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Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Fixed maturities    
Held to maturity, at amortized cost $ 690,691,302 $ 668,104,568
Available for sale, at fair value 516,894,776 532,629,015
Equity securities, at fair value 54,046,368 63,419,973
Short-term investments, at cost, which approximates fair value 9,194,174 12,692,341
Total investments 1,270,826,620 1,276,845,897
Cash 56,074,886 57,709,375
Accrued investment income 9,448,842 8,214,971
Premiums receivable 182,475,495 168,862,580
Reinsurance receivable 448,295,785 455,411,009
Deferred policy acquisition costs 71,608,211 68,028,373
Deferred tax asset, net 12,493,161 6,685,619
Prepaid reinsurance premiums 174,523,309 176,935,842
Property and equipment, net 2,885,074 2,956,930
Accounts receivable - securities 1,936 2,252
Federal income taxes recoverable 1,863,053 5,290,938
Receivable from Michigan Catastrophic Claims Association 0 18,112,800
Due from affiliate 2,209,909 1,922,717
Goodwill 5,625,354 5,625,354
Other intangible assets 958,010 958,010
Other 1,472,250 1,612,732
Total assets 2,240,761,895 2,255,175,399
Liabilities    
Losses and loss expenses 1,071,587,385 1,077,620,301
Unearned premiums 589,739,092 572,958,422
Accrued expenses 4,900,102 4,028,659
Reinsurance balances payable 4,069,560 3,946,105
Borrowings under lines of credit 35,000,000 35,000,000
Cash dividends declared to stockholders 0 4,915,268
Cash refunds due to Michigan policyholders 0 18,112,800
Accounts payable - securities 3,247,575 0
Other 7,952,320 7,557,757
Total liabilities 1,716,496,034 1,724,139,312
Stockholders' Equity    
Preferred stock, $.01 par value, authorized 2,000,000 shares; none issued 0 0
Additional paid-in capital 305,668,006 304,889,481
Accumulated other comprehensive (loss) income (17,306,674) 3,283,551
Retained earnings 276,786,488 263,745,358
Treasury stock, at cost (41,226,357) (41,226,357)
Total stockholders' equity 524,265,861 531,036,087
Total liabilities and stockholders' equity 2,240,761,895 2,255,175,399
Class A Common Stock [Member]    
Stockholders' Equity    
Common stock 287,906 287,562
Class B Common Stock [Member]    
Stockholders' Equity    
Common stock $ 56,492 $ 56,492