Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
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| Revenues | ||||
| Net premiums earned | $ 46,215,260 | $ 30,303,612 | $ 89,738,323 | $ 59,123,514 |
| Ceding commission revenue | 3,081,556 | 4,561,961 | 6,040,247 | 9,129,072 |
| Net investment income | 2,300,267 | 1,764,596 | 4,348,863 | 3,267,456 |
| Net gains (losses) on investments | 546,451 | (233,606) | 408,472 | 492,785 |
| Realized gain on sale of real estate | 0 | 0 | 1,965,989 | 0 |
| Other income | 151,245 | 105,552 | 291,660 | 254,465 |
| Total revenues | 52,294,779 | 36,502,115 | 102,793,554 | 72,267,292 |
| Expenses | ||||
| Loss and loss adjustment expenses | 17,927,162 | 14,238,308 | 45,102,240 | 32,097,895 |
| Commission expense | 10,629,629 | 8,232,480 | 19,942,509 | 16,084,292 |
| Other underwriting expenses | 7,727,367 | 5,900,525 | 15,132,789 | 11,781,130 |
| Other operating expenses | 1,153,480 | 800,966 | 2,189,217 | 1,579,048 |
| Depreciation and amortization | 613,364 | 619,934 | 1,237,227 | 1,216,447 |
| Interest expense | 77,074 | 989,723 | 304,528 | 1,983,598 |
| Total expenses | 38,128,076 | 30,781,936 | 83,908,510 | 64,742,410 |
| Income from operations before taxes | 14,166,703 | 5,720,179 | 18,885,044 | 7,524,882 |
| Income tax expense | 2,914,371 | 1,205,242 | 3,750,052 | 1,583,266 |
| Net income | 11,252,332 | 4,514,937 | 15,134,992 | 5,941,616 |
| Other comprehensive income (loss), net of tax | ||||
| Gross decrease (increase) in unrealized losses on available-for-sale-securities | 1,289,253 | 109,784 | 4,101,685 | (450,563) |
| Reclassification adjustment for realized losses included in net income | 4,078 | 4,662 | 5,804 | 7,529 |
| Net decrease (increase) in unrealized losses | 1,293,331 | 114,446 | 4,107,489 | (443,034) |
| Income tax (expense) benefit related to items of other comprehensive income (loss) | (271,600) | (24,034) | (862,572) | 93,038 |
| Other comprehensive income (loss), net of tax | 1,021,731 | 90,412 | 3,244,917 | (349,996) |
| Comprehensive income | $ 12,274,063 | $ 4,605,349 | $ 18,379,909 | $ 5,591,620 |
| Earnings per common share: | ||||
| Basic (in dollars per share) | $ 0.81 | $ 0.41 | $ 1.10 | $ 0.54 |
| Diluted (in dollars per share) | $ 0.78 | $ 0.37 | $ 1.07 | $ 0.50 |
| Weighted average common shares outstanding | ||||
| Basic (in shares) | 13,925,707 | 11,019,347 | 13,700,308 | 11,009,442 |
| Diluted (in shares) | 14,387,538 | 12,110,946 | 14,148,748 | 11,987,976 |
| X | ||||||||||
- Definition Ceding Commission Revenue No definition available.
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- Definition Income Tax (Expense) Benefit Related to Other Comprehensive Income (Loss) No definition available.
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- Definition Custom Element. No definition available.
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- Definition Realized Gain on Sale of Real Estate No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of interest expense classified as operating. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of fees incurred for commissions on mutual funds and insurance products. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Amount, before tax, of reclassification from accumulated other comprehensive income (AOCI) for gain (loss) from derivative designated and qualifying as net investment hedge. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount, before tax and adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Costs incurred during the period, such as those relating to general administration and policy maintenance that do not vary with and are not primarily related to the acquisition or renewal of insurance contracts. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of realized gain (loss) on investment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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