v3.25.4
Reconciliation of Statutory Filings to Amounts Reported in the Consolidated Financial Statements
 12 Months Ended
Dec. 31, 2025
Reconciliation of Statutory Filings to Amounts Reported in the Consolidated Financial Statements [Abstract]  
Reconciliation of Statutory Filings to Amounts Reported in the Consolidated Financial Statements
15 - Reconciliation of Statutory Filings to Amounts Reported in the Consolidated Financial Statements

Our insurance subsidiaries must file financial statements with state insurance regulatory authorities using accounting principles and practices prescribed or permitted by those authorities. We refer to these accounting principles and practices as statutory accounting principles (“SAP”). Accounting principles used to prepare these SAP financial statements differ from those used to prepare financial statements on the basis of GAAP.

Reconciliations of statutory net income (loss) and capital and surplus, as determined using SAP, to the net income and stockholders’ equity amounts included in the accompanying consolidated financial statements are as follows:
 
   
Year Ended December 31,
  
   
2025
    
2024
    
2023
  
Statutory net income (loss) of insurance subsidiaries
  
$
78,402,800
    
$
43,556,720
    
$
(2,312,857
)
Increases (decreases):
                        
Deferred policy acquisition costs
    
(4,676,985
)
    
(1,696,437
)
    
1,873,174
  
Deferred federal income taxes
    
(188,935
)
    
481,744
      
(229,397
)
Salvage and subrogation recoverable
    
585,000
      
3,674,600
      
3,644,800
  
Consolidating eliminations and adjustments
    
(4,845,000
)
    
(9,024,921
)
    
(10,574,579
)
Parent-only net income
    
10,063,860
      
13,870,546
      
12,024,363
  
Net income
  
$
79,340,740
    
$
50,862,252
    
$
4,425,504
  

   
December 31,
  
   
2025
    
2024
    
2023
  
Statutory capital and surplus of insurance subsidiaries
  
$
585,989,170
    
$
508,936,244
    
$
463,674,289
  
Increases (decreases):
                        
Deferred policy acquisition costs
    
68,669,982
      
73,346,967
      
75,043,404
  
Deferred federal income taxes
    
(17,425,614
)
    
(13,302,370
)
    
(13,072,768
)
Salvage and subrogation recoverable
    
36,610,600
      
36,025,600
      
32,351,000
  
Non-admitted assets and other adjustments, net
    
1,893,396
      
1,722,807
      
1,328,142
  
Fixed maturities
    
(11,733,641
)
    
(33,993,851
)
    
(41,036,366
)
Parent-only equity and other adjustments
    
(23,585,814
)
    
(26,959,266
)
    
(38,542,347
)
Stockholders’ equity
  
$
640,418,079
    
$
545,776,131
    
$
479,745,354