v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Available for Sale Securities
The amortized cost, estimated fair value, and gross unrealized gains and losses on investments in fixed-maturity securities classified as available-for-sale for which an allowance for credit losses has not been recorded, as of June 30, 2025 and December 31, 2024 are summarized as follows:
June 30, 2025
Cost or
Amortized
Cost 		Gross
Unrealized
Gains 		Gross Unrealized Losses Estimated
Fair
Value
Net
Unrealized
Losses
Category Less than 12
Months		More than 12
Months
 
Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$5,969,707 $26 $(683)$- $5,969,050 $(657)
      
Political subdivisions of States, Territories and Possessions (1)
24,262,830 109,815 - (2,955,097)21,417,548 (2,845,282)
      
Corporate and other bonds industrial and miscellaneous (1)
108,053,269 106,466 (185,250)(3,441,755)104,532,730 (3,520,539)
      
Residential mortgage and other asset backed securities (1) (2) 90,700,775 480,276 (15,023)(5,406,006)85,760,022 (4,940,753)
Total fixed-maturity securities $228,986,581 $696,583 $(200,956)$(11,802,858)$217,679,350 $(11,307,231)
December 31, 2024
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized LossesEstimated
Fair
Value
Net
Unrealized
Losses
CategoryLess than 12
Months		More than 12
Months
Fixed-Maturity Securities:       
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) $- $- $- $- $- $- 
     
Political subdivisions of States, Territories and Possessions (1) 24,271,177 - (73,589)(3,324,491)20,873,097 (3,398,080)
       
Corporate and other bonds industrial and miscellaneous (1)112,507,436 - (1,024,461)(4,690,597)106,792,378 (5,715,058)
       
Residential mortgage and other asset backed securities (1) (2) 65,529,545 119,647 (209,890)(6,211,339)59,227,963 (6,301,582)
Total fixed-maturity securities $202,308,158 $119,647 $(1,307,940)$(14,226,427)$186,893,438 $(15,414,720)
(1)In October 2022, KICO placed certain U.S. Treasury securities to fulfill the required collateral for a sale-leaseback transaction in a designated custodian account (see Note 7 – Debt - “Equipment Financing”). As of December 31, 2024 KICO had sold its U.S. Treasury securities and replaced a portion of its other fixed-maturity securities in the designated custodian account. As of June 30, 2025 and December 31, 2024, the amount of required collateral was approximately $4,462,000 and $5,308,000, respectively. As of June 30, 2025 and December 31, 2024, the estimated fair value of the eligible collateral was approximately $4,462,000 and $5,308,000, respectively.
(2)KICO has placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York (“FHLBNY”) (see Note 7 – Debt – “Federal Home Loan Bank”). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of June 30, 2025 and December 31, 2024, the estimated fair value of the eligible investments was approximately $9,840,000 and $10,130,000, respectively. KICO will retain all rights regarding all securities if pledged as collateral. As of June 30, 2025 and December 31, 2024, there was no outstanding balance on the FHLBNY credit line.
Schedule of Available for Sale Fixed Maturity Securities Contractual Maturity
A summary of the amortized cost and estimated fair value of the Company’s investments in available-for-sale fixed-maturity securities by contractual maturity as of June 30, 2025 and December 31, 2024 is shown below:
 June 30, 2025December 31, 2024
Remaining Time to Maturity Cost or
Amortized
Cost 		Estimated
Fair Value 		Cost or
Amortized
Cost 		Estimated
Fair Value
     
Less than one year $13,437,080 $13,373,658 $9,522,262 $9,484,834 
One to five years 72,753,263 71,493,505 68,052,387 66,141,372 
Five to ten years 35,376,800 33,053,951 38,159,446 34,068,922 
More than 10 years 16,718,663 13,998,214 21,044,518 17,970,347 
Residential mortgage and other asset backed securities 90,700,775 85,760,022 65,529,545 59,227,963 
Total $228,986,581 $217,679,350 $202,308,158 $186,893,438 
Schedule of Equity Securities
The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of June 30, 2025 and December 31, 2024 are as follows:
 June 30, 2025
Category  Cost Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Estimated
Fair Value
 
Equity Securities:
Preferred stocks $9,750,322 $- $(2,754,323)$6,995,999 
Fixed income exchange traded funds 3,711,232 - (765,232)2,946,000 
FHLBNY common stock 85,100 - - 85,100 
Total $13,546,654 $- $(3,519,555)$10,027,099 
December 31, 2024
Category CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
   
Equity Securities:     
Preferred stocks $9,750,322 $- $(2,422,617)$7,327,705 
Fixed income exchange traded funds 3,711,232 - (808,432)2,902,800 
FHLBNY common stock 66,000 - - 66,000 
Total $13,527,554 $- $(3,231,049)$10,296,505 
Schedule of Other Investments
The cost and estimated fair value of, and gross gains on, the Company’s other investments as of June 30, 2025 and December 31, 2024 are as follows:
June 30, 2025December 31, 2024
Category  Cost
Gross Unrealized
Gains
Estimated
Fair Value 		 Cost
Gross Unrealized
Gains
Estimated
Fair Value
Other Investments:
Hedge fund $1,987,040 $3,096,398 $5,083,438 $1,987,040 $2,393,616 $4,380,656 
Schedule of Held-To-Maturity Securities
The cost or amortized cost and estimated fair value of, and unrealized gross gains and losses on, investments in held-to-maturity fixed-maturity securities as of June 30, 2025 and December 31, 2024 are summarized as follows:
June 30, 2025
Cost or
Amortized
Cost 		Gross
Unrealized
Gains
Gross Unrealized Losses
Estimated
Fair
Value
Net
Unrealized
Losses
Category Less than 12
Months
More than 12
Months
   
Held-to-Maturity Securities:      
U.S. Treasury securities $1,229,328 $- $(25,668)$(8,370)$1,195,290 $(34,038)
       
Political subdivisions of States, Territories and Possessions500,000 - - - 500,000 — 
       
Exchange traded debt 304,111 - - (69,311)234,800 (69,311)
       
Corporate and other bonds industrial and miscellaneous5,011,792 - - (974,742)4,037,050 (974,742)
Total $7,045,231 $- $(25,668)$(1,052,423)$5,967,140 $(1,078,091)
 December 31, 2024
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Estimated
Fair
Value
Net
Unrealized
Losses
Gross Unrealized Losses
CategoryLess than 12
Months
More than 12
Months
   
Held-to-Maturity Securities:       
U.S. Treasury securities $1,229,170 $— $(39,630)$(15,990)$1,173,550 $(55,620)
       
Political subdivisions of States, Territories and Possessions499,719 — (654)- 499,065 (654)
       
Exchange traded debt 304,111 - - (55,611)248,500 (55,611)
       
Corporate and other bonds industrial and miscellaneous5,014,342 - - (976,192)4,038,150 (976,192)
Total $7,047,342 $— $(40,284)$(1,047,793)$5,959,265 $(1,088,077)
Schedule of Held To Maturity Securities by Contractual Maturity
A summary of the amortized cost and estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of June 30, 2025 and December 31, 2024 is shown below:
June 30, 2025December 31, 2024
Remaining Time to Maturity Cost or
Amortized
Cost 		Estimated
Fair Value		Cost or
Amortized
Cost 		Estimated
Fair Value
   
Less than one year $500,000 $500,000 $499,719 $499,065 
One to five years 2,056,576 1,992,470 622,375 600,288 
Five to ten years — — 1,427,579 1,323,600 
More than 10 years 4,488,655 3,474,670 4,497,669 3,536,312 
Total $7,045,231 $5,967,140 $7,047,342 $5,959,265 
Schedule of Investment Income
Major categories of the Company’s net investment income are summarized as follows:
 Three months ended
June 30,		Six months ended
June 30,
 2025202420252024
Income:
Fixed-maturity securities $2,130,385 $1,156,591 $4,061,683 $2,339,220 
Equity securities 123,203 145,469 246,638 322,638 
Cash and cash equivalents 103,147 492,054 143,808 688,191 
Other— 39,227 — 39,227 
Total 2,356,735 1,833,341 4,452,129 3,389,276 
Expenses:     
Investment expenses 56,468 68,745 103,266 121,820 
Net investment income $2,300,267 $1,764,596 $4,348,863 $3,267,456 
Schedule of Net Gains (Losses) on Investments
The Company’s net gains (losses) on investments are summarized as follows:
 Three months ended
June 30,		Six months ended
June 30,
 2025202420252024
 Realized Gains (Losses)    
    
Fixed-maturity securities:     
Gross realized gains$54 $721 $842 $805 
Gross realized losses(4,132)(5,383)(6,646)(8,334)
 (4,078)(4,662)(5,804)(7,529)
     
Equity securities:     
Gross realized gains- - - 5,120 
Gross realized losses- (328,757)- (423,367)
 - (328,757)- (418,247)
     
 Net realized losses (4,078)(333,419)(5,804)(425,776)
     
 Unrealized Gains (Losses)    
    
Equity Securities:     
Gross gains- - - 622,874 
Gross losses(95,176)(18,848)(288,506)- 
 (95,176)(18,848)(288,506)622,874 
     
Other Investments:     
Gross gains645,705 118,661 702,782 295,687 
Gross losses- - - - 
 645,705 118,661 702,782 295,687 
     
 Net unrealized gains550,529 99,813 414,276 918,561 
     
 Net gains (losses) on investments $546,451 $(233,606)$408,472 $492,785 
Schedule of Available-For-Sale Securities with Unrealized Losses
The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at June 30, 2025 as follows:
 June 30, 2025
 Less than 12 months12 months or moreTotal
Category Estimated
Fair
Value 		Unrealized
Losses 		No. of
Positions
Held 		Estimated
Fair
Value 		Unrealized
Losses		No. of
Positions
Held		Estimated
Fair
Value		Unrealized
Losses
    
Available-for-Sale Securities:       
      
U.S. Treasury securities and obligations of U.S. government corporations and agencies $3,972,290 $(683)4 $- - - $3,972,290 $(683)
         
Political subdivisions of States, Territories and Possessions - - - 13,521,944 (2,955,097)12 13,521,944 (2,955,097)
         
Corporate and other bonds industrial and miscellaneous 38,830,938 (185,250)40 47,251,942 (3,441,755)57 86,082,880 (3,627,005)
         
Residential mortgage and other asset backed securities 6,549,447 (15,023)10 34,268,752 (5,406,006)36 40,818,199 (5,421,029)
        
Total fixed-maturity securities $49,352,675 $(200,956)54 $95,042,638 $(11,802,858)105 $144,395,313 $(12,003,814)
The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2024 as follows:
December 31, 2024
Less than 12 months12 months or moreTotal
Category Estimated
Fair
Value		Unrealized
Losses		No. of
Positions
Held		Estimated
Fair
Value		Unrealized
Losses		No. of
Positions
Held		Estimated
Fair
Value		Unrealized
Losses
Available-for-Sale Securities:       
U.S. Treasury securities and obligations of U.S. government corporations and agencies $- $- - $- - - $- $- 
Political subdivisions of States, Territories and Possessions 7,705,370 (73,589)6 13,167,726 (3,324,491)12 20,873,096 (3,398,080)
Corporate and other bonds industrial and miscellaneous 51,411,296 (1,024,461)60 55,381,083 (4,690,597)68 106,792,379 (5,715,058)
        
Residential mortgage and other asset backed securities 19,315,521 (209,890)22 35,206,442 (6,211,339)36 54,521,963 (6,421,229)
         
Total fixed-maturity securities $78,432,187 $(1,307,940)88 $103,755,251 $(14,226,427)116 $182,187,438 $(15,534,367)