INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2013

Amortized cost and estimated values of investments in securities including investments held for sale

Investments in available for sale securities are summarized as follows:

June 30, 2013	Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	33,659,574	$	3,762,559	$	(104,398	)	$	37,317,735
States, municipalities and political subdivisions		140,000		1,674		0			141,674
U.S. special revenue and assessments		2,151,464		120,169		0			2,271,633
Collateralized mortgage obligations		1,580,787		127,752		0			1,708,539
Public utilities		399,906		51,013		0			450,919
All other corporate bonds		130,839,121		4,458,128		(3,003,910	)		132,293,339
		168,770,852		8,521,295		(3,108,308	)		174,183,839
Equity securities		38,010,235		1,693,133		(812,195	)		38,891,173
Total	$	206,781,087	$	10,214,428	$	(3,920,503	)	$	213,075,012

December 31, 2012	Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	33,430,165	$	5,457,009	$	0		$	38,887,174
States, municipalities and political subdivisions		160,000		6,637		0			166,637
U.S. special revenue and assessments		2,150,070		153,545		0			2,303,615
Collateralized mortgage obligations		2,241,384		183,409		(8	)		2,424,785
Public utilities		399,900		63,662		0			463,562
All other corporate bonds		135,145,198		9,747,565		(1,811,251	)		143,081,512
		173,526,717		15,611,827		(1,811,259	)		187,327,285
Equity securities		29,497,001		1,303,328		(295,415	)		30,504,914
Total	$	203,023,718	$	16,915,155	$	(2,106,674	)	$	217,832,199

Amortized cost and estimated market value of debt securities, by contractual maturity

The amortized cost and estimated market value of debt securities at June 30, 2013, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Fixed Maturities Available for Sale June 30, 2013	Amortized Cost		Estimated Fair Value

Due in one year or less	$	947,312	$	966,456
Due after one year through five years		20,606,308		22,025,918
Due after five years through ten years		112,832,650		116,653,174
Due after ten years		32,628,844		32,651,711
Collateralized mortgage obligations		1,755,738		1,886,580
Total	$	168,770,852	$	174,183,839

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at June 30, 2013 and December 31, 2012 are as follows:

June 30, 2013	Less than 12 months					12 months or longer					Total

	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
U.S. Government and govt. agencies and authorities	$	4,891,795		(104,398	)	$	0		0		$	4,891,795		(104,398	)
All other corporate bonds		44,750,024		(1,026,652	)		4,130,719		(1,977,258	)		48,880,743		(3,003,910	)
Total fixed maturities	$	49,641,819		(1,131,050	)	$	4,130,719		(1,977,258	)	$	53,772,538		(3,108,308	)

Equity securities	$	1,243,333		(812,195	)	$	0		0		$	1,243,333		(812,195	)

December 31, 2012	Less than 12 months					12 months or longer					Total

	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Collateralized mortgage obligations	$	4,513		(8	)	$	0		0		$	4,513		(8	)
All other corporate bonds		13,776,705		(245,846	)		385,823		(1,565,405	)		14,162,528		(1,811,251	)
Total fixed maturities	$	13,781,218		(245,854	)	$	385,823		(1,565,405	)	$	14,167,041		(1,811,259	)

Equity securities	$	594,081		(295,415	)	$	0		0		$	594,081		(295,415	)

Additional information regarding investments in an unrealized loss position is as follows:

	Less than 12 months	12 months or longer	Total
As of June 30, 2013
Fixed maturities	32	4	36
Equity securities	6	0	6
As of December 31, 2012
Fixed maturities	8	3	11
Equity securities	9	0	9

Other than temporary impairments

Based on management's review of the investment portfolio, the Company recorded the following losses for other-than-temporary impairments in the Condensed Consolidated Statements of Operations:

	Three Months Ended
	June 30,
	2013		2012

Other than temporary impairments:
Real Estate	$	0	$	0

	Six Months Ended
	June 30,
	2013		2012

Other than temporary impairments:
Real Estate	$	26,926	$	0

Trading revenue charged to investment

Trading revenue charged to net investment income from trading securities was:

	Three Months Ended
	June 30,
	2013		2012

Net unrealized gains (losses)	$	346,889	$	(361,447	)
Net realized gains (losses)		129,591		(611,749	)
Net unrealized and realized gains (losses)	$	476,480	$	(973,196	)

	Six Months Ended
	June 30,
	2013		2012

Net unrealized gains (losses)	$	49,545	$	167,251
Net realized gains (losses)		215,862		1,698,758
Net unrealized and realized gains (losses)	$	265,407	$	1,866,009

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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