v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Components of Net Combined Ratio to Consolidated Net Income
The following tables reconcile the revenue and expense components of the net combined ratio to consolidated net income for the periods presented.
Three months ended
June 30,		Six months ended
June 30,
2026202520262025
Revenue components of net combined ratio
Net premiums earned$60,467,477 $46,215,260 $116,336,291 $89,738,323 
Ceding commission revenue1,532,966 3,081,556 2,936,842 6,040,247 
Other income184,011 151,173 364,800 291,127 
Total revenue components of net combined ratio62,184,454 49,447,989 119,637,933 96,069,697 
Expense components of net combined ratio
Loss and loss adjustment expenses23,930,497 17,927,162 69,504,881 45,102,240 
Commission expense11,573,138 10,629,629 21,768,550 19,942,509 
Other underwriting expenses8,655,155 7,727,367 17,016,428 15,132,789 
Total expense components of net combined ratio44,158,790 36,284,158 108,289,859 80,177,538 
Operating segment net income18,025,664 13,163,831 11,348,074 15,892,159 
Reconciliation of net income components
excluded from net combined ratio:
Revenue components excluded from net combined ratio
Net investment income3,428,729 2,300,267 6,766,310 4,348,863 
Net gain (loss) on investments240,345 546,451 (775,002)408,472 
Gain on sale of real estate- - - 1,965,989 
Other income18 72 41 533 
Total revenue components excluded
from net combined ratio3,669,092 2,846,790 5,991,349 6,723,857 
Expense components excluded from net combined ratio
Other operating expenses1,362,430 1,153,480 3,622,977 2,189,217 
Depreciation and amortization761,473 613,364 1,476,980 1,237,227 
Interest expense58,808 77,074 128,663 304,528 
Income tax4,041,874 2,914,371 2,448,882 3,750,052 
Total expense components excluded
from net combined ratio6,224,585 4,758,289 7,677,502 7,481,024 
Total net loss components
excluded from net combined ratio:(2,555,493)(1,911,499)(1,686,153)(757,167)
Consolidated net income$15,470,171 $11,252,332 $9,661,921 $15,134,992 


The following table shows the calculation of the net combined ratio and return on equity from net investment income for the periods presented.
Three months endedSix months ended
June 30,June 30,
2026202520262025
Net combined ratio
Net loss ratio39.6 %38.8 %59.7 %50.3 %
Net underwriting expense ratio30.6 %32.7 %30.5 %32.0 %
Net combined ratio70.2 %71.5 %90.2 %82.3 %
Reconciliation of net underwriting expense ratio:
Commission expense and other
underwriting expenses$20,228,293 $18,356,996 $38,784,978 $35,075,298 
Less: Ceding commission revenue(1,532,966)(3,081,556)(2,936,842)(6,040,247)
Less: Other income(184,011)(151,173)(364,800)(291,127)
Total commission expense and other
underwriting expenses$18,511,316 $15,124,267 $35,483,336 $28,743,924 
Net earned premium$60,467,477 $46,215,260 $116,336,291 $89,738,323 
Net Underwriting Expense Ratio30.6 %32.7 %30.5 %32.0 %
Return on equity on net investment income
Stockholders' equity beginning of period$114,504,510 $82,209,963 $122,731,249 $66,708,451 
Stockholders' equity end of period$129,159,460 $94,877,892 $129,159,460 $94,877,892 
Average stockholders' equity$121,831,985 $88,543,928 $125,945,355 $80,793,172 
Net investment income$3,428,729 $2,300,267 $6,766,310 $4,348,863 
Return on equity on net investment income2.8%2.6%5.4%5.4%
Return on equity on net investment income - annualized11.2%10.4%10.8%10.8%
Total assets$477,933,872 $393,421,525 $477,933,872 $393,421,525