v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments [Abstract]  
Schedule of Available for Sale Securities
The amortized cost, estimated fair value, allowance for credit losses and gross unrealized gains and losses on the Company’s total available-for-sale fixed-maturity securities including short-term investments, as of September 30, 2026 and December 31, 2025 are summarized as follows:
September 30, 2026
Cost or
Amortized
Cost 		Allowance for Credit LossesGross
Unrealized
Gains 		Gross Unrealized Losses Estimated
Fair
Value
Net
Unrealized
Losses
Category Less than 12
Months		More than 12
Months
Fixed-Maturity Securities:
Available-for-Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$1,498,038 $- $- $(71,963)$- $1,426,075 $(71,963)
Political subdivisions of States, Territories and Possessions (1)
24,112,087 - - (319,143)(3,416,646)20,376,298 (3,735,789)
Corporate and other bonds industrial and miscellaneous (1)
164,231,277 - 725 (5,242,808)(3,437,762)155,551,432 (8,679,845)
Residential mortgage and other asset backed securities (1) (2) 149,198,040 (7,295)109,882 (4,961,717)(5,712,203)138,626,707 (10,571,333)
Total fixed-maturity securities, available-for-sale339,039,442 (7,295)110,607 (10,595,631)(12,566,611)315,980,512 (23,058,930)
Short-term investments1,486,371 - - (3,966)- 1,482,405 (3,966)
Total fixed-maturity securities$340,525,813 $(7,295)$110,607 $(10,599,597)$(12,566,611)$317,462,917 $(23,062,896)
December 31, 2025
Cost or
Amortized
Cost		Allowance for Credit LossesGross
Unrealized
Gains		Gross Unrealized LossesEstimated
Fair
Value
Net
Unrealized
Losses
CategoryLess than 12
Months		More than 12
Months
Fixed-Maturity Securities:
Available-for-Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) $997,124 $- $10,066 $- $- $1,007,190 $10,066 
Political subdivisions of States, Territories and Possessions (1) 24,125,578 - 182,580 - (2,534,725)21,773,433 (2,352,145)
Corporate and other bonds industrial and miscellaneous (1)131,958,643 - 567,410 (118,901)(2,540,470)129,866,682 (2,091,961)
Residential mortgage and other asset backed securities (1) (2) 139,656,710 - 1,273,816 (62,968)(4,477,673)136,389,885 (3,266,825)
Total fixed-maturity securities, available-for-sale$296,738,055 $— $2,033,872 $(181,869)$(9,552,868)$289,037,190 $(7,700,865)
(1)KICO places certain fixed-maturity securities in a designated custodian account to fulfill the required collateral for a sale-leaseback transaction (see Note 7 - Debt - "Equipment Financing"). As of September 30, 2026 and December 31, 2025, the amount of required collateral was approximately $2,347,000 and $3,616,000, respectively, and the estimated fair value of the eligible collateral was approximately $2,347,000 and $3,616,000, 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 September 30, 2026 and December 31, 2025, the estimated fair value of the eligible investments was approximately $8,309,000 and $9,598,000, respectively. KICO will retain all rights regarding all securities if pledged as collateral. As of September 30, 2026 and December 31, 2025, 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, including short-term investments by contractual maturity as of September 30, 2026 and December 31, 2025 is shown below:
September 30, 2026December 31, 2025
Remaining Time to Maturity Cost or
Amortized
Cost 		Estimated
Fair Value 		Cost or
Amortized
Cost 		Estimated
Fair Value
Less than one year $11,984,749 $11,945,275 $6,039,179 $6,052,600 
One to five years 88,603,855 85,172,369 76,122,161 75,365,535 
Five to ten years 72,195,024 66,603,135 54,998,070 53,590,654 
More than 10 years 18,544,145 15,115,431 19,921,935 17,638,516 
Residential mortgage and other asset backed securities 149,198,040 138,626,707 139,656,710 136,389,885 
Total $340,525,813 $317,462,917 $296,738,055 $289,037,190 
Schedule of Equity Securities
The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of September 30, 2026 and December 31, 2025 are as follows:
September 30, 2026
Category  Cost Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Estimated
Fair Value
Equity Securities:
Preferred stocks $9,750,322 $- $(3,441,144)$6,309,178 
Fixed income exchange traded funds 3,711,232 - (970,432)2,740,800 
FHLBNY common stock 136,900 - - 136,900 
Total $13,598,454 $- $(4,411,576)$9,186,878 
December 31, 2025
Category CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Equity Securities:
Preferred stocks $9,750,322 $- $(2,765,627)$6,984,695 
Fixed income exchange traded funds 3,711,232 - (724,432)2,986,800 
FHLBNY common stock 85,100 - - 85,100 
Total $13,546,654 $- $(3,490,059)$10,056,595 
Schedule of Other Investments
The cost and estimated fair value of, and gross gains on, the Company’s other investments as of September 30, 2026 and December 31, 2025 are as follows:
September 30, 2026December 31, 2025
Category  Cost
Gross Unrealized
Gains
Estimated
Fair Value 		 Cost
Gross Unrealized
Gains
Estimated
Fair Value
Other Investments:
Hedge fund $1,987,040 $2,380,222 $4,367,262 $1,987,040 $2,565,338 $4,552,378 
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 September 30, 2026 and December 31, 2025 are summarized as follows:
September 30, 2026
Cost or
Amortized
Cost 		Gross
Unrealized
Gains
Gross Unrealized Losses
Estimated
Fair
Value
Category Less than 12
Months
More than 12
Months
Held-to-Maturity Securities:
U.S. Treasury securities1
$1,229,735 $- $(9,846)$(66,432)$1,153,457 
Exchange traded debt 304,111 - - (75,861)228,250 
Corporate and other bonds industrial and miscellaneous4,504,488 - - (1,096,798)3,407,690 
Total $6,038,334 $- $(9,846)$(1,239,091)$4,789,397 
1Held-to-maturity U.S. Treasury securities are all held in trust pursuant to various states’ minimum funds requirements.
December 31, 2025
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Estimated
Fair
Value
Gross Unrealized Losses
CategoryLess than 12
Months
More than 12
Months
Held-to-Maturity Securities:
U.S. Treasury securities1
$1,229,490 $- $(3,070)$(22,083)$1,204,337 
Exchange traded debt 304,111 - - (62,111)242,000 
Corporate and other bonds industrial and miscellaneous4,508,747 - - (817,817)3,690,930 
Total $6,042,348 $- $(3,070)$(902,011)$5,137,267 
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 September 30, 2026 and December 31, 2025 is shown below:
September 30, 2026December 31, 2025
Remaining Time to Maturity Cost or
Amortized
Cost 		Estimated
Fair Value		Cost or
Amortized
Cost 		Estimated
Fair Value
Less than one year $622,840 $615,958 $- $- 
One to five years 1,450,918 1,368,660 2,063,366 2,029,462 
Five to ten years - - - - 
More than 10 years 3,964,576 2,804,779 3,978,982 3,107,805 
Total $6,038,334 $4,789,397 $6,042,348 $5,137,267 
Schedule of Investment Income
Major categories of the Company’s net investment income are summarized as follows:
Three months ended
September 30,		Nine months ended
September 30,
2026202520262025
Income:
Fixed-maturity securities $3,699,293 $2,449,081 $10,362,434 $6,510,764 
Equity securities 124,373 123,501 371,586 370,139 
Cash and cash equivalents 52,106 84,329 130,439 228,137 
Total 3,875,772 2,656,911 10,864,459 7,109,040 
Expenses:
Investment expenses 119,961 157,840 342,338 261,106 
Net investment income $3,755,811 $2,499,071 $10,522,121 $6,847,934 
Schedule of Realized Gain (Loss)
The proceeds and gross realized gains (losses) on the sale of fixed-maturity securities available-for-sale are as follows:
Three months ended
September 30,		Nine months ended
September 30,
20262026
Proceeds from sale$- $7,007,177 
Gross realized gains- - 
Gross realized losses- (200,176)
Schedule of Net Gain (Losses) on Investments
The Company’s net gains (losses) on investments are summarized as follows:
Three months ended
September 30,		Nine months ended
September 30,
2026202520262025
 Realized Gains (Losses)
Fixed-maturity securities:
Gross realized gains$90 $333 $1,833 $1,175 
Gross realized losses(5,875)(6,655)(212,869)(13,301)
 Net realized losses (5,785)(6,322)(211,036)(12,126)
 Unrealized Gains (Losses)
Equity Securities:
Gross gains- 382,734 - 94,228 
Gross losses(623,622)- (921,517)- 
(623,622)382,734 (921,517)94,228 
Other Investments:
Gross gains86,740 - - 508,492 
Gross losses- (194,290)(185,116)- 
86,740 (194,290)(185,116)508,492 
Allowance for credit losses:
Fixed-maturity securities(7,295)- (7,295)- 
Net unrealized gains (losses)(544,177)188,444 (1,113,928)602,720 
 Net gains (losses) on investments $(549,962)$182,122 $(1,324,964)$590,594 
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 September 30, 2026 as follows:
September 30, 2026
Less than 12 months12 months or moreTotal
Category Estimated
Fair
Value 		Gross Unrealized
Losses 		No. of
Positions
Held 		Estimated
Fair
Value 		Gross Unrealized
Losses		No. of
Positions
Held		Estimated
Fair
Value		Gross Unrealized
Losses
Available-for-Sale Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies $1,426,075 $(71,963)2 $- $- - $1,426,075 $(71,963)
Political subdivisions of States, Territories and Possessions 7,354,772 (319,143)6 13,021,526 (3,416,646)12 20,376,298 (3,735,789)
Corporate and other bonds industrial and miscellaneous 125,839,940 (5,242,808)149 29,210,767 (3,437,762)33 155,050,707 (8,680,570)
Residential mortgage and other asset backed securities 112,741,212 (4,961,717)152 23,878,550 (5,712,203)30 136,619,762 (10,673,920)
Total fixed-maturity securities $247,361,999 $(10,595,631)309 $66,110,843 $(12,566,611)75 $313,472,842 $(23,162,242)
The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2025 as follows:
December 31, 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:
Political subdivisions of States, Territories and Possessions $- $- - $13,926,802 $(2,534,725)12 $13,926,802 $(2,534,725)
Corporate and other bonds industrial and miscellaneous 21,525,673 (118,901)24 34,677,856 (2,540,470)38 56,203,529 (2,659,371)
Residential mortgage and other asset backed securities 18,055,734 (62,968)20 29,673,084 (4,477,673)31 47,728,818 (4,540,641)
Total fixed-maturity securities $39,581,407 $(181,869)44 $78,277,742 $(9,552,868)81 $117,859,149 $(9,734,737)