Investments in Securities and Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities

The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses, and cost or amortized cost for securities by major security type at December 31 were as follows:



December 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
Government obligations	$	1,042,921	$	—	$	951	$	1,041,970
General obligations of U.S. states, territories and political subdivisions	24,189,032		505,513		50,224		24,644,321
Special revenue issuer obligations of U.S. states, territories and political subdivisions	62,591,978		2,217,665		164,355		64,645,288
Corporate debt securities	12,490,154		528,218		8,868		13,009,504
Total	$	100,314,085	$	3,251,396	$	224,398	$	103,341,083
Equity securities, available-for-sale, at fair value:
Common stocks	$	26,002,619	$	21,376,110	$	11,903	$	47,366,826
Total	$	26,002,619	$	21,376,110	$	11,903	$	47,366,826
Short-term investments:
Commercial paper, money market funds and certificates of deposit	$	23,779,672	$	—	$	—	$	23,779,672
Total	$	23,779,672	$	—	$	—	$	23,779,672



December 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	29,374,774	$	440,628	$	298,533	$	29,516,869
Special revenue issuer obligations of U.S. states, territories and political subdivisions	57,459,818		1,619,444		502,135		58,577,127
Corporate debt securities	13,327,765		512,316		—		13,840,081
Total	$	100,162,357	$	2,572,388	$	800,668	$	101,934,077
Equity securities, available-for sale, at fair value:
Common stocks	$	24,836,032	$	16,392,210	$	48,983	$	41,179,259
Total	$	24,836,032	$	16,392,210	$	48,983	$	41,179,259
Short-term investments:
Money market funds and certificates of deposit	$	6,558,840	$	—	$	—	$	6,558,840
Total	$	6,558,840	$	—	$	—	$	6,558,840

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at December 31, 2017 were as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	11,570,232	$	11,637,351
Due after one year through five years	38,510,415		39,352,750
Due five years through ten years	48,246,123		49,802,410
Due after ten years	1,987,315		2,548,572
Total	$	100,314,085	$	103,341,083

Schedule of Earnings on Investments

Earnings on investments for the years ended December 31 were as follows:



	2017		2016		2015
Fixed maturities	$	3,037,105	$	3,506,484	$	3,439,296
Equity securities	1,202,912		1,157,550		1,086,365
Invested cash and other short-term investments	201,780		19,982		5,605
Miscellaneous interest	2,650		473		53
Investment income	$	4,444,447	$	4,684,489	$	4,531,319

Schedule of Gross Realized Gain (Loss) on Securities

Gross realized gains and losses on sales of investments for the years ended December 31 are summarized as follows:



	2017			2016			2015
Gross realized gains:
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	139		$	161		$	—
Corporate debt securities	—			119,001			5,417
Common stocks and nonredeemable preferred stocks	1,487,420			953,491			1,572,636
Auction rate securities	—			74,996			—
Total	1,487,559			1,147,649			1,578,053
Gross realized losses:
General obligations of U.S. states, territories and political subdivisions	—			(535		)	(12,319		)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	(100		)	(1,085		)	(397		)
Common stocks	(260,194		)	(173,357		)	(846,500		)
Other than temporary impairment of securities	(25,411		)	(233,941		)	(751,059		)
Total	(285,705		)	(408,918		)	(1,610,275		)
Net realized gain (loss)	$	1,201,854		$	738,731		$	(32,222	)
Net realized (loss) gain on other investments:
Impairments of other assets and investments	$	(182,667	)	$	—		$	(233,069	)
Net gain on other assets and investments	21,714			29,705			149,128
Total	$	(160,953	)	$	29,705		$	(83,941	)
Net realized gain (loss) on investments	$	1,040,901		$	768,436		$	(116,163	)

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at December 31, 2017 and 2016:



	Less than 12 Months					12 Months or Longer					Total
December 31, 2017	Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss			Estimated Fair Value		Unrealized Loss
Government obligations	$	1,041,970	$	(951	)	$	—	$	—		$	1,041,970	$	(951	)
General obligations of U.S. states, territories and political subdivisions	4,560,021		(26,823		)	3,535,040		(23,401		)	8,095,061		(50,224		)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	13,550,979		(61,127		)	4,022,310		(103,228		)	17,573,289		(164,355		)
Corporate debt securities	3,744,195		(8,868		)	—		—			3,744,195		(8,868		)
Total fixed maturity securities	$	22,897,165	$	(97,769	)	$	7,557,350	$	(126,629	)	$	30,454,515	$	(224,398	)
Equity securities	61,187		(11,903		)	—		—			61,187		(11,903		)
Total temporarily impaired securities	$	22,958,352	$	(109,672	)	$	7,557,350	$	(126,629	)	$	30,515,702	$	(236,301	)



December 31, 2016
General obligations of U.S. states, territories and political subdivisions	$	13,884,808	$	(298,533	)	$	—	$	—	$	13,884,808	$	(298,533	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	16,161,906		(502,135		)	—		—		16,161,906		(502,135		)
Total fixed maturity securities	$	30,046,714	$	(800,668	)	$	—	$	—	$	30,046,714	$	(800,668	)
Equity securities	380,400		(48,983		)	—		—		380,400		(48,983		)
Total temporarily impaired securities	$	30,427,114	$	(849,651	)	$	—	$	—	$	30,427,114	$	(849,651	)

Schedule of Variable Interest Entities

The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of December 31, 2017:



Type of Investment	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss (a)
Tax credit LPs	Other investments	$	905,179	$	905,179	$	1,325,000
Real estate LLCs or LPs	Other investments	5,355,874		5,849,112		7,700,000
Small business investment LPs	Other investments	3,750,677		3,806,600		9,400,000
Total		$	10,011,730	$	10,560,891	$	18,425,000



(a)		Maximum potential loss is calculated as the total investment in the LLC or LP including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

Schedule of Fair Value Assets Measured on Recurring Basis

The following table presents, by level, the financial assets carried at estimated fair value measured on a recurring basis as of December 31, 2017 and 2016. The table does not include cash on hand and also does not include assets that are measured at historical cost or any basis other than fair value.



As of December 31, 2017	Level 1		Level 2		Level 3		Total
Short-term investments	$	23,779,672	$	—	$	—	$	23,779,672
Equity securities:
Common stocks	47,366,826		—		—		47,366,826
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—		90,331,579		—		90,331,579
Corporate debt securities*	—		13,009,504		—		13,009,504
Total	$	71,146,498	$	103,341,083	$	—	$	174,487,581



As of December 31, 2016	Level 1		Level 2		Level 3		Total
Short-term investments	$	6,558,840	$	—	$	—	$	6,558,840
Equity securities:
Common stocks	41,179,259		—		—		41,179,259
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—		88,093,996		—		88,093,996
Corporate debt securities*	—		13,840,081		—		13,840,081
Total	$	47,738,099	$	101,934,077	$	—	$	149,672,176

*Denotes fair market value obtained from pricing services.

Schedule of Carrying Value and Fair Value of Financial Assets

The carrying amounts and estimated fair values of other financial instruments (see previous table for investments carried at estimated fair value) as of December 31, 2017 and 2016 are presented in the following table:



As of December 31, 2017
Financial Assets	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	20,214,468	$	20,214,468	$	20,214,468	$	—	$	—
Cost-basis investments	5,438,745		5,710,184		—		—		5,710,184
Accrued interest and dividends	1,099,879		1,099,879		1,099,879		—		—
Total	$	26,753,092	$	27,024,531	$	21,314,347	$	—	$	5,710,184



As of December 31, 2016
Financial Assets	Carrying Value		Estimated Fair Value		Level 1		Level 2		Level 3
Cash and cash equivalents	$	27,928,472	$	27,928,472	$	27,928,472	$	—	$	—
Cost-basis investments	4,244,402		4,497,665		—		—		4,497,665
Accrued interest and dividends	1,035,152		1,035,152		1,035,152		—		—
Total	$	33,208,026	$	33,461,289	$	28,963,624	$	—	$	4,497,665

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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