​ ​ — ​ ​ 4,771 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 5,502 ​ 40 ​ 5,462 ​ ​ ​ ​ ​ $ — ​ $ 164 ​ $ 37,885 ​ $ 329 ​ $ 37,720 ​ The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer except for Unified as it is accounted for as discontinued operations as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable on ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ Benefit ​ Ceded ​ Recoverable (in thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Optimum Re Insurance Company ​ A ​ $ — ​ $ — ​ $ 525 ​ $ — ​ $ 525 Sagicor Life Insurance Company ​ A- ​ — ​ 141 ​ 11,286 ​ 277 ​ 11,150 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ 3,541 ​ ​ — ​ ​ 3,541 Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 9,695 ​ ​ — ​ ​ 9,695 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 7,264 ​ 29 ​ 7,235 ​ ​ ​ ​ ​ $ — ​ $ 141 ​ $ 32,311 ​ $ 306 ​ $ 32,146 ​ Our securities positions resulted in changes in the unrealized gains position as of September 30, 2021 compared to December 31, 2020, reported in accumulated other comprehensive income on the Consolidated Balance Sheets. As discussed in Note 1, American Life has treaties with several third-party reinsurers that have FW and Modco provisions. Under those provisions, the assets backing the treaties are maintained by American Life as collateral but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. Under GAAP this arrangement is considered an embedded derivative as discussed in Note 5. The assets had unrealized gains of approximately $2.0 million and $2.9 million as of September 30, 2021 and December 31, 2020, respectively. The terms of the contracts with the third-party reinsurers provide that unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the unrealized gains on the assets held by American Life were offset by a gain in the embedded derivative of $900 and a loss of $2.9 million, respectively. We account for this gain pass through by recording equivalent realized losses on our Consolidated Statements of Comprehensive Loss. Effective November 7, 2019, American Life entered into a Funds Withheld Coinsurance and Modified Coinsurance Agreement (“FW/Modco SDA Agreement”) with SDA Annuity & Life Re (“SDA”), a Cayman Islands-domiciled reinsurance company. Under the FW/Modco SDA Agreement, American Life cedes to SDA, on a FW and Modco basis, 5% quota share of certain liabilities with respect to its multi-year guaranteed annuity MYGA business and an initial 95% quota share of certain liabilities with respect to its FIA through December 31, 2019. Effective January 1, 2020 through March 31, 2020, the quota share decreased to 30%. Effective April 1, 2020 through August 24, 2020, the quota share decreased to 15%. Effective August 25, 2020 through April 7, 2021, the quota share decreased to 0% for MYGA MYGA In addition, a trust account was established on November 7, 2019 among American Life, SDA and Wells Fargo Bank, National Association for the sole benefit of American Life to fund the SDA Funds Withheld Account and the SDA Modco deposit account for any shortage in required reserves. The initial settlement included net premium income of $4.0 million and net statutory reserves of $4.0 million. The initial settlement for the funds withheld account was $2.3 million and for the Modco deposit was $1.5 million and the reserves required was $2.4 million and $1.6 million, respectively. The amount owed to the FW account and the Modified coinsurance deposit account from the trust account was $135 and $90, respectively which was funded at the closing of the SDA transaction. On August 26, 2021, SDA changed its name to Ascendant Re (“ASCRE”). American Life established two accounts to hold the assets for the FW/Modco Agreement, a Funds Withheld Account and a Modco Deposit Account. Effective April 15, 2020, American Life entered into a Funds Withheld and Funds Paid Coinsurance Agreement (“US Alliance Agreement”) with US Alliance Life and Security Company, a Kansas reinsurance company (“US Alliance”). Under the US Alliance Agreement, American Life will cede to US Alliance, on a funds withheld and funds paid coinsurance basis, an initial 49% quota share of certain liabilities with respect to American Life’s FIA business effective January 1, 2020 through March 31, 2020. Effective from March 1, 2020 through March 10, 2020, American Life ceded a 45.5% quota share of certain liabilities with respect to its MYGA business to US Alliance. Effective March 11, 2020 through March 31, 2020, on a funds withheld and funds paid coinsurance basis, the quota share increased to 66.5% of certain liabilities with respect to its MYGA business. Effective April 1, 2020, the FIA quota share was reduced to 40% and the MYGA quota share was reduced to 25%. American Life established a US Alliance Funds Withheld Account to hold the assets for the US Alliance Agreement. In addition, a trust account was established among American Life, US Alliance and Capitol Federal Savings Bank, for the sole benefit of American Life to fund the Funds Withheld Account for any shortage in required reserves. The initial settlement included net premium income of $13.5 million and net statutory reserves of $14.7 million. The initial settlement for the Funds Withheld Account was $12.7 million and to the trust account was $800 from American Life and $5.0 million from US Alliance. Effective June 30, 2020, the FIA quota share was reduced to zero and effective July 1, 2020, the MYGA quota share was reduced to zero. Effective April 24, 2020, American life entered into a Master Letter Agreement with Seneca Re and Crestline Management regarding a flow of annuity reinsurance and related asset management, whereby Crestline Management agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from the MYGA and a quota share percentage of 40% of the FIA products. This agreement expires on April 24, 2023. On July 24, 2020, the Nebraska Department of Insurance (“NDOI”) issued its non-disapproval of the Funds Withheld Coinsurance and Modified Coinsurance Agreement with Seneca Incorporated Cell, LLC 2020-02 (“SRC2”) of Seneca Re, now known as Crestline RE SP1. The agreement closed on July 27, 2020. Under the agreement, American Life ceded to SRC2, on a Funds Withheld and Modified Coinsurance basis, an initial 25% quota share of certain liabilities with respect to American Life’s MYGA business and 40% quota share of certain liabilities with respect to American Life’s FIA business effective April 24, 2020. Effective July 1, 2021, the quota share for FIA decreased from 40% to 25%. American Life established a SRC2 Funds Withheld Account and a Modified Coinsurance Account to hold the assets pursuant to the agreement. The NDOI approved the inclusion of the SRC2 coinsurance in American Life’s March 31, 2020 statutory financial statements. In addition, a trust account was established on July 23, 2020 among American Life, SRC2 and U.S. Bank, National Association for the sole benefit of American Life to fund the SRC2 Funds Withheld Account and the SRC2 Modco deposit account for any shortage in required reserves. On June 26, 2021, the NDOI issued its non-disapproval of the Modified Coinsurance Agreement (“Modco AEG Agreement”) with American Republic Insurance Company (“AEG”), an Iowa domiciled reinsurance company. The agreement closed on June 30, 2021. Under the Modco AEG Agreement, American Life cedes to AEG, on a modified coinsurance basis, 20% quota share of certain liabilities with respect to its multi-year guaranteed annuity MYGA-5 business and an initial 20% quota share of certain liabilities with respect to its fixed indexed annuity FIA. American Life has established a Modco Deposit Account to hold the assets for the Modco Agreement. The initial settlement included net premium income of $37.5 million and net statutory reserves of $34.8 million for the modified coinsurance account. The amount paid to the Modified coinsurance deposit account from AEG was $2.4 million. ​ ​ Under GAAP, ceding commissions are deferred on the Consolidated Balance Sheets and are amortized over the period of the policyholder contracts. The tables below shows the ceding commissions from the reinsurers excluding SRC1 and what was earned on a GAAP basis for the three and nine months ended September 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, (in thousands) ​ 2021 ​ 2020 Reinsurer ​ Gross Ceding Commission ​ Expense (1) ​ Interest on Ceding Commission ​ Earned ​ Gross Ceding Commission ​ Expense ​ Interest on Ceding Commission ​ Earned Ironbound Reinsurance Company Limited ​ $ — ​ $ 395 ​ $ 51 ​ $ 113 ​ $ — ​ $ 11 ​ $ 56 ​ $ 127 Ascendant Re ​ ​ — ​ ​ 1,061 ​ ​ 26 ​ ​ 73 ​ ​ 488 ​ ​ 976 ​ ​ 18 ​ ​ 26 US Alliance Life and Security Company ​ ​ 496 ​ ​ 87 ​ ​ 16 ​ ​ 74 ​ ​ 7 ​ ​ 7 ​ ​ 15 ​ ​ 64 Crestline Re SP 1 ​ ​ 1,246 ​ ​ 2,277 ​ ​ 69 ​ ​ 314 ​ ​ 3,837 ​ ​ 7,249 ​ ​ 13 ​ ​ 55 American Republic Insurance Company ​ ​ 937 ​ ​ 1,470 ​ ​ 14 ​ ​ 78 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 2,679 ​ $ 5,290 ​ $ 176 ​ $ 652 ​ $ 4,332 ​ $ 8,243 ​ $ 102 ​ $ 272 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, (in thousands) ​ 2021 ​ 2020 Reinsurer ​ Gross Ceding Commission ​ Expense (1) ​ Interest on Ceding Commission ​ Earned ​ Gross Ceding Commission ​ Expense ​ Interest on Ceding Commission ​ Earned Ironbound Reinsurance Company Limited ​ $ — ​ $ 424 ​ $ 160 ​ $ 358 ​ $ 688 ​ $ 690 ​ $ 166 ​ $ 317 Ascendant Re ​ ​ 496 ​ ​ 1,106 ​ ​ 69 ​ ​ 163 ​ ​ 1,356 ​ ​ 2,605 ​ ​ 47 ​ ​ 44 US Alliance Life and Security Company ​ ​ 2 ​ ​ 125 ​ ​ 46 ​ ​ 195 ​ ​ 2,280 ​ ​ 4,017 ​ ​ 23 ​ ​ 74 Crestline SP1 ​ ​ 5,623 ​ ​ 11,052 ​ ​ 180 ​ ​ 813 ​ ​ 3,838 ​ ​ 7,248 ​ ​ 13 ​ ​ 55 American Republic Insurance Company ​ ​ 3,160 ​ ​ 5,849 ​ ​ 26 ​ ​ 146 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 9,281 ​ $ 18,556 ​ $ 481 ​ $ 1,675 ​ $ 8,162 ​ $ 14,560 ​ $ 249 ​ $ 490 ​ (1) Includes acquisition and administrative expenses, commission expense allowance and product development fees. ​ The tables below shows the ceding commissions deferred on each reinsurance transaction on a GAAP basis: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2021 ​ December 31, 2020 Reinsurer Deferred Ceding Commission ​ Deferred Ceding Commission US Alliance Life and Security Company (1) $ 165 ​ $ 172 Unified Life Insurance Company (1) ​ 249 ​ ​ 277 Ironbound Reinsurance Company Limited (2) ​ ​ 5,594 ​ ​ 5,642 Ascendant Re ​ 3,227 ​ ​ 2,703 US Alliance Life and Security Company (2) ​ ​ 2,429 ​ ​ 2,473 American Republic Insurance Company (2) ​ ​ 3,250 ​ ​ — Crestline SP1 (2) ​ ​ 12,885 ​ ​ 6,932 ​ ​ $ 27,799 ​ $ 18,199 ​ (1) These reinsurance transactions on our legacy life insurance business received gross ceding commissions on the effective dates of the transaction. The difference between the statutory net adjusted reserves and the GAAP adjusted reserves plus the elimination of DAC and value of business acquired related to these businesses reduces the gross ceding commission with the remaining deferred and amortized over the lifetime of the blocks of business. (2) These reinsurance transactions include the ceding commissions and expense allowances which are accounted for as described in (1). The use of reinsurance does not relieve American Life of its primary liability to pay the full amount of the insurance benefit in the event of the failure of a reinsurer to honor its contractual obligation for all blocks of business except what is included in the Unified transaction. The reinsurance agreement with Unified discharges American Life’s responsibilities once all the policies have changed from indemnity to assumptive reinsurance. No reinsurer of business ceded by American Life has failed to pay policy claims (individually or in the aggregate) with respect to our ceded business. American Life monitors several factors that it considers relevant to satisfy itself as to the ongoing ability of a reinsurer to meet all obligations of the reinsurance agreements. These factors include the credit rating of the reinsurer, the financial strength of the reinsurer, significant changes or events of the reinsurer, and any other relevant factors. If American Life believes that any reinsurer would not be able to satisfy its obligations with American Life, separate contingency reserves may be established. As of September 30, 2021 and December 31, 2020, no contingency reserves had been established. American Life expects to reinsure substantially all of its new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. American Life may retain some business with the intent to reinsure some or all at a future date. Retained and Reinsurer Balance Sheets The tables below shows the retained and reinsurance condensed balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Retained ​ Reinsurance ​ Consolidated ​ Retained ​ Reinsurance ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 418,170 ​ $ 524,669 ​ $ 942,839 ​ $ 185,368 ​ $ 332,827 ​ $ 518,195 Cash and cash equivalents ​ ​ 51,583 ​ ​ 29,904 ​ ​ 81,487 ​ ​ 102,335 ​ ​ 49,344 ​ ​ 151,679 Accrued investment income ​ ​ 3,471 ​ ​ 8,704 ​ ​ 12,175 ​ ​ 1,956 ​ ​ 4,851 ​ ​ 6,807 Deferred acquisition costs, net ​ ​ 24,037 ​ ​ — ​ ​ 24,037 ​ ​ 13,456 ​ ​ — ​ ​ 13,456 Reinsurance recoverables ​ ​ — ​ ​ 37,720 ​ ​ 37,720 ​ ​ — ​ ​ 32,146 ​ ​ 32,146 Other assets ​ ​ 8,921 ​ ​ 446 ​ ​ 9,367 ​ ​ 2,685 ​ ​ 1,433 ​ ​ 4,118 Total assets ​ $ 506,182 ​ $ 601,443 ​ $ 1,107,625 ​ $ 305,800 ​ $ 420,601 ​ $ 726,401 Liabilities and Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policyholder liabilities ​ $ 364,439 ​ $ 614,036 ​ $ 978,475 ​ $ 191,887 ​ $ 418,921 ​ $ 610,808 Deferred gain on coinsurance transactions ​ ​ 27,799 ​ ​ — ​ ​ 27,799 ​ ​ 18,199 ​ ​ — ​ ​ 18,199 Other liabilities ​ ​ 33,816 ​ ​ (12,593) ​ ​ 21,223 ​ ​ 9,384 ​ ​ 1,680 ​ ​ 11,064 Total liabilities ​ $ 426,054 ​ $ 601,443 ​ $ 1,027,497 ​ $ 219,470 ​ $ 420,601 ​ $ 640,071 Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Voting common stock ​ ​ 4 ​ ​ — ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ 4 Additional paid-in capital ​ ​ 136,061 ​ ​ — ​ ​ 136,061 ​ ​ 133,417 ​ ​ — ​ ​ 133,417 Accumulated deficit ​ ​ (63,178) ​ ​ — ​ ​ (63,178) ​ ​ (53,522) ​ ​ — ​ ​ (53,522) Accumulated other comprehensive income ​ ​ 7,241 ​ ​ — ​ ​ 7,241 ​ ​ 6,431 ​ ​ — ​ ​ 6,431 Total Midwest Holding Inc.'s stockholders' equity ​ $ 80,128 ​ $ — ​ $ 80,128 ​ $ 86,330 ​ $ — ​ $ 86,330 Total liabilities and stockholders' equity ​ $ 506,182 ​ $ 601,443 ​ $ 1,107,625 ​ $ 305,800 ​ $ 420,601 ​ $ 726,401 ​

Long-Term Incentive Plan

Long-Term Incentive Plan	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Long-Term Incentive Plan	Note 10. Long-Term Incentive Plans 2019 Plan ​ On June 11, 2019, our Board of Directors approved the Midwest Holding Inc. Long-Term Incentive Plan (the “2019 Plan”) that reserves up to 102,000 shares of our voting common stock for award issuances. It provides for the grant of options, restricted stock awards, restricted stock units, stock appreciation rights, performance units, performance bonuses, stock awards and other incentive awards to eligible employees, consultants and eligible directors, subject to the conditions set forth in the 2019 Plan. Shareholder approval of the plan occurred on June 11, 2019. All awards are required to be established, approved, and/or granted by the compensation committee of our Board. ​ On July 19, 2019, we granted stock options for 17,900 shares of voting common stock under the 2019 Plan that are exercisable during a ten-year period after the date of grant at a price of $25.00 per share, with one two options. The factors we used to determine the expense were: the weighted average fair market value at grant date of $8.00 per share, the exercise price of $25.00 per share, the option term of 10 years, an annual risk-free interest rate of 1.84% based upon the 10-year U.S. Treasury rate at grant date, volatility of the price of the stock before the date of the grants, the amount of shares and the closely held nature of the stock before the grants. ​ On July 21, 2020, we granted stock options for 26,300 shares of voting common stock. Using the Black Scholes Model, we determined the compensation expense was $335 over the five year vesting term of the stock options. The factors we used to determine the expense were: the weighted average fair market value at grant date of $25.00 per share, the exercise price of per share, the time to maturity of 10 years, an annual risk-free interest rate of .55% based upon the 10-year U.S. Treasury rate at grant date and a 60% volatility based on a valuation by an outside evaluator relating to the grants of these options. ​ On September 15, 2020, we granted stock options for 6,667 shares of voting common stock at an exercise price of $41.25 per share. Using the Black Scholes Model, we determined the compensation expense was $144 over the five year vesting term of the stock options. The factors we used to determine the expense were: the weighted average fair market value at grant date of $21.60 per share, the exercise price of $41.25 per share, the time to maturity of 10 years, an annual risk-free interest rate of .69% based upon the 10-year U.S. Treasury rate at grant date and a 66.2% volatility based on a valuation by an outside evaluator relating to the grants of these options. ​ On November 16, 2020, we granted stock options for 35,058 shares of voting common stock at an exercise price of $41.25 per share. Using the Black Scholes Model, we determined the compensation expense was $1.0 million over the five year vesting term of the stock options. The factors we used to determine the expense were: the weighted average fair market value at grant date of $29.45 per share, the exercise price of $41.25 per share, the time to maturity of 10 years, an annual risk-free interest rate of .91% based upon the 10-year U.S. Treasury rate at grant date and a 66.3% volatility based on a valuation by an outside evaluator relating to the grant of these options. ​ 2020 Plan ​ On November 16, 2020, our Board of Directors adopted a new equity incentive plan titled the 2020 Long-Term Incentive Plan (the "2020 Plan") that reserves up to 350 shares of voting common stock for award issuances. The terms of the 2020 Plan are essentially the same as the 2019 Plan. On June 29, 2021, the 2020 Plan was approved by the shareholders. ​ In connection with the adoption of the 2020 Plan and the employment agreements with A. Michael Salem and Michael Minnich, our Co-Chief Executive Officers, we granted each of Messrs. Salem and Minnich stock options for 74,751 shares of our voting common stock plus additional stock options of 18,500 to other employees, with an exercise price of $41.25 per share exercisable in one ​ On November 16, 2020 we granted an award of restricted stock for 18,597 shares of voting common stock to an officer. Using the Black Scholes Model, we determined the compensation expense was $548 over the five year vesting term of the restricted stock award. The factors we used to determine the expense were: the weighted average fair market value at grant date of $29.45 per share, the exercise price of $41.25 per share, an annual risk-free interest rate of .91% based upon the 10-year U.S. Treasury rate at grant date and a 66.3% volatility based on a valuation by an outside evaluator relating to this restricted stock grant. ​ On February 15, 2021, we granted stock options for 49,528 shares of voting common stock at an exercise price of $55.02 per share. Using the Black Scholes Model, we determined the compensation expense was $1.6 million over the two ​ On March 11, 2021, we granted stock options for 9,500 shares of voting common stock at an exercise price of $55.02 per share. Using the Black Scholes Model, we determined the compensation expense was $332 over the two ​ On June 1, 2021, we granted stock options for 4,000 shares of voting common stock at an exercise price of $55.02 per share. On September 17, 2021, we granted stock options of 43,000 shares of voting common stock at an exercise price of $41.25 per share. Using the Black Scholes Model, we determined the compensation expense was $118 over the two four ​ On January 16, 2021 and May 1, 2020, stock options for 3,932 and 200 shares with a fair market value of $29.45 and $8.00 per share, respectively, became vested and in connection with the resignation of two Board members. As of September 30, 2021 and December 31, 2020, the outstanding non-vested stock under the 2019 and 2020 Plans was approximately 73,000 and 288,000, respectively with 12,750 and 5,050 shares being forfeited during the nine months ended September 30, 2021 and year ended December 31, 2020, respectively. ​ For the three months ended September 30, 2021 and 2020, we amortized the compensation expense related to the 2019 and 2020 Plans, from the stock grants on the dates above, over the vesting tranches which resulted in expenses and an increase in additional paid in capital of approximately $1.0 million and $30, respectively. For the nine months ended September 30, 2021 and 2020, we amortized the compensation expense related to the 2019 and 2020 Plans, from the stock grants on the dates above, over the vesting tranches as an expense and an increase in additional paid in capital of approximately $2.8 million and $55, respectively. The table below shows the award activity for the nine months ended September 30, 2021 and the remaining non-vested shares under the 2019 and 2020 Plans: ​ ​ ​ ​ ​ Stock Options/ Beginning balance, December 31, 2020 ​ 100,972 Options granted under the 2019 Plan ​ ​ Options granted and approved under the 2020 Plan ​ 281,712 Forfeited ​ (4,132) Vested ​ (17,800) Ending Balance 360,752 ​

Deposit-Type Contracts

Deposit-Type Contracts	9 Months Ended
	Sep. 30, 2021
Separate Accounts Disclosure [Abstract]
Deposit-Type Contracts	​ ​ Note 11. Deposit-Type Contracts The Company’s deposit-type contracts represent the contract value that has accrued to the benefit of policyholders as of the balance sheet date. Liabilities for these deposit-type contracts are included without reduction for potential surrender charges. This liability is equal to the accumulated account deposits, plus interest credited, and less policyholder withdrawals. The following table provides information about deposit-type contracts as of September 30, 2021 and the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 30, 2021 December 31, 2020 Beginning balance ​ $ 597,868 ​ $ 171,169 US Alliance ​ 822 ​ (3,308) Ironbound Reinsurance Company Limited ​ 4,983 ​ 6,080 Ascendant Re ​ ​ 1,437 ​ ​ 3,053 Crestline SP1 ​ ​ 696 ​ ​ 3,607 American Republic Insurance Company ​ ​ 509 ​ ​ — Deposits received ​ 367,446 ​ 415,561 Investment earnings (includes embedded derivative) ​ 1,868 ​ 4,215 Withdrawals ​ (14,543) ​ (2,509) Policy charges ​ ​ (579) ​ ​ — Ending balance ​ $ 960,507 ​ $ 597,868 ​

Contingencies and Commitments

Contingencies and Commitments	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Commitments	Note 12. Contingencies and Commitments Legal Proceedings: ​ Regulatory Matters: ​

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Note 13. Leases Our operating lease activities consist of leases for office space and equipment. Our finance lease activities consisted of one lease for hardware which we owned at the end of the lease agreement on March 31, 2020. None of our lease agreements include variable lease payments. ​ Supplemental balance sheet information as of September 30, 2021 and December 31, 2020, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ As of ​ As of Leases Classification September 30, 2021 December 31, 2020 Assets ​ ​ Operating Operating lease right-of-use assets ​ $ 258 ​ $ 348 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Operating lease Operating lease liabilities ​ $ 299 ​ $ 397 ​ Our operating and finance leases expenses for the three and nine months ended September 30, 2021 and 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, Leases Classification 2021 2020 2021 2020 Operating General and administrative expense ​ $ — ​ $ 2 ​ $ 2 ​ $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ Amortization expense ​ — ​ — ​ — ​ 3 ​ Minimum contractual obligations for our operating leases at September 30, 2021, are as follows: ​ ​ ​ ​ ​ (in thousands) Operating Leases 2021 (excluding nine months ended September 30, 2021) ​ $ 41 2022 ​ 157 2023 ​ 162 2024 ​ 14 Total remaining lease payments ​ $ 374 ​ Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Cash payments ​ ​ ​ ​ Operating cash flows from operating leases ​ $ (3) ​ $ — ​ $ (8) ​ $ (1) Operating cash flows from finance leases ​ — ​ 1 ​ — ​ 5 ​ The weighted average remaining lease terms of our operating leases were approximately less than one year as of September 30, 2021 and a year and half

Statutory Net Income and Surplu

Statutory Net Income and Surplus	9 Months Ended
	Sep. 30, 2021
Statutory Net Income and Surplus [Abstract]
Statutory Net Income and Surplus	Note 14. Statutory Net Income and Surplus of American Life ​ American Life is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the NDOI. Statutory practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. As filed in the statutory-basis annual statement with the NDOI, American Life’s statutory net (loss) gains for the nine months September 30, 2021 and 2020 were $2.6 million and $423, respectively. Capital and surplus of American Life as of September 30, 2021 and December 31, 2020 was $75.6 million and $77.4, respectively. The net gains were primarily due to the ceding commission and reserve adjustments earned on the Ironbound, ASCRE, US Alliance, SRC1, and Crestline Re SP1 reinsurance transactions; offset by continuing expenses incurred to provide services on the new software and related technology to distribute products through national marketing organizations. For the nine months ended September 30, 2021, the MYGA and FIA sales were $82.3 million and $285.2 million compared to the MYGA and FIA sales $86.5 million and $193.0 million as of September 30, 2020. An additional $523 of MYGA and $1.9 million of FIA sales were pending as of September 30, 2021. State insurance laws require American Life to maintain certain minimum capital and surplus amounts on a statutory basis. Our insurance subsidiary is subject to regulations that restrict the payment of dividends from statutory surplus and may require prior approval from its domiciliary insurance regulatory authorities. American Life is also subject to risk-based capital (“RBC”) requirements that may further affect its ability to pay dividends. American Life’s statutory capital and surplus as of September 30, 2021 and December 31, 2020 exceeded the amount of statutory capital and surplus necessary to satisfy regulatory requirements, including the RBC requirements as of those dates. As of December 31, 2020, American Life had an invested asset that was impaired as a result of the fair market of the underlying collateral being valued less that the book value. This was a non-admitted asset for statutory accounting purposes. This asset was held in our modified coinsurance account for Ironbound so it was passed through to the third-party reinsurer through as a reduction of the investment income earned by the third-party reinsurer. As of March 31, 2021, this invested asset was sold for a loss of $2.4 million that was passed through to the third-party reinsurer as a reduction of its investment income earned. As of September 30, 2021 and December 31, 2020, American Life did not hold any participating policyholder contracts where dividends were required to be paid.

Third Party Administration

Third Party Administration	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Third Party Administration	Note 15. Third-Party Administration The Company commenced its third-party administrative (“TPA”) services in 2012 as an additional revenue source. These services are offered to non-affiliated entities. These agreements, for various levels of administrative services on behalf of each company, generate fee income for the Company. Services provided vary and can include some or all aspects of back-office accounting and policy administration. TPA fee income earned for TPA services during the three months ended September 30, 2021 and 2020 were 108 and $7, respectively. TPA fee income earned for TPA services during the nine months ended September 30, 2021 and 2020 were approximately $423 and $21, respectively.

Reverse Stock Split

Reverse Stock Split	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Reverse Stock Split	Note 16. Reverse Stock Split On August 10, 2020, Midwest filed Articles of Amendment of Amended and Restated Articles of Incorporation (“Amendment”) that changed the total number of shares that the Company is authorized to issue to 22 million shares of common stock, of which 20 million were designated as voting common stock with a par value of $0.001 per share and two million designated as non-voting common stock with a par value of $0.001 per share. The Amendment also provides for two million shares of preferred stock with a par value of $0.001 per share. The Amendment provided that each 500 shares of voting common stock either issued or outstanding would be converted into one share ​

Capital Raise

Capital Raise	9 Months Ended
	Sep. 30, 2021
Capital Raise [Abstract]
Capital Raise	Note 17. Capital Raise On December 21, 2020, Midwest completed a public offering of one million shares of its voting common stock at a price of $70.00 per share. The Midwest voting common stock was concurrently approved for listing on the Nasdaq Capital Market under the ticker symbol “MDWT.” ​ Midwest raised $70.0 million of gross proceeds from the public offering and incurred commissions and expenses of approximately $6.0 million that were offset against those proceeds.

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Equity	​ ​ Note 18. Equity Preferred stock As of September 30, 2021 and December 31, 2020, the Company had two million shares of preferred stock authorized but none were issued or outstanding. Common Stock ​ Midwest holds approximately 4,500 shares of voting common stock in its treasury due to the reverse stock split discussed in Note 16 above. ​ Additional paid-in capital ​ Additional paid-in capital is primarily comprised of the cumulative cash that exceeds the par value received by the Company in conjunction with past issuances of its shares. It also is increased by the amortization expense of the consideration calculated at inception of the stock option grants as discussed in Note 10 – Long-Term Incentive Plans above. ​ Accumulated Other Comprehensive Income (AOCI) AOCI represents the cumulative Other Comprehensive Income (OCI) items that are reported separate from net loss and detailed on the Consolidated Statements of Comprehensive Loss. AOCI includes the unrealized gains and losses on investments and DAC, net of offsets and taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Unrealized Unrealized Accumulated other Balance at December 31, 2019 $ 474 ​ $ 146 ​ $ 620 Other comprehensive income before Reclassifications 7,398 ​ ​ — ​ 7,398 Unrealized gains on foreign currency ​ — ​ ​ (146) ​ ​ (146) Less: Reclassification adjustments for losses realized in net income ​ (1,441) ​ ​ — ​ ​ (1,441) Balance at December 31, 2020 ​ 6,431 ​ ​ — ​ ​ 6,431 Other comprehensive income (loss) before reclassifications, net of tax ​ 2,421 ​ ​ — ​ ​ 2,421 Less: Reclassification adjustments for losses realized in net income, net of tax ​ (1,611) ​ ​ — ​ ​ (1,611) Balance at September 30, 2021 $ 7,241 ​ $ — ​ $ 7,241 ​

Deferred Acquisition Costs

Deferred Acquisition Costs	9 Months Ended
	Sep. 30, 2021
Deferred Acquisition Costs
Deferred Acquisition Costs	Note 19. Deferred Acquisition Costs The following table represents a rollforward of DAC, net of reinsurance: ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 30, 2021 ​ December 31, 2020 Beginning balance ​ $ 13,456 ​ $ — Additions ​ ​ 12,450 ​ ​ 13,919 Amortization ​ ​ (1,800) ​ ​ (670) Interest ​ ​ 20 ​ ​ 138 Impact of unrealized investment losses ​ ​ (89) ​ ​ 69 Ending Balance ​ $ 24,037 ​ $ 13,456

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 20. Subsequent Event ​ On March 29, 2021, Midwest Capital Corp (“MCC”) was formed as a Delaware corporation by filing a Certificate of Incorporation with the Secretary of State. As of November 10, 2021, the NDOI issued its nondisapproval of and the Vermont Department of Financial Regulation approved the Funds Withheld Coinsurance and Modified Coinsurance Agreement between American Life and Seneca Incorporated Cell, LLC 2021-03 (“SRC3”) of Seneca Reinsurance Company, LLC. Based on the NDOI’s nondisapproval, the SRC3 transaction will be included in American Life’s statutory filing as of September 30, 2021. Under the agreement, American Life ceded to SRC3, on a funds withheld and modified coinsurance basis, an initial 35% quota share of certain liabilities with respect to American Life’s MYGA and FIA business effective July 1, 2021. On July 3, 2021, the MYGA and FIA quota share increased to 45%. In connection with the formation of SRC3, and also effective as of November 10, 2021, Midwest entered into a Stock Purchase Agreement with MCC and, in turn, MCC entered into both an Operating Agreement and a Participant Contract with SRC3.

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Nature of operations	Nature of Operations Midwest Holding Inc. (“Midwest,” “the Company,” “we,” “our,” or “us”) was incorporated in Nebraska on October 31, 2003 for the primary purpose of operating a financial services company. The Company redomesticated from the State of Nebraska to the State of Delaware on August 27, 2020. The Company is in the life and annuity insurance business and operates through its wholly owned subsidiaries, American Life & Security Corp. (“American Life”), and 1505 Capital LLC (“1505 Capital”) as well as through its sponsored captive reinsurance company, Seneca Reinsurance Company, LLC (“Seneca Re”). American Life is a Nebraska-domiciled life insurance company, which is also commercially domiciled in Texas, that is currently licensed to sell, underwrite, and market life insurance and annuity products in 22 states and the District of Columbia. Effective March 12, 2020, Seneca Re, a Vermont limited liability company, was formed by Midwest to operate as a sponsored captive insurance company for the purpose of insuring and reinsuring various types of risks of its participants through one or more protected cells and to conduct any other business or activity that is permitted for sponsored captive insurance companies under Vermont insurance regulations. On March 30, 2020, Seneca Re received its Certification of Authority to transact the business of a captive insurance company. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of September 30, 2021, Seneca Re has one incorporated cell, Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) which is consolidated in our financial statements. On May 12, 2020, Midwest contributed $300 to Seneca Re for a 100% ownership interest. On April 2, 2019, we obtained a 51% ownership in 1505 Capital, a Delaware limited liability company, that was established in 2018 to provide financial and investment advisory and management services to clients and related investment activities. On June 15, 2020, we purchased the remaining 49% ownership in 1505 Capital for $500. 1505 Capital’s financial results have been consolidated with the Company’s since the date of its acquisition. On April 24, 2020, Midwest entered into a Securities Purchase Agreement with Crestline Assurance Holdings LLC, a Delaware limited liability company (“Crestline Assurance”), Xenith Holdings LLC, and Vespoint LLC, pursuant to which Crestline Assurance purchased 444,444 shares of the Company’s voting common stock, par value $0.001 per share (“common stock”), at a purchase price of $22.50 per share for $10.0 million. Under the agreement, the Company contributed $5.0 million to American Life. Also, effective as of April 24, 2020, in a separate transaction, Midwest sold 231,655 shares of common stock to various investors in a private placement at $22.50 per share for $5.227 million. On July 27, 2020, American Life entered into a reinsurance agreement (the “Reinsurance Agreement”) with a new protected cell formed by Seneca Re (Seneca Incorporated Cell, LLC 2020-02 (“SRC2”)). SRC2 was capitalized by Crestline Management, L.P. (“Crestline”), a significant shareholder of Midwest via a Crestline subsidiary, Crestline Re SPC1. The Reinsurance Agreement, which was effective as of April 24, 2020, and was entered into pursuant to a Master Letter Agreement (the “Master Agreement”) dated and effective as of April 24, 2020, among American Life, Seneca Re and Crestline. The Reinsurance Agreement supports American Life’s new business production by providing reinsurance capacity for American Life to write certain kinds of fixed and multi-year guaranteed annuity products. Concurrently with the Reinsurance Agreement: ​ ● American Life and SRC2 each entered into investment management agreements with Crestline, pursuant to which Crestline manages the assets that support the reinsured business; and ● American Life and SRC2 entered into a trust agreement whereby SRC2 maintains for American Life’s benefit a trust account that supports the reinsured business. ​ Under the Master Agreement, Crestline agreed to provide reinsurance funding for a quota share percentage of 25% of the liabilities of American Life arising from its multi-year guaranteed annuities (“MYGA”) and a quota share percentage of 40% for American Life’s fixed indexed annuity (“FIA”) products. The Master Agreement expires on April 24, 2023. In addition, pursuant to the Master Agreement, the parties thereto have agreed to enter into a separate agreement whereby, among other things and subject to certain conditions, American Life will agree to reinsure additional new business production to one or more reinsurers formed and/or capitalized by Crestline, Midwest or an appropriate affiliate will refer potential advisory clients to Crestline, and American Life will consider investing in certain assets originated or sourced by Crestline. ​ Effective December 8, 2020, American Life entered into a novation agreement with SRC2 and Crestline Re SPC, for and on behalf of Crestline Re SP1, under which the above-described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline Re SP1. In December 2020, the Company completed a public offering of its common stock for gross proceeds of $70.0 million (see Note 17). In connection therewith, the Company's common stock was approved for listing and began trading on the Nasdaq Capital Market (“NASDAQ”) upon the closing of the offering. Management evaluates the Company as one reporting segment in the life insurance industry. The Company is primarily engaged in the underwriting and marketing of annuity products through American Life, and then reinsuring such products with third-party reinsurers, and since May 13, 2020, with Seneca Re protected cells. American Life’s legacy product offerings consisted of a multi-benefit life insurance policy that combined cash value life insurance with a tax deferred annuity and a single premium term life product. American Life presently offers five annuity products, two MYGAs, a FIA, and two bonus plans associated with the FIA product. It is not presently offering any traditional life insurance products.
Basis of presentation	Basis of Presentation Our consolidated financial statements for the three and nine months ended September 30, 2021 and 2020 and year ended December 31, 2020 have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation and certain immaterial reclassifications have been made to the prior period results to conform to the current period’s presentation with no impact on results of operations or total stockholders’ equity. I n the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim period results, have been made. The information contained in the “Notes to Consolidated Financial Statements” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”), should be read in conjunction with the reading of these interim unaudited consolidated financial statements. ​ The results of operations for the nine months ended September 30, 2021 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending December 31, 2021.
Investments	Investments All fixed maturities owned by the Company are considered available-for-sale and are included in the consolidated financial statements at their fair value as of the financial statement date. Premiums and discounts on fixed maturity debt instruments are amortized using the scientific-yield method over the term of the bonds. Realized gains and losses on securities sold during the year are determined using the specific identification method. Unrealized holding gains and losses, net of applicable income taxes, are included in accumulated other comprehensive income. Declines in the fair value of available-for-sale securities below their amortized cost are evaluated to assess whether any other-than-temporary impairment loss should be recorded. In determining if these losses are expected to be other-than-temporary, the Company considers severity of impairment, duration of impairment, forecasted recovery period, industry outlook, the financial condition of the issuer, issuer credit ratings, and the intent and ability of the Company to hold the investment until the recovery of the cost. The recognition of other-than-temporary impairment losses on debt securities is dependent on the facts and circumstances related to the specific security. If the Company intends to sell a security or it is more likely than not that the Company would be required to sell a security prior to recovery of the amortized cost, the difference between amortized cost and fair value is recognized in the statement of comprehensive income as an impairment. If the Company does not expect to recover the amortized basis, does not plan to sell the security, and if it is not more likely than not that the Company would be required to sell a security before the recovery of its amortized cost, the recognition of the impairment is bifurcated. The Company recognizes the credit loss portion as realized losses and the noncredit loss portion in accumulated other comprehensive loss. The credit component of other-than-temporary impairment is determined by comparing the net present value of projected cash flows with the amortized cost basis of the debt security. The net present value is calculated by discounting the Company’s best estimate of projected future cash flows at the effective interest rate implicit in the fixed income security at the date of acquisition. Cash flow estimates are driven by assumptions regarding probability of default, including changes in credit ratings, and estimates regarding timing and amount of recoveries associated with a default. The Company had no impairment to recognize as of September 30, 2021. As of December 31, 2020, the Company analyzed its securities portfolio and determined that an impairment of approximately $35 should be recorded for one debt security, an impairment of $500 was recognized on a preferred stock, and a valuation allowance of $777 established on one lease. The valuation allowance on the lease of $777 was released as of March 31, 2021 due to the sale of the investment. The Company believes the remaining investments were not impaired as of December 31, 2020. Investment income consists of interest, dividends, gains and losses from equity method investments, and real estate income, which are recognized on an accrual basis along with the amortization of premiums and discounts. Certain available-for-sale investments are maintained as collateral under funds withheld (“FW”) and modified coinsurance (“Modco”) agreements but the assets and total returns or losses on the asset portfolios belong to the third-party reinsurers. American Life has treaties with several third-party reinsurers that have FW and Modco provisions. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers to reduce the potential credit risk. The unrealized gains/losses on those investments are passed through to the third-party reinsurers as either a realized gain or loss on the Consolidated Statements of Comprehensive Loss.
Mortgage loans on real estate, held for investment	Mortgage loans on real estate, held for investment Mortgage loans on real estate held for investment are carried at unpaid principal balances. Interest income on mortgage loans on real estate, held for investment, is recognized in net investment income at the contract interest rate when earned. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the mortgage agreement. Valuation allowances on mortgage loans are established based upon losses expected by management to be realized in connection with future dispositions or settlements of mortgage loans, including foreclosures. The Company establishes valuation allowances for estimated impairments on an individual loan basis as of the balance sheet date. Such valuation allowances are based on the excess carrying value of the loan over the present value of expected future cash flows discounted at the loan’s original effective interest rate. These evaluations are revised as conditions change and new information becomes available. No such valuation allowance was established as of September 30, 2021 or as of December 31, 2020.
Derivative Instruments	Derivative Instruments Derivatives are used to hedge the risks experienced in our ongoing operations, such as equity, interest rate, and cash flow risks, or for other risk management purposes, which primarily involve managing liability risks associated with our indexed annuity products and reinsurance agreements. Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices, or other underlying notional amounts. Derivative assets and liabilities are carried at fair value on the Consolidated Balance Sheets. To qualify for hedge accounting, at the inception of the hedging relationship, we formally document our designation of the hedge as a cash flow or fair value hedge and our risk management objective and strategy for undertaking the hedging transaction. In this documentation, we identify how the hedging instrument is expected to hedge the designated risks related to the hedged item, the method to be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method which would be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. During the last quarter of 2020, the Company began investing in foreign currency futures to hedge the fluctuations in the foreign currency. The formal documentation and hedge effectiveness was not completed at the date we entered into those futures contracts; therefore, they do not qualify for hedge accounting. The futures fair market values were recorded on our Consolidated Statements of Comprehensive Loss as realized gains or (losses). Additionally, reinsurance agreements written on a FW or Modco basis contain embedded derivatives on our fixed indexed annuity product. Gains or (losses) associated with the performance of assets maintained in the Modco deposit and FW accounts are reflected as realized gains or (losses) in Consolidated Statements of Comprehensive Loss.
Equity Securities	Equity Securities Equity securities at September 30, 2021 and 2020 consisted of exchange traded funds (“ETFs”). The ETF’s are carried at fair value with the change in fair value recorded through realized gains and losses in Consolidated Statements of Comprehensive Loss. As of September 30, 2021, we held $38.9 million of ETFs and zero as of December 31, 2020.
Federal Home Loan Bank (FHLB) stock	Federal Home Loan Bank (FHLB) stock ​ American Life purchased Federal Home Loan Bank of Topeka (“FHLB”) common stock on May 5, 2021. This investment was to solidify our membership with FHLB Topeka. The carrying value of FHLB stock approximates fair value since the Company can redeem the stock with FHLB at cost. As a member of the FHLB, the Company is required to purchase this stock, which is carried at cost and classified as restricted equity securities. Membership allows access to various funding arrangements to provide a source of additional liquidity. As of September 30, 2021, there were no outstanding funding arrangements.
Other invested assets	Other Invested Assets Other invested assets also consists of approximately $19.2 million of various investments. Of this total, approximately $6.9 million are non-registered private funds with underlying assets with characteristics of bonds. The remaining assets are student loan funding pools, joint ventures, other corporate assets, equipment leases and private equity funds. At December 31, 2020, we had a $19.7 million investment in a private fund. Effective January 2021, this investment was repackaged into a special purpose vehicle between American Life and an unaffiliated entity, PF Collinwood Holdings, LLC (“PFC”), with American Life owning 100% of the entity. No gain or loss was recognized from the repackaging of PFC. The fair value of PFC as of September 30, 2021 was $14.9 million.
Investment escrow	Investment escrow The Company held in escrow $1.3 million and $3.2 million as of September 30, 2021 and of December 31, 2020, respectively. The cash held at year end was used to purchased mortgages in October 2021 and January 2021, respectively.
Preferred Stock	Preferred Stock The Company impaired in full a preferred stock investment as of December 31, 2020. This was recorded as a reduction of the asset on the Consolidated Balance Sheets of $500 and a corresponding bad debt expense on the Consolidated Statements of Comprehensive Loss. In 2020 American Life entered into a series of transactions with an unaffiliated entity, Ascona Group Holdings Ltd (“AGH”). One of the transactions involved the acquisition of Pound Sterling (“GBP”) 3.6 million of preferred equity in Ascona Group Holdings Limited (“the Preferred Equity”) along with warrants bearing no initial assigned value (the “Warrants”). American Life initially created a special purpose vehicle, Ascona Asset Holding LLC (“AAH”), to hold the Preferred Equity and Warrants, and later created Ascona Collinwood HoldCo LLC (“ACH”) to be the sole member of AAH. American Life and Crestline Re SP1 own 74% and 26%, respectively, of ACH. We are carrying the preferred equity at a market value of $4.7 million as of September 30, 2021 and $3.9 million of December 31, 2020 and the warrants had a market value of $2.2 million as of September 30, 2021 and no value as of December 31, 2020.
Notes receivable	Notes receivable The Company held in notes receivable as of September 30, 2021 and December 31, 2020, a note carried at fair value of $5.9 and $5.7 million, respectively, between American Life and a related party. The note receivable has an annual interest rate of 5% which is paid in kind (“PIK”) interest per annum that increases the outstanding note balance. This note was rated BBB+ by a nationally recognized statistical rating organization. This note matures on June 18, 2050.
Policy loans	Policy loans
Cash and cash equivalents	Cash and cash equivalents The Company considers all liquid investments with original maturities of three months or less when purchased to be cash equivalents. As of September 30, 2021 and December 31, 2020, the Company held approximately GBP 1.1 million and GBP 500 in custody accounts, respectively. The USD equivalent held was approximately $1.5 million and $700, respectively. As of September 30, 2021 and December 31, 2020, the Company held approximately EUR 2.6 million and 90, respectively. The USD equivalent held was approximately $3.0 million and $110, respectively. As of September 30, 2021 and December 31, 2020, we had gains of approximately $290 and approximately $50, respectively, related to the change in the foreign currency exchange rate of the GBP and EUR that were recorded in realized (losses) gains on investments in the Consolidated Statements of Comprehensive Loss. The Company had money market investments of approximately $49.1 million and $100.6 million at September 30, 2021 and December 31, 2020, respectively.
Deferred acquisition costs	Deferred acquisition costs Deferred acquisition costs (“DAC”) consist of incremental direct costs, net of amounts ceded to third-party reinsurers, that result directly from and are essential to the contract acquisition transaction and would not have been incurred by the Company had the contract acquisition not occurred. These costs are capitalized, to the extent recoverable, and amortized over the life of the premiums produced. The Company evaluates the types of acquisition costs it capitalizes. The Company capitalizes agent compensation and benefits and other expenses that are directly related to the successful acquisition of contracts. The Company also capitalizes expenses directly related to activities performed by the Company, such as underwriting, policy issuance, and processing fees incurred in connection with successful contract acquisitions. R ecoverability of DAC is evaluated periodically by comparing the current estimate of the present value of expected pretax future profits to the unamortized asset balance. If this current estimate is less than the existing balance, the difference is charged to expense. The Company performs a recoverability analysis annually in the fourth quarter of each calendar year unless events occur which require an immediate review. The Company determined that no events occurred in the nine months ended September 30, 2021 that suggest a review should be undertaken. The Company performed a recoverability analysis during the fourth quarter of 2020 and determined that no material impairment existed in connection with recovery of the DAC balances .
Property and equipment	Property and equipment Property and equipment are stated at cost net of accumulated depreciation. Annual depreciation is primarily computed using straight-line methods for financial reporting and straight-line and accelerated methods for tax purposes. Furniture and equipment is depreciated over 3 During the first quarter of 2021, the Company began the implementation of a new cloud-based enterprise resource planning and enterprise performance management system. The Company expects to capitalize an estimated $850 of related consultation and support expenses relating to this system and will begin amortizing these fees over a period of five years from the date of implementation. The useful life of the system has been estimated at five years in accordance with guidance in ASC 350, Intangibles – Goodwill and Other Maintenance and repairs are expensed as incurred. Replacements and improvements which extend the useful life of the asset are capitalized. The net book value of assets sold or retired are removed from the accounts, and any resulting gain or loss is reflected in earnings. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset may not be recoverable and exceeds estimated future undiscounted cash flows of the asset. A recognized impairment loss reduces the carrying amount of the asset to its fair value. Management has determined that no such events occurred in the nine months ended September 30, 2021 that would indicate the carrying amounts may not be recoverable.
Reinsurance	Reinsurance In the normal course of business, the Company seeks to limit any single exposure to losses on large risks by purchasing reinsurance. The amounts reported in the Consolidated Balance Sheets as reinsurance recoverable include amounts billed to reinsurers on losses paid as well as estimates of amounts expected to be recovered from reinsurers on insurance liabilities that have not yet been paid. Reinsurance recoverable on unpaid losses are estimated based upon assumptions consistent with those used in establishing the liabilities related to the underlying reinsured contracts. Insurance liabilities are reported gross of reinsurance recoverable. Management believes the recoverables are appropriately established. The Company generally strives to diversify its credit risks related to reinsurance ceded. Reinsurance premiums are generally reflected in income in a manner consistent with the recognition of premiums on the reinsured contracts. Reinsurance does not extinguish the Company’s primary liability under the policies written. Therefore, the Company regularly evaluates the financial condition of its reinsurers including their activities with respect to claim settlement practices and commutations, and establishes allowances for uncollectible reinsurance recoverables as appropriate. There were no allowances established as of September 30, 2021 or December 31, 2020. We expect to reinsure substantially all of our new insurance policies with a variety of reinsurers in exchange for upfront ceding commissions, expense reimbursements and administrative fees. Under these reinsurance agreements, we expect there will be a monthly or quarterly settlement of premiums, claims, surrenders, collateral, and other administration fees. We believe this strategy will help preserve American Life’s capital while supporting its growth because American Life will have lower capital requirements when its business is reinsured due to lower overall financial exposure versus retaining the insurance policy business itself. See Note 9 below for further discussion of our reinsurance activities. There are two main categories of reinsurance transactions: 1) “indemnity,” where we cede a portion of our risk but retain the legal responsibility to our policyholders should our reinsurers not meet their financial obligations; and 2) “assumption,” where we transfer the risk and legal responsibilities to the reinsurers. The reinsurers are required to acquire the appropriate regulatory and policyholder approvals to convert indemnity policies to assumption policies. Our reinsurers may be domestic or foreign capital markets investors or traditional reinsurance companies seeking to assume U.S. insurance business. We plan to mitigate the credit risk relating to reinsurers generally by requiring other financial commitments from the reinsurers to secure the reinsured risks, such as posting substantial collateral. It should be noted that under indemnity reinsurance agreements American Life remains exposed to the credit risk of its reinsurers. If one or more reinsurers become insolvent or are otherwise unable or unwilling to pay claims under the terms of the applicable reinsurance agreement, American Life retains legal responsibility to pay policyholder claims, which, in such event would likely materially and adversely affect the capital and surplus of American Life. As indicated above under “Nature of Operations,” Midwest formed Seneca Re in early 2020. On April 15, 2020, Midwest entered into an operating agreement with Seneca Re and as of September 30, 2021, Seneca Re has one incorporated cell, Seneca Incorporated Cell, LLC 2020-01 (“SRC1”) which was consolidated in our financial statements. American Life entered into a novation agreement with SRC2 and Crestline Re SPC, for and on behalf of Crestline Re SP1, under which the above-described reinsurance, trust and related asset management agreements were novated and replaced with substantially similar agreements entered into by American Life and Crestline Re SP1. Some reinsurers are not and may not be “accredited” or qualified as reinsurers under Nebraska law and regulations. In order to enter into reinsurance agreements with such reinsurers and to reduce potential credit risk, American Life holds a deposit or withholds funds from the reinsurer or requires the reinsurer to maintain a trust that holds assets backing up the reinsurer’s obligation to pay claims on the business it assumes. The reinsurer may also appoint an investment manager for such funds, which in some cases may be our investment adviser subsidiary, 1505 Capital, to manage these assets pursuant to guidelines adopted by us that are consistent with Nebraska investment statutes and reinsurance regulations. American Life currently has treaties with several third-party reinsurers and one related party reinsurer. Of the third-party reinsurers, only four have FW or Modco provisions. In a Modco agreement, the ceding entity retains the assets equal to the modified coinsurance reserves retained. In a FW agreement, assets that would normally be paid over to a reinsurer are withheld by the ceding company to permit statutory credit for unauthorized reinsurers, to reduce the potential credit risk. Under those provisions with third-party reinsurers, the assets backing the treaties are maintained by American Life as investments but the assets and total returns or losses on the investments are owned by the reinsurers. Under GAAP, this arrangement is considered an embedded derivative as discussed in Comprehensive Loss and Note 5 below. Assets carried as investments on American Life’s financial statements for the third-party reinsurers contained unrealized gains of approximately $2.0 million and $2.9 million as of September 30, 2021 and December 31, 2020, respectively. The terms of the contracts with the third-party reinsurers provide that unrealized gains on the portfolios accrue to the third-party reinsurers. Accordingly, the unrealized gains on the assets held by American Life were offset by gains in the embedded derivative of $900 and losses of $2.9 million as of September 30, 2021 and December 31, 2020, respectively. We account for this unrealized gain (loss) pass-through by recording equivalent realized gains or (losses) on our Consolidated Statements of Comprehensive Loss and in amount payable to our third-party reinsurers on the Consolidated Balance Sheets. For further discussion see Note 5. Derivative Instruments below.
Benefit reserves	Benefit reserves The Company establishes liabilities for amounts payable under insurance policies, including traditional life insurance and annuities. Generally, amounts are payable over an extended period of time. Liabilities for future policy benefits of traditional life insurance have been computed by a net level premium method based upon estimates at the time of issue for investment yields, mortality and withdrawals. These estimates include provisions for experience less favorable than initially expected. Mortality assumptions are based on industry experience expressed as a percentage of standard mortality tables.
Policy claims	Policy claims Policy claims are based on reported claims plus estimated incurred but not reported claims developed from trends of historical data applied to current exposure.
Deposit-type contracts	Deposit-type contracts Deposit-type contracts consist of amounts on deposit associated with deferred annuities, premium deposit funds and supplemental contracts without life contingencies.
Deferred gain on coinsurance transactions	Deferred gain on coinsurance transactions American Life has entered into several reinsurance contracts where it has earned or is earning ceding commissions. These ceding commissions are recorded as a deferred liability and amortized over the life of the business ceded. American Life receives commission, administrative, and option allowances from reinsurance transactions that represent recovery of acquisition costs. These allowances first reduce the DAC associated with the reinsured blocks of business with the remainder being included in the deferred gain on coinsurance transactions that is also being amortized.
Income taxes	Income taxes The Company is subject to income taxes in the U.S. federal and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state, or local tax examinations by tax authorities for the years before 2017. The Company is not currently under examination for any open years. The provision for income taxes is based on income as reported in the financial statements. The income tax provision is calculated under the asset and liability method. Deferred tax assets are recorded based on the differences between the financial statement and tax basis of assets and liabilities at the enacted tax rates. The principal assets and liabilities giving rise to such differences are investments, insurance reserves, and deferred acquisition costs. A deferred tax asset valuation allowance is established when there is uncertainty that such assets would be realized. The Company has no uncertain tax positions that it believes are more-likely-than not that the benefit will not to be realized. When applicable, the Company recognizes interest accrued related to unrecognized tax benefits and penalties in income tax expense.
Revenue recognition and related expenses	Revenue recognition and related expenses Amounts received as payment for annuities are recognized as deposits to policyholder account balances and included in future insurance policy benefits. Revenues from these contracts are comprised of fees earned for administrative and contract-holder services and cost of insurance, which are recognized over the period of the contracts, and included in revenue. Deposits are shown as a financing activity in the Consolidated Statements of Cash Flows. Revenues from ceding commissions on traditional life and annuity products are deferred on the Consolidated Balance Sheets and amortized over the life of the policies. Revenues on traditional life insurance products consist of direct and assumed premiums reported as earned when due. Liabilities for future policy benefits are provided and acquisition costs are amortized by associating benefits and expenses with earned premiums to recognize related profits over the life of the contracts. Acquisition costs are amortized over the expected life of the annuity contracts. Revenues on service fees and third-party administration fees are recorded as income when incurred.
Comprehensive Loss	Comprehensive Loss Comprehensive Loss is comprised of net loss and other comprehensive loss. Other comprehensive loss includes unrealized gains and losses from fixed maturities classified as available for sale and unrealized gains and losses from foreign currency transactions, net of applicable taxes. American Life has treaties with several third-party reinsurers that have FW and Modco provisions. Under those provisions, the assets backing the treaties are maintained by American Life as collateral but are owned by the third-party reinsurers, thus, the total return on the asset portfolio belongs to the third-party reinsurers. Under GAAP this is considered an embedded derivative as discussed above under “Reinsurance” and in Note 5 below. The investments carried by American Life for the third-party reinsurers contained unrealized gains of approximately $2.0 million and $2.9 million as of September 30, 2021 and December 31, 2020, respectively. The terms of the contracts with the third-party reinsurers provided that unrealized gains and losses on the portfolios accrue to the third-party reinsurers. We account for a gain as a pass through to the third-party reinsurer by booking equivalent embedded derivative realized losses or gains in our Consolidated Statements of Comprehensive Loss. Accordingly, for the three months ended September 30, 2021 and 2020, such gains of $1.3 million and 4.1 million, respectively, were recorded. For the nine months ended September 30, 2021 and 2020, such realized gains of $1.3900 and $4.14 million, respectively, were recorded. The remaining investments retained by American Life as of September 30, 2021 and December 31, 2020, had unrealized gains of approximately $5.6 million and $5.1 million, respectively, that included unrealized gains from assets held for SRC1. For further discussion see Note 5. Derivative Instruments below. Basic loss per share for the three months ended September 30, 2021 and 2020 was ($0.82) and ($2.04), respectively, which included the aforementioned gain of $1.3 million and 4.1 million, respectively. Basic (loss) earnings per share for the nine months ended September 30, 2021 and 2020 was ($2.58) and ($0.22), respectively, which included the aforementioned gain of $900 and of $4.4 million, respectively. Basic loss per share for the three months ended September 30, 2021 and 2020 without the aforementioned loss was ($0.46) and ($0.53), respectively. Basic loss per share for the nine months ended September 30, 2021 and 2020 without the aforementioned gain was ($2.56) and ($1.98), respectively. See Note 7 for further information.
Reclassifications	Reclassifications Certain reclassifications have been made on the Statements of Comprehensive Loss for the three and nine months ended September 30, 2020. These reclassifications do not impact the overall net loss or net loss per common shares line items of the Consolidated Statement of Comprehensive Loss for the three and nine months ended September 30, 2021.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In January 2020, the FASB issued ASU No. 2020-1, Equity Securities Investments-Equity Method and Joint Ventures and Derivatives and Hedging -Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. Future adoption of New Accounting Standards In November 2019, the FASB issued ASU No. 2019-10, Financials Services Instruments-Credit Losses Derivatives and Hedging Leases In December 2018, the FASB issued ASU No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, as amended by ASU 2019-09, Financial Services —Insurance (Topic 944). The new guidance (i) prescribes the discount rate to be used in measuring the liability for future policy benefits for traditional and limited payment long-duration contracts, and requires assumptions for those liability valuations to be updated after contract inception, (ii) requires more market-based product guarantees on certain separate account and other account balance long-duration contracts to be accounted for at fair value, (iii) simplifies the amortization of DAC for virtually all long duration contracts, and (iv) introduces certain financial statement presentation requirements, as well as significant additional quantitative and qualitative disclosures. The new standard becomes effective after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 for companies eligible as smaller reporting companies. Early application of the amendments in Update 2018-12 is permitted. We are unable to quantify the impact of the pending adoption as we are still in the process of evaluating the standard. ​ In November 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 326, Financial Instruments—Credit Losses. The amendments in this update include items brought to the FASB’s attention by stakeholders to clarify the guidance in the amendments in ASU 201613, Financial Instruments – Credit Losses (Topic 326) which was issued in June 2016. These updated amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 32620. Under ASU 201613, this replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to perform credit loss estimates. This update changes the methodology from an incurred loss to an expected credit loss. An allowance for the expected credit loss will be set up and the net income will be impacted. The credit losses will be evaluated in the current period and an adjustment to the allowance can be made. The new standard becomes effective after December 15, 2022. In November 2019, the FASB issued ASU No. 2019-10, Financials Services Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (topic 842). The FASB developed a philosophy to extend and simplify how effective dates are staggered between larger public companies and all other entities. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements . ​ In August 2018, the FASB issued ASU No. 2018-12, Financial Services-Insurance simplifies the amortization of deferred acquisition costs, and 4) addresses the effectiveness of the required disclosures. This ASU becomes effective for fiscal years, and interim periods within those years, beginning after December 15, 2023. We anticipate that the adoption of ASU 2018-12 will have a broad impact on our consolidated financial statements and related disclosures and will require us to make changes to certain of our processes, systems and controls. We are unable to determine the impact at this time of ASU No. 2018-12 as we are still in the process of evaluating the standard.

Assets and Liabilities Associ_2

Assets and Liabilities Associated with Business Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets and Liabilities Discontinued Operations	The table below summarizes the assets and liabilities that are included in discontinued operations as of September 30, 2021 and as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, ​ As of December 31, (In thousands) 2021 2020 Carrying amounts of major classes of assets included as part of discontinued operations: ​ ​ Policy loans ​ $ 28 ​ $ 33 Reinsurance recoverables ​ 1,017 ​ 1,062 Premiums receivable ​ 20 ​ 24 Total assets held for sale in the Consolidated Balance Sheets ​ $ 1,065 ​ $ 1,119 ​ ​ ​ ​ ​ ​ ​ Carrying amounts of major classes of liabilities included as part of discontinued operations: ​ ​ Benefit reserves ​ $ 567 ​ $ 595 Policy claims ​ 36 ​ 35 Deposit-type contracts ​ 456 ​ 483 Accounts payable and accrued expenses ​ 1 ​ 1 Total liabilities held for sale in the Consolidated Balance Sheets ​ $ 1,060 ​ $ 1,114 ​ ​ ​ ​ ​ ​ ​

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Schedule of Available for Sale Investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (In thousands) Cost Gains Losses Fair Value September 30, 2021: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ U.S. government obligations ​ $ 1,931 ​ $ 54 ​ $ 4 ​ $ 1,981 Mortgage-backed securities ​ 54,267 ​ 989 ​ 11 ​ 55,245 Collateralized loan obligations ​ ​ 307,082 ​ ​ 4,026 ​ ​ 455 ​ ​ 310,653 States and political subdivisions -- general obligations ​ 106 ​ 11 ​ — ​ 117 States and political subdivisions -- special revenue ​ 5,140 ​ 1,091 ​ 1 ​ 6,230 Trust preferred ​ ​ 16,501 ​ ​ 85 ​ ​ 189 ​ ​ 16,397 Corporate ​ 264,456 ​ 2,454 ​ 752 ​ 266,158 Total fixed maturities ​ $ 649,483 ​ $ 8,710 ​ $ 1,412 ​ $ 656,781 Mortgage loans on real estate, held for investment ​ ​ 168,184 ​ ​ — ​ ​ — ​ ​ 168,184 Derivatives ​ ​ 16,559 ​ ​ 5,357 ​ ​ 4,654 ​ ​ 17,262 Federal Home Loan Bank (FHLB) stock ​ ​ 500 ​ ​ — ​ ​ — ​ ​ 500 Equity securities ​ ​ 38,988 ​ ​ — ​ ​ 78 ​ ​ 38,910 Other invested assets ​ ​ 45,088 ​ ​ 3,051 ​ ​ 1,118 ​ ​ 47,021 Investment escrow ​ ​ 1,307 ​ ​ - ​ ​ — ​ ​ 1,307 Preferred stock ​ ​ 4,683 ​ ​ 2,251 ​ ​ — ​ ​ 6,934 Notes receivable ​ ​ 5,885 ​ ​ — ​ ​ — ​ ​ 5,885 Policy loans ​ ​ 55 ​ ​ — ​ ​ — ​ ​ 55 Total investments ​ $ 930,732 ​ $ 19,369 ​ $ 7,262 ​ $ 942,839 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020: ​ ​ ​ ​ Fixed maturities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government obligations ​ ​ 5,744 ​ $ 426 ​ $ 6 ​ ​ 6,164 Mortgage-backed securities ​ ​ 14,638 ​ 276 ​ 157 ​ ​ 14,757 Asset-backed securities ​ ​ 216,501 ​ ​ 5,623 ​ ​ 350 ​ ​ 221,774 States and political subdivisions -- general obligations ​ ​ 107 ​ 11 ​ — ​ ​ 118 States and political subdivisions -- special revenue ​ ​ 5,293 ​ 909 ​ — ​ ​ 6,202 Trust preferred ​ ​ 2,218 ​ ​ 67 ​ ​ — ​ ​ 2,285 Corporate ​ ​ 124,655 ​ 1,379 ​ 171 ​ ​ 125,863 Total fixed maturities ​ ​ 369,156 ​ ​ 8,691 ​ ​ 684 ​ ​ 377,163 Mortgage loans on real estate, held for investment ​ ​ 94,990 ​ ​ — ​ ​ — ​ ​ 94,990 Derivatives ​ ​ 8,532 ​ ​ 3,257 ​ ​ 428 ​ ​ 11,361 Other invested assets ​ ​ 21,897 ​ ​ — ​ ​ — ​ ​ 21,897 Investment escrow ​ ​ 3,174 ​ ​ — ​ ​ — ​ ​ 3,174 Preferred stock ​ ​ 3,898 ​ ​ — ​ ​ — ​ ​ 3,898 Notes receivable ​ ​ 5,666 ​ ​ — ​ ​ — ​ ​ 5,666 Policy loans ​ ​ 46 ​ ​ — ​ ​ — ​ ​ 46 Total investments ​ $ 507,359 ​ $ 11,948 ​ $ 1,112 ​ $ 518,195
Schedule of credit ratings of fixed maturity securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Carrying ​ ​ ​ Carrying ​ ​ (In thousands) Value Percent Value Percent AAA and U.S. Government ​ $ 2,892 0.4 % $ 3,071 0.8 % AA ​ 573 0.1 ​ 5,818 1.5 ​ A ​ 144,482 22.0 ​ 49,445 13.1 ​ BBB ​ 386,980 58.9 ​ 247,636 65.7 ​ Total investment grade ​ 534,927 81.4 ​ 305,970 81.1 ​ BB and other ​ 121,854 18.6 ​ 71,193 18.9 ​ Total ​ $ 656,781 100.0 % $ 377,163 100.0 %
Schedule of Unrealized Loss of Securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ Gross ​ Number ​ ​ ​ ​ Gross ​ Number ​ ​ Estimated ​ Unrealized ​ of ​ Estimated ​ Unrealized ​ of (In thousands) Fair Value Loss Securities (1) Fair Value Loss Securities (1) Fixed Maturities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ $ 105 ​ $ 1 1 ​ $ 55 ​ $ — ​ 2 Mortgage-backed securities ​ 5,688 ​ 11 7 ​ 5,708 ​ 157 ​ 5 Collateralized loan obligations ​ ​ 81,972 ​ ​ 455 ​ ​ 101 ​ ​ 14,878 ​ ​ 247 ​ ​ 19 States and political subdivisions -- special revenue ​ 124 ​ 1 3 ​ 6 ​ — ​ 1 Trust preferred ​ ​ 9,844 ​ ​ 189 ​ ​ 6 ​ ​ — ​ ​ — ​ ​ — Corporate ​ 72,073 ​ 731 50 ​ 3,860 ​ 104 ​ 7 Greater than 12 months: ​ ​ ​ ​ ​ U.S. government obligations ​ 73 ​ 3 3 ​ 120 ​ 6 ​ 4 Collateralized loan obligations ​ — ​ — — ​ 7,020 ​ 103 ​ 6 Corporate ​ 330 ​ ​ 21 3 ​ 287 ​ ​ 67 ​ 3 Total fixed maturities ​ $ 170,209 ​ $ 1,412 174 ​ $ 31,934 ​ $ 684 ​ ​ 47 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) We may reflect a security in more than one aging category based on various purchase dates.
Schedule of Fixed Maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Estimated (In thousands) Cost Fair Value Due in one year or less ​ $ 28,636 ​ $ 28,713 Due after one year through five years ​ 121,140 ​ 122,389 Due after five years through ten years ​ 380,355 ​ 384,055 Due after ten years through twenty years ​ ​ 67,401 ​ ​ 68,387 Due after twenty years ​ ​ 48,939 ​ ​ 50,332 No maturity ​ ​ 3,012 ​ ​ 2,905 ​ ​ $ 649,483 ​ $ 656,781
Schedule of investment in mortgage loans	​ ​ ​ ​ ​ ​ ​ (In thousands) September 30, 2021 ​ December 31, 2020 Loan-to-Value Ratio: ​ ​ ​ ​ ​ 0%-59.99% $ 83,284 ​ $ 49,280 60%-69.99% ​ 18,126 ​ ​ 22,349 70%-79.99% ​ 66,774 ​ ​ 23,361 80% or greater ​ — ​ ​ — Total mortgage loans $ 168,184 ​ $ 94,990
Components of net investment income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (In thousands) 2021 2020 2021 2020 Fixed maturities ​ $ 6,373 ​ $ 322 ​ $ 13,103 ​ $ 1,364 Mortgage loans ​ ​ 938 ​ ​ 81 ​ ​ 1,479 ​ ​ 81 Other invested assets ​ ​ 74 ​ ​ 63 ​ ​ 225 ​ ​ 63 Other interest income ​ - ​ - ​ 266 ​ — Gross investment income ​ 7,385 ​ 466 ​ 15,073 ​ 1,508 Less: investment expenses ​ (1,189) ​ (32) ​ (2,770) ​ (231) Investment income, net of expenses ​ $ 6,196 ​ $ 434 ​ $ 12,303 ​ $ 1,277
Mortgage-back securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Schedule of Mortgage Loan Activity	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ September 30, 2021 ​ ​ December 31, 2020 Industrial ​ $ — ​ $ 1,250 Commercial mortgage loan - multi-family ​ ​ 70,210 ​ ​ 66,916 Other ​ ​ 97,974 ​ ​ 26,824 Total mortgage loans ​ $ 168,184 ​ $ 94,990

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the derivatives not designated as hedges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Location in the ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives Not Designated ​ Statement of Notional ​ Number of ​ Estimated ​ Notional ​ Number of ​ Estimated as Hedging Instruments ​ Balance Sheets Amount ​ Contracts ​ Fair Value ​ Amount ​ Contracts ​ Fair Value Equity-indexed options ​ Derivatives $ 481,039 ​ 456 ​ $ 14,736 ​ $ 272,854 ​ 252 ​ $ 11,361 Equity-indexed ​ Deposit-type ​ 487,781 ​ 3,401 ​ ​ 107,396 ​ ​ 311,964 ​ 2,101 ​ ​ 84,501
Summary of embedded derivatives related to the funds withheld provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 (In thousands) ​ Book Value ​ Market Value ​ Total Return ​ Book Value ​ Market Value ​ Total Return Portfolio ​ Assets ​ Assets ​ Swap Value ​ Assets ​ Assets ​ Swap Value American Republic Insurance Company ​ $ 43,537 ​ $ 43,722 ​ $ (185) ​ $ — ​ $ — ​ $ — Crestline Re SP1 ​ ​ 145,882 ​ ​ 146,293 ​ ​ (411) ​ ​ 62,163 ​ ​ 63,131 ​ ​ (968) Ironbound ​ ​ 156,775 ​ ​ 157,881 ​ ​ (1,106) ​ ​ 98,714 ​ ​ 99,748 ​ ​ (1,034) Ascendent Re ​ ​ 54,085 ​ ​ 54,281 ​ ​ (196) ​ ​ 27,224 ​ ​ 27,480 ​ ​ (256) US Alliance ​ ​ 44,024 ​ ​ 44,141 ​ ​ (117) ​ ​ 35,707 ​ ​ 36,360 ​ ​ (653) Total ​ $ 444,303 ​ $ 446,318 ​ $ (2,015) ​ $ 223,808 ​ $ 226,719 ​ $ (2,911)

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Investments, All Other Investments [Abstract]
Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ Quoted ​ Other ​ Significant ​ ​ ​ ​ ​ In Active ​ Observable ​ Unobservable ​ Estimated ​ ​ Markets ​ Inputs ​ Inputs ​ Fair (In thousands) (Level 1) (Level 2) (Level 3) Value September 30, 2021 ​ ​ ​ ​ Financial assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 1,981 ​ $ — ​ $ 1,981 Mortgage-backed securities ​ ​ — ​ ​ 55,245 ​ ​ — ​ ​ 55,245 Collateralized loan obligations ​ ​ — ​ ​ 310,653 ​ ​ — ​ ​ 310,653 States and political subdivisions — general obligations ​ — ​ 117 ​ — ​ 117 States and political subdivisions — special revenue ​ — ​ 6,230 ​ — ​ 6,230 Trust preferred ​ ​ — ​ ​ 16,397 ​ ​ — ​ ​ 16,397 Corporate ​ — ​ 36,205 ​ 229,953 ​ 266,158 Total fixed maturity securities ​ ​ — ​ ​ 426,828 ​ ​ 229,953 ​ ​ 656,781 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 168,184 ​ ​ 168,184 Derivatives ​ ​ — ​ ​ 17,262 ​ ​ — ​ ​ 17,262 Equity securities ​ ​ — ​ ​ 38,910 ​ ​ — ​ ​ 38,910 Other invested assets ​ ​ — ​ ​ — ​ ​ 47,021 ​ ​ 47,021 Investment escrow ​ ​ — ​ ​ 1,307 ​ ​ 0 ​ ​ 1,307 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ — ​ ​ 500 ​ ​ 500 Preferred stock ​ ​ — ​ ​ — ​ ​ 6,934 ​ ​ 6,934 Notes receivable ​ ​ — ​ ​ 5,885 ​ ​ — ​ ​ 5,885 Policy loans ​ ​ — ​ ​ — ​ ​ 55 ​ ​ 55 Total Investments ​ $ — ​ $ 490,192 ​ $ 452,647 ​ $ 942,839 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 107,396 ​ ​ 107,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Fixed maturity securities: ​ ​ ​ ​ U.S. government obligations ​ $ — ​ $ 6,164 ​ $ — ​ $ 6,164 Mortgage-backed securities ​ ​ — ​ ​ 14,757 ​ ​ — ​ ​ 14,757 Collateralized loan obligations ​ ​ — ​ ​ 221,774 ​ ​ — ​ ​ 221,774 States and political subdivisions — general obligations ​ — ​ 118 ​ — ​ 118 States and political subdivisions — special revenue ​ — ​ 6,202 ​ — ​ 6,202 Trust preferred ​ ​ — ​ ​ 2,285 ​ ​ — ​ ​ 2,285 Corporate ​ — ​ 18,609 ​ 107,254 ​ 125,863 Total fixed maturity securities ​ ​ — ​ ​ 269,909 ​ ​ 107,254 ​ ​ 377,163 Mortgage loans on real estate, held for investment ​ ​ — ​ ​ — ​ ​ 94,990 ​ ​ 94,990 Derivatives ​ ​ — ​ ​ 11,361 ​ ​ — ​ ​ 11,361 Other invested assets ​ ​ — ​ ​ — ​ ​ 21,897 ​ ​ 21,897 Investment escrow ​ ​ — ​ ​ 3,174 ​ ​ — ​ ​ 3,174 Preferred stock ​ ​ — ​ ​ — ​ ​ 3,898 ​ ​ 3,898 Notes receivable ​ ​ — ​ ​ 5,666 ​ ​ — ​ ​ 5,666 Policy loans ​ ​ — ​ ​ — ​ ​ 46 ​ ​ 46 Total Investments ​ $ — ​ $ 290,110 ​ $ 228,085 ​ $ 518,195 Financial liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded derivative for equity-indexed contracts ​ $ — ​ $ — ​ $ 84,501 ​ ​ 84,501
Schedule of Financial Assets and Liabilities at Fair Value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 55 ​ $ — ​ $ — ​ $ 55 ​ $ 55 Cash equivalents ​ 81,487 ​ 61,218 ​ — ​ — ​ 81,487 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (Deposit-type contracts) ​ 960,507 ​ — ​ — ​ 960,507 ​ 960,507 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ ​ ​ ​ Quoted Prices in ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Markets ​ Significant Other ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ for Identical Assets ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Carrying ​ and Liabilities ​ Inputs ​ Inputs ​ Fair (In thousands) Amount (Level 1) (Level 2) (Level 3) Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policy loans ​ $ 46 ​ $ — ​ $ — ​ $ 46 ​ $ 46 Cash equivalents ​ 151,679 ​ 100,567 ​ — ​ — ​ 151,679 Liabilities: ​ ​ ​ ​ ​ Policyholder deposits (Deposit-type contracts) ​ 597,868 ​ — ​ — ​ 597,868 ​ 597,868
Schedule of Recurring Basis Using Level Three Inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ September 30, (In thousands) 2020 Additions Sales 2021 Assets ​ ​ ​ ​ Fixed maturities ​ $ 107,254 ​ $ 169,846 ​ $ 47,147 ​ ​ 229,953 Mortgage loans on real estate, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ held for investment ​ ​ 94,990 ​ ​ 98,943 ​ ​ 25,749 ​ ​ 168,184 Federal Home Loan Bank (FHLB) stock ​ ​ — ​ ​ 500 ​ ​ — ​ ​ 500 Other invested assets ​ ​ 21,897 ​ ​ 59,964 ​ ​ 34,840 ​ ​ 47,021 Preferred stock ​ ​ 3,898 ​ ​ 3,036 ​ ​ - ​ ​ 6,934 Total Investments ​ $ 228,039 ​ $ 332,289 ​ $ 107,736 ​ $ 452,592 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ December 31, (In thousands) 2019 Additions Sales ​ Allowance ​ Impairment ​ 2020 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities ​ $ — ​ $ 107,254 ​ $ — ​ $ — ​ $ — ​ $ 107,254 Mortgage loans on real ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ estate, held for investment ​ ​ 13,810 ​ ​ 99,357 ​ ​ 18,177 ​ ​ — ​ ​ — ​ ​ 94,990 Other invested assets ​ ​ 2,469 ​ ​ 74,723 ​ ​ 54,518 ​ ​ (777) ​ ​ — ​ ​ 21,897 Preferred stock ​ ​ 500 ​ ​ 3,898 ​ ​ — ​ ​ — ​ ​ (500) ​ ​ 3,898 Total Investments ​ $ 16,779 ​ $ 285,232 ​ $ 72,695 ​ $ (777) ​ $ (500) ​ $ 228,039
Summary of unobservable inputs for AFS and trading securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 (In millions, except for percentages) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $107.4 ​ Option Budget Method ​ Nonperformance risk ​ 3.0% ​ 1.1% ​ 0.6% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 1.1% ​ 3.4% ​ 2.4% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.6% ​ Decrease * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 (In millions, except for percentages) ​ Fair value ​ Valuation technique ​ Unobservable inputs ​ Minimum ​ Maximum ​ Weighted average* ​ Impact of an increase in the input on fair value Interest sensitive contract liabilities - fixed indexed annuities embedded derivatives ​ $84.5 ​ Option Budget Method ​ Nonperformance risk ​ 0.3% ​ 1.3% ​ 0.7% ​ Decrease ​ ​ ​ ​ ​ ​ Option budget ​ 2.6% ​ 3.4% ​ 2.7% ​ Increase ​ ​ ​ ​ ​ ​ Surrender rate ​ 0.5% ​ 15% (base) ​ 7.6% ​ Decrease * Weighted by account value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings Loss Per Share (Tables

Earnings Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2021 2020 2021 2020 (in thousands, except per share amounts) ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to Midwest Holding, Inc. ​ $ (3,064) ​ $ (5,537) ​ $ (9,656) ​ $ (527) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ ​ 3,737,564 ​ ​ 2,718,967 ​ ​ 3,737,564 ​ ​ 2,435,115 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options and deferred compensation agreements ​ ​ 31,450 ​ ​ 47,517 ​ ​ 31,450 ​ ​ 47,517 Denominator for earnings (loss) per common share - assuming dilution ​ ​ 3,769,014 ​ ​ 2,766,484 ​ ​ 3,769,014 ​ ​ 2,482,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per common share ​ $ (0.82) ​ $ (2.04) ​ $ (2.58) ​ $ (0.22) Loss per common share - assuming dilution ​ $ (0.82) ​ $ (2.00) ​ $ (2.58) ​ $ (0.21)

Income Tax Matters (Tables)

Income Tax Matters (Tables)	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Schedule of deferred tax assets and liabilities	Significant components of the Company’s deferred tax assets and liabilities as of September 30, 2021 and December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2021 December 31, 2020 Deferred tax assets: ​ ​ Loss carryforwards ​ $ 1,364 ​ $ 1,557 Capitalized costs ​ 139 ​ 175 Stock option granted ​ ​ 595 ​ ​ 14 Unrealized losses on investments ​ 669 ​ 1,534 Policy acquisition costs ​ ​ 3,074 ​ ​ 2,243 Charitable contribution carryforward ​ ​ 2 ​ ​ 2 Sec 163(j) limitation ​ ​ 154 ​ ​ 154 Benefit reserves ​ 6,753 ​ 3,569 Total deferred tax assets ​ 12,750 ​ 9,248 Less valuation allowance ​ (10,267) ​ (7,002) Total deferred tax assets, net of valuation allowance ​ 2,483 ​ 2,246 Deferred tax liabilities: ​ ​ Unrealized losses on investments ​ 1,819 ​ 1,994 Due premiums ​ 82 ​ 82 Intangible assets ​ 147 ​ 147 Derivative option allowance ​ 396 ​ — Bond Discount ​ ​ 34 ​ ​ 20 Property and equipment ​ 5 ​ 3 Total deferred tax liabilities ​ 2,483 ​ 2,246 Net deferred tax assets ​ $ — ​ $ —
Schedule of effective tax rate reconciliation	There was income tax expense for the three months ended September 30, 2021 and 2020 of $(351) and $1.3 million, respectively, and income tax expense for the nine months ended September 30, 2021 and 2020 of $1.8 million and negative tax expense of $2.1 million, respectively. This differed from the amounts computed by applying the statutory U.S. federal income tax rate of 21% to pretax income, as a result of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Computed expected income tax benefit ​ $ (749) ​ $ (899) ​ $ (1,676) ​ $ 340 Increase (reduction) in income taxes resulting from: ​ ​ ​ ​ ​ ​ State tax net of federal benefit ​ ​ — ​ ​ 152 ​ ​ — ​ ​ 152 IMR and reinsurance ​ ​ 65 ​ ​ — ​ ​ 240 ​ ​ — Nondeductible expenses ​ ​ 1 ​ ​ 1 ​ ​ 4 ​ ​ 4 Change in valuation allowance ​ 333 ​ 1,429 ​ 3,266 ​ ​ 1,421 Dividends received deduction ​ ​ (1) ​ ​ — ​ ​ (6) ​ ​ — Other ​ ​ — ​ ​ 575 ​ ​ — ​ ​ 228 Prior year true-up ​ — ​ — ​ — ​ — Subtotal of increases ​ 398 ​ 2,157 ​ 3,504 ​ 1,805 Tax expense ​ $ (351) ​ $ 1,258 ​ $ 1,828 ​ $ 2,145

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2021
Reinsurance Disclosures [Abstract]
Summary of significant reinsurance amounts	A summary of significant reinsurance amounts affecting the accompanying consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the three and nine months ended September 30, 2021 and, 2020, respectively, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) September 30, 2021 December 31, 2020 Assets: ​ ​ Reinsurance recoverables ​ $ 37,720 ​ $ 32,146 Liabilities: ​ ​ ​ ​ ​ ​ Deposit-type contracts ​ ​ ​ ​ ​ ​ Direct ​ $ 960,507 ​ ​ 597,868 Reinsurance ceded ​ ​ (596,068) ​ ​ (405,981) Retained deposit-type contracts ​ $ 364,439 ​ $ 191,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2021 2020 ​ 2021 2020 (in thousands) ​ ​ ​ ​ ​ Premiums ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct ​ $ 37 ​ $ 225 ​ $ 139 ​ $ 678 Reinsurance ceded ​ ​ (37) ​ ​ (225) ​ ​ (139) ​ ​ (678) Total Premiums ​ $ — ​ $ — ​ $ — ​ $ — Future policy and other policy benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct ​ $ 3 ​ $ 52 ​ $ 25 ​ $ 99 Reinsurance ceded ​ (3) ​ (52) ​ (25) ​ (99) Total future policy and other policy benefits ​ $ — ​ $ — ​ $ — ​ $ —
Schedule of significant reinsurance balances	The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by third-party reinsurers except for a reinsurance with Unified as it was accounted for as discontinued operations as of September 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable/ ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ (Payable) on Benefit ​ Ceded ​ Recoverable/ (in thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ (Payable) to/from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Ironbound Reinsurance Company Limited ​ ​ NR ​ $ — ​ $ — ​ $ (2,242) ​ $ — ​ $ (2,242) Optimum Re Insurance Company ​ A ​ ​ — ​ ​ — ​ ​ 561 ​ ​ — ​ ​ 561 Sagicor Life Insurance Company ​ A- ​ — ​ 164 ​ 10,834 ​ 289 ​ 10,709 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ 2,612 ​ ​ — ​ ​ 2,612 Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 15,847 ​ ​ — ​ ​ 15,847 American Republic Insurance Company ​ ​ NR ​ ​ — ​ ​ — ​ ​ 4,771 ​ ​ — ​ ​ 4,771 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 5,502 ​ 40 ​ 5,462 ​ ​ ​ ​ ​ $ — ​ $ 164 ​ $ 37,885 ​ $ 329 ​ $ 37,720 ​ The following table provides a summary of the significant reinsurance balances recoverable on paid and unpaid policy claims by reinsurer except for Unified as it is accounted for as discontinued operations as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Recoverable on ​ ​ ​ ​ Total Amount ​ ​ ​ ​ ​ Recoverable ​ Recoverable ​ Benefit ​ Ceded ​ Recoverable (in thousands) ​ AM Best ​ on Paid ​ on Unpaid ​ Reserves/Deposit- ​ Due ​ from Reinsurer Rating Losses Losses type Contracts Premiums Reinsurer Optimum Re Insurance Company ​ A ​ $ — ​ $ — ​ $ 525 ​ $ — ​ $ 525 Sagicor Life Insurance Company ​ A- ​ — ​ 141 ​ 11,286 ​ 277 ​ 11,150 Ascendant Re ​ ​ NR ​ ​ — ​ ​ — ​ ​ 3,541 ​ ​ — ​ ​ 3,541 Crestline SP1 ​ ​ NR ​ ​ — ​ ​ — ​ ​ 9,695 ​ ​ — ​ ​ 9,695 US Alliance Life and Security Company ​ NR ​ — ​ — ​ 7,264 ​ 29 ​ 7,235 ​ ​ ​ ​ ​ $ — ​ $ 141 ​ $ 32,311 ​ $ 306 ​ $ 32,146
Schedule of ceding commissions from the reinsurers	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, (in thousands) ​ 2021 ​ 2020 Reinsurer ​ Gross Ceding Commission ​ Expense (1) ​ Interest on Ceding Commission ​ Earned ​ Gross Ceding Commission ​ Expense ​ Interest on Ceding Commission ​ Earned Ironbound Reinsurance Company Limited ​ $ — ​ $ 395 ​ $ 51 ​ $ 113 ​ $ — ​ $ 11 ​ $ 56 ​ $ 127 Ascendant Re ​ ​ — ​ ​ 1,061 ​ ​ 26 ​ ​ 73 ​ ​ 488 ​ ​ 976 ​ ​ 18 ​ ​ 26 US Alliance Life and Security Company ​ ​ 496 ​ ​ 87 ​ ​ 16 ​ ​ 74 ​ ​ 7 ​ ​ 7 ​ ​ 15 ​ ​ 64 Crestline Re SP 1 ​ ​ 1,246 ​ ​ 2,277 ​ ​ 69 ​ ​ 314 ​ ​ 3,837 ​ ​ 7,249 ​ ​ 13 ​ ​ 55 American Republic Insurance Company ​ ​ 937 ​ ​ 1,470 ​ ​ 14 ​ ​ 78 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 2,679 ​ $ 5,290 ​ $ 176 ​ $ 652 ​ $ 4,332 ​ $ 8,243 ​ $ 102 ​ $ 272 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, (in thousands) ​ 2021 ​ 2020 Reinsurer ​ Gross Ceding Commission ​ Expense (1) ​ Interest on Ceding Commission ​ Earned ​ Gross Ceding Commission ​ Expense ​ Interest on Ceding Commission ​ Earned Ironbound Reinsurance Company Limited ​ $ — ​ $ 424 ​ $ 160 ​ $ 358 ​ $ 688 ​ $ 690 ​ $ 166 ​ $ 317 Ascendant Re ​ ​ 496 ​ ​ 1,106 ​ ​ 69 ​ ​ 163 ​ ​ 1,356 ​ ​ 2,605 ​ ​ 47 ​ ​ 44 US Alliance Life and Security Company ​ ​ 2 ​ ​ 125 ​ ​ 46 ​ ​ 195 ​ ​ 2,280 ​ ​ 4,017 ​ ​ 23 ​ ​ 74 Crestline SP1 ​ ​ 5,623 ​ ​ 11,052 ​ ​ 180 ​ ​ 813 ​ ​ 3,838 ​ ​ 7,248 ​ ​ 13 ​ ​ 55 American Republic Insurance Company ​ ​ 3,160 ​ ​ 5,849 ​ ​ 26 ​ ​ 146 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ $ 9,281 ​ $ 18,556 ​ $ 481 ​ $ 1,675 ​ $ 8,162 ​ $ 14,560 ​ $ 249 ​ $ 490 ​ (1) Includes acquisition and administrative expenses, commission expense allowance and product development fees. ​
Schedule of ceding commissions deferred on each reinsurance transaction	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ September 30, 2021 ​ December 31, 2020 Reinsurer Deferred Ceding Commission ​ Deferred Ceding Commission US Alliance Life and Security Company (1) $ 165 ​ $ 172 Unified Life Insurance Company (1) ​ 249 ​ ​ 277 Ironbound Reinsurance Company Limited (2) ​ ​ 5,594 ​ ​ 5,642 Ascendant Re ​ 3,227 ​ ​ 2,703 US Alliance Life and Security Company (2) ​ ​ 2,429 ​ ​ 2,473 American Republic Insurance Company (2) ​ ​ 3,250 ​ ​ — Crestline SP1 (2) ​ ​ 12,885 ​ ​ 6,932 ​ ​ $ 27,799 ​ $ 18,199 ​ (1) These reinsurance transactions on our legacy life insurance business received gross ceding commissions on the effective dates of the transaction. The difference between the statutory net adjusted reserves and the GAAP adjusted reserves plus the elimination of DAC and value of business acquired related to these businesses reduces the gross ceding commission with the remaining deferred and amortized over the lifetime of the blocks of business. (2) These reinsurance transactions include the ceding commissions and expense allowances which are accounted for as described in (1).
Schedule of retained and reinsurance balance sheets	The tables below shows the retained and reinsurance condensed balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Retained ​ Reinsurance ​ Consolidated ​ Retained ​ Reinsurance ​ Consolidated Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments ​ $ 418,170 ​ $ 524,669 ​ $ 942,839 ​ $ 185,368 ​ $ 332,827 ​ $ 518,195 Cash and cash equivalents ​ ​ 51,583 ​ ​ 29,904 ​ ​ 81,487 ​ ​ 102,335 ​ ​ 49,344 ​ ​ 151,679 Accrued investment income ​ ​ 3,471 ​ ​ 8,704 ​ ​ 12,175 ​ ​ 1,956 ​ ​ 4,851 ​ ​ 6,807 Deferred acquisition costs, net ​ ​ 24,037 ​ ​ — ​ ​ 24,037 ​ ​ 13,456 ​ ​ — ​ ​ 13,456 Reinsurance recoverables ​ ​ — ​ ​ 37,720 ​ ​ 37,720 ​ ​ — ​ ​ 32,146 ​ ​ 32,146 Other assets ​ ​ 8,921 ​ ​ 446 ​ ​ 9,367 ​ ​ 2,685 ​ ​ 1,433 ​ ​ 4,118 Total assets ​ $ 506,182 ​ $ 601,443 ​ $ 1,107,625 ​ $ 305,800 ​ $ 420,601 ​ $ 726,401 Liabilities and Stockholders’ Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Policyholder liabilities ​ $ 364,439 ​ $ 614,036 ​ $ 978,475 ​ $ 191,887 ​ $ 418,921 ​ $ 610,808 Deferred gain on coinsurance transactions ​ ​ 27,799 ​ ​ — ​ ​ 27,799 ​ ​ 18,199 ​ ​ — ​ ​ 18,199 Other liabilities ​ ​ 33,816 ​ ​ (12,593) ​ ​ 21,223 ​ ​ 9,384 ​ ​ 1,680 ​ ​ 11,064 Total liabilities ​ $ 426,054 ​ $ 601,443 ​ $ 1,027,497 ​ $ 219,470 ​ $ 420,601 ​ $ 640,071 Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Voting common stock ​ ​ 4 ​ ​ — ​ ​ 4 ​ ​ 4 ​ ​ — ​ ​ 4 Additional paid-in capital ​ ​ 136,061 ​ ​ — ​ ​ 136,061 ​ ​ 133,417 ​ ​ — ​ ​ 133,417 Accumulated deficit ​ ​ (63,178) ​ ​ — ​ ​ (63,178) ​ ​ (53,522) ​ ​ — ​ ​ (53,522) Accumulated other comprehensive income ​ ​ 7,241 ​ ​ — ​ ​ 7,241 ​ ​ 6,431 ​ ​ — ​ ​ 6,431 Total Midwest Holding Inc.'s stockholders' equity ​ $ 80,128 ​ $ — ​ $ 80,128 ​ $ 86,330 ​ $ — ​ $ 86,330 Total liabilities and stockholders' equity ​ $ 506,182 ​ $ 601,443 ​ $ 1,107,625 ​ $ 305,800 ​ $ 420,601 ​ $ 726,401

Long-Term Incentive Plan (Table

Long-Term Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of remaining non-vested shares	​ ​ ​ ​ ​ Stock Options/ Beginning balance, December 31, 2020 ​ 100,972 Options granted under the 2019 Plan ​ ​ Options granted and approved under the 2020 Plan ​ 281,712 Forfeited ​ (4,132) Vested ​ (17,800) Ending Balance 360,752

Deposit-Type Contracts (Tables)

Deposit-Type Contracts (Tables)	9 Months Ended
	Sep. 30, 2021
Deposit Type Contracts [Abstract]
Schedule of deposit-type contracts	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 30, 2021 December 31, 2020 Beginning balance ​ $ 597,868 ​ $ 171,169 US Alliance ​ 822 ​ (3,308) Ironbound Reinsurance Company Limited ​ 4,983 ​ 6,080 Ascendant Re ​ ​ 1,437 ​ ​ 3,053 Crestline SP1 ​ ​ 696 ​ ​ 3,607 American Republic Insurance Company ​ ​ 509 ​ ​ — Deposits received ​ 367,446 ​ 415,561 Investment earnings (includes embedded derivative) ​ 1,868 ​ 4,215 Withdrawals ​ (14,543) ​ (2,509) Policy charges ​ ​ (579) ​ ​ — Ending balance ​ $ 960,507 ​ $ 597,868

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related to Leases	​ Supplemental balance sheet information as of September 30, 2021 and December 31, 2020, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ As of ​ As of Leases Classification September 30, 2021 December 31, 2020 Assets ​ ​ Operating Operating lease right-of-use assets ​ $ 258 ​ $ 348 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ Operating lease Operating lease liabilities ​ $ 299 ​ $ 397
Schedule of Components of Lease Expenses	Our operating and finance leases expenses for the three and nine months ended September 30, 2021 and 2020, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, Leases Classification 2021 2020 2021 2020 Operating General and administrative expense ​ $ — ​ $ 2 ​ $ 2 ​ $ 7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance lease cost: ​ ​ ​ ​ ​ Amortization expense ​ — ​ — ​ — ​ 3
Schedule of Finance and Operating Leases Minimum	Minimum contractual obligations for our operating leases at September 30, 2021, are as follows: ​ ​ ​ ​ ​ (in thousands) Operating Leases 2021 (excluding nine months ended September 30, 2021) ​ $ 41 2022 ​ 157 2023 ​ 162 2024 ​ 14 Total remaining lease payments ​ $ 374
Schedule of Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, (in thousands) 2021 2020 2021 2020 Cash payments ​ ​ ​ ​ Operating cash flows from operating leases ​ $ (3) ​ $ — ​ $ (8) ​ $ (1) Operating cash flows from finance leases ​ — ​ 1 ​ — ​ 5

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Summary of Balance of and Changes in Each Component of AOCI	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Unrealized Unrealized Accumulated other Balance at December 31, 2019 $ 474 ​ $ 146 ​ $ 620 Other comprehensive income before Reclassifications 7,398 ​ ​ — ​ 7,398 Unrealized gains on foreign currency ​ — ​ ​ (146) ​ ​ (146) Less: Reclassification adjustments for losses realized in net income ​ (1,441) ​ ​ — ​ ​ (1,441) Balance at December 31, 2020 ​ 6,431 ​ ​ — ​ ​ 6,431 Other comprehensive income (loss) before reclassifications, net of tax ​ 2,421 ​ ​ — ​ ​ 2,421 Less: Reclassification adjustments for losses realized in net income, net of tax ​ (1,611) ​ ​ — ​ ​ (1,611) Balance at September 30, 2021 $ 7,241 ​ $ — ​ $ 7,241

Deferred Acquisition Costs (Tab

Deferred Acquisition Costs (Tables)	9 Months Ended
	Sep. 30, 2021
Deferred Acquisition Costs
Schedule of Deferred Acquisition Costs	​ ​ ​ ​ ​ ​ ​ ​ (In thousands) September 30, 2021 ​ December 31, 2020 Beginning balance ​ $ 13,456 ​ $ — Additions ​ ​ 12,450 ​ ​ 13,919 Amortization ​ ​ (1,800) ​ ​ (670) Interest ​ ​ 20 ​ ​ 138 Impact of unrealized investment losses ​ ​ (89) ​ ​ 69 Ending Balance ​ $ 24,037 ​ $ 13,456

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Narrative) (Details) $ / shares in Units, € in Thousands, £ in Thousands, $ in Thousands	Sep. 28, 2020USD ($)	Jun. 15, 2020USD ($)	Apr. 24, 2020USD ($)$ / sharesshares	Mar. 30, 2020USD ($)	Dec. 31, 2020USD ($)leasesecurity$ / shares	Sep. 30, 2021USD ($)$ / sharesshares	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)segment$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2020USD ($)leasesecuritysegmentplan$ / shares	Sep. 30, 2021GBP (£)	Sep. 30, 2021EUR (€)	Jan. 31, 2021	Dec. 31, 2020GBP (£)leasesecurity	Dec. 31, 2020EUR (€)leasesecurity	Aug. 10, 2020$ / shares	Apr. 02, 2019
Shares issued | shares			231,655
Common Stock, Par or Stated Value Per Share | $ / shares					$ 0.001	$ 0.001			$ 0.001		$ 0.001
Share Price | $ / shares			$ 22.50
Proceeds from issuance of common shares			$ 5,227
Proceeds from IPO					$ 70,000
Number of reporting segment | segment									1
Number of Products | segment											5
Number of Bonus Plans | plan											2
Valuation allowances on mortgage loans					0	$ 0			$ 0		$ 0
Equity securities						38,910			38,910
Outstanding funding arrangements						0			0
Escrow Deposit					3,174	1,307			1,307		3,174
Fund investments									58,437	$ 26,788
Other investments in fund					19,700						19,700
Gain or loss on investment									0
Other invested assets					$ 21,897	47,021			47,021		21,897
Impairment allowance on investment									0		$ 35
Number of securities | security					1						1				1	1
Valuation Allowance on Leased Asset					$ 777			$ 777		777	$ 777
Number of leases, valuation allowance | lease					1						1				1	1
Warrants market value						2,200			2,200
Impairment on preferred stock									500		$ 500
Notes receivable					$ 5,666	5,885			5,885		5,666
Valuation allowance on policy loans						0			0
Realized gains (losses) on foreign exchange translation									290		50
Money market investments					100,600	49,100			49,100		100,600
Depreciation						13		13	37	35
Accumulated depreciation					1,000	1,100			1,100		1,000
Reinsurance recoverables on unpaid losses, allowance					0	0			0		0
Unrealized gains									2,000		2,900
Embedded derivative gains									900
Embedded derivative losses											2,900
Embedded derivative gain									900
Unrealized gains on investments, net of taxes						$ 580		$ 4,402	$ 810	$ (2,876)
Basic earnings per share | $ / shares						$ (0.82)		$ (2.04)	$ (2.58)	$ (0.22)
Weighted Average Number of Shares Outstanding, Basic (in shares) | shares						3,737,564		2,718,967	3,737,564	2,435,115
Weighted average number of shares outstanding, Diluted (in shares) | shares						3,769,014		2,766,484	3,769,014	2,482,632
BBB+
Interest rate						5.00%			5.00%			5.00%	5.00%
Ascona Group Holdings Ltd
Preferred equity	$ 3,600
Market value					3,900	$ 4,700			$ 4,700		3,900
Warrants market value					0						0
PF Collinwood Holdings LLC
Other invested assets						14,900			14,900
United Kingdom, Pounds
Cash held in custody accounts					700	1,500			1,500		700	£ 1,100			£ 500
Euro Member Countries, Euro
Cash held in custody accounts					110	3,000			3,000		110		€ 2,600			€ 90
Enterprise resource planning and Enterprise performance management
Capitalized consultation and support expenses							$ 850
Useful life of intangible assets							5 years
Capitalized software						815			$ 815
Finite-Lived Intangible Assets, Remaining Amortization Period							5 years
Furniture and Fixtures [Member] | Minimum
Useful life									3 years
Furniture and Fixtures [Member] | Maximum
Useful life									7 years
Enterprise resource planning and Enterprise performance management
Useful life									3 years
Voting common share
Common Stock, Par or Stated Value Per Share | $ / shares																	$ 0.001
Non-voting common shares
Common Stock, Par or Stated Value Per Share | $ / shares																	$ 0.001
SRC1
Embedded derivative gains						$ 1,300		$ 4,100	$ 1,390	$ 4,140
Embedded derivative losses								$ 4,100
Embedded derivative gain									900	$ 4,400
Unrealized gains on investments, net of taxes									$ 5,600		$ 5,100
Basic earnings per share | $ / shares						$ (0.82)		$ (2.04)	$ (2.58)	$ (0.22)
Basic Earnings Per Share Excluding Embedded Derivative Loss | $ / shares						$ (0.46)		$ (0.53)
Basic Earnings Per Share, Excluding Embedded Derivative Gain | $ / shares									$ (2.56)	$ (1.98)
Crestline Assurance Holdings LLC | Securities Purchase Agreement
Shares issued | shares			444,444
Common Stock, Par or Stated Value Per Share | $ / shares			$ 0.001
Share Price | $ / shares			$ 22.50
Proceeds from issuance of common shares			$ 10,000
Multi Year Guaranteed Annuity
Number of Products | segment											2
Multi Year Guaranteed Annuity | Crestline Assurance Holdings LLC | Master Letter Agreement
Percentage of indemnity coinsurance			25.00%
Fixed Index Annuity | Crestline Assurance Holdings LLC | Master Letter Agreement
Percentage of indemnity coinsurance			40.00%
Exchange Traded Funds
Equity securities					$ 0	$ 38,900			$ 38,900		$ 0
1505 Capital LLC
Business Combination, Consideration Transferred		$ 500
American Life [Member] | PF Collinwood Holdings LLC
Ownership (as a percent)														100.00%
American Life [Member] | Crestline Assurance Holdings LLC
Capital contribution			$ 5,000
Investment Manager
Other investments in fund						6,900			6,900
Other invested assets						$ 19,200			$ 19,200
1505 Capital LLC
Ownership percentage acquired		49.00%						49.00%		49.00%								51.00%
American Life [Member] | Ascona Group Holdings Ltd
Ownership interest						74.00%			74.00%			74.00%	74.00%
Seneca Reinsurance Company, LLC
Contributions made				$ 300
Ownership percentage acquired				100.00%
Crestline Assurance Holdings LLC | Ascona Group Holdings Ltd
Ownership interest						26.00%			26.00%			26.00%	26.00%

Assets and Liabilities Associ_3

Assets and Liabilities Associated with Business Held for Sale (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Percentage of indemnity reinsurance basis of liabilities and obligations			100.00%
Ceding commission			$ 3,500
Percentage of indemnity policies			90.00%		89.00%
Ceding Commission amortized	$ 8	$ 17	$ 28	$ 296

Assets and Liabilities Associ_4

Assets and Liabilities Associated with Business Held for Sale (Schedule of Assets and Liabilities Discontinued Operations) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Carrying amounts of major classes of assets included as part of discontinued operations:
Policy loans	$ 28	$ 33
Reinsurance recoverables	1,017	1,062
Premiums receivable	20	24
Total assets held for sale in the Consolidated Balance Sheets	1,065	1,119
Carrying amounts of major classes of liabilities included as part of discontinued operations:
Benefit reserves	567	595
Policy claims	36	35
Deposit-type contracts	456	483
Accounts payable and accrued expenses	1	1
Total liabilities held for sale in the Consolidated Balance Sheets	$ 1,060	$ 1,114

Purchase of Non-controlling I_2

Purchase of Non-controlling Interest (Details) - USD ($) $ in Thousands	Jun. 15, 2020	Apr. 02, 2019	Sep. 30, 2020
1505 Capital LLC
Noncontrolling Interest [Line Items]
Business Combination, Consideration Transferred	$ 500
1505 Capital LLC
Noncontrolling Interest [Line Items]
Ownership percentage acquired	49.00%	51.00%	49.00%
Capital units acquired, purchase price		$ 1,000

Investments (Schedule of Amorti

Investments (Schedule of Amortized Cost and Estimated Fair Value of Investments) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Amortized Cost	$ 649,483	$ 369,156
Total fixed maturities	656,781	377,163
Mortgage loans on real estate, held for investment	168,184	94,990
Derivatives, Cost	16,559	8,532
Derivatives, Gross Unrealized Gains	5,357	3,257
Derivatives, Gross Unrealized Losses	4,654	428
Estimated Fair Value	17,262	11,361
Federal Home Loan Bank (FHLB) stock	500
Equity Securities, Amortized Cost	38,988	0
Equity securities, Gross Unrealized Losses	78
Equity securities, at fair value (cost: $38,988 in 2021 and zero in 2020)	38,910
Other invested assets, Cost	45,088
Other invested assets, Gross Unrealized Gains	3,051
Other invested assets, Gross Unrealized Losses	1,118
Other invested assets	47,021	21,897
Investment escrow	1,307	3,174
Preferred stock , Amortized cost	4,683	3,898
Preferred stock, Gross Unrealized Gains	2,251
Preferred stock, Fair value	6,934	3,898
Notes receivable	5,885	5,666
Policy Loans	55	46
Total investments, Amortized Cost	930,732	507,359
Investments, Gross Unrealized Gains	19,369	11,948
Investments, Gross Unrealized Losses	7,262	1,112
Investments, Fair Value Disclosure	942,839	518,195
Estimated Fair Value	942,839	518,195
Fixed Maturities
Amortized Cost	649,483	369,156
Gross Unrealized Gains	8,710	8,691
Gross Unrealized Losses	1,412	684
Total fixed maturities	656,781	377,163
U.S. government obligations | Fixed Maturities
Amortized Cost	1,931	5,744
Gross Unrealized Gains	54	426
Gross Unrealized Losses	4	6
Total fixed maturities	1,981	6,164
Mortgage-back securities | Fixed Maturities
Amortized Cost	54,267	14,638
Gross Unrealized Gains	989	276
Gross Unrealized Losses	11	157
Total fixed maturities	55,245	14,757
Collateralized loan obligations | Fixed Maturities
Amortized Cost	307,082
Gross Unrealized Gains	4,026
Gross Unrealized Losses	455
Total fixed maturities	310,653	221,774
Asset-backed securities | Fixed Maturities
Amortized Cost		216,501
Gross Unrealized Gains		5,623
Gross Unrealized Losses		350
Total fixed maturities		221,774
States and Political Subdivisions - general obligations | Fixed Maturities
Amortized Cost	106	107
Gross Unrealized Gains	11	11
Total fixed maturities	117	118
States and Political Subdivisions - special revenue | Fixed Maturities
Amortized Cost	5,140	5,293
Gross Unrealized Gains	1,091	909
Gross Unrealized Losses	1
Total fixed maturities	6,230	6,202
Trust preferred | Fixed Maturities
Amortized Cost	16,501	2,218
Gross Unrealized Gains	85	67
Gross Unrealized Losses	189
Total fixed maturities	16,397	2,285
Corporate | Fixed Maturities
Amortized Cost	264,456	124,655
Gross Unrealized Gains	2,454	1,379
Gross Unrealized Losses	752	171
Total fixed maturities	$ 266,158	$ 125,863

Investments (Schedule of Credit

Investments (Schedule of Credit Ratings of Fixed Maturity Securities) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Marketable Securities [Line Items]
Total fixed maturities	$ 656,781	$ 377,163
Fixed Maturities
Marketable Securities [Line Items]
Total fixed maturities	$ 656,781	$ 377,163
Percent	100.00%	100.00%
Fixed Maturities | Investment grade
Marketable Securities [Line Items]
Total fixed maturities	$ 534,927	$ 305,970
Percent	81.40%	81.10%
Fixed Maturities | Investment grade | AAA and U.S. Government
Marketable Securities [Line Items]
Total fixed maturities	$ 2,892	$ 3,071
Percent	0.40%	0.80%
Fixed Maturities | Investment grade | AA
Marketable Securities [Line Items]
Total fixed maturities	$ 573	$ 5,818
Percent	0.10%	1.50%
Fixed Maturities | Investment grade | A
Marketable Securities [Line Items]
Total fixed maturities	$ 144,482	$ 49,445
Percent	22.00%	13.10%
Fixed Maturities | Investment grade | BBB
Marketable Securities [Line Items]
Total fixed maturities	$ 386,980	$ 247,636
Percent	58.90%	65.70%
Fixed Maturities | Non investment grade | BB and other
Marketable Securities [Line Items]
Total fixed maturities	$ 121,854	$ 71,193
Percent	18.60%	18.90%

Investments (Schedule of Unreal

Investments (Schedule of Unrealized Loss of Securities) (Details) - Fixed Maturities $ in Thousands	Sep. 30, 2021USD ($)security	Dec. 31, 2020USD ($)security
Estimated Fair Value, Total	$ 170,209	$ 31,934
Gross Unrealized Loss, Total	$ 1,412	$ 684
Number of Securities, Total | security	174	47
U.S. government obligations
Estimated Fair Value, Less than 12 months	$ 105	$ 55
Gross Unrealized Loss, Less than 12 months	$ 1
Number of Securities, Less than 12 months | security	1	2
Estimated Fair value, Greater than 12 months	$ 73	$ 120
Gross Unrealized Loss, Greater than 12 months	$ 3	$ 6
Number of Securities, Greater than 12 months | security	3	4
Mortgage-back securities
Estimated Fair Value, Less than 12 months	$ 5,688	$ 5,708
Gross Unrealized Loss, Less than 12 months	$ 11	$ 157
Number of Securities, Less than 12 months | security	7	5
Collateralized loan obligations
Estimated Fair Value, Less than 12 months	$ 81,972	$ 14,878
Gross Unrealized Loss, Less than 12 months	$ 455	$ 247
Number of Securities, Less than 12 months | security	101	19
Estimated Fair value, Greater than 12 months		$ 7,020
Gross Unrealized Loss, Greater than 12 months		$ 103
Number of Securities, Greater than 12 months | security		6
States and Political Subdivisions - special revenue
Estimated Fair Value, Less than 12 months	$ 124	$ 6
Gross Unrealized Loss, Less than 12 months	$ 1
Number of Securities, Less than 12 months | security	3	1
Trust preferred
Estimated Fair Value, Less than 12 months	$ 9,844
Gross Unrealized Loss, Less than 12 months	$ 189
Number of Securities, Less than 12 months | security	6
Corporate
Estimated Fair Value, Less than 12 months	$ 72,073	$ 3,860
Gross Unrealized Loss, Less than 12 months	$ 731	$ 104
Number of Securities, Less than 12 months | security	50	7
Estimated Fair value, Greater than 12 months	$ 330	$ 287
Gross Unrealized Loss, Greater than 12 months	$ 21	$ 67
Number of Securities, Greater than 12 months | security	3	3

Investments (Schedule of Fixed

Investments (Schedule of Fixed Maturities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Marketable Securities [Abstract]
Amortized Cost, Due in one year or less	$ 28,636
Amortized Cost, Due after one year through five years	121,140
Amortized Cost, Due after five years through ten years	380,355
Amortized Cost, Due after ten years through twenty years	67,401
Amortized Cost, Due after twenty years	48,939
Amortized Cost, No maturity	3,012
Amortized Cost	649,483	$ 369,156
Estimated Fair Value, Due in one year or less	28,713
Estimated Fair Value, Due after one year through five years	122,389
Estimated Fair Value, Due after five years through ten years	384,055
Estimated Fair Value, Due after ten years through twenty years	68,387
Estimated Fair Value, Due after twenty years	50,332
Estimated Fair Value, No maturity	2,905
(amortized cost: $580,914,162,962 and $369,156,068, respectively) (See Note 4)	$ 656,781	$ 377,163

Investments (Schedule of Invest

Investments (Schedule of Investments Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	$ 168,184	$ 94,990
Industrial
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value		1,250
Commercial mortgage loan - multi-family
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	70,210	66,916
Other.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	97,974	26,824
Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Carrying Value	$ 168,184	$ 94,990

Investments (Schedule of Mortga

Investments (Schedule of Mortgage Loan Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Mortgage loans on real estate, held for investment	$ 168,184	$ 94,990
0%-59.99%
Mortgage loans on real estate, held for investment	83,284	49,280
60%-69.99%
Mortgage loans on real estate, held for investment	18,126	22,349
70%-79.99%
Mortgage loans on real estate, held for investment	$ 66,774	$ 23,361

Investments (Components of Net

Investments (Components of Net Investment Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net investment income	$ 7,385	$ 466	$ 15,073	$ 1,508
Less: investment (expenses) refund	(1,189)	(32)	(2,770)	(231)
Investment income, net of expenses	6,196	434	12,303	1,277
Fixed Maturities
Net investment income	6,373	322	13,103	1,364
Mortgage loans
Net investment income	938	81	1,479	81
Other invested assets
Net investment income	$ 74	$ 63	225	$ 63
Other interest income
Net investment income			$ 266

Investments (Narrative) (Detail

Investments (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Impairment on fixed maturities				$ 0		$ 35
Outstanding remaining lease payments			$ 3,600		$ 3,600
Valuation allowance on leased assets			777		777	777
Loss on sale of non-performing asset	$ (2,400)
Amortized cost		$ 3,200		3,200		3,500
Fair value		3,200		3,200		$ 3,700
Proceeds from sales of available-for-sale investments		72,000	5,600	204,500	24,100
Gross realized gain		376	154	2,200	1,300
Gross realized losses		$ 262	$ 45	$ 454	$ 76
Mortgage Loans Secured by Property | Delaware | Geographic Concentration Risk [Member]
Concentration risk percentage				36.00%
Mortgage Loans Secured by Property | New York | Geographic Concentration Risk [Member]
Concentration risk percentage				29.00%		28.00%
Mortgage Loans Secured by Property | Pennsylvania | Geographic Concentration Risk [Member]
Concentration risk percentage				6.00%		14.00%
Mortgage Loans Secured by Property | Arizona | Geographic Concentration Risk [Member]
Concentration risk percentage				5.00%
Mortgage Loans Secured by Property | California | Geographic Concentration Risk [Member]
Concentration risk percentage				4.00%		14.00%
Mortgage Loans Secured by Property | Europe | Geographic Concentration Risk [Member]
Concentration risk percentage						12.00%
Mortgage Loans Secured by Property | Non-US | Geographic Concentration Risk [Member]
Concentration risk percentage				8.00%

Derivative Instruments (Details

Derivative Instruments (Details) $ in Thousands	Sep. 30, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimated Fair Value	$ 17,262	$ 11,361
Derivatives not designated as hedge | Equity options
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 481,039	$ 272,854
Number of Contracts | contract	456	252
Estimated Fair Value	$ 14,736	$ 11,361
Derivatives not designated as hedge | Equity-indexed embedded derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 487,781	$ 311,964
Number of Contracts | contract	3,401	2,101
Estimated Fair Value	$ 107,396	$ 84,501

Derivative Instruments - Funds

Derivative Instruments - Funds Withheld Provision (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total return swap value		$ (2,900)
Increase in realized loss	$ 900
Reinsurance recoverables	37,720	32,146
American Republic Insurance Company
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables	4,771
Crestline SP 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables	15,847	9,695
US Alliance Life and Security Company [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reinsurance recoverables	5,462	7,235
Funds With held Provision Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	444,303	223,808
Market value of assets	446,318	226,719
Total return swap value	(2,015)	(2,911)
Funds With held Provision Agreement | American Republic Insurance Company
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	43,537
Market value of assets	43,722
Total return swap value	(185)
Funds With held Provision Agreement | Crestline SP 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	145,882	62,163
Market value of assets	146,293	63,131
Total return swap value	(411)	(968)
Funds With held Provision Agreement | Ironbound Reinsurance Company Limited
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	156,775	98,714
Market value of assets	157,881	99,748
Total return swap value	(1,106)	(1,034)
Funds With held Provision Agreement | Ascendent Re
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	54,085	27,224
Market value of assets	54,281	27,480
Total return swap value	(196)	(256)
Funds With held Provision Agreement | US Alliance Agreement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Book value of assets	44,024	35,707
Market value of assets	44,141	36,360
Total return swap value	$ (117)	$ (653)

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Schedule of Financial Instruments at Fair Value Measured on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 656,781	$ 377,163
Mortgage loans on real estate, held for investment	168,184	94,990
Derivative instruments (See Note 5)	17,262	11,361
Equity securities	38,910
Other invested assets	47,021	21,897
Investment escrow	1,307	3,174
Federal Home Loan Bank (FHLB) stock	500
Preferred stock	6,934	3,898
Notes receivable	5,885	5,666
Policy Loans Receivable	55	46
Total Investments	942,839	518,195
Embedded derivative for equity-indexed contracts	107,396	84,501
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments (See Note 5)	17,262	11,361
Equity securities	38,910
Investment escrow	1,307	3,174
Notes receivable	5,885	5,666
Total Investments	490,192	290,110
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgage loans on real estate, held for investment	168,184	94,990
Other invested assets	47,021	21,897
Investment escrow	0
Federal Home Loan Bank (FHLB) stock	500
Preferred stock	6,934	3,898
Policy Loans Receivable	55	46
Total Investments	452,647	228,085
Embedded derivative for equity-indexed contracts	107,396	84,501
Fixed Maturities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	656,781	377,163
Fixed Maturities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	426,828	269,909
Fixed Maturities | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	229,953	107,254
Fixed Maturities | U.S. government obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	1,981	6,164
Fixed Maturities | U.S. government obligations | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	1,981	6,164
Fixed Maturities | Mortgage-back securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	55,245	14,757
Fixed Maturities | Mortgage-back securities | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	55,245	14,757
Fixed Maturities | Collateralized loan obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	310,653	221,774
Fixed Maturities | Collateralized loan obligations | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	310,653	221,774
Fixed Maturities | Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities		221,774
Fixed Maturities | States and Political Subdivisions - general obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	117	118
Fixed Maturities | States and Political Subdivisions - general obligations | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	117	118
Fixed Maturities | States and Political Subdivisions - special revenue
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	6,230	6,202
Fixed Maturities | States and Political Subdivisions - special revenue | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	6,230	6,202
Fixed Maturities | Trust preferred
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	16,397	2,285
Fixed Maturities | Trust preferred | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	16,397	2,285
Fixed Maturities | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	266,158	125,863
Fixed Maturities | Corporate | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	36,205	18,609
Fixed Maturities | Corporate | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 229,953	$ 107,254

Fair Values of Financial Inst_4

Fair Values of Financial Instruments (Schedule of Financial Assets and Liabilities at Fair Value) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets:
Cash	$ 81,487	$ 151,679
Fair Value, Inputs, Level 1
Assets:
Cash	61,218	100,567
Fair Value, Inputs, Level 3
Assets:
Policy loans	55	46
Liabilities:
Policyholder deposits (Deposit-type contracts)	960,507	597,868
Carrying Amount
Assets:
Policy loans	55	46
Cash	81,487	151,679
Liabilities:
Policyholder deposits (Deposit-type contracts)	960,507	597,868
Fair Value
Assets:
Policy loans	55	46
Cash	81,487	151,679
Liabilities:
Policyholder deposits (Deposit-type contracts)	$ 960,507	$ 597,868

Fair Values of Financial Inst_5

Fair Values of Financial Instruments (Recurring Basis Level 3) (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Beginning Balance	$ 228,039	$ 16,779
Additions	332,289	285,232
Sales	107,736	72,695
Valuation Allowance		(777)
Impairment		(500)
Ending Balance	452,592	228,039
Fixed Maturities
Beginning Balance	107,254
Additions	169,846	107,254
Sales	47,147
Ending Balance	229,953	107,254
Mortgage loans on real estate, held for investment
Beginning Balance	94,990	13,810
Additions	98,943	99,357
Sales	25,749	18,177
Ending Balance	168,184	94,990
Federal Home Loan Bank (FHLB) stock
Additions	500
Ending Balance	500
Other invested assets
Beginning Balance	21,897	2,469
Additions	59,964	74,723
Sales	34,840	54,518
Valuation Allowance		(777)
Ending Balance	47,021	21,897
Preferred Stock
Beginning Balance	3,898	500
Additions	3,036	3,898
Impairment		(500)
Ending Balance	$ 6,934	$ 3,898

Fair Values of Financial Inst_6

Fair Values of Financial Instruments (summary of unobservable inputs) (Details) - Fair Value, Inputs, Level 3 $ in Millions	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Non performance risk
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fixed maturities	$ 107.4	$ 84.5
Embedded Derivative Liability, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueOptionPricingModelMember	us-gaap:ValuationTechniqueOptionPricingModelMember
Non performance risk | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	3	0.3
Non performance risk | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	1.1	1.3
Non performance risk | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.6	0.7
Option budget | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	1.1	2.6
Option budget | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	3.4	3.4
Option budget | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	2.4	2.7
Surrender rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	0.5	0.5
Surrender rate | Maximum | Base
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	15	15
Surrender rate | Maximum | Additional Shock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	30	30
Surrender rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest sensitive contract liabilities, embedded derivative (as a percent)	7.6	7.6

Fair Values of Financial Inst_7

Fair Values of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Investment escrow	$ 1,307	$ 3,174
Notes receivable	5,885	5,666
Principal value of investment in preferred stock	4,700
Fair value of investment in preferred warrants	2,200
Equity securities	38,910
Fair value of assets from Level 1 to Level 2	0
Fair value of assets, Transfers into Level 3	0
Fair value of assets, Transfers out of Level 3	0
Fair value of liability, Transfers into Level 3	0
Fair value of liability, Transfers out of Level 3	0
Third party corporate bonds
Fair value of liability, Transfers into Level 3		107,200
Exchange Traded Funds
Equity securities	$ 38,900	$ 0
BBB+
Interest rate	5.00%

Earnings Loss Per Share (Detail

Earnings Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Aug. 10, 2020
Earnings Per Share [Abstract]
Common stock par value	$ 0.001		$ 0.001		$ 0.001
Common stock, shares authorized	20,000,000		20,000,000		20,000,000	22,000,000
Non-voting common shares authorized	2,000,000		2,000,000		2,000,000
Preferred stock, shares authorized	2,000,000		2,000,000		2,000,000	2,000,000
Common stock, shares issued	3,737,564		3,737,564		3,737,564
Common stock, shares outstanding	3,737,564		3,737,564		3,737,564
Net loss attributable to Midwest Holding, Inc.	$ (3,064)	$ (5,537)	$ (9,656)	$ (527)
Weighted average common shares outstanding	3,737,564	2,718,967	3,737,564	2,435,115
Stock options and deferred compensation agreements	31,450	47,517	31,450	47,517
Denominator for earnings (loss) per common share - assuming dilution	3,769,014	2,766,484	3,769,014	2,482,632
Loss per common share	$ (0.82)	$ (2.04)	$ (2.58)	$ (0.22)
Loss per common share - assuming dilution	$ (0.82)	$ (2)	$ (2.58)	$ (0.21)

Income Tax Matters (Schedule of

Income Tax Matters (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Deferred tax assets:
Loss carryforwards	$ 1,364	$ 1,557
Capitalized costs	139	175
Stock option granted	595	14
Unrealized losses on investments	669	1,534
Policy acquisition costs	3,074	2,243
Charitable contribution carryforward	2	2
Sec 163(j) limitation	154	154
Benefit reserves	6,753	3,569
Total deferred tax assets	12,750	9,248
Less valuation allowance	(10,267)	(7,002)
Total deferred tax assets, net of valuation allowance	2,483	2,246
Deferred tax liabilities:
Unrealized losses on investments	1,819	1,994
Due premiums	82	82
Intangible assets	147	147
Derivative option allowance	396
Bond Discount	34	20
Property and equipment	5	3
Total deferred tax liabilities	$ 2,483	$ 2,246

Income Tax Matters (Schedule _2

Income Tax Matters (Schedule of Effective Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Computed expected income tax benefit	$ (749)	$ (899)	$ (1,676)	$ 340
Increase (reduction) in income taxes resulting from:
State tax net of federal benefit		152		152
IMR and reinsurance	65		240
Non deductible expenses	1	1	4	4
Change in valuation allowance	333	1,429	3,266	1,421
Dividends received deduction	(1)		(6)
Other		575		228
Subtotal of increases	398	2,157	3,504	1,805
Tax expense (benefit)	$ (351)	$ 1,258	$ 1,828	$ 2,145

Income Tax Matters (Narrative)

Income Tax Matters (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2016
Deferred tax assets, valuation allowance	$ 10,267		$ 10,267		$ 7,002
Income tax expense	(351)	$ 1,258	$ 1,828	$ 2,145
U.S. federal income tax rate			21.00%
Net operating loss ("NOL") carryforwards	6,500		$ 6,500			$ 1,100
Percentage of carry forward year limited taxable income			80.00%
NOLs carryforwards, valuation allowance	$ 1,400		$ 1,400
Minimum
Operating Loss Carryforwards, Expiration Dates			Dec. 31, 2024
Maximum
Operating Loss Carryforwards, Expiration Dates			Dec. 31, 2040

Reinsurance (Summary of Signifi

Reinsurance (Summary of Significant Reinsurance Amounts) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Reinsurance Disclosures [Abstract]
Reinsurance recoverables	$ 37,720		$ 37,720		$ 32,146
Deposit-type contracts Direct	960,507		960,507		597,868	$ 171,169
Deposit-type contracts Reinsurance ceded	(596,068)		(596,068)		(405,981)
Retained deposit-type contracts	364,439		364,439		$ 191,887
Premiums
Direct	37	$ 225	139	$ 678
Reinsurance ceded	(37)	(225)	(139)	(678)
Future policy and other policy benefits
Direct	3	52	25	99
Reinsurance ceded	$ (3)	$ (52)	$ (25)	$ (99)

Reinsurance (Schedule of Signif

Reinsurance (Schedule of Significant Reinsurance Balances) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Recoverable on Unpaid Losses	$ 164	$ 141
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	37,885	32,311
Ceded Due Premiums	329	306
Reinsurance recoverables (See Note 9)	$ 37,720	$ 32,146
Ironbound Reinsurance Company Limited [Member]
AM Best Rating	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ (2,242)
Reinsurance payable	$ (2,242)
Optimum Reinsurance Company [Member]
AM Best Rating	A	A
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 561	$ 525
Reinsurance recoverables (See Note 9)	$ 561	$ 525
Sagicor Life Insurance Company [Member]
AM Best Rating	A-	A-
Recoverable on Unpaid Losses	$ 164	$ 141
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	10,834	11,286
Ceded Due Premiums	289	277
Reinsurance recoverables (See Note 9)	$ 10,709	$ 11,150
Ascendant Re
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 2,612	$ 3,541
Reinsurance recoverables (See Note 9)	$ 2,612	$ 3,541
Crestline SP 1
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 15,847	$ 9,695
Reinsurance recoverables (See Note 9)	$ 15,847	$ 9,695
American Republic Insurance Company
AM Best Rating	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 4,771
Reinsurance recoverables (See Note 9)	$ 4,771
US Alliance Life and Security Company [Member]
AM Best Rating	NR	NR
Recoverable/(Payable) on Benefit Reserves/Deposit-type Contracts	$ 5,502	$ 7,264
Ceded Due Premiums	40	29
Reinsurance recoverables (See Note 9)	$ 5,462	$ 7,235

Reinsurance (Ceding commissions

Reinsurance (Ceding commissions deferred) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Gross Ceding Commission	$ 2,679	$ 4,332	$ 9,281	$ 8,162
Expense Allowances	5,290	8,243	18,556	14,560
Interest On Ceding Commissions	176	102	481	249
Earned Ceding Commission	652	272	1,675	490
Deferred gain on coinsurance transactions	27,799		27,799		$ 18,199
Ironbound Reinsurance Company Limited [Member]
Gross Ceding Commission				688
Expense Allowances	395	11	424	690
Interest On Ceding Commissions	51	56	160	166
Earned Ceding Commission	113	127	358	317
Deferred gain on coinsurance transactions	5,594		5,594		5,642
Ascendant Re
Gross Ceding Commission		488	496	1,356
Expense Allowances	1,061	976	1,106	2,605
Interest On Ceding Commissions	26	18	69	47
Earned Ceding Commission	73	26	163	44
Deferred gain on coinsurance transactions	3,227		3,227		2,703
US Alliance Life and Security Company [Member]
Gross Ceding Commission	496	7	2	2,280
Expense Allowances	87	7	125	4,017
Interest On Ceding Commissions	16	15	46	23
Earned Ceding Commission	74	64	195	74
Deferred gain on coinsurance transactions	165		165		172
Crestline SP 1
Gross Ceding Commission	1,246	3,837	5,623	3,838
Expense Allowances	2,277	7,249	11,052	7,248
Interest On Ceding Commissions	69	13	180	13
Earned Ceding Commission	314	$ 55	813	$ 55
Deferred gain on coinsurance transactions	12,885		12,885		6,932
American Republic Insurance Company
Gross Ceding Commission	937		3,160
Expense Allowances	1,470		5,849
Interest On Ceding Commissions	14		26
Earned Ceding Commission	78		146
Deferred gain on coinsurance transactions	3,250		3,250
US Alliance Life and Security Company(3)
Deferred gain on coinsurance transactions	2,429		2,429		2,473
Unified Life Insurance Company [Member]
Deferred gain on coinsurance transactions	$ 249		$ 249		$ 277

Reinsurance (Retained and Reins

Reinsurance (Retained and Reinsurer Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Assets
Total investments	$ 942,839	$ 518,195
Cash and cash equivalents	81,487	151,679
Accrued investment income	12,175	6,807
Deferred acquisition costs, net	24,037	13,456
Reinsurance recoverables (See Note 9)	37,720	32,146
Other assets	9,367	4,118
Total assets	1,107,625	726,401
Liabilities:
Policyholder liabilities	978,475	610,808
Deferred gain on coinsurance transactions	27,799	18,199
Other liabilities	21,223	11,064
Total liabilities	1,027,497	640,071
Stockholders' Equity:
Voting common stock	4	4
Additional paid-in capital	136,061	133,417
Accumulated deficit	(63,178)	(53,522)
Accumulated other comprehensive income	7,241	6,431
Total stockholders' equity	80,128	86,330
Total liabilities and stockholders' equity	1,107,625	726,401
Retained
Assets
Total investments	418,170	185,368
Cash and cash equivalents	51,583	102,335
Accrued investment income	3,471	1,956
Deferred acquisition costs, net	24,037	13,456
Other assets	8,921	2,685
Total assets	506,182	305,800
Liabilities:
Policyholder liabilities	364,439	191,887
Deferred gain on coinsurance transactions	27,799	18,199
Other liabilities	33,816	9,384
Total liabilities	426,054	219,470
Stockholders' Equity:
Voting common stock	4	4
Additional paid-in capital	136,061	133,417
Accumulated deficit	(63,178)	(53,522)
Accumulated other comprehensive income	7,241	6,431
Total stockholders' equity	80,128	86,330
Total liabilities and stockholders' equity	506,182	305,800
Reinsurance
Assets
Total investments	524,669	332,827
Cash and cash equivalents	29,904	49,344
Accrued investment income	8,704	4,851
Reinsurance recoverables (See Note 9)	37,720	32,146
Other assets	446	1,433
Total assets	601,443	420,601
Liabilities:
Policyholder liabilities	614,036	418,921
Other liabilities	(12,593)	1,680
Total liabilities	601,443	420,601
Stockholders' Equity:
Total liabilities and stockholders' equity	$ 601,443	$ 420,601

Reinsurance (Narrative) (Detail

Reinsurance (Narrative) (Details) - USD ($) $ in Thousands	Jul. 03, 2021	Jul. 01, 2021	Jul. 23, 2020	Jul. 01, 2020	Jun. 30, 2020	Apr. 01, 2020	Mar. 10, 2020	Nov. 07, 2019	Mar. 31, 2020	Jun. 30, 2019	Sep. 30, 2021	Jul. 02, 2021	Sep. 30, 2020	Mar. 31, 2020	Aug. 24, 2020	Apr. 07, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021
Unrealized gains and losses																	$ 2,000		$ 2,900
Embedded derivative gains																	900
Embedded derivative losses																			2,900
Embedded derivative gain																	900
FW, Modco Agreement
Net premium income										$ 4,000
FW, Modco Agreement | MYGA
Percentage of indemnity coinsurance				0.00%
FW, Modco Agreement | Funds Withheld Account [Member]
Amount owed										135
FW, Modco Agreement | Modco Deposit Account [Member]
Amount owed										90
FW, Modco SDA Agreement
Net statutory reserves								$ 14,700		4,000
Initial settlement								13,500
FW, Modco SDA Agreement | Funds Withheld Account [Member]
Initial settlement								12,700		2,300
Adjusted reserves cash										2,400
FW, Modco SDA Agreement | Modco Deposit Account [Member]
Initial settlement										1,500
Adjusted reserves cash										$ 1,600
US Alliance Agreement
Initial settlement								5,000
Seneca Re Agreement | MYGA
Percentage of indemnity coinsurance			25.00%
Seneca Re Agreement | FIA
Percentage of indemnity coinsurance			40.00%
SRC1
Embedded derivative gains											$ 1,300		$ 4,100				1,390	$ 4,140
Embedded derivative losses													$ 4,100
Embedded derivative gain																	900	$ 4,400
Statutory Revenue | FIA
Percentage of indemnity coinsurance					0.00%
American Life [Member]
Contingency reserves											0						0		$ 0
American Life [Member] | FW, Modco SDA Agreement
Initial settlement								$ 800
SDA Annuity and Life Re | FW, Modco SDA Agreement | MYGA
Percentage of indemnity coinsurance												10.00%				0.00%
SDA Annuity and Life Re | FW, Modco SDA Agreement | FIA
Percentage of indemnity coinsurance								5.00%				10.00%		30.00%	15.00%	0.00%				95.00%
American Life and Security National Life Insurance [Member]
Net premium income																	37,500
Net statutory reserves											34,800						34,800
Amount owed deposit account											$ 2,400						$ 2,400
American Life and Security National Life Insurance [Member] | US Alliance Agreement | MYGA
Percentage of indemnity coinsurance	45.00%	35.00%				25.00%
Percentage of multi year guaranteed annuity																	20.00%
American Life and Security National Life Insurance [Member] | US Alliance Agreement | FIA
Percentage of indemnity coinsurance		25.00%				40.00%	45.50%		66.50%												40.00%
Percentage of fixed indexed annuity																	20.00%
US Alliance Life and Security Company [Member] | US Alliance Agreement | FIA
Percentage of indemnity coinsurance																	49.00%

Long-Term Incentive Plan (Detai

Long-Term Incentive Plan (Details) $ / shares in Units, $ in Thousands	Sep. 17, 2021USD ($)$ / sharesshares	Jun. 01, 2021USD ($)$ / sharesshares	May 01, 2021$ / sharesshares	Mar. 11, 2021USD ($)$ / sharesshares	Feb. 15, 2021USD ($)$ / sharesshares	Jan. 16, 2021item$ / sharesshares	Nov. 16, 2020USD ($)$ / sharesshares	Sep. 15, 2020USD ($)$ / sharesshares	Aug. 10, 2020	Jul. 21, 2020USD ($)$ / sharesshares	Jul. 19, 2019USD ($)$ / sharesshares	Sep. 30, 2021USD ($)shares	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Dec. 31, 2020shares	Jun. 11, 2019shares
Share based compensation | $														$ 2,765	$ 30
Number of board members resigned | item						2
Reverse stock split ratio									0.002
Stock Options
Granted (in shares)	43,000	4,000		9,500	49,528		35,058	6,667		26,300
Exercise price (per share) | $ / shares	$ 41.25	$ 55.02			$ 55.02			$ 41.25
Vesting period		2 years					5 years	5 years		5 years
Grants, weighted average exercise price (in dollars per share) | $ / shares	41.25	$ 55.02		$ 55.02	55.02		$ 41.25	$ 41.25
Grant date fair value (in dollars per share) | $ / shares	$ 2.71	$ 0.26		$ 34.95	$ 49.38		$ 29.45	$ 21.60		$ 25
Share based compensation | $	$ 118	$ 118		$ 332	$ 1,600		$ 1,000	$ 144		$ 335
Time to maturity	10 years	10 years		10 years	10 years		10 years	10 years		10 years
Risk free interest rate (as a percent)	0.96%	0.84%		1.54%	1.54%		0.91%	0.69%		0.55%
Volatility rate (as a percent)	4.97%	4.97%		65.70%	65.70%		66.30%	66.20%		60.00%
Vested (in shares)						3,932
Vested fair market value (in dollars per share) | $ / shares						$ 29.45
Vested (in shares)			200											17,800
Vested fair market value (in dollars per share) | $ / shares			$ 8
Outstanding non-vested stock (in shares)												360,752		360,752		100,972
Forfeited stock (in shares)														4,132
Schedule of remaining non-vested shares
Non-vested at beginning														100,972
Forfeited (in shares)														(4,132)
Vested (in shares)			(200)											(17,800)
Non-vested at ending												360,752		360,752		100,972
Restricted Stock
Granted (in shares)							18,597
Vesting period							5 years
Grants, weighted average exercise price (in dollars per share) | $ / shares							$ 41.25
Grant date fair value (in dollars per share) | $ / shares							$ 29.45
Share based compensation | $							$ 548
Risk free interest rate (as a percent)							0.91%
Volatility rate (as a percent)							66.30%
Minimum | Stock Options
Vesting period		4 years		2 years	2 years
Maximum | Stock Options
Vesting period		6 years		4 years	4 years
2020 LTIP | Stock Options
Granted (in shares)														281,712
Number of increment on each yearly anniversary of grant							0.2
Vesting period							5 years
Grants, weighted average exercise price (in dollars per share) | $ / shares							$ 41.25
Grant date fair value (in dollars per share) | $ / shares							$ 29.45
Share based compensation | $							$ 4,900					$ 30	$ 30	$ 55	55
Time to maturity							10 years
Risk free interest rate (as a percent)							0.91%
Volatility rate (as a percent)							66.30%
Outstanding non-vested stock (in shares)												288,000		288,000
Forfeited stock (in shares)																5,050
Schedule of remaining non-vested shares
Forfeited (in shares)																(5,050)
Non-vested at ending												288,000		288,000
2020 LTIP | Co-Chief Executive Officers | Stock Options
Granted (in shares)							74,751
2020 LTIP | Other employees | Stock Options
Granted (in shares)							18,500
2020 LTIP | Maximum | Stock Options
Shares authorized							350
2019 LTIP | Stock Options
Granted (in shares)											17,900
Exercisable period											10 years
Grants, weighted average exercise price (in dollars per share) | $ / shares											$ 25			$ 8
Grant date fair value (in dollars per share) | $ / shares											$ 8
Share based compensation | $											$ 143	$ 1,000	$ 1,000	$ 2,800	$ 2,800
Time to maturity														10 years
Risk free interest rate (as a percent)														1.84%
Outstanding non-vested stock (in shares)												73,000		73,000
Forfeited stock (in shares)														12,750
Schedule of remaining non-vested shares
Forfeited (in shares)														(12,750)
Non-vested at ending												73,000		73,000
2019 LTIP | Maximum | Stock Options
Shares authorized																	102,000
Exercisable after July 17, 2021 | 2019 LTIP
Vesting percentage											33.33%
Exercisable after July 17, 2023 | 2019 LTIP
Vesting percentage											66.60%

Deposit-Type Contracts (Details

Deposit-Type Contracts (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Beginning balance	$ 597,868	$ 171,169
US Alliance	822	(3,308)
Deposits received	367,446	415,561
Investment earnings (includes embedded derivative)	1,868	4,215
Withdrawals	(14,543)	(2,509)
Policy charges	(579)
Ending balance	960,507	597,868
Ironbound Reinsurance Company Limited
Deposit contract	4,983	6,080
Ascendant Re
Deposit contract	1,437	3,053
Crestline SP 1
Deposit contract	696	$ 3,607
American Republic Insurance Company
Deposit contract	$ 509

Leases (Schedule of Supplementa

Leases (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) $ in Thousands	Sep. 30, 2021USD ($)itemlease	Dec. 31, 2020USD ($)
Leases [Abstract]
Number of finance leases that the company owned at the end of the reporting period | lease	1
Number of lease agreements that include variable lease payments | item	0
Noncurrent:
Operating lease right-of-use assets	$ 258	$ 348
Noncurrent:
Operating lease	$ 299	$ 397

Leases (Schedule of Components

Leases (Schedule of Components of Leases Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost (General and administrative expense)	$ 2	$ 2	$ 7
Finance lease cost:
Amortization expense			$ 3

Leases (Schedule of Finance and

Leases (Schedule of Finance and Operating Leases Mature) (Details) $ in Thousands	Sep. 30, 2021USD ($)
Operating Leases
2021 (excluding nine months ended September 30, 2021)	$ 41
2022	157
2023	162
2024	14
Total remaining lease payments	$ 374

Leases (Schedule of Supplemen_2

Leases (Schedule of Supplemental Cash Flow Information Related to Leases) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash payments
Operating cash flows from operating leases	$ (3)		$ (8)	$ (1)
Operating cash flows from finance leases		$ 1		$ 5

Leases (Schedule of Weighted Av

Leases (Schedule of Weighted Average Lease Term And Discount Rate) (Details)	Sep. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted Average Remaining Term - Operating lease	1 year	1 year 6 months
Weighted Average Discount Rate - Operating lease	8.00%	8.00%

Statutory Net Income and Surp_2

Statutory Net Income and Surplus (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Statutory net income (loss)				$ 2,600	$ 423
Capital and surplus	$ 75,600			75,600		$ 77,400
Net realized gains (losses) on investments	2,115		$ 1,951	2,704	(7,829)
Multi Year Guaranteed Annuity
Annuity sales				82,300	86,500
Annuity sales pending	523			523
Fixed Index Annuity
Annuity sales				285,200	$ 193,000
Annuity sales pending	$ 1,900			$ 1,900
Ironbound Reinsurance Company Limited | FW, Modco Agreement
Net realized gains (losses) on investments		$ 2,400

Third Party Administration (Det

Third Party Administration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
TPA
Related Party Transaction [Line Items]
Amount of transaction	$ 108	$ 7	$ 423	$ 21

Reverse Stock Split (Details)

Reverse Stock Split (Details) $ / shares in Units, $ in Thousands	Aug. 10, 2020USD ($)$ / sharesshares	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares
Common Stock, Shares Authorized	22,000,000			20,000,000	20,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	2,000,000			2,000,000	2,000,000
Preferred stock, par value | $ / shares	$ 0.001			$ 0.001	$ 0.001
Reverse stock split ratio	0.002
Reverse stock split fractions retired | $	$ 175	$ 175	$ 175
Common stock, shares outstanding				3,737,564	3,737,564
Voting common share
Common Stock, Shares Authorized	20,000,000			20,000,000	20,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Non-voting common shares
Common Stock, Shares Authorized	2,000,000			2,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.001

Capital Raise (Details)

Capital Raise (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 21, 2020	Apr. 24, 2020	Dec. 31, 2020
Capital Raise
Shares issued		231,655
Public offering
Capital Raise
Shares issued	1,000,000
Price per share	$ 70
Proceeds from the capital raise			$ 70
Deal expenses incurred			$ 6

Equity (Narrative) (Details)

Equity (Narrative) (Details) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Aug. 10, 2020
Preferred stock
Preferred stock, shares authorized	2,000,000	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock
Common stock, shares authorized	20,000,000	20,000,000	22,000,000
Common stock, shares issued	3,737,564	3,737,564
Common stock, shares outstanding	3,737,564	3,737,564
Non-voting common stock, shares issued	0	0
Non-voting common stock, shares outstanding	0	0
Reverse stock split fractions retired	4,500
Voting common share
Common Stock
Common stock, shares authorized	20,000,000	20,000,000	20,000,000
Non-voting common shares
Common Stock
Common stock, shares authorized	2,000,000		2,000,000

Equity (AOCI) (Details)

Equity (AOCI) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 81,609	$ 25,952	$ 86,330	$ 14,158	$ 14,158
Other comprehensive income (loss) before reclassifications, net of tax	1,085	2,451	2,421	4,954
Unrealized gains on foreign currency		406
Less: Reclassification adjustments for losses realized in net income, net of tax	(505)	1,951	(1,611)	(7,829)
Balance	80,128	$ 25,078	80,128	25,078	86,330
Unrealized investment gains (losses) on fixed maturities, net of offsets
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			6,431	474	474
Other comprehensive income (loss) before reclassifications, net of tax			2,421		7,398
Less: Reclassification adjustments for losses realized in net income, net of tax			(1,611)		(1,441)
Balance	7,241		7,241		6,431
Unrealized gains on foreign currency
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance				146	146
Unrealized gains on foreign currency					(146)
Accumulated other comprehensive income (loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			6,431	$ 620	620
Other comprehensive income (loss) before reclassifications, net of tax			2,421		7,398
Unrealized gains on foreign currency					(146)
Less: Reclassification adjustments for losses realized in net income, net of tax			(1,611)		(1,441)
Balance	$ 7,241		$ 7,241		$ 6,431

Deferred Acquisition Costs (Det

Deferred Acquisition Costs (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Deferred Acquisition Costs
Deferred Policy Acquisition Cost, Beginning Balance	$ 13,456
Additions	12,450	$ 13,919
Amortization	(1,800)	(670)
Interest	20	138
Impact of unrealized investment losses	(89)	69
Deferred Policy Acquisition Cost, Ending Balance	$ 24,037	$ 13,456

Subsequent Events (Details)

Subsequent Events (Details) - American Life and Security National Life Insurance [Member] - US Alliance Agreement	Jul. 03, 2021	Jul. 01, 2021	Apr. 01, 2020	Mar. 10, 2020	Mar. 31, 2020	Jun. 30, 2021
MYGA
Subsequent Events.
Percentage of indemnity coinsurance	45.00%	35.00%	25.00%
FIA
Subsequent Events.
Percentage of indemnity coinsurance		25.00%	40.00%	45.50%	66.50%	40.00%