Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Mar. 21, 2024	Jun. 30, 2023
Cover [Abstract]
Entity Registrant Name	KINGSTONE COMPANIES, INC.
Entity Central Index Key	0000033992
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		11,007,824
Entity Public Float			$ 11,334,362
Document Annual Report	true
Document Transition Report	false
Document Fin Stmt Error Correction Flag	false
Entity File Number	0-1665
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	36-2476480
Entity Address Address Line 1	15 Joys Lane
Entity Address City Or Town	Kingston
Entity Address State Or Province	NY
Entity Address Postal Zip Code	12401
City Area Code	845
Icfr Auditor Attestation Flag	false
Auditor Name	Marcum LLP
Auditor Location	Hartford, CT
Local Phone Number	802-7900
Security 12b Title	Common Stock, $0.01 par value per share
Trading Symbol	KINS
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Auditor Firm Id	688

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $6,106,148 at December 31, 2023 and $6,600,388 at December 31, 2022)	$ 7,052,541	$ 7,766,140
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $164,460,942 at December 31, 2023 and $a174,918,427 at December 31, 2022)	148,920,797	154,715,163
Equity securities, at fair value (cost of $17,986,783 at December 31, 2023 and $18,086,700 at December 31, 2022)	14,762,340	13,834,390
Other investments	3,897,150	2,771,652
Total investments	174,632,828	179,087,345
Cash and cash equivalents	8,976,998	11,958,228
Premiums receivable, net	13,604,808	13,880,504
Reinsurance receivables, net	75,593,912	66,465,061
Deferred policy acquisition costs	19,802,564	23,819,453
Intangible assets	500,000	500,000
Property and equipment, net	9,395,697	10,541,935
Deferred income taxes, net	10,551,819	10,331,158
Other assets	4,574,584	3,748,847
Total assets	317,633,210	320,332,531
Liabilities
Loss and loss adjustment expense reserves	121,817,862	118,339,513
Unearned premiums	105,621,538	107,492,777
Advance premiums	3,797,590	2,839,028
Reinsurance balances payable	12,837,140	13,061,966
Deferred ceding commission revenue	9,460,865	10,619,569
Accounts payable, accrued expenses and other liabilities	4,350,546	6,651,723
Debt, net	25,243,530	25,158,523
Total liabilities	283,129,071	284,163,099
Stockholders' Equity
Preferred stock, $.01 par value; authorized 2,500,000 shares	0	0
Common stock, $.01 par value; authorized 20,000,000 shares; issued 12,248,313 shares at December 31, 2023 and 12,171,512 shares at December 31, 2022; outstanding 10,776,907 shares at December 31, 2023 and 10,700,106 shares at December 31, 2022	122,483	121,715
Capital in excess of par	75,338,010	74,519,590
Accumulated other comprehensive loss	(12,274,563)	(15,958,428)
Accumulated deficit	(23,114,310)	(16,945,964)
Treasury stock, at cost, 1,471,406 shares at December 31, 2023 and December 31, 2022	(5,567,481)	(5,567,481)
Total stockholders' equity	34,504,139	36,169,432
Total liabilities and stockholders' equity	$ 317,633,210	$ 320,332,531

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Fixed-maturity securities, held-to-maturity, at amortized cost	$ 6,106,148	$ 6,600,388
Fixed-maturity securities, available-for-sale, at fair value	164,460,942	174,918,427
Equity Securities, at fair value	$ 17,986,783	$ 18,086,700
Stockholders' Equity
Preferred Stock, Par Value	$ 0.01	$ 0.01
Preferred Stock, Authorized Shares	2,500,000	2,500,000
Common Stock, Par Value	$ 0.01	$ 0.01
Common Stock, Authorized Shares	20,000,000	20,000,000
Common Stock, Issued Shares	12,248,313	12,171,512
Common Stock, Outstanding Shares	10,776,907	10,700,106
Treasury Stock, Shares	1,471,406	1,471,406

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Preferred Stock	Common Stock	Treasury Stock	Capital in Excess of Par	Accumulated other comprehensive loss	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2021			11,955,660	1,471,406
Balance, amount at Dec. 31, 2021	$ 75,672,194	$ 0	$ 119,557	$ (5,567,481)	$ 72,467,483	$ 1,796,739	$ 6,855,896
Stock-based compensation	1,392,612	0	$ 0	0	1,392,612	0	0
Vesting of restricted stock awards, shares			262,490
Vesting of restricted stock awards, amount	0	0	$ 2,625	0	(2,625)	0	0
Issuance of common stock - employee stock purchase plan, shares			33,222
Issuance of common stock - employee stock purchase plan, amount	60,464	0	$ 332	0	60,132	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(79,860)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(392,011)	0	$ (799)	0	(391,212)	0	0
Warrants issued with exchange of debt	993,200	0	0	0	993,200	0	0
Dividends	(1,277,066)	0	0	0	0	0	(1,277,066)
Net loss	(22,524,794)	0	0	0	0	0	(22,524,794)
Change in unrealized losses on available- for-sale securities, net of tax	(17,755,167)	0	$ 0	$ 0	0	(17,755,167)	0
Balance, shares at Dec. 31, 2022			12,171,512	1,471,406
Balance, amount at Dec. 31, 2022	36,169,432	0	$ 121,715	$ (5,567,481)	74,519,590	(15,958,428)	(16,945,964)
Stock-based compensation	832,597	0	$ 0	0	832,597	0	0
Vesting of restricted stock awards, shares			82,865
Vesting of restricted stock awards, amount	0	0	$ 828	0	(828)	0	0
Shares deducted from restricted stock awards for payment of withholding taxes, shares			(6,064)
Shares deducted from restricted stock awards for payment of withholding taxes, amount	(13,409)	0	$ (60)	0	(13,349)	0	0
Dividends	0
Net loss	(6,168,346)	0	0	0	0	0	(6,168,346)
Change in unrealized gains on available- for-sale securities, net of tax	3,683,865	0	$ 0	$ 0	0	3,683,865	0
Balance, shares at Dec. 31, 2023			12,248,313	1,471,406
Balance, amount at Dec. 31, 2023	$ 34,504,139	$ 0	$ 122,483	$ (5,567,481)	$ 75,338,010	$ (12,274,563)	$ (23,114,310)

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues
Net premiums earned	$ 114,384,263	$ 114,384,531
Ceding commission revenue	21,053,494	19,319,391
Net investment income	6,008,682	4,936,778
Net gains (losses) on investments	2,134,554	(9,391,865)
Other income	609,721	910,455
Total revenues	144,190,714	130,159,290
Expenses
Loss and loss adjustment expenses	82,849,210	88,390,042
Commission expense	33,364,629	34,581,617
Other underwriting expenses	25,909,962	26,697,006
Other operating expenses	2,456,473	3,113,473
Depreciation and amortization	2,973,440	3,300,445
Interest expense	4,002,531	2,019,047
Total expenses	151,556,245	158,101,630
Loss from operations before taxes	(7,365,531)	(27,942,340)
Income tax benefit	(1,197,185)	(5,417,546)
Net loss	(6,168,346)	(22,524,794)
Other comprehensive income (loss), net of tax
Gross change in unrealized gains (losses) on available-for-sale-securities	4,644,308	(22,540,229)
Reclassification adjustment for losses (gains) included in net loss	18,811	65,333
Net change in unrealized gains (losses)	4,663,119	(22,474,896)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(979,254)	4,719,729
Other comprehensive income (loss), net of tax	3,683,865	(17,755,167)
Comprehensive loss	$ (2,484,481)	$ (40,279,961)
Loss per common share:
Basic	$ (0.57)	$ (2.12)
Diluted	$ (0.57)	$ (2.12)
Weighted average common shares outstanding
Weighted average common shares outstanding- Basic	10,756,487	10,645,365
Weighted average common shares outstanding- Diluted	10,756,487	10,645,365
Dividends declared and paid per common share	$ 0	$ 0.12

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (6,168,346)	$ (22,524,794)
used in operating activities:
Net losses (gains) on investments	18,811	140,063
Net unrealized (gains) losses on equity investments	(1,027,867)	6,494,380
Net unrealized (gains) losses on other investments	(1,125,498)	2,757,422
Depreciation and amortization	2,973,440	3,300,445
Bad debt expense	75,215	132,577
(Accretion of bond discount) amortization of bond premium, net	(36,712)	3,995,751
Amortization of discount and issuance costs on debt	1,187,678	230,389
Stock-based compensation	832,597	1,392,612
Deferred income tax benefit	(1,199,915)	(5,419,176)
Decrease (increase) in operating assets:
Premiums receivable, net	200,481	(1,694,745)
Reinsurance receivables, net	(9,128,851)	(26,172,623)
Deferred policy acquisition costs	4,016,889	(1,580,466)
Other assets	(825,737)	4,844,358
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves	3,478,349	23,390,768
Unearned premiums	(1,871,239)	9,733,170
Advance premiums	958,562	145,562
Reinsurance balances payable	(224,826)	100,398
Deferred ceding commission revenue	(1,158,704)	871,061
Accounts payable, accrued expenses and other liabilities	(2,301,177)	(1,052,673)
Net cash flows used in operating activities	(11,326,850)	(915,521)
Cash flows from investing activities:
Purchase - fixed-maturity securities held-to-maturity	0	(498,711)
Purchase - fixed-maturity securities available-for-sale	(51,496,673)	(48,733,416)
Purchase - equity securities	0	(684,778)
Redemption - fixed-maturity securities held-to-maturity	750,000	1,000,000
Sale and maturity - fixed-maturity securities available-for-sale	61,935,658	25,606,590
Sale - equity securities	99,917	19,379,047
Redemption - other investments	0	2,576,272
Acquisition of property and equipment	(1,827,202)	(4,550,783)
Net cash flows provided by (used in) investing activities	9,461,700	(5,905,779)
Cash flows from financing activities:
Proceeds from equipment financing	0	8,096,824
Principal payments on equipment financing	(1,088,372)	(191,169)
Principal payment on 2017 Notes refinancing		(10,050,000)
Bond issue costs on 2022 Notes	(14,299)	(1,758,112)
Withholding taxes paid on vested retricted stock awards	(13,409)	(392,011)
Net proceeds from issuance of common stock - employee stock purchase plan	0	60,464
Dividends	0	(1,277,066)
Net cash flows used in financing activities	(1,116,080)	(5,511,070)
Decrease in cash and cash equivalents	(2,981,230)	(12,332,370)
Decrease in cash and cash equivalents	(2,981,230)	(12,332,370)
Cash and cash equivalents, beginning of period	11,958,228	24,290,598
Cash and cash equivalents, end of period	8,976,998	11,958,228
Supplemental disclosures of cash flow information:
Cash paid for income taxes	0	0
Cash paid for interest	2,927,905	1,600,626
Supplemental schedule of non-cash investing and financing activities:
Other comprehensive income (loss), net of tax	3,683,865	(17,755,167)
Warrants issued under the Exchange Agreement	$ 0	$ 993,200

Nature of Business

12 Months Ended

Dec. 31, 2023

Nature of Business

Nature of Business

Note 1 - Nature of Business

Kingstone Companies, Inc. (referred to herein as "Kingstone" or the “Company” or, on a standalone basis for the parent company only, the “Holding Company”), through its wholly-owned subsidiary, Kingstone Insurance Company (“KICO”). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2023 was the 15th largest writer of homeowners insurance in New York. KICO is also licensed in the states of New Jersey, Rhode Island, Massachusetts, Connecticut, Pennsylvania, New Hampshire, and Maine. For the years ended December 31, 2023 and 2022, 88.3% and 80.6%, respectively, of KICO’s direct written premiums came from the New York policies. Kingstone, through its wholly owned subsidiary, Cosi Agency, Inc. (“Cosi”), a multi-state licensed general agency, receives commission revenue from KICO for the policies it places with others and pays commissions to these agencies.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

Going Concern

The accompanying consolidated financial statements have been prepared in accordance with GAAP assuming that the Company will continue as a going concern for a period of one year from the issuance date of the financial statements. The Company’s $30,000,000 5.5% Senior Unsecured Notes (the “2017 Notes”) were due on December 30, 2022. The Company’s continuation as a going concern was dependent on its ability to obtain financing and/or other funds to satisfy such obligation. The 2017 Notes were refinanced on December 15, 2022 under a note and warrant exchange agreement with a refinanced balance of $19,950,000 (the “2022 Notes”) as of December 31, 2022 and a maturity date of December 30, 2024 (see Note 9 - Debt).

The Company’s continuation as a going concern is dependent on its ability to obtain financing and/or other funds to satisfy the maturity obligation of the 2022 Notes on December 31, 2024. Management believes that KICO’s insurance operations would be able to continue in the unlikely event that financing is not obtained.

In accordance with Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. This evaluation requires management to perform two steps. First, management must evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern. Second, if management concludes that substantial doubt is raised, management is required to consider whether it has plans in place to alleviate that doubt. Disclosures in the notes to the consolidated financial statements are required if management concludes that substantial doubt exists or that its plans alleviate the substantial doubt that was raised.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) assuming that the Company will continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

Management’s Plan Related to Going Concern

In order to continue as a going concern, the Company will need to obtain financing and/or other funds to satisfy its debt obligation on December 30, 2024. Management plans to refinance the 2022 Notes with a new issue of equity securities and/or investment grade debt securities of similar or longer maturity that would result in net proceeds equal to or greater than the principal amount of the 2022 Notes. In connection therewith, the Company will be utilizing investment bankers to serve as placement agents for proposed offerings by the Company of its securities (including debt, equity and/or preferred securities). The offerings would be of such size as to generate proceeds to the Company of no less than $19,950,000. The Company, subject to regulatory approval, may receive distributions paid to it by KICO, its insurance subsidiary, that could be utilized to repay the 2022 Notes. Further, the Company may also use available invested assets and cash to repay the 2022 Notes. As of December 31, 2023, invested assets and cash was approximately $2,042,000.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described above. The Company believes that its plan is probable of being implemented and that such plan would alleviate any adverse conditions.

Reclassification of Balances from Prior Year Disclosure

Components of ceded premiums written within prior year net earned premiums in Note 11 were reclassified to conform with an elected change in the current year presentation by recording ceded written premiums for the 12 months of the contract term at inception, rather than monthly over the contract term, providing a full disclosure of the premiums ceded. The reclassification had no effect on the Company’s previously reported financial condition, results of operations or cash flows.

Principles of Consolidation

The consolidated financial statements include the accounts of Kingstone and its wholly owned subsidiaries: (1) KICO and its wholly owned subsidiaries, CMIC Properties, Inc. and 15 Joys Lane, LLC, which together own the land and building from which KICO operates, and (2) Cosi. All significant inter-company account balances and transactions have been eliminated in consolidation.

Revenue Recognition

Net Premiums Earned

Insurance policies issued by the Company are short-duration contracts. Accordingly, premium revenues, net of premiums ceded to reinsurers, are recognized as earned in proportion to the amount of insurance protection provided, on a pro-rata basis over the terms of the underlying policies. Unearned premiums represent premiums applicable to the unexpired portions of in-force insurance contracts at the end of each year.

Ceding Commission Revenue

Commissions on reinsurance premiums ceded are earned in a manner consistent with the recognition of the costs of the reinsurance, generally on a pro-rata basis over the terms of the policies reinsured. Unearned amounts are recorded as deferred ceding commission revenue. Certain reinsurance agreements contain provisions whereby the ceding commission rates vary based on the loss experience under the agreements. The Company records ceding commission revenue based on its current estimate of subject losses. The Company records adjustments to ceding commission revenue in the period that changes in the estimated losses are determined.

Loss and Loss Adjustment Expenses (“LAE”) Reserves

The liability for loss and LAE represents management’s best estimate of the ultimate cost of all reported and unreported losses that are unpaid as of the balance sheet date. The liability for loss and LAE is estimated on an undiscounted basis, using individual case-basis valuations, statistical analyses and various actuarial reserving methodologies. The projection of future claim payment and reporting is based on an analysis of the Company’s historical experience, supplemented by analyses of industry loss data. Management believes that the reserves for loss and LAE are adequate to cover the ultimate cost of losses and claims to date; however, because of the uncertainty from various sources, including changes in reporting patterns, claims settlement patterns, judicial decisions, legislation, and economic conditions, actual loss experience may not conform to the assumptions used in determining the estimated amounts for such liability at the balance sheet date. Adjustments to these estimates are reflected in expense for the period in which the estimates are changed. Because of the nature of the business historically written, management believes that the Company has limited exposure to environmental claim liabilities.

Reinsurance

In the normal course of business, the Company seeks to reduce the loss that may arise from catastrophes or other events that cause unfavorable underwriting results. This is done by reinsuring certain levels of risk in various areas of exposure with a panel of financially secure reinsurance carriers.

Reinsurance receivables represents management’s best estimate of paid and unpaid loss and LAE recoverable from reinsurers, and ceded losses receivable and unearned ceded premiums under reinsurance agreements. Ceded losses receivable are estimated using techniques and assumptions consistent with those used in estimating the liability for loss and LAE. Management believes that reinsurance receivables as recorded represent its best estimate of such amounts; however, as changes in the estimated ultimate liability for loss and LAE are determined, the estimated ultimate amount receivable from the reinsurers will also change. Accordingly, the ultimate receivable could be significantly in excess of or less than the amount recorded in the consolidated financial statements. Adjustments to these estimates are reflected in the period in which the estimates are changed. Loss and LAE incurred as presented in the consolidated statements of operations and comprehensive income (loss) are net of reinsurance recoveries.

Management has evaluated its reinsurance arrangements and determined that significant insurance risk is transferred to the reinsurers. Reinsurance agreements have been determined to be short-duration prospective contracts and, accordingly, the costs of the reinsurance are recognized over the life of the contract in a manner consistent with the earning of premiums on the underlying policies subject to the reinsurance contract.

Management estimates uncollectible amounts receivable from reinsurers based on an assessment of factors including the creditworthiness of the reinsurers and the adequacy of collateral obtained, where applicable. There was no allowance for uncollectible reinsurance as of December 31, 2023 and 2022. The Company did not expense any uncollectible reinsurance for the years ended December 31, 2023 and 2022. Significant uncertainties are inherent in the assessment of the creditworthiness of reinsurers and estimates of any uncollectible amounts due from reinsurers. Any change in the ability of the Company’s reinsurers to meet their contractual obligations could have a material adverse effect on the consolidated financial statements as well as KICO’s ability to meet its regulatory capital and surplus requirements.

The Company presents its net reinsurance receivables separately from its reinsurance balances payable in accordance with ASU 2011-11 Balance Sheet (Topic 210). Additionally, prepaid premiums for excess of loss and catastrophe reinsurance treaties are presented net in reinsurance balances payable as a reduction to reinsurance premiums payable as they meet the net accounting criteria of Topic 210.

Credit Losses

Current Expected Credit Losses (ASU 2016-13) added an asset impairment model that is based on expected losses rather than incurred losses. The purpose of this ASU was to reduce complexity by decreasing the number of impairment models that entities use to account for debt instruments, allows for more timely recognition of credit losses by using an expected, rather than incurred loss, model, requires recognition of lifetime expected credit losses, and doesn’t require a specific method for estimating expected credit losses.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company maintains its cash balances at several financial institutions.

Investments

The Company classifies its fixed-maturity securities as either held-to-maturity or available-for-sale. Fixed-maturity securities that the Company has the specific intent and ability to hold until maturity are classified as such and carried at amortized cost. Available-for-sale securities are reported at their estimated fair values based on quoted market prices from recognized pricing services, adjusted for allowance for expected credit losses, with unrealized gains and losses, net of tax effects, reported as a separate component of accumulated other comprehensive income. Realized gains and losses are determined on the specific identification method and reported in net loss in the consolidated statements of operations and comprehensive income (loss).

Equity securities are reported at their estimated fair values based on quoted market prices from recognized pricing services, adjusted for allowance for expected credit losses, with unrealized gains and losses reported in net gains (losses) on investments in the consolidated statements of operations and comprehensive income (loss). Other investments are reported at their estimated fair values using the net asset value (“NAV”) per share (or its equivalent) of the instrument with unrealized gains and losses reported in net gains (losses) on investments in the consolidated statements of operations and comprehensive income (loss). See Note - 3, Investments for additional discussion.

The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities’ fair value necessitates the recognition of an allowance for credit losses. Factors considered in the review include the extent to which the fair value has been less than amortized cost, current market interest rates and whether the unrealized loss is credit-driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers’ industry and future business prospects, any past failure of the issuer to make scheduled interest or principal payments, the payment structure of the investment and the issuers’ ability to make contractual payments on the investment.

The Company may sell its available-for-sale securities, equity securities, and other investments in response to changes in interest rates, risk/reward characteristics, liquidity needs or other factors. Investment income is accrued to the balance sheet dates of the consolidated financial statements and includes amortization of premium and accretion of discount on fixed-maturity securities. Interest is recognized when earned, while dividends are recognized when declared. Due and accrued investment income totaled approximately $1,262,000 and $1,299,000 as of December 31, 2023 and 2022, respectively, and is included in other assets on the accompanying consolidated balance sheets.

For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net loss based on the fair value of the security at the time of assessment.

For available-for-sale fixed maturity securities, a credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. The allowance for credit loss related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. The Company considers all available evidence when determining whether an investment requires a credit loss write-down or allowance to be recorded, which is recognized in net loss through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income (loss).

The Company did not identify any available-for-sale securities as of December 31, 2023 which presented a risk of loss due to credit deterioration of the security.

Premiums Receivable

Premiums receivable include balances due currently or in the future and are presented net of an allowance for doubtful accounts of approximately $269,000 and $39,000 as of December 31, 2023 and 2022, respectively. The allowance for uncollectible amounts is based on an analysis of amounts receivable giving consideration to historical loss experience and current economic conditions and reflects an amount that, in management’s judgment, is adequate. Uncollectible premiums receivable balances of approximately $75,000 and $133,000 were written off for the years ended December 31, 2023 and 2022, respectively. The Company evaluates cancellations after the balance sheet date and has determined that the cancellations are not material, therefore no additional cancellation reserve is recognized as of December 31, 2023 and 2022.

Deferred Policy Acquisition Costs

Policy acquisition costs represent the costs of writing business that vary with, and are primarily related to, the successful production of insurance business (principally commissions, premium taxes and certain underwriting salaries). Policy acquisition costs are deferred and recognized as expense as the related premiums are earned.

Intangible Assets

The Company has recorded acquired identifiable intangible assets. The cost of a group of assets acquired in a transaction is allocated to the individual assets including identifiable intangible assets based on their fair values. Identifiable intangible assets with a finite useful life are amortized over the period that the asset is expected to contribute directly or indirectly to the future cash flows of the Company. Intangible assets with an indefinite life are not amortized, but are subject to impairment testing if events or changes in circumstances indicate that it is more likely than not the asset is impaired. All identifiable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that a carrying amount may not be recoverable. No impairment losses from intangible assets were recognized for the years ended December 31, 2023 and 2022.

Property and Equipment

Building and building improvements, automobiles, furniture, computer equipment, and computer software are reported at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. The Company estimates the useful life for computer equipment, automobiles, furniture and other equipment is three years, computer software is three to five years, and building and building improvements is 39 years.

The Company reviews its real estate assets used as its headquarters to evaluate the necessity of recording impairment losses for market changes due to declines in the estimated fair value of the property. In evaluating potential impairment, management considers the current estimated fair value compared to the carrying value of the asset. At December 31, 2023 and 2022, the fair value of the real estate assets is estimated to be in excess of the carrying value.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. The Company files a consolidated tax return with its subsidiaries. At December 31, 2023 and 2022, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required.

Concentration, Credit Risk and Market Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, investments, and premium and reinsurance receivables. At times, cash may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced any losses on such accounts and management believes the Company is not exposed to any significant credit risk.

Stressed conditions, volatility and disruptions in capital markets or financial asset classes can have an adverse effect on the Company, in part because the Company has a large investment portfolio supporting the Company’s insurance liabilities, which are sensitive to changing market factors. These market factors, which include interest rates, credit spread, equity prices, and the volatility and strength of the capital markets, all affect the business and economic environment and, ultimately, the profitability of the Company’s business. The Company manages its investments to limit credit and other market risks by diversifying its portfolio among various security types and industry sectors based on KICO’s investment committee guidelines, which employ a variety of investment strategies.

As of December 31, 2023 and 2022, the Company’s cash equivalents were as follows:

	December 31,		December 31,
	2023		2022

Collateralized bank repurchase agreement (1)	$	899,646	$	159,596
Money market funds		2,430,317		2,458,223
Total	$	3,329,963	$	2,617,819

(1)

The Company has a security interest in certain of the bank's holdings of direct obligations of the United States or one or more agencies thereof. The collateral is held in a hold-in-custody arrangement with a third party who maintains physical possession of the collateral on behalf of the bank.

At December 31, 2023, the outstanding premiums receivable balance is generally diversified due to the large number of individual insureds comprising the Company’s customer base.

The Company also has receivables from its reinsurers. Reinsurance contracts do not relieve the Company of its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company periodically evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. See Note 7- Reinsurance for reinsurance recoverables on unpaid and paid losses by reinsurer. Management’s policy is to review all outstanding receivables quarterly as well as the bad debt write-offs experienced in the past and establish an allowance for doubtful accounts, if deemed necessary.

Direct premiums earned from lines of business in excess of 10% of the total subject the Company to concentration risk for the years ended December 31, 2023 and 2022 is as follows:

	Years ended December 31,
	2023			2022
Personal Lines		93.1	%		94.0	%
Premiums earned not subject to concentration		6.9	%		6.0	%
Total premiums earned		100.0	%		100.0	%

(1)

For the years ended December 31, 2023 and 2022, premiums earned not subject to concentration are comprised primarily of one line of business.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions, and includes the reserves for losses and LAE, which are subject to estimation errors due to the inherent uncertainty in projecting ultimate claim amounts that will be reported and settled over a period of many years. In addition, estimates and assumptions associated with receivables under reinsurance contracts related to contingent ceding commission revenue require judgments by management. On an ongoing basis, management reevaluates its assumptions and the methods for calculating these estimates. Actual results may differ significantly from the estimates used in preparing the consolidated financial statements.

Earnings (Loss) per share

Basic earnings (loss) per common share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share reflects, in periods in which they have a dilutive effect, the impact of common shares issuable upon the exercise of stock options and warrants as well as non-vested restricted stock awards. The computation of diluted earnings (loss) per share excludes those options and warrants with an exercise price in excess of the average market price of the Company’s common shares during the periods presented. Additionally, the computation of diluted earnings (loss) per share excludes unvested restricted stock awards as calculated using the treasury stock method.

Advertising Costs

Advertising costs are charged to operations as incurred. Advertising costs are included in other underwriting expenses in the accompanying consolidated statements of operations and comprehensive income (loss) and were approximately $86,000 and $114,000 for the years ended December 31, 2023 and 2022, respectively.

Stock-based Compensation

Stock-based compensation expense in 2023 and 2022 is the estimated fair value of restricted stock awards and options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award less an estimate for anticipated forfeitures. The Company uses the “simplified” method to estimate the expected term of the options because the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate expected term.

Warrants

The Company’s outstanding issued warrants are accounted for as equity in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. The Company’s warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Compensated Absences

Employees of the Company are entitled to paid vacations, sick days, and other time off depending on job classification, length of service and other factors. The Company has determined it is impracticable to estimate the amount of compensation of future absences and, accordingly, no liability has been recorded in the accompanying consolidated financial statements. The Company’s policy is to recognize the cost of compensated absences when paid to employees.

Leases

The Company records operating leases in accordance with ASU 2016-02 – Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, the Company recognized a right-of-use-asset and corresponding liability on the balance sheet for all leases, except for leases covering a period of fewer than 12 months. The liability has been measured at the present value of the future minimum lease payments taking into account renewal options if applicable plus initial incremental direct costs such as commissions. The minimum payments are discounted using the Company’s incremental borrowing rate. The right-of-use asset is amortized as rent expense on a straight-line basis.

Comprehensive Income (Loss)

Comprehensive income (loss) refers to revenues, expenses, gains and losses that are included in comprehensive income (loss) but are excluded from net income (loss) as these amounts are recorded directly as an adjustment to stockholders' equity, primarily from changes in unrealized gains and losses on available-for-sale securities, net of the related income taxes.

Accounting Changes

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This guidance applies to reinsurance and insurance receivables and other financing receivables. For available-for-sale fixed maturity securities carried at fair value, estimated credit losses will continue to be measured at the present value of expected cash flows; however, the other than temporary impairment (“OTTI”) concept has been eliminated. Under the previous guidance, estimated credit impairments resulted in a write-down of amortized cost. Under the new guidance, estimated credit losses are recognized through an allowance and reversals of the allowance are permitted if the estimate of credit losses declines. For available-for-sale fixed maturity securities where the Company has an intent to sell, impairment will continue to result in a write-down of amortized cost. ASU 2016-13 was effective for the Company on January 1, 2023. The Company determined as of the date of adoption that the updated guidance did not have an impact on its consolidated financial statements. Below is a summary of the significant accounting policies impacted by the adoption of ASU 2016-13.

The allowance for credit losses is a valuation account that is reported as a reduction of a financial asset’s cost basis and is measured on a pool basis when similar risk characteristics exist. Management estimates the allowance using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for any additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Amounts are considered past due when payments have not been received according to contractual terms. The Company also considers current and forecasted economic conditions, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to these forecasted economic conditions can vary by financial asset class. The Company considers a reasonable and supportable forecast period to be up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. The Company uses collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk, which are considered in the estimate of net amount expected to be collected.

The Company has determined that it was not subject to any other new accounting pronouncements that became effective during the year ended December 31, 2023.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU-2023-09 is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its disclosures.

Investments

12 Months Ended

Dec. 31, 2023

Investments

Investments

Note 3 - Investments

Fixed-Maturity Securities

The amortized cost, estimated fair value, and unrealized gains and losses on investments in fixed-maturity securities classified as available-for-sale as of December 31, 2023 and 2022 are summarized as follows:

	December 31, 2023

	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than			More than			Fair		Unrealized
Category	Cost		Gains		12 Months			12 Months			Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies (1)	$	20,954,764	$	1,799	$	(17,373	)	$	-		$	20,939,190	$	(15,574	)

Political subdivisions of States,
Territories and Possessions		16,607,713		-		-			(3,209,161	)		13,398,552		(3,209,161	)

Corporate and other bonds
Industrial and miscellaneous		75,993,042		-		-			(5,885,296	)		70,107,746		(5,885,296	)

Residential mortgage and other asset
backed securities (2)		50,905,423		113,761		(2,144	)		(6,541,731	)		44,475,309		(6,430,114	)
Total fixed-maturity securities	$	164,460,942	$	115,560	$	(19,517	)	$	(15,636,188	)	$	148,920,797	$	(15,540,145	)

	December 31, 2022

	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than			More than			Fair		Unrealized
Category	Cost		Gains		12 Months			12 Months			Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies (1)	$	23,874,545	$	1,479	$	(6,928	)	$	-		$	23,869,096	$	(5,449	)

Political subdivisions of States,
Territories and Possessions		17,108,154		-		(2,195,273	)		(1,771,494	)		13,141,387		(3,966,767	)

Corporate and other bonds
Industrial and miscellaneous		80,338,464		-		(5,796,994	)		(2,458,985	)		72,082,485		(8,255,979	)

Residential mortgage and other asset
backed securities (2)		53,597,264		58,398		(882,664	)		(7,150,803	)		45,622,195		(7,975,069	)
Total fixed-maturity securities	$	174,918,427	$	59,877	$	(8,881,859	)	$	(11,381,282	)	$	154,715,163	$	(20,203,264	)

	(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 9 – Debt - “Equipment Financing”). As of December 31, 2023 and 2022, the amount of required collateral was approximately $6,999,000 and $8,691,000, respectively. As of December 31, 2023 and 2022, the estimated fair value of the eligible collateral was approximately $6,999,000 and $8,691,000, 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 9 – 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 December 31, 2023, the estimated fair value of the eligible investments was approximately $11,412,000. KICO will retain all rights regarding all securities if pledged as collateral. As of December 31, 2023 and 2022 there was no outstanding balance on the FHLBNY credit line.

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 December 31, 2023 and 2022 is shown below:

	December 31, 2023				December 31, 2022
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	34,729,120	$	34,461,172	$	16,359,100	$	16,307,991
One to five years		31,803,338		30,416,618		18,605,987		14,085,113
Five to ten years		31,596,410		27,330,377		54,559,158		52,230,283
More than 10 years		15,426,651		12,237,321		31,796,918		26,469,581
Residential mortgage and other asset backed securities		50,905,423		44,475,309		53,597,264		45,622,195
Total	$	164,460,942	$	148,920,797	$	174,918,427	$	154,715,163

The actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalties.

Equity Securities

The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of December 31, 2023 and 2022 are as follows:

	December 31, 2023
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	13,583,942	$	-	$	(2,870,027	)	$	10,713,915
Fixed income exchange traded funds		3,711,232				(669,232	)		3,042,000
Mutual Funds		622,209		314,816		-			937,025
FHLBNY common stock		69,400		-		-			69,400
Total	$	17,986,783	$	314,816	$	(3,539,259	)	$	14,762,340

	December 31, 2022
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	13,583,942	$	-	$	(3,589,313	)	$	9,994,629
Fixed income exchange traded funds,		3,711,232				(821,632	)		2,889,600
Mutual funds		716,626		158,635		-			875,261
FHLBNY common stock		74,900		-		-			74,900
Total	$	18,086,700	$	158,635	$	(4,410,945	)	$	13,834,390

Other Investments

The cost and estimated fair value of, and gross unrealized gains on, the Company’s other investments as of December 31, 2023 and 2022 are as follows:

	December 31, 2023						December 31, 2022
			Gross		Estimated				Gross		Estimated
Category	Cost		Gains		Fair Value		Cost		Gains		Fair Value

Other Investments:
Hedge fund	$	1,987,040	$	1,910,110	$	3,897,150	$	1,987,040	$	784,612	$	2,771,652

Held-to-Maturity Securities

The cost or amortized cost and estimated fair value of, and gross unrealized gains and losses on, investments in held-to-maturity fixed-maturity securities as of December 31, 2023 and 2022 are summarized as follows:

	December 31, 2023
													Net
	Cost or		Gross		Gross Unrealized Losses						Estimated		Unrealized
	Amortized		Unrealized		Less than			More than			Fair		Gains/
Category	Cost		Gains		12 Months			12 Months			Value		(Losses)

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,228,860	$	15,045	$	(6,914	)	$	(18,163	)	$	1,218,828	$	(10,032	)

Political subdivisions of States,
Territories and Possessions		499,170		890		-			-			500,060		890

Exchange traded debt		304,111		-		-			(70,111	)		234,000		(70,111	)

Corporate and other bonds
Industrial and miscellaneous		5,020,400		-		-			(867,140	)		4,153,260		(867,140	)
Total	$	7,052,541	$	15,935	$	(6,914	)	$	(955,414	)	$	6,106,148	$	(946,393	)

	December 31, 2022
													Net
	Cost or		Gross		Gross Unrealized Losses						Estimated		Unrealized
	Amortized		Unrealized		Less than			More than			Fair		Gains/
Category	Cost		Gains		12 Months			12 Months			Value		(Losses)

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,228,560	$	28,400	$	(34,077	)	$	-		$	1,222,883	$	(5,677	)

Political subdivisions of States,
Territories and Possessions		498,638		2,092		-			-			500,730		2,092

Exchange traded debt		304,111		-		(29,111	)		-			275,000		(29,111	)

Corporate and other bonds
Industrial and miscellaneous		5,734,831		36,968		(809,746	)		(360,278	)		4,601,775		(1,133,056	)
Total	$	7,766,140	$	67,460	$	(872,934	)	$	(360,278	)	$	6,600,388	$	(1,165,752	)

Held-to-maturity U.S. Treasury securities are held in trust pursuant to various states’ minimum fund requirements.

A summary of the amortized cost and the estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of December 31, 2023 and 2022 is shown below:

	December 31, 2023				December 31, 2022
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	-	$	-	$	708,535	$	743,575
One to five years		1,121,288		1,097,101		1,120,507		1,088,522
Five to ten years		1,414,911		1,270,770		1,402,704		1,200,720
More than 10 years		4,516,342		3,738,277		4,534,394		3,567,571
Total	$	7,052,541	$	6,106,148	$	7,766,140	$	6,600,388

The actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalties.

Investment Income

Major categories of the Company’s net investment income are summarized as follows:

	Years ended
	December 31,
	2023		2022

Income:
Fixed-maturity securities	$	5,352,304	$	4,211,229
Equity securities		707,835		1,058,351
Cash and cash equivalents		255,905		63,683
Total		6,316,044		5,333,263
Expenses:
Investment expenses		307,362		396,485
Net investment income	$	6,008,682	$	4,936,778

Proceeds from the redemption of fixed-maturity securities held-to-maturity were $750,000 and $1,000,000 for the years ended December 31, 2023 and 2022, respectively.

Proceeds from the sale and maturity of fixed-maturity securities available-for-sale were $61,935,658 and $25,606,590 for the years ended December 31, 2023 and 2022, respectively.

Proceeds from the sale of equity securities were $99,917 and $19,379,047 for the years ended December 31, 2023 and 2022, respectively.

The Company’s net gains (losses) on investments for the years ended December 31, 2023 and 2022 are summarized as follows:

	Years ended
	December 31,
	2023			2022
Realized Gains (Losses)

Fixed-maturity securities:
Gross realized gains	$	2,428		$	143,622
Gross realized losses		(21,239	)		(208,955	)
		(18,811	)		(65,333	)

Equity securities:
Gross realized gains		-			1,384,432
Gross realized losses		-			(2,048,395	)
		-			(663,963	)

Other Investments:
Gross realized gains		-			589,233
Gross realized losses		-			-
		-			589,233

Net realized losses		(18,811	)		(140,063	)

Unrealized (Losses) Gains

Equity Securities:
Gross gains		1,027,867			-
Gross losses		-			(6,494,380	)
		1,027,867			(6,494,380	)

Other Investments:
Gross gains		1,125,498			-
Gross losses		-			(2,757,422	)
		1,125,498			(2,757,422	)

Net unrealized gains (losses)		2,153,365			(9,251,802	)

Net gains (losses) on investments	$	2,134,554		$	(9,391,865	)

Allowance for Credit Losses

At December 31, 2023 and 2022, there were 140 and 155 fixed-maturity securities, respectively, that accounted for the gross unrealized losses. The Company determined that none of the unrealized losses were deemed to be credit losses for its portfolio of investments for the years ended December 31, 2023 and 2022. Significant factors influencing the Company’s determination that unrealized losses were temporary included credit quality considerations, the magnitude of the unrealized losses in relation to each security’s cost, the nature of the investment and interest rate environment factors, and management’s intent and ability to hold the investment for a period of time sufficient to allow for an anticipated recovery of estimated fair value to the Company’s cost basis.

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2023 and 2022 as follows:

	December 31, 2023
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$	5,974,440	$	(17,373	)		1	$	-		-			-	$	5,974,440	$	(17,373	)

Political subdivisions of
States, Territories and
Possessions		-		-			-		13,398,552		(3,209,161	)		13		13,398,552		(3,209,161	)

Corporate and other
bonds industrial and
miscellaneous		-		-			-		70,107,746		(5,885,296	)		85		70,107,746		(5,885,296	)

Residential mortgage and
other asset backed securities		88,988		(2,144	)		4		38,675,604		(6,541,731	)		37		38,764,592		(6,543,875	)

Total fixed-maturity
securities	$	6,063,428	$	(19,517	)		5	$	122,181,902	$	(15,636,188	)		135	$	128,245,330	$	(15,655,705	)

	December 31, 2022
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$	18,918,196	$	(6,928	)		3	$	-		-			-	$	18,918,196	$	(6,928	)

Political subdivisions of
States, Territories and
Possessions		7,970,633		(2,195,273	)		9		5,170,753		(1,771,494	)		5		13,141,386		(3,966,767	)

Corporate and other
bonds industrial and
miscellaneous		56,910,104		(5,796,994	)		75		15,172,381		(2,458,985	)		15		72,082,485		(8,255,979	)

Residential mortgage and
other asset backed securities		10,145,880		(882,664	)		22		34,753,178		(7,150,803	)		26		44,899,058		(8,033,467	)

Total fixed-maturity
securities	$	93,944,813	$	(8,881,859	)		109	$	55,096,312	$	(11,381,282	)		46	$	149,041,125	$	(20,263,141	)

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Fair Value Measurements

Note 4 - Fair Value Measurements

Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation technique used by the Company to estimate the fair value of its financial instruments is the market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets.

The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the assets or liabilities fall within different levels of the hierarchy, the classification is based on the lowest level input that is significant to the fair value measurement of the asset or liability. Classification of assets and liabilities within the hierarchy considers the markets in which the assets and liabilities are traded, including during periods of market disruption, and the reliability and transparency of the assumptions used to determine fair value. The hierarchy requires the use of observable market data when available. The levels of the hierarchy and those investments included in each are as follows:

Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities traded in active markets. Included are those investments traded on an active exchange, such as the Nasdaq Global Select Market, U.S. Treasury securities and obligations of U.S. government agencies, together with corporate debt securities that are generally investment grade.

Level 2—Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs. Municipal and corporate bonds, and residential mortgage-backed securities, that are traded in less active markets are classified as Level 2. These securities are valued using market price quotations for recently executed transactions.

Level 3—Inputs to the valuation methodology are unobservable for the asset or liability and are significant to the fair value measurement. Material assumptions and factors considered in pricing investment securities and other assets may include appraisals, projected cash flows, market clearing activity or liquidity circumstances in the security or similar securities that may have occurred since the prior pricing period.

The availability of observable inputs varies and is affected by a wide variety of factors. When the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment. The degree of judgment exercised by management in determining fair value is greatest for investments categorized as Level 3. For investments in this category, the Company considers prices and inputs that are current as of the measurement date. In periods of market dislocation, as characterized by current market conditions, the ability to observe prices and inputs may be reduced for many instruments. This condition could cause a security to be reclassified between levels.

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at December 31, 2023 and 2022 indicating the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	December 31, 2023
	Level 1		Level 2		Level 3		Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$	20,939,190	$	-	$	-	$	20,939,190

Political subdivisions of
States, Territories and
Possessions		-		13,398,552		-		13,398,552

Corporate and other
bonds industrial and
miscellaneous		70,107,746		-		-		70,107,746

Residential mortgage and other asset backed securities		-		44,475,309		-		44,475,309
Total fixed maturities		91,046,936		57,873,861		-		148,920,797
Equity securities		14,762,340		-		-		14,762,340
Total investments	$	105,809,276	$	57,873,861	$	-	$	163,683,137

	December 31, 2022
	Level 1		Level 2		Level 3		Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$	23,869,096	$	-	$	-	$	23,869,096

Political subdivisions of
States, Territories and
Possessions		-		13,141,387		-		13,141,387

Corporate and other
bonds industrial and
miscellaneous		71,585,115		497,370		-		72,082,485

Residential mortgage and other asset backed securities		-		45,622,195		-		45,622,195
Total fixed maturities		95,454,211		59,260,952		-		154,715,163
Equity securities		13,834,390		-		-		13,834,390
Total investments	$	109,288,601	$	59,260,952	$	-	$	168,549,553

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of December 31, 2023 and 2022. The Company measures this investment at fair value on a recurring basis. Fair value using NAV per share is as follows as of the dates indicated:

Category	December 31, 2023		December 31, 2022

Other Investments
Hedge fund	$	3,897,150	$	2,771,652

The hedge fund investment is generally redeemable with at least 45 days prior written notice. The hedge fund investment is accounted for as a limited partnership by the Company. Income is earned based upon the Company’s allocated share of the partnership's changes in unrealized gains and losses to its partners. Such amounts have been recorded in the accompanying consolidated statements of operations and comprehensive loss within net gains (losses) on investments.

The estimated fair value and the level of the fair value hierarchy of the Company’s debt as of December 31, 2023 and 2022, which is not measured at fair value, is as follows:

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2024	$	-	$	17,812,500	$	-	$	17,812,500

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2022	$	-	$	15,829,096	$	-	$	15,829,096

The fair value of debt is estimated based on observable market prices when available. When observable market prices are not available, the fair values of debt are based on observable market prices of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or is estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value of Financial Instruments and Real Estate

12 Months Ended

Dec. 31, 2023

Fair Value of Financial Instruments and Real Estate

Fair Value of Financial Instruments and Real Estate

Note 5 - Fair Value of Financial Instruments and Real Estate

The Company uses the following methods and assumptions in estimating the fair value of financial instruments and real estate:

Equity securities, available-for-sale fixed income securities, and other investments: Fair value disclosures for these investments are included in Note 3 - Investments and Note 4 – Fair Value Measurements.

Cash and cash equivalents: The carrying values of cash and cash equivalents approximate their fair values because of the short-term nature of these instruments.

Premiums receivable and reinsurance receivables: The carrying values reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values due to the short-term nature of the assets.

Real estate: The estimated fair value was based on an appraisal prepared using the sales comparison approach, and accordingly the real estate is a Level 3 asset under the fair value hierarchy.

Reinsurance balances payable: The carrying value reported in the consolidated balance sheets for these financial instruments approximates fair value.

The estimated fair values of the Company’s financial instruments and real estate as of December 31, 2023 and 2022 are as follows:

	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities-held-to maturity, Level 1	$	7,052,541	$	6,106,148	$	7,766,140	$	6,600,388
Cash and cash equivalents, Level 1	$	8,976,998	$	8,976,998	$	11,958,228	$	11,958,228
Premiums receivable, net, Level 1	$	13,604,808	$	13,604,808	$	13,880,504	$	13,880,504
Reinsurance receivables, net, Level 3	$	75,593,912	$	75,593,912	$	66,465,061	$	66,465,061
Real estate, net of accumulated depreciation, Level 3 (1)	$	1,992,529	$	3,540,000	$	2,050,644	$	2,800,000
Reinsurance balances payable, Level 3	$	12,837,140	$	12,837,140	$	13,061,966	$	13,061,966

(1)

Real estate consists of a complex which includes an office building, a house and vacant land located in Kingston, New York. The $740,000 increase in fair value of real estate is due to favorable rezoning of the properties in late 2023.

Intangible Assets

12 Months Ended

Dec. 31, 2023

Intangible Assets

Intangible Assets

Note 6 - Intangible Assets

Intangible assets consist of finite and indefinite life assets. Finite life intangible assets include customer and producer relationships and other identifiable intangibles. KICO’s insurance company license is considered an indefinite life intangible asset subject to annual impairment testing. All identified intangible assets of finite useful life were fully amortized as of December 31, 2023 and 2022.

The components of intangible assets and their useful lives, accumulated amortization, and net carrying value as of December 31, 2023 and 2022 are summarized as follows:

	Useful		Gross				Net
	Life		Carrying		Accumulated		Carrying
	(in yrs)		Value		Amortization		Amount
Insurance license		-	$	500,000	$	-	$	500,000
Customer relationships		10		3,400,000		3,400,000		-
Other identifiable
intangibles		7		950,000		950,000		-
Total			$	4,850,000	$	4,350,000	$	500,000

Intangible asset impairment testing and amortization

The Company performs an analysis annually as of December 31, or sooner if there are indicators that the asset may be impaired, to identify potential impairment of intangible assets and measures the amount of any impairment loss that may need to be recognized. Intangible asset impairment testing requires an evaluation of the estimated fair value of each identified intangible asset to its carrying value. An impairment charge would be recorded if the estimated fair value is less than the carrying amount of the intangible asset. No impairments have been identified for the years ended December 31, 2023 and 2022.

The Company recorded no amortization expense related to intangible assets for the years ended December 31, 2023 and 2022.

Reinsurance

12 Months Ended

Dec. 31, 2023

Reinsurance

Reinsurance

Note 7 - Reinsurance

Effective December 31, 2021, the Company entered into a quota share reinsurance treaty for its personal lines business, which primarily consists of homeowners’ and dwelling fire policies, covering the period from December 31, 2021 through January 1, 2023 (“2021/2023 Treaty”). Upon the expiration of the 2021/2023 Treaty on January 1, 2023, the Company entered into a new 30% quota share reinsurance treaty for its personal lines business, covering the period from January 1, 2023 through January 1, 2024 (“2023/2024 Treaty”). Upon the expiration of the 2023/2024 Treaty on January 1, 2024, the Company entered into a new 27% quota share reinsurance treaty for its personal lines business, covering the period from January 1, 2024 through January 1, 2025 (“2024/2025 Treaty”).

The Company’s excess of loss and catastrophe reinsurance treaties expired on June 30, 2023 and the Company entered into new excess of loss and catastrophe reinsurance treaties effective July 1, 2023. Effective January 1, 2022, the Company entered into an underlying excess of loss reinsurance treaty (“Underlying XOL Treaty”) covering the period from January 1, 2022 through January 1, 2023. The treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Losses from named storms are excluded from the treaty. Effective January 1, 2023, the Underlying XOL Treaty was renewed covering the period from January 1, 2023 through January 1, 2024. Effective January 1, 2024, the Underlying XOL Treaty was renewed covering the period from January 1, 2024 through January 1, 2025. Material terms for reinsurance treaties in effect for the treaty years shown below are as follows:

	Treaty Period
	2024/2025 Treaty						2023/2024 Treaty						2021/2023 Treaty
	July 1,			January 1,			July 1,			January 1,			July 1,			December 31,
	2024			2024			2023			2023			2022			2021
	to			to			to			to			to			to
	January 1,			June 30,			January 1,			June 30,			January 1,			June 30,
Line of Business	2025			2024			2024			2023			2023			2022

Personal Lines:
Homeowners, dwelling fire and canine legal liability
Quota share treaty:
Percent ceded (7)		27	%		27	%		30	%		30	%		30	%		30	%
Risk retained on intial
$1,000,000 of losses (5) (6) (7)	$	730,000		$	730,000		$	700,000		$	700,000		$	700,000		$	700,000
Losses per occurrence
subject to quota share
reinsurance coverage	$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000
Expiration date	January 1, 2025			January 1, 2025			January 1, 2024			January 1, 2024			January 1, 2023			January 1, 2023
Excess of loss coverage and
facultative facility
coverage (1) (5) (6)	$	400,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000
	in excess of			in excess of			in excess of			in excess of			in excess of			in excess of
	$	600,000		$	600,000		$	600,000		$	600,000		$	600,000		$	600,000
Total reinsurance coverage
per occurrence (5) (6)	$	470,000		$	8,470,000		$	8,500,000		$	8,500,000		$	8,500,000		$	8,500,000
Losses per occurrence
subject to reinsurance
coverage (6)	$	1,000,000		$	8,000,000		$	8,000,000		$	8,000,000		$	9,000,000		$	9,000,000
Expiration date		(6	)	June 30, 2024			June 30, 2024			June 30, 2023			June 30, 2023			June 30, 2022

Catastrophe Reinsurance:
Initial loss subject to personal
lines quota share treaty (6)	$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000
Risk retained per catastrophe
occurrence (7) (8)		(6	)	$	9,500,000		$	8,750,000		$	8,750,000		$	7,400,000		$	7,400,000
Catastrophe loss coverage
in excess of quota share
coverage (2)		(6	)	$	315,000,000		$	315,000,000		$	335,000,000		$	335,000,000		$	490,000,000

Reinstatement premium
protection (3) (4)		(6	)	Yes			Yes			Yes			Yes			Yes

	(1)	For personal lines, includes the addition of an automatic facultative facility allowing KICO to obtain homeowners single risk coverage up to $9,000,000 in total insured value, which covers direct losses from $3,500,000 to $9,000,000 through June 30, 2024.

	(2)	Catastrophe coverage is limited on an annual basis to two times the per occurrence amounts. Duration of 168 consecutive hours for a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone.

	(3)	For the period December 31, 2021 through June 30, 2022, reinstatement premium protection for $70,000,000 of catastrophe coverage in excess of $10,000,000.

	(4)	For the period July 1, 2022 through June 30, 2023, reinstatement premium protection for $9,800,000 of catastrophe coverage in excess of $10,000,000. For the period July 1, 2023 through June 30, 2024 (expiration date of the catastrophe reinsurance treaty), reinstatement premium protection for $12,500,000 of catastrophe coverage in excess of $10,000,000.

	(5)	For the period January 1, 2022 through January 1, 2025, underlying excess of loss treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Excludes losses from named storms. Reduces retention to $500,000 from $700,000 under the 2021/2023 Treaty and 2023/2024 Treaty. Reduces retention to $530,000 from $730,000 under the 2024/2025 Treaty.

	(6)	Excess of loss coverage and facultative facility and catastrophe reinsurance treaties will expire on June 30,2024, with none of these coverages to be in effect during the period from July 1 2024 through January 1, 2025. If and when these treaties are renewed on July 1, 2024, the excess of loss and facultative facility, and the catastrophe reinsurance treaty, will be as provided for therein. Reinsurance coverage in effect from July 1, 2024 through January 1, 2025 is currently only covered under the 2024/2025 Treaty and underlying excess of loss reinsurance treaty. The 2024/2025 Treaty and underlying excess of loss reinsurance treaty will expire on January 1, 2025.

	(7)	For the 2021/2023 Treaty, 4% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2023/2024 Treaty, 17.5% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2024/2025 Treaty, 22% of the 27% total of losses ceded under this treaty are excluded from a named catastrophe event.

	(8)	Plus losses in excess of catastrophe coverage

	Treaty Year
	July 1, 2023			July 1, 2022			July 1, 2021
	to			to			to
Line of Business	June 30, 2024			June 30, 2023			June 30, 2022

Personal Lines:
Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage		90	%		90	%		90	%
Percent ceded - excess of $1,000,000 dollars of coverage		95	%		95	%		95	%
Risk retained	$	300,000		$	300,000		$	300,000
Total reinsurance coverage per occurrence	$	4,700,000		$	4,700,000		$	4,700,000
Losses per occurrence subject to quota share reinsurance coverage	$	5,000,000		$	5,000,000		$	5,000,000
Expiration date	June 30, 2024			June 30, 2023			June 30, 2022

Commercial Lines (1)

(1)

Coverage on all commercial lines policies expired in September 2020; reinsurance coverage is based on treaties in effect on the date of loss.

The Company’s reinsurance program has been structured to enable the Company to grow its premium volume while maintaining regulatory capital and other financial ratios generally within or below the expected ranges used for regulatory oversight purposes. The reinsurance program also provides income as a result of ceding commissions earned pursuant to the quota share reinsurance contracts. The Company’s participation in reinsurance arrangements does not relieve the Company of its obligations to policyholders.

Approximate reinsurance recoverables on unpaid and paid losses by reinsurer at December 31, 2023 and 2022 are as follows:

	Unpaid		Paid
($ in thousands)	Losses		Losses			Total		Security
December 31, 2023
Swiss Reinsurance America Corporation		11,027		6,560			17,587		-
Hannover Rueck SE		8,753		(92	)		8,661		-
Allied World Insurance Company		4,724		2,190			6,914		4	(1)
Ace Property and Casualty Insurance Company		3,205		1,840			5,045		-
Lancashire Insurance Company Limited		3,203		1,583			4,786		-
Others		2,377		3,296			5,673		2,662	(2)
Total	$	33,289	$	15,377		$	48,666	$	2,666

December 31, 2022
Swiss Reinsurance America Corporation		9,469		4,823		$	14,292	$	-
Hanover Rueck SE		8,681		2,698			11,379		-
Others		9,510		6,067			15,577		2,399	(3)
Total	$	27,660	$	13,588		$	41,248	$	2,399

(1) As of December 31, 2023, represents $4,000 guaranteed by irrevocable letters of credit.

(2) As of December 31, 2023, represents $2,236,000 secured pursuant to collateralized trust agreement and $426,000 guaranteed by irrevocable letters of credit.

(3) As of December 31, 2022, represents $1,918,000 secured pursuant to collateralized trust agreement and $481,000 guaranteed by irrevocable letters of credit.

Assets held in the trusts referred to in footnotes (2) and (3) in the table above are not included in the Company’s invested assets, and investment income earned on these assets is credited to the reinsurers respectively. In addition to reinsurance recoverables on unpaid and paid losses, reinsurance receivables in the accompanying consolidated balance sheets as of December 31, 2023 and 2022 include unearned ceded premiums of approximately $26,928,000 and $25,217,000, respectively.

Ceding Commission Revenue

The Company earned ceding commission revenue under the 2023/2024 Treaty for the year ended December 31, 2023, and under the 2021/2023 Treaty for the year ended December 31, 2022, based on a fixed provisional commission rate at which provisional ceding commissions are earned. The Company earned ceding commission revenue under its quota share reinsurance agreements that expired prior to the 2021/2023 Treaty based on: (i) a fixed provisional commission rate at which provisional ceding commissions were earned, and (ii) under certain of the quota share reinsurance agreements, a continuing sliding scale of commission rates and ultimate treaty year loss ratios on the policies reinsured under each of these agreements based upon which contingent ceding commissions are earned. The sliding scale includes minimum and maximum commission rates in relation to specified ultimate loss ratios. The commission rate and contingent ceding commissions earned increase when the estimated ultimate loss ratio decreases and, conversely, the commission rate and contingent ceding commissions earned decrease when the estimated ultimate loss ratio increases.

Ceding commission revenue consists of the following:

	Year ended
	December 31,
	2023		2022

Provisional ceding commissions earned	$	20,397,454	$	19,105,779
Contingent ceding commissions earned		656,040		213,612
	$	21,053,494	$	19,319,391

Provisional ceding commissions are settled monthly. Balances due from reinsurers for contingent ceding commissions on quota share treaties are settled periodically based on the Loss Ratio of each treaty year that ends on June 30, for the expired treaties that were subject to contingent commissions. As discussed above, the Loss Ratios from prior years’ treaties are subject to change as incurred losses from those periods develop, resulting in an increase or decrease in the commission rate and contingent ceding commissions earned. As of December 31, 2023 and 2022, net contingent ceding commissions payable to reinsurers under all treaties was approximately $3,302,000 and $2,667,000, respectively, which is recorded in reinsurance balances payable on the accompanying consolidated balance sheets.

Expected Credit Losses – Uncollectible Reinsurance

The Company reviews reinsurance receivables which relate to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The Company has not recorded an allowance for uncollectible reinsurance as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. Changes in the allowance are presented as a component of other underwriting expenses on the condensed consolidated statements of operations and comprehensive loss.

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue

12 Months Ended

Dec. 31, 2023

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue

Note 8 - Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue

Deferred policy acquisition costs incurred and policy-related ceding commission revenue are deferred and amortized to income on property and casualty insurance business as follows:

	Years ended
	December 31,
	2023			2022

Net deferred policy acquisition costs, net of deferred ceding
commission revenue, beginning of year	$	13,199,884		$	12,490,479

Cost incurred and deferred:
Commissions and brokerage		29,926,493			36,354,386
Other underwriting and policy acquisition costs		8,866,395			9,154,706
Ceding commission revenue		(7,209,248	)		(7,236,720	)
Net deferred policy acquisition costs		31,583,640			38,272,372
Amortization		(34,441,825	)		(37,562,967	)
		(2,858,185	)		709,405

Net deferred policy acquisition costs, net of deferred ceding
commission revenue, end of year	$	10,341,699		$	13,199,884

Deferred policy acquisition costs and deferred ceding commission revenue as of December 31, 2023 and 2022 are as follows:

	December 31,
	2023			2022

Deferred policy acquisition costs	$	19,802,564		$	23,819,453
Deferred ceding commission revenue		(9,460,865	)		(10,619,569	)
Balance at end of period	$	10,341,699		$	13,199,884

Debt

12 Months Ended

Dec. 31, 2023

Debt

Debt

Note 9 – Debt

Federal Home Loan Bank

In July 2017, KICO became a member of, and invested in, the FHLBNY. KICO is required to maintain an investment in capital stock of FHLBNY. Based on redemption provisions of FHLBNY, the stock has no quoted market value and is carried at cost. At its discretion, FHLBNY may declare dividends on the stock. Management reviews for impairment based on the ultimate recoverability of the cost basis in the stock. At December 31, 2023 and 2022, no impairment has been recognized. FHLBNY members have access to a variety of flexible, low cost funding through FHLBNY’s credit products, enabling members to customize advances, which are to be fully collateralized. Eligible collateral to pledge to FHLBNY includes residential and commercial mortgage-backed securities, along with U.S. Treasury and agency securities. See Note 3 – Investments for eligible collateral held in a designated custodian account available for future advances. Advances are limited to 5% of KICO’s net admitted assets as of the previous quarter. On July 6, 2023, A.M. Best withdrew KICO’s ratings as KICO requested to no longer participate in A.M. Best’s interactive rating process. As a result of the withdrawal of A.M. Best ratings, KICO is currently only able to borrow on an overnight basis. If KICO has collateral, based on KICO’s net admitted assets, the maximum allowable advance as of December 31, 2023 and 2022 was approximately $12,813,000 and $13,192,000, respectively. Available collateral as of December 31, 2023 and 2022 was approximately $11,412,000 and $12,228,000, respectively. Advances are limited to 85% of the amount of available collateral. There were no borrowings under this facility during the years ended December 31, 2023 and 2022.

Debt

Debt as of December 31, 2023 and 2022 consists of the following:

	December 31,
	2023		2022

2022 Notes, net	$	18,426,247	$	17,252,868
Equipment financing		6,817,283		7,905,655
Balance at end of period	$	25,243,530	$	25,158,523

Note and Warrant Exchange

On December 9, 2022, the Company entered into a Note and Warrant Exchange Agreement (the “Exchange Agreement”) with several holders (the “Exchanging Noteholders”) of the Company’s outstanding 5.50% Senior Notes due 2022 (the “2017 Notes”). On the date of the Exchange Agreement, the Exchanging Noteholders held 2017 Notes in the aggregate principal amount of $21,545,000 of the $30,000,000 aggregate principal amount of the 2017 Notes then outstanding. Pursuant to the Exchange Agreement, on December 15, 2022, the Exchanging Noteholders exchanged their respective 2017 Notes for the following: (i) new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000 (the “2022 Notes”); (ii) cash in the aggregate approximate amount of $1,595,000, together with accrued interest on the 2017 Notes; and (iii) three-year warrants for the purchase of an aggregate of 969,525 shares of Common Stock of the Company, exercisable at an exercise price of $1.00 per share (the “Warrants”). The remaining $8,455,000 principal amount of the 2017 Notes, together with accrued interest thereon, was paid on the maturity date of the 2017 Notes of December 30, 2022.

2022 Notes

On December 15, 2022, the Company issued $19,950,000 of its 2022 Notes pursuant to the Exchange Agreement. Interest is payable semi-annually in arrears on June 30 and December 30 of each year, which commenced on June 30, 2023 at the rate of 12.0% per annum. Warrants were issued with a fair value of $993,200 (see Note 12 – Stockholders’ Equity) and transaction costs were $1,758,112, for an effective yield of 13.92% per annum. The balance of the 2022 Notes as of December 31, 2023 and 2022 is as follows:

	December 31,			December 31,
	2023			2022

12.0% Senior Unsecured Notes	$	19,950,000		$	19,950,000
Warrants		(653,123	)		(979,684	)
Issuance costs		(870,630	)		(1,717,448	)
2022 Notes, net	$	18,426,247		$	17,252,868

The Exchange Agreement provided for a mandatory redemption of the 2022 Notes on December 30, 2023, in an amount such that the aggregate principal amount of the 2022 Notes to be redeemed plus accrued and unpaid interest thereon was to be equal to the amount by which the maximum Ordinary Dividend Paying Capacity of KICO (as defined below) measured as of December 15, 2023 exceeded the Company’s Holding Company Expenses (as defined below) for the calendar year ended December 31, 2023. “Ordinary Dividend Paying Capacity” means the sum, as measured on December 15, 2023, of (i) the maximum allowable amount of dividends that KICO is permitted to pay without seeking any regulatory approval in accordance with New York insurance regulations based on its statutory annual and quarterly financial statements filed with the National Association of Insurance Commissioners as of and for the thirty-six (36) month period ended September 30, 2023 plus (ii) any dividends paid by KICO to the Company during the period beginning January 1, 2023 and ending September 30, 2023. “Holding Company Expenses” means the sum of (i) cash interest expense paid during the calendar year ended December 31, 2023 on the 2022 Notes, intercompany loans and any other indebtedness of the holding company on a stand-alone basis and (ii) other cash operating expenses, including taxes, paid by the holding company during the calendar year ended December 31, 2023. The amount of other operating expenses paid in cash in the preceding clause (ii) shall not exceed $2.5 million. Holding Company Expenses was determined based on the actual Holding Company Expenses for the nine months ending September 30, 2023, and an estimate of Holding Company Expenses for the three months ending December 30, 2023. The Ordinary Dividend Paying Capacity of KICO as defined above was zero and, accordingly, the Company was not required to make a mandatory redemption of the 2022 Notes on December 30, 2023.

The 2022 Notes are unsecured obligations of the Company and are not the obligations of or guaranteed by any of the Company’s subsidiaries. The 2022 Notes rank senior in right of payment to any of the Company’s existing and future indebtedness that is by its terms expressly subordinated or junior in right of payment to the 2022 Notes. The Notes rank equally in right of payment to all of the Company’s existing and future senior indebtedness, but are effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such secured indebtedness. In addition, the 2022 Notes are structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries.

The 2022 Notes will be redeemable, at the Company’s option, in whole or in part, at any time or in part from time to time, on and after December 30, 2022, upon not less than fifteen (15) nor more than sixty (60) days’ notice, at the following redemption prices (“Redemption Prices” ) (expressed as percentages of the principal amount thereof) if redeemed during the respective period set forth below, plus, in each case, accrued and unpaid interest, if any, to the date of redemption (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date):

Period:	Percentage

December 30, 2022 to December 29, 2023		102.00	%
December 30, 2023 to September 29, 2024		101.00	%
September 30, 2024 to December 29, 2024		100.00	%

Due to the Redemption Prices, management intends to retire the 2022 Notes after September 29, 2024 and before the scheduled maturity date of December 30, 2024. Management plans to refinance the 2022 Notes with a new issue of equity securities and/or debt of similar or longer maturity that would result in net proceeds equal to or greater than the principal amount of the current issue. In connection therewith, the Company will be utilizing investment bankers to serve as placement agents for proposed offerings by the Company of its securities (including debt, equity and/or preferred securities). The offerings would be of such size as to generate proceeds to the Company of no less than $19,500,000. The Company, subject to regulatory approval, may receive distributions paid to it by KICO, its insurance subsidiary, that could be utilized to repay the 2022 Notes. Further, the Company may also use available invested assets and cash to repay the 2022 Notes. As of December 31, 2023, invested assets and cash was approximately $2,042,000.

As of the end of each calendar quarter, commencing with the calendar quarter ending December 31, 2022, the Company is subject to a leverage maintenance test (“Leverage Maintenance Test”), which requires that the Total Consolidated Indebtedness (as defined below) of the Company not be greater than 30% of Total Consolidated Capitalization (as defined below). As of December 31, 2023 and 2022, the ratio as defined under the Leverage Maintenance Test was 29.9% and 26.7%, respectively. As of September 30, 2023, the ratio as defined under the Leverage Maintenance Test was 31.4%. On November 7, 2023, a majority of the holders of the outstanding 2022 Notes (on behalf of all holders of the 2022 Notes) agreed to a waiver regarding the satisfaction of the Leverage Maintenance Test as of September 30, 2023. “Total Consolidated Indebtedness” is the aggregate principal amount (or accreted value in the case of any Indebtedness issued with more than de minimis original issue discount) of all outstanding long-term of the Company except for the sale leaseback transaction described below under “Equipment Financing”, any refinancing or any future sale leaseback transaction. “Total Consolidated Capitalization” is the amount equal to the sum of (x) Total Consolidated Indebtedness outstanding as of such date and (y) the total consolidated shareholders’ equity of the Company, excluding accumulated other comprehensive (loss) income, as recorded on the Company’s consolidated balance sheet.

Equipment Financing

On October 27, 2022, KICO entered into a sale leaseback transaction, whereby KICO sold $8,096,824 of fixed assets to a bank. Under GAAP, the sale leaseback transaction is recorded as equipment financing (“Financing”). The provisions of the Financing require KICO to pay a monthly payment of principal and interest at the rate of 5.86% per annum totaling $126,877 for a term of 60 months, which commenced on October 27, 2022. The terms of the Financing provide buyout options to KICO at the end of the 60 month term, which are as follows:

	·	At the end of the lease, KICO may purchase the fixed assets for a purchase price of $2,024,206, which is 25% of the original fixed asset cost of $8,096,824; or

	·	KICO may renew the lease for 16 months at the same rental rate, which totals $2,030,036.

A provision of the Financing requires KICO to pledge collateral for the lease obligation. As of December 31, 2023 and 2022, the amount of required collateral was approximately $6,999,000 and $8,691,000, respectively. As of December 31, 2023 and 2022, the fair value of KICO’s pledged collateral was approximately $11,960,000 and $8,691,000, respectively, in United States Treasury securities.

Future contractual payment obligations under the Financing as of December 31, 2023 are as follows:

For the Year
Ending
December 31,	Total
2024		1,153,862
2025		1,223,293
2026		1,296,901
2027		1,119,021
		4,793,077
2027 purchase price		2,024,206
Total	$	6,817,283

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property and Equipment

Property and Equipment

Note 10 - Property and Equipment

The components of property and equipment are summarized as follows:

			Accumulated
	Cost		Depreciation			Net

December 31, 2023
Building	$	2,344,188	$	(1,004,096	)	$	1,340,092
Land		652,437		-			652,437
Furniture and office equipment		828,011		(828,011	)		0
Leasehold improvements		-		-			-
Computer equipment and software		25,022,986		(17,641,982	)		7,381,004
Automobile		134,034		(111,871	)		22,163
Total	$	28,981,656	$	(19,585,959	)	$	9,395,697

December 31, 2022
Building	$	2,344,188	$	(945,981	)	$	1,398,207
Land		652,437		-			652,437
Furniture and office equipment		828,011		(828,011	)		-
Leasehold improvements		-		-			-
Computer equipment and software		23,195,784		(14,738,212	)		8,457,572
Automobile		134,034		(100,315	)		33,719
Total	$	27,154,454	$	(16,612,519	)	$	10,541,935

Depreciation expense for the years ended December 31, 2023 and 2022 was $2,973,440 and $3,300,445, respectively.

Property and Casualty Insurance Activity

12 Months Ended

Dec. 31, 2023

Property and Casualty Insurance Activity

Property and Casualty Insurance Activity

Note 11 - Property and Casualty Insurance Activity

Premiums written, ceded and earned are as follows:

	Direct			Assumed		Ceded			Net

Year ended December 31, 2023
Premiums written	$	200,174,502		$	-	$	(106,563,985	)	$	93,610,517
Change in unearned premiums		1,871,239			-		18,902,507			20,773,746
Premiums earned	$	202,045,741		$	-	$	(87,661,478	)	$	114,384,263

Year ended December 31, 2022
Premiums written	$	201,254,837		$	-	$	(79,195,016	)	$	122,059,821
Change in unearned premiums		(9,733,170	)		-		2,057,880			(7,675,290	)
Premiums earned	$	191,521,667		$	-	$	(77,137,136	)	$	114,384,531

Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as of December 31, 2023 and 2022 was $3,797,590 and $2,839,028, respectively.

The components of the liability for loss and LAE expenses and related reinsurance receivables as of December 31, 2023 and 2022 are as follows:

	Gross		Reinsurance
	Liability		Receivables

December 31, 2023
Case-basis reserves	$	67,108,131	$	19,537,988
Loss adjustment expenses		17,448,218		3,085,429
IBNR reserves		37,261,513		10,665,233
Recoverable on unpaid losses				33,288,650
Recoverable on paid losses		-		15,376,899
Total loss and loss adjustment expenses	$	121,817,862		48,665,549
Unearned premiums				26,928,363
Receivables - reinsurance contracts				-
Total reinsurance receivables			$	75,593,912

December 31, 2022
Case-basis reserves	$	62,745,588	$	16,618,887
Loss adjustment expenses		16,847,618		2,364,053
IBNR reserves		38,746,307		8,676,560
Recoverable on unpaid losses				27,659,500
Recoverable on paid losses		-		13,588,981
Total loss and loss adjustment expenses	$	118,339,513		41,248,481
Unearned premiums				25,216,580
Receivables - reinsurance contracts				-
Total reinsurance receivables			$	66,465,061

The following table provides a reconciliation of the beginning and ending balances for unpaid losses and LAE:

	Years ended
	December 31,
	2023			2022

Balance at beginning of period	$	118,339,513		$	94,948,745
Less reinsurance recoverables		(27,659,500	)		(10,637,679	)
Net balance, beginning of period		90,680,013			84,311,066

Incurred related to:
Current year		82,856,483			85,690,180
Prior years		(7,273	)		2,699,862
Total incurred		82,849,210			88,390,042

Paid related to:
Current year		49,146,173			49,602,585
Prior years		35,853,838			32,418,510
Total paid		85,000,011			82,021,095

Net balance at end of period		88,529,212			90,680,013
Add reinsurance recoverables		33,288,650			27,659,500
Balance at end of period	$	121,817,862		$	118,339,513

Incurred losses and LAE are net of reinsurance recoveries under reinsurance contracts of $41,091,205 and $39,658,365 for the years ended December 31, 2023 and 2022, respectively.

Prior year incurred loss and LAE development is based upon estimates by line of business and accident year. Prior year loss and LAE development incurred during the years ended December 31, 2023 and 2022 was $7,273 favorable and $2,699,862 unfavorable, respectively.

Loss and LAE reserves

The reserving process for loss and LAE reserves provides for the Company’s best estimate at a particular point in time of the ultimate unpaid cost of all losses and LAE incurred, including settlement and administration of losses, and is based on facts and circumstances then known including losses that have occurred but that have not yet been reported. The process relies on standard actuarial reserving methodologies, judgments relative to estimates of ultimate claim severity and frequency, the length of time before losses will develop to their ultimate level (‘tail’ factors), and the likelihood of changes in the law or other external factors that are beyond the Company’s control. Several actuarial reserving methodologies are used to estimate required loss reserves. The process produces carried reserves set by management based upon the actuaries’ best estimate and is the cumulative combination of the best estimates made by line of business, accident year, and loss and LAE. The amount of loss and LAE reserves for individual reported claims (the “case reserve”) is determined by the claims department and changes over time as new information is gathered. Such information is critical to the review of appropriate IBNR reserves and includes a review of coverage applicability, comparative liability on the part of the insured, injury severity, property damage, replacement cost estimates, and any other information considered pertinent to estimating the exposure presented by the claim. The amounts of loss and LAE reserves for unreported claims and development on known claims (IBNR reserves) are determined using historical information aggregated by line of insurance as adjusted to current conditions. Since this process produces loss reserves set by management based upon the actuaries’ best estimate, there is no explicit or implicit provision for uncertainty in the carried loss reserves.

Due to the inherent uncertainty associated with the reserving process, the ultimate liability may differ, perhaps substantially, from the original estimate. Such estimates are regularly reviewed and updated and any resulting adjustments are included in the current period’s results. Reserves are closely monitored and are recomputed periodically using the most recent information on reported claims and a variety of statistical techniques. On at least a quarterly basis, the Company reviews by line of business existing reserves, new claims, changes to existing case reserves, and paid losses with respect to the current and prior periods. Several methods are used, varying by line of business and accident year, in order to select the estimated period-end loss reserves. These methods include the following:

Paid Loss Development – historical patterns of paid loss development are used to project future paid loss emergence in order to estimate required reserves.

Incurred Loss Development – historical patterns of incurred loss development, reflecting both paid losses and changes in case reserves, are used to project future incurred loss emergence in order to estimate required reserves.

Paid Bornhuetter-Ferguson (“BF”) – an estimated loss ratio for a particular accident year is determined, and is weighted against the portion of the accident year claims that have been paid, based on historical paid loss development patterns. The estimate of required reserves assumes that the remaining unpaid portion of a particular accident year will pay out at a rate consistent with the estimated loss ratio for that year. This method can be useful for situations where an unusually high or low amount of paid losses exists at the early stages of the claims development process.

Incurred Bornhuetter-Ferguson (“BF”) - an estimated loss ratio for a particular accident year is determined, and is weighted against the portion of the accident year claims that have been reported, based on historical incurred loss development patterns. The estimate of required reserves assumes that the remaining unreported portion of a particular accident year will pay out at a rate consistent with the estimated loss ratio for that year. This method can be useful for situations where an unusually high or low amount of reported losses exists at the early stages of the claims development process.

Incremental Claim-Based Methods – historical patterns of incremental incurred losses and paid LAE during various stages of development are reviewed and assumptions are made regarding average loss and LAE development applied to remaining claims inventory. Such methods more properly reflect changes in the speed of claims closure and the relative adequacy of case reserve levels at various stages of development. These methods may provide a more accurate estimate of IBNR for lines of business with relatively few remaining open claims but for which significant recent settlement activity has occurred.

Frequency / Severity Based Methods – historical measurements of claim frequency and average paid claim size (severity) are reviewed for more mature accident years where a majority of claims have been reported and/or closed. These historical averages are trended forward to more recent periods in order to estimate ultimate losses for newer accident years that are not yet fully developed. These methods are useful for lines of business with slow and/or volatile loss development patterns, such as liability lines where information pertaining to individual cases may not be completely known for many years. The claim frequency and severity information for older periods can then be used as reasonable measures for developing a range of estimates for more recent immature periods.

Management’s best estimate of required reserves is generally based on an average of the methods above, with appropriate weighting of methods based on the line of business and accident year being projected. In some cases, additional methods or historical data from industry sources are employed to supplement the projections derived from the methods listed above.

Three key assumptions that materially affect the estimate of loss reserves are the loss ratio estimate for the current accident year used in the BF methods, the loss development factor selections used in the loss development methods, and the loss severity assumptions used in the frequency / severity method described above. The loss ratio estimates used in the BF methods are selected after reviewing historical accident year loss ratios adjusted for rate changes, trend, and mix of business. The severity assumptions used in the frequency / severity method are determined by reviewing historical average claim severity for older more mature accident periods, trended forward to less mature accident periods.

The Company reviews the carried reserves levels on a regular basis as additional information becomes available and makes adjustments in the periods in which such adjustments are determined to be necessary. The Company is not aware of any claim trends that have emerged or that would cause future adverse development that have not already been contemplated in setting current carried reserves levels.

In New York State, lawsuits for negligence are subject to certain limitations and must be commenced within three years from the date of the accident or are otherwise barred. Accordingly, the Company’s exposure to unreported claims (“pure” IBNR) for accident dates of December 31, 2020 and prior is limited, although there remains the possibility of adverse development on reported claims (“case development” IBNR). In certain rare circumstances states have retroactively revised a statute of limitations. The Company is not aware of any such effort that would have a material impact on the Company’s results.

The following is information about incurred and paid claims development as of December 31, 2023, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of December 31, 2023 included in the net incurred loss and allocated expense amounts. The historical information regarding incurred and paid claims development for the years ended December 31, 2014 to December 31, 2022 is presented as supplementary unaudited information.

All Lines of Business
*(in thousands, except reported claims data)*
																					As of
	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				December 31, 2023
	For the Years Ended December 31,																						Cumulative Number of Reported Claims by
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		IBNR		Accident Year
	(Unaudited 2014 - 2022)

2014	$	14,193	$	14,260	$	14,218	$	14,564	$	15,023	$	16,381	$	16,428	$	16,434	$	16,486	$	16,472	$	-		2,138
2015				22,340		21,994		22,148		22,491		23,386		23,291		23,528		23,533		23,428		274		2,559
2016						26,062		24,941		24,789		27,887		27,966		27,417		27,352		27,271		90		2,881
2017								31,605		32,169		35,304		36,160		36,532		36,502		36,819		319		3,400
2018										54,455		56,351		58,441		59,404		61,237		61,145		598		4,234
2019												75,092		72,368		71,544		71,964		73,310		1,182		4,503
2020														63,083		62,833		63,217		63,562		1,310		5,886
2021																96,425		96,673		96,134		3,598		5,813
2022																		79,835		78,759		6,332		4,683
2023																				78,978		18,994		3,881
																	Total		$	555,877

All Lines of Business
*(in thousands)*
	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Unaudited 2014 - 2022)

2014	$	5,710	$	9,429	$	10,738	$	11,770	$	13,819	$	14,901	$	15,491	$	15,770	$	16,120	$	16,136
2015				12,295		16,181		18,266		19,984		21,067		22,104		22,318		22,473		22,519
2016						15,364		19,001		21,106		23,974		25,234		25,750		26,382		26,854
2017								16,704		24,820		28,693		31,393		32,529		33,522		34,683
2018										32,383		44,516		50,553		52,025		54,424		56,199
2019												40,933		54,897		58,055		60,374		63,932
2020														39,045		50,719		53,432		56,523
2021																56,282		77,756		82,317
2022																		45,856		65,732
2023																				46,280
																	Total		$	471,174

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	84,703
All outstanding liabilities before 2014, net of reinsurance																				170
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	84,872

(Components may not sum to totals due to rounding)

Reported claim counts are measured on an occurrence or per event basis. A single claim occurrence could result in more than one loss type or claimant; however, the Company counts claims at the occurrence level as a single claim regardless of the number of claimants or claim features involved.

The reconciliation of the net incurred and paid claims development tables to the liability for loss and LAE reserves in the consolidated balance sheet is as follows:

Reconciliation of the Disclosure of Incurred and Paid Loss Development
to the Liability for Loss and LAE Reserves

	As of
*(in thousands)*	December 31, 2023
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	84,872
Total reinsurance recoverable on unpaid losses		33,289
Unallocated loss adjustment expenses		3,657
Total gross liability for loss and LAE reserves	$	121,818

(Components may not sum to totals due to rounding)

The following is supplementary unaudited information about average historical claims duration as of December 31, 2023:

Average Annual Percentage Payout of Incurred Loss and Allocated Loss Adjustment Expenses by Age, Net of Reinsurance
Years	1		2		3		4		5		6		7		8		9		10
All Lines of Business	53.4	%	19.9	%	7.3	%	6.0	%	5.6	%	3.7	%	2.5	%	1.4	%	1.2	%	0.1	%

The percentages in the above table do not add up to 100 because the percentages represent averages across all accident years at each development stage.

Stockholders Equity

12 Months Ended

Dec. 31, 2023

Stockholders Equity

Stockholders' Equity

Note 12 – Stockholders’ Equity

Dividends Declared

Dividends declared and paid on Common Stock were $-0- and $1,277,066 for the years ended December 31, 2023 and 2022, respectively. On November 11, 2022, the Company’s Board of Directors determined to suspend regular quarterly dividends. Future dividend policy will be subject to the discretion of the Company’s Board of Directors.

2014 Equity Participation Plan

Effective August 12, 2014, the Company adopted the 2014 Equity Participation Plan (the “2014 Plan”) pursuant to which a maximum of 700,000 shares of Common Stock of the Company were initially authorized to be issued pursuant to the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and stock bonuses. Incentive stock options granted under the 2014 Plan expire no later than ten years from the date of grant (except no later than five years for a grant to a 10% stockholder). Non-statutory stock options granted under the 2014 Plan expire no later than ten years from the date of grant. The Board of Directors or the Compensation Committee determines the vesting provisions for stock awards granted under the 2014 Plan, subject to the provisions of the 2014 Plan. On August 5, 2020, the Company’s stockholders approved amendments to the 2014 Plan, including an increase in the maximum number of shares of Common Stock of the Company that are authorized to be issued pursuant to the 2014 Plan to 1,400,000. On August 9, 2023, the Company’s stockholders approved an amendment to the 2014 Plan to increase the maximum number of shares of Common Stock of the Company that are authorized to be issued pursuant to the 2014 Plan to 1,900,000. The 2014 Plan terminates on August 12, 2024 and no further awards may be granted under the 2014 Plan after such date.

As of December 31, 2023, there were 584,596 shares reserved for grants under the 2014 Plan.

Stock Options

The results of operations for the years ended December 31, 2023 and 2022 include stock-based compensation expense for stock options totaling approximately $-0- and $9,000, respectively. Stock-based compensation expense related to stock options for the year ended December 31, 2022 is net of estimated forfeitures of approximately 18%. Such amounts have been included in the consolidated statements of operations and comprehensive loss within other operating expenses.

No options were granted during the years ended December 31, 2023 and 2022. The fair value of stock options at the grant date are estimated using the Black-Scholes option-pricing model. The Black-Scholes option - pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company’s stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s stock options.

A summary of stock option activity under the Company’s 2014 Plan for the year ended December 31, 2023 is as follows:

Stock Options	Number of Shares		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value

Outstanding at January 1, 2023		107,201	$	8.31		1.92	$	-

Granted		-	$	-		-	$	-
Exercised		-	$	-		-	$	-
Expired/Forfeited		-	$	-		-	$	-

Outstanding at December 31, 2023		107,201	$	8.31		0.94	$	-

Vested and Exercisable at December 31, 2023		107,201	$	8.31		0.94	$	-

The aggregate intrinsic value of options outstanding and options exercisable at December 31, 2023 is calculated as the difference between the exercise price of the underlying options and the market price of the Company’s Common Stock for the options that had exercise prices that were lower than the $2.13 closing price of the Company’s Common Stock on December 31, 2023. No options were exercised, forfeited or expired during the year ended December 31, 2023. The total intrinsic value of options when forfeited are determined as of the date of forfeiture. The total intrinsic value of options when expired are determined as of the date of expiration.

Participants in the 2014 Plan may exercise their outstanding vested options, in whole or in part, by having the Company reduce the number of shares otherwise issuable by a number of shares having a fair market value equal to the exercise price of the option being exercised, or by exchanging a number of shares owned for a period of greater than one year having a fair market value equal to the exercise price of the option being exercised.

As of December 31, 2023, there were no unvested options.

Restricted Stock Awards

A summary of the restricted Common Stock activity under the Company’s 2014 Plan for the year ended December 31, 2023 is as follows:

Restricted Stock Awards	Shares			Weighted Average Grant Date Fair Value per Share		Aggregate Fair Value

Balance at January 1, 2023		366,597		$	6.97	$	2,555,181

Granted		280,669		$	1.42	$	398,338
Vested		(82,865	)	$	3.84	$	(318,202	)
Forfeited		(13,820	)	$	4.17	$	(57,686	)

Balance at December 31, 2023		550,581		$	3.82	$	2,103,219

Fair value was calculated using the closing price of the Company’s Common Stock on the grant date. For the years ended December 31, 2023 and 2022, stock-based compensation for these grants was approximately $833,000 and $1,369,000, respectively, which is included in other operating expenses on the accompanying consolidated statements of operations and comprehensive loss. These amounts reflect the Company’s accounting expense and do not correspond to the actual value that will be recognized by the directors, executives and employees.

Employee Stock Purchase Plan

On June 19, 2021, the Company’s Board of Directors adopted the Kingstone Companies, Inc. Employee Stock Purchase Plan (the “ESPP”), subject to stockholder approval. Such approval was obtained on August 10, 2021. The purpose of the ESPP is to provide eligible employees of the Company with an opportunity to use payroll deductions to purchase shares of Common Stock of the Company. The maximum number of shares of Common Stock that may be purchased under the ESPP is 750,000, subject to adjustment as provided for in the ESPP. The ESPP was effective August 10, 2021 and expires on August 10, 2031. A maximum of 5,000 shares of Common Stock may be purchased by an employee during any offering period.

The initial offering period under the ESPP was from November 1, 2021 through October 31, 2022 (“2021/2022 Offering”). There is currently no offering pursuant to the ESPP subsequent to October 31, 2022. For the years ended December 31, 2023 and 2022, stock-based compensation under the 2021/2022 Offering was approximately $-0- and $15,000, respectively, which is included in other operating expenses on the accompanying consolidated statements of operations and comprehensive loss.

At the end of the 2021/2022 Offering period, 33,222 shares of Common Stock were issued at $1.82 per share to participating employees for a total purchase price of $60,464.

Warrants

In connection with the Exchange Agreement (see Note 9 – Debt – “Note and Warrant Exchange”), as additional consideration, on December 15, 2022, the Company issued warrants to the Exchanging Noteholders to purchase 969,525 shares of Common Stock. The fair value of the warrants, using the Black-Scholes valuation formula, was $993,200, which has been capitalized as a deferred financing cost of the 2022 Notes. The fair value of the warrants is being amortized over the life of the warrants, which is 36.5 months.

The warrants are exercisable through December 30, 2025 at an exercise price of $1.00 per share. Holders of the warrants may exercise their outstanding warrants in cash, or, in whole or in part, by having the Company reduce the number of shares otherwise issuable by a number of shares having a fair market value equal to the exercise price of the warrants being exercised.

As of December 31, 2023, all warrants for the purchase of an aggregate of 969,525 shares of Common Stock were outstanding.

No warrants were granted during the year ended December 31, 2023.

The following weighted average assumptions were used for grants during the following periods:

	Years ended
	December 31,
	2023		2022

Dividend Yield		n/a		0.00%
Volatility		n/a		57.45%
Risk-Free Interest Rate		n/a		4.00%
Expected Life		n/a	3 years

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//505/tableOfContent

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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Statutory Financial Information and Accounting Policies

12 Months Ended

Dec. 31, 2023

Statutory Financial Information and Accounting Policies

Statutory Financial Information and Accounting Policies

Note 13 - Statutory Financial Information and Accounting Policies

For regulatory purposes, KICO prepares its statutory basis financial statements based on statutory accounting principles prescribed or permitted by the New York State Department of Financial Services (the “DFS”). The DFS requires insurance companies domiciled in New York State to prepare their statutory financial statements in accordance with Statements of Statutory Accounting Principles as promulgated by the National Association of Insurance Commissioners (the “NAIC”), subject to any deviations prescribed or permitted by the DFS. These statutory accounting practices differ substantially from GAAP used by most business entities. The more significant variances from GAAP are as follows:

•	Policy acquisition costs are charged to operations in the year such costs are incurred, rather than being deferred and amortized as premiums are earned over the terms of the policies.

•	Ceding commission revenues are earned when ceded premiums are written except for ceding commission revenues in excess of anticipated acquisition costs, which are deferred and amortized as ceded premiums are earned. GAAP requires that all ceding commission revenues be earned as the underlying ceded premiums are earned over the term of the reinsurance agreements.

•	Certain assets including certain receivables, a portion of the net deferred tax asset, prepaid expenses and furniture and equipment are not admitted.

•	Investments in fixed-maturity securities are valued at NAIC value for statutory financial purposes, which is primarily amortized cost. GAAP requires certain investments in fixed-maturity securities classified as available-for-sale, to be reported at fair value.

•	Certain amounts related to ceded reinsurance are reported on a net basis within the statutory basis financial statements. GAAP requires these amounts to be shown gross.
•	For SAP purposes, changes in deferred income taxes relating to temporary differences between net income for financial reporting purposes and taxable income are recognized as a separate component of gains and losses in surplus rather than included in income tax expense or benefit as required under GAAP.

State insurance laws restrict the ability of KICO to declare dividends. These restrictions are related to surplus and net investment income. Dividends are restricted to the lesser of 10% of surplus or 100% of investment income (on a statutory accounting basis) for the trailing 36 months, net of dividends paid by KICO during such period. State insurance regulators require insurance companies to maintain specified levels of statutory capital and surplus. Generally, dividends may be paid without the need for DFS approval from unassigned surplus, and the amount of an insurer’s unassigned surplus following payment of any dividends must be reasonable in relation to the insurer’s outstanding liabilities and adequate to meet its financial needs.

At December 31, 2023 and 2022, unassigned deficit was $7,661,958 and $5,069,593, respectively, and accordingly, dividends may not be paid without DFS approval. For the years ended December 31, 2023 and 2022, KICO paid dividends to Kingstone of $1,250,000 and $5,250,000, respectively. For the years ended December 31, 2023 and 2022, KICO recorded statutory basis net income (loss) of $1,343,111 and $(14,498,676), respectively. At December 31, 2023 and 2022, KICO reported statutory basis surplus as regards policyholders of $62,683,974 and $67,976,439, respectively, as filed with the DFS.

Risk Based Capital

12 Months Ended

Dec. 31, 2023

Risk Based Capital

Risk Based Capital

Note 14 - Risk Based Capital

State insurance departments impose risk-based capital (“RBC”) requirements on insurance enterprises. The RBC Model serves as a benchmark for the regulation of insurance companies by state insurance regulators. RBC provides for targeted surplus levels based on formulas, which specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk, and are set forth in the RBC requirements. Such formulas focus on four general types of risk: (a) the risk with respect to the company’s assets (asset or default risk); (b) the risk of default on amounts due from reinsurers, policyholders, or other creditors (credit risk); (c) the risk of underestimating liabilities from business already written or inadequately pricing business to be written in the coming year (underwriting risk); and (d) the risk associated with items such as excessive premium growth, contingent liabilities, and other items not reflected on the balance sheet (off-balance sheet risk). The amount determined under such formulas is called the authorized control level RBC (“ACL”).

The RBC guidelines define specific capital levels based on a company’s ACL that are determined by the ratio of the company’s total adjusted capital (“TAC”) to its ACL. TAC is equal to statutory capital, plus or minus certain other specified adjustments. The Company’s TAC was above the ACL for each of the last two years and is in compliance with RBC requirements as of December 31, 2023 and 2022.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

Note 15 – Income Taxes

The Company files a consolidated U.S. federal income tax return that includes all wholly owned subsidiaries. State tax returns are filed on a consolidated or separate return basis depending on applicable laws. The Company records adjustments related to prior years’ taxes during the period when they are identified, generally when the tax returns are filed. The effect of these adjustments on the current and prior periods (during which the differences originated) is evaluated based upon quantitative and qualitative factors and are considered in relation to the consolidated financial statements taken as a whole for the respective periods.

The provision for income taxes is comprised of the following:

Years ended ended December 31,	2023			2022

Current federal income tax expense	$	-		$	-
Current state income tax expense		2,730			1,630
Deferred federal and state income benefit		(1,199,915	)		(5,419,176	)
Income tax benefit	$	(1,197,185	)	$	(5,417,546	)

A reconciliation of the federal statutory rate to the Company’s effective tax rate is as follows:

Years ended December 31,	2023					2022

Computed expected tax benefit	$	(1,546,925	)	21.0	%	$	(5,867,891	)	21.0	%
State taxes, net of Federal benefit		(271,543	)	3.7			(190,894	)	0.7
State valuation allowance		282,864		(3.8	)		198,217		(0.7	)
Permanent differences
Dividends received deduction		(74,323	)	1.0			(122,331	)	0.4
Non-taxable investment income		(98,767	)	1.3			(95,763	)	0.3
Stock-based compensation		62,801		(0.9	)		117,700		(0.4	)
Sale leaseback transaction		315,894		(4.3	)		385,634		(1.4	)
Other permanent differences		96,789		(1.3	)		152,601		(0.5	)
Prior year tax matters		27,460		(0.4	)		(24,116	)	0.1
Other		8,565		(0.1	)		29,297		(0.1	)

Income tax benefit, as reported	$	(1,197,185	)	16.3	%	$	(5,417,546	)	19.4	%

Deferred tax assets and liabilities are determined using the enacted tax rates applicable to the period the temporary differences are expected to be recovered. Accordingly, the current period income tax provision can be affected by the enactment of new tax rates. The net deferred income taxes on the balance sheets reflect temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and income tax purposes, tax effected at various rates depending on whether the temporary differences are subject to federal taxes, state taxes, or both.

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,		December 31,
	2023		2022

Deferred tax asset:
Net operating loss carryovers (1)	$	5,283,016	$	3,828,947
Claims reserve discount		1,204,334		1,238,544
Unearned premium		2,742,603		3,574,840
Deferred ceding commission revenue		1,986,782		2,230,109
Net unrealized losses on securities		3,357,463		4,920,837
Other		1,153,903		503,692
Total deferred tax assets		15,728,101		16,296,969

Deferred tax liability:
Investment in KICO (2)		759,543		759,543
Deferred acquisition costs		4,158,538		5,002,085
Intangibles		105,000		105,000
Depreciation and amortization		153,201		99,183
Total deferred tax liabilities		5,176,282		5,965,811

Net deferred income tax asset	$	10,551,819	$	10,331,158

(1) The deferred tax assets from net operating loss carryovers are as follows:

	December 31,			December 31,
Type of NOL	2023			2022			Expiration

Federal only, NOL from 2023 and 2022	$	5,283,016		$	3,828,947		None

State only (A)		2,560,372			2,276,595		December 2027 - December 2043
Valuation allowance		(2,560,372	)		(2,276,595	)
State only, net of valuation allowance		-			-

Total deferred tax asset from net operating loss carryovers	$	5,283,016		$	3,828,947

(A) Kingstone generates operating losses for state purposes and has prior year NOLs available. The state NOL as of December 31, 2023 and 2022 was approximately $39,390,000 and $35,025,000, respectively. KICO, the Company’s insurance underwriting subsidiary, is not subject to state income taxes. KICO’s state tax obligations are paid through a gross premiums tax, which is included in the consolidated statements of operations and comprehensive income (loss) within other underwriting expenses. Kingstone has recorded a valuation allowance due to the uncertainty of generating enough state taxable income to utilize 100% of the available state NOLs over their remaining lives, which expire between 2027 and 2043.

(2) Deferred tax liability - investment in KICO

On July 1, 2009, the Company completed the acquisition of 100% of the issued and outstanding common stock of KICO (formerly known as Commercial Mutual Insurance Company (“CMIC”)) pursuant to the conversion of CMIC from an advance premium cooperative insurance company to a stock property and casualty insurance company. Pursuant to the plan of conversion, the Company acquired a 100% equity interest in KICO, in consideration for the exchange of $3,750,000 principal amount of surplus notes of CMIC. In addition, the Company forgave all accrued and unpaid interest on the surplus notes as of the date of conversion. As of the date of acquisition, unpaid accrued interest on the surplus notes along with the accretion of the discount on the original purchase of the surplus notes totaled $2,921,319 (collectively the “Untaxed Interest”). As of the date of acquisition, the deferred tax liability on the Untaxed Interest was $1,169,000. Under GAAP guidance for business combinations, a temporary difference with an indefinite life exists when the parent company has a lower carrying value of its subsidiary for income tax purposes. The deferred tax liability was reduced to $759,543 upon the reduction of federal income tax rates as of December 31, 2017. The Company is required to maintain its deferred tax liability of $759,543 related to this temporary difference until the stock of KICO is sold, or the assets of KICO are sold or KICO and the parent are merged.

The table below reconciles the changes in net deferred income tax assets (liabilities) to the deferred income tax benefit for the year ended December 31, 2023:

Increase in net deferred income tax assets	$	(220,661	)
Less: Deferred tax expense allocated to other comprehensive income		979,254
Deferred income tax benefit	$	(1,199,915	)

In assessing the valuation of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. No valuation allowance against deferred tax assets has been established, except for NOL limitations, as the Company believes it is more likely than not the deferred tax assets will be realized based on the historical taxable income of KICO, or by offset to deferred tax liabilities.

The Company had no material unrecognized tax benefit and no adjustments to liabilities or operations were required. There were no interest or penalties related to income taxes that have been accrued or recognized as of and for the years ended December 31, 2023 and 2022. If any had been recognized these would have been reported in income tax expense.

Generally, taxing authorities may examine the Company’s tax returns for the three years from the date of filing. The Company’s tax returns for the years ended December 31, 2020 through December 31, 2022 remain subject to examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans

Employee Benefit Plans

Note 16 - Employee Benefit Plans

Employee Bonus Plan

For the years ended December 31, 2023 and 2022 the Company did not accrue for, or pay, bonuses related to the employee bonus plan.

401 (k) Plan

The Company maintains a salary reduction plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”) for its qualified employees. The Company matches 100% of each participant’s contribution up to 4% of the participant’s eligible contribution. The Company incurred approximately $292,000 and $264,000, respectively, of expense for the years ended December 31, 2023 and 2022, related to the 401(k) Plan, which is recorded in other underwriting expenses on the accompanying consolidated statements of operations and comprehensive loss.

Deferred Compensation Plan

On June 18, 2018, the Company adopted the Kingstone Companies, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan"). Effective December 22, 2022, the Company terminated the Deferred Compensation Plan. The assets of the Deferred Compensation Plan will be liquidated by making payments to Participants in full satisfaction of their interest in the Deferred Compensation Plan (“Termination Payments”), which Termination Payments will be made no earlier than December 22, 2023 and will be completed no later than December 22, 2024.

The deferred compensation liability as of December 31, 2023 and 2022 amounted to $937,025 and $1,155,860, respectively, and is recorded in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

Note 17 - Commitments and Contingencies

Litigation

From time to time, the Company is involved in various legal proceedings in the ordinary course of business. For example, to the extent a claim is asserted by a third party in a lawsuit against one of the Company’s insureds covered by a particular policy, the Company may have a duty to defend the insured party against the claim. These claims may relate to bodily injury, property damage or other compensable injuries as set forth in the policy. Such proceedings are considered in estimating the liability for loss and LAE expenses.

Office Leases

The Company enters into lease agreements for real estate that is primarily used for office space in the ordinary course of business. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. See Note 2 - Accounting Policies for additional information regarding the accounting for leases.

The Company is a party to a non-cancellable operating lease, dated March 27, 2015, for its office facility for KICO located in Valley Stream, New York expiring March 31, 2024. The lease was not renewed.

On July 8, 2019, the Company entered into a lease agreement for an additional office facility for Cosi located in Valley Stream, New York under a non-cancelable operating lease. The lease had a term of seven years and two months expiring December 31, 2026. During January 2022, pursuant to a mutual agreement with the landlord at a cost of $40,000, the Cosi lease was terminated effective as of January 31, 2022.

Additional information regarding the Company’s office operating leases is as follows:

	Year ended			Year ended
Lease cost	December 31, 2023			December 31, 2022
Operating lease (1) (2)	$	165,368		$	172,494
Total lease cost (1) (2)	$	165,368		$	172,494

Other information on operating leases
Cash payments included in the measurement of lease
liability reported in operating cash flows	$	191,919		$	195,453
Discount rate		5.50	%		5.50	%
Remaining lease term in years		0.25			1.25

	(1)	KICO rent expense is included in the consolidated statements of operations and comprehensive loss within other underwriting expenses.
	(2)	Cosi rent expense is included in the consolidated statements of operations and comprehensive loss within other operating expenses.

Operating lease right-of-use assets, included in other assets, were $47,722 and $225,278 as of December 31, 2023 and 2022, respectively. Operating lease right-of-use liabilities, included in accounts payable, accrued expenses and other liabilities, were $47,722 and $225,278 as of December 31, 2023 and 2022, respectively.

The following table presents the contractual maturities of the Company’s lease liabilities as of December 31, 2023:

For the Year
Ending
December 31,	Total
2024	$	49,145
Total undiscounted lease payments		49,145
Less: present value adjustment		1,423
Operating lease liability (1)	$	47,722

Rent expense for the years ended December 31, 2023 and 2022 amounted to $165,368 and $172,494, respectively, and is included in the accompanying consolidated statements of operations and comprehensive loss within other underwriting expenses.

Employment Agreements

Meryl Golden, President and Chief Executive Officer; formerly Chief Operating Officer

Employment Agreement effective as of January 1, 2021

On September 16, 2019, the Company and Meryl Golden entered into an employment agreement (the “Golden Employment Agreement”) pursuant to which Ms. Golden served as the Company’s Chief Operating Officer. Ms. Golden also served as KICO’s President and Chief Operating Officer. The Golden Employment Agreement became effective as of September 25, 2019 (amended on December 24, 2020) and expired on December 31, 2022.

Pursuant to the Golden Employment Agreement, Ms. Golden was entitled to receive an annual salary of $500,000. The Golden Employment Agreement also provided for the grant on the effective date of a five year option for the purchase of 50,000 shares of the Company’s Common Stock pursuant to the 2014 Plan. The options granted vested in four equal installments, with the first installment vesting on the grant date, and the remaining installments vesting on the first, second, and third anniversaries of the grant date. Pursuant to the Golden Employment Agreement, as amended, in each of January 2021 and January 2022, Ms. Golden was granted 30,000 shares of restricted Common Stock pursuant to the 2014 Plan. Each such grant will vest in three equal installments on each of the first, second and third anniversaries of the grant date. Pursuant to the 2014 Plan, Ms. Golden’s outstanding stock options and restricted stock awards will vest in the event of a change in control of the Company.

Employment Agreement effective as of January 1, 2023

On June 27, 2022, the Company and Ms. Golden entered into a second amended and restated employment agreement which took effect as of January 1, 2023, and expires on December 31, 2024 (the “Second Amended Golden Employment Agreement”).

Pursuant to the Second Amended Golden Employment Agreement, Ms. Golden is entitled to receive an annual base salary of $500,000 and an annual bonus equal to 3% of the Company’s consolidated income from operations before taxes, exclusive of the Company’s consolidated net investment income (loss), net unrealized gains (losses) on equity securities and net realized gains (losses) on investments, up to a maximum of 1.25 times her base salary. In addition, pursuant to the Second Amended Golden Employment Agreement, Ms. Golden was granted, under the terms of the 2014 Plan, during each of January 2023 and January 2024, a number of shares of restricted stock determined by dividing $136,500 by the fair market value of the Company’s Common Stock on the date of grant. In January 2023, Ms. Golden was granted 101,111 shares of restricted stock pursuant to this provision. The 2023 grant will vest with respect to one-half of the award on the first anniversary of the grant date and one-half of the award on December 31, 2024, based on the continued provision of services through such dates. In January 2024, Ms. Golden was granted 64,085 shares of restricted stock pursuant to this provision. The 2024 grant will vest on December 31, 2024, based on the continued provision of services through such date. Further, pursuant to the Second Amended Golden Employment Agreement, Ms. Golden would be entitled to receive, under certain circumstances, a payment equal to 1.5 times her then annual base salary and her accrued bonus in the event of the termination of her employment within eighteen months following a change of control of the Company.

Effective as of October 1, 2023, Ms. Golden was appointed to the position of President and Chief Executive Officer of the Company to succeed Mr. Goldstein.

Barry Goldstein, Executive Chairman of the Board; and formerly President and Chief Executive Officer

Employment Agreement effective as of January 1, 2020

On October 14, 2019, the Company and Barry B. Goldstein, the Company’s then President, Chief Executive Officer and Executive Chairman of the Board, entered into a Second Amended and Restated Employment Agreement (the “Second Amended Goldstein Employment Agreement”). The Second Amended Goldstein Employment Agreement became effective as of January 1, 2020 and expired on December 31, 2022. The Second Amended Goldstein Employment Agreement extended the expiration date of the employment agreement in effect for Mr. Goldstein from December 31, 2021 to December 31, 2022.

Pursuant to the Second Amended Goldstein Employment Agreement, Mr. Goldstein was entitled to receive an annual base salary of $500,000 and an annual bonus equal to 6% of the Company’s consolidated income from operations before taxes, exclusive of the Company’s consolidated net investment income (loss), net unrealized gains (losses) on equity securities and net realized gains (losses) on investments, up to a maximum of 2.5 times his base salary. In addition, pursuant to the Second Amended Goldstein Employment Agreement, Mr. Goldstein was entitled to receive a long-term compensation (“LTC”) award of between $945,000 and $2,835,000 based on a specified minimum increase in the Company’s adjusted book value per share (as defined in the Second Amended Goldstein Employment Agreement) as of December 31, 2022 as compared to December 31, 2019 (with the maximum LTC payment being due if the average per annum increase was at least 14%). Pursuant to the Third Amended Goldstein Employment Agreement (discussed below), Mr. Goldstein relinquished the right to receive the LTC. Pursuant to the Second Amended Goldstein Employment Agreement, in the event that Mr. Goldstein’s employment was terminated by the Company without cause or he resigned for good reason (each as defined in the Second Amended Goldstein Employment Agreement), Mr. Goldstein would have been entitled to receive his base salary and the 6% bonus for the remainder of the term. In addition, in the event of Mr. Goldstein’s death, his estate would have been entitled to receive his base salary and accrued bonus through the date of death. Further, in the event that Mr. Goldstein’s employment was terminated by the Company without cause or he resigned for good reason, or, in the event of the termination of Mr. Goldstein’s employment due to disability or death, Mr. Goldstein’s granted but unvested restricted stock awards would have vested. Mr. Goldstein would have been entitled, under certain circumstances, to a payment equal to 3.82 times his then annual salary and his accrued 6% bonus in the event of the termination of his employment within eighteen months following a change of control of the Company.

Pursuant to the Second Amended Goldstein Employment Agreement, in January 2020, Mr. Goldstein received a grant of 157,431 shares of restricted stock under the terms of the Company’s 2014 Plan determined by dividing $1,250,000 by the fair market value of the Company’s Common Stock on the date of grant. This 2020 grant vested with respect to one-third of the award on each of the first and second anniversaries of the grant date and was scheduled to vest with respect to one-sixth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date of the one-sixth of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. Also pursuant to the Second Amended Goldstein Employment Agreement, Mr. Goldstein received a grant, under the terms of the 2014 Plan, during January 2021, of 230,769 shares of restricted stock determined by dividing $1,500,000 by the fair market value of the Company’s Common Stock on the date of grant. This 2021 grant vested with respect to one-half of the award on the first anniversary of the grant date and was scheduled to vest with respect to one-fourth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date of the one-fourth of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. Further, pursuant to the Second Amended Goldstein Employment Agreement, Mr. Goldstein received in 2020, 2021, and 2022 a grant, under the terms of the 2014 Plan of a number of shares of restricted stock determined by dividing $136,500 by the fair market value of the Company’s Common Stock on the date of grant. In January 2020, Mr. Goldstein was granted 17,191 shares of restricted stock pursuant to this provision. This grant vested with respect to one-third of the award on each of the first and second anniversaries of the grant date and was scheduled to vest with respect to one-sixth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date for the one-sixth of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. In January 2021, Mr. Goldstein was granted 21,000 shares of restricted stock pursuant to this provision. This grant vested with respect to one-half of the award on the first anniversary of the grant date and was scheduled to vest with respect to one-fourth of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date for the one-fourth of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. In January 2022, Mr. Goldstein was granted 27,300 shares of restricted stock pursuant to this provision. This grant was scheduled to vest with respect to one-half of the award on each of December 29, 2023 and December 30, 2024 based on the continued provision of services through such dates. On September 18, 2023, Mr. Goldstein and the Company agreed to extend the vesting date for the one-half of the award that was scheduled to vest on December 29, 2023 to December 30, 2024. Pursuant to the 2014 Plan, Mr. Goldstein’s unvested restricted stock awards will vest in the event of a change in control of the Company. In addition, in the event of the termination of Mr. Goldstein’s employment with the Company for any reason, his unvested restricted stock will vest.

Employment Agreement effective as of January 1, 2023

On June 27, 2022, the Company and Mr. Goldstein entered into a third amended and restated employment agreement which took effect as of January 1, 2023, and expires on December 31, 2024 (the “Third Amended Goldstein Employment Agreement”).

Pursuant to the Third Amended Goldstein Employment Agreement, Mr. Goldstein is entitled to receive an annual base salary of $500,000 and an annual bonus equal to 3% of the Company’s consolidated income from operations before taxes, exclusive of the Company’s consolidated net investment income (loss), net unrealized gains (losses) on equity securities and net realized gains (losses) on investments, up to a maximum of 1.25 times his base salary. Pursuant to the Third Amended Goldstein Employment Agreement, Mr. Goldstein would be entitled to receive, under certain circumstances, a payment equal to 1.5 times his then annual base salary and his accrued bonus in the event of the termination of his employment within eighteen months following a change of control of the Company.

Employment Agreement effective as of October 1, 2023

On August 9, 2023, the Company and Mr. Goldstein entered into an amendment to the Third Amended Goldstein Employment Agreement which took effect as of October 1, 2023. Pursuant to the amendment, effective as of October 1, 2023, Mr. Goldstein is no longer serving as President and Chief Executive Officer of the Company, the expiration date of the Third Amended Goldstein Employment Agreement shall be the earlier of (a) December 31, 2024 or (b) in the event Mr. Goldstein is not re-elected as Chairman of the Board of the Company following its 2024 annual meeting of stockholders, then the date of such annual meeting, Mr. Goldstein’s salary was reduced to $300,000 per annum, and Mr. Goldstein is no longer entitled to receive a bonus based upon the Company’s net income.

Loss Per Common Share

12 Months Ended

Dec. 31, 2023

Loss Per Common Share

Loss Per Common Share

Note 18 - Loss Per Common Share

Basic net loss per common share is computed by dividing net loss by the weighted-average number of shares of Common Stock outstanding. Diluted loss per common share reflects, in periods in which it has a dilutive effect, the impact of common shares issuable upon exercise of stock options and warrants as well as non-vested restricted stock awards. The computation of diluted loss per common share excludes those options and warrants with an exercise price in excess of the average market price of the Company’s Common Stock during the periods presented.

The computation of diluted loss per common share excludes outstanding options, warrants and non-vested restricted stock awards in periods where the exercise of such options and warrants or the vesting of such restricted stock awards would be anti-dilutive. For the years ended December 31, 2023 and 2022, no options, warrants or restricted stock awards were included in the computation of diluted loss per common share as they would have been anti-dilutive for the relevant periods and, as a result, the weighted average number of shares of Common Stock used in the calculation of diluted loss per common share has not been adjusted for the effect of such options, warrants and non-vested restricted stock awards.

The reconciliation of the weighted average number of shares of Common Stock used in the calculation of basic and diluted loss per common share follows:

	Years ended
	December 31,
	2023		2022

Weighted average number of shares outstanding		10,756,487		10,645,365

Effect of dilutive securities, common share equivalents:
Stock options		-		-
Warrants		-		-
Restricted stock awards		-		-

Weighted average number of shares outstanding,
used for computing diluted loss per share		10,756,487		10,645,365

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

Note 19 - Subsequent Events

The Company has evaluated events that occurred subsequent to December 31, 2023 through April 1, 2024, the date these consolidated financial statements were issued, for matters that required disclosure or adjustment in these consolidated financial statements.

Reinsurance

Effective January 1, 2024, the Company entered into a new quota share reinsurance treaty for its personal lines business and a new underlying excess of loss treaty (see Note 7 – Reinsurance).

Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

Note 20 – Quarterly Financial Data (Unaudited)

The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2023 and 2022:

	2023
	March 31,			June 30,			September 30,			December 31,		Total

Net premiums earned	$	28,254,953		$	29,508,196		$	27,938,318		$	28,682,796	$	114,384,263
Ceding commission revenue		5,445,407			5,412,210			5,536,327			4,659,550		21,053,494
Net investment income		1,541,492			1,451,356			1,444,360			1,571,474		6,008,682
Net gains (losses) on investments		1,224,871			197,142			(824,370	)		1,536,911		2,134,554
Total revenues		36,627,763			36,719,988			34,236,671			36,606,292		144,190,714
Loss and loss adjustment expenses		25,039,410			19,580,702			21,932,453			16,296,645		82,849,210
Commission expense and
other underwriting expenses		15,411,381			15,154,820			14,529,055			14,179,335		59,274,591
Net (loss) income		(5,054,710	)		(522,017	)		(3,537,571	)		2,945,952		(6,168,346	)
Basic (loss) earnings per share	$	(0.47	)	$	(0.05	)	$	(0.33	)	$	0.27	$	(0.57	)
Diluted (loss) earnings per share	$	(0.47	)	$	(0.05	)	$	(0.33	)	$	0.26	$	(0.57	)

	2022
	March 31,			June 30,			September 30,			December 31,			Total

Net premiums earned	$	26,673,380		$	27,902,068		$	29,360,976		$	30,448,107		$	114,384,531
Ceding commission revenue		4,681,396			4,715,587			4,886,094			5,036,314			19,319,391
Net investment income		1,359,100			634,325			1,418,521			1,524,832			4,936,778
Net losses on investments		(4,398,405	)		(4,517,373	)		(397,658	)		(78,429	)		(9,391,865	)
Total revenues		28,551,295			28,979,250			35,537,635			37,091,110			130,159,290
Loss and loss adjustment expenses		22,941,198			18,656,041			22,027,516			24,765,287			88,390,042
Commission expense and
other underwriting expenses		15,167,035			15,106,028			15,978,291			15,027,269			61,278,623
Net loss		(9,197,532	)		(5,379,619	)		(3,997,621	)		(3,950,022	)		(22,524,794	)
Basic loss per share	$	(0.87	)	$	(0.51	)	$	(0.38	)	$	(0.37	)	$	(2.12	)
Diluted loss per share	$	(0.87	)	$	(0.51	)	$	(0.38	)	$	(0.37	)	$	(2.12	)

Due to changes in number of shares outstanding from quarter to quarter, the total earnings per share of the four quarters may not necessarily equal the total earnings per share for the year.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Basis Of Presentation; Going Concern

The accompanying consolidated financial statements have been prepared in accordance with GAAP assuming that the Company will continue as a going concern for a period of one year from the issuance date of the financial statements. The Company’s $30,000,000 5.5% Senior Unsecured Notes (the “2017 Notes”) were due on December 30, 2022. The Company’s continuation as a going concern was dependent on its ability to obtain financing and/or other funds to satisfy such obligation. The 2017 Notes were refinanced on December 15, 2022 under a note and warrant exchange agreement with a refinanced balance of $19,950,000 (the “2022 Notes”) as of December 31, 2022 and a maturity date of December 30, 2024 (see Note 9 - Debt).

The Company’s continuation as a going concern is dependent on its ability to obtain financing and/or other funds to satisfy the maturity obligation of the 2022 Notes on December 31, 2024. Management believes that KICO’s insurance operations would be able to continue in the unlikely event that financing is not obtained.

In accordance with Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the financial statements are issued. This evaluation requires management to perform two steps. First, management must evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern. Second, if management concludes that substantial doubt is raised, management is required to consider whether it has plans in place to alleviate that doubt. Disclosures in the notes to the consolidated financial statements are required if management concludes that substantial doubt exists or that its plans alleviate the substantial doubt that was raised.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) assuming that the Company will continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

Management’s Plan Related to Going Concern

In order to continue as a going concern, the Company will need to obtain financing and/or other funds to satisfy its debt obligation on December 30, 2024. Management plans to refinance the 2022 Notes with a new issue of equity securities and/or investment grade debt securities of similar or longer maturity that would result in net proceeds equal to or greater than the principal amount of the 2022 Notes. In connection therewith, the Company will be utilizing investment bankers to serve as placement agents for proposed offerings by the Company of its securities (including debt, equity and/or preferred securities). The offerings would be of such size as to generate proceeds to the Company of no less than $19,950,000. The Company, subject to regulatory approval, may receive distributions paid to it by KICO, its insurance subsidiary, that could be utilized to repay the 2022 Notes. Further, the Company may also use available invested assets and cash to repay the 2022 Notes. As of December 31, 2023, invested assets and cash was approximately $2,042,000.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described above. The Company believes that its plan is probable of being implemented and that such plan would alleviate any adverse conditions.

Reclassification of Balances from Prior Year Disclosure

Components of ceded premiums written within prior year net earned premiums in Note 11 were reclassified to conform with an elected change in the current year presentation by recording ceded written premiums for the 12 months of the contract term at inception, rather than monthly over the contract term, providing a full disclosure of the premiums ceded. The reclassification had no effect on the Company’s previously reported financial condition, results of operations or cash flows.

Principles of Consolidation

The consolidated financial statements include the accounts of Kingstone and its wholly owned subsidiaries: (1) KICO and its wholly owned subsidiaries, CMIC Properties, Inc. and 15 Joys Lane, LLC, which together own the land and building from which KICO operates, and (2) Cosi. All significant inter-company account balances and transactions have been eliminated in consolidation.

Revenue Recognition

Net Premiums Earned

Insurance policies issued by the Company are short-duration contracts. Accordingly, premium revenues, net of premiums ceded to reinsurers, are recognized as earned in proportion to the amount of insurance protection provided, on a pro-rata basis over the terms of the underlying policies. Unearned premiums represent premiums applicable to the unexpired portions of in-force insurance contracts at the end of each year.

Ceding Commission Revenue

Commissions on reinsurance premiums ceded are earned in a manner consistent with the recognition of the costs of the reinsurance, generally on a pro-rata basis over the terms of the policies reinsured. Unearned amounts are recorded as deferred ceding commission revenue. Certain reinsurance agreements contain provisions whereby the ceding commission rates vary based on the loss experience under the agreements. The Company records ceding commission revenue based on its current estimate of subject losses. The Company records adjustments to ceding commission revenue in the period that changes in the estimated losses are determined.

Loss and Loss Adjustment Expenses ("LAE") Reserves

The liability for loss and LAE represents management’s best estimate of the ultimate cost of all reported and unreported losses that are unpaid as of the balance sheet date. The liability for loss and LAE is estimated on an undiscounted basis, using individual case-basis valuations, statistical analyses and various actuarial reserving methodologies. The projection of future claim payment and reporting is based on an analysis of the Company’s historical experience, supplemented by analyses of industry loss data. Management believes that the reserves for loss and LAE are adequate to cover the ultimate cost of losses and claims to date; however, because of the uncertainty from various sources, including changes in reporting patterns, claims settlement patterns, judicial decisions, legislation, and economic conditions, actual loss experience may not conform to the assumptions used in determining the estimated amounts for such liability at the balance sheet date. Adjustments to these estimates are reflected in expense for the period in which the estimates are changed. Because of the nature of the business historically written, management believes that the Company has limited exposure to environmental claim liabilities.

Reinsurance

In the normal course of business, the Company seeks to reduce the loss that may arise from catastrophes or other events that cause unfavorable underwriting results. This is done by reinsuring certain levels of risk in various areas of exposure with a panel of financially secure reinsurance carriers.

Reinsurance receivables represents management’s best estimate of paid and unpaid loss and LAE recoverable from reinsurers, and ceded losses receivable and unearned ceded premiums under reinsurance agreements. Ceded losses receivable are estimated using techniques and assumptions consistent with those used in estimating the liability for loss and LAE. Management believes that reinsurance receivables as recorded represent its best estimate of such amounts; however, as changes in the estimated ultimate liability for loss and LAE are determined, the estimated ultimate amount receivable from the reinsurers will also change. Accordingly, the ultimate receivable could be significantly in excess of or less than the amount recorded in the consolidated financial statements. Adjustments to these estimates are reflected in the period in which the estimates are changed. Loss and LAE incurred as presented in the consolidated statements of operations and comprehensive income (loss) are net of reinsurance recoveries.

Management has evaluated its reinsurance arrangements and determined that significant insurance risk is transferred to the reinsurers. Reinsurance agreements have been determined to be short-duration prospective contracts and, accordingly, the costs of the reinsurance are recognized over the life of the contract in a manner consistent with the earning of premiums on the underlying policies subject to the reinsurance contract.

Management estimates uncollectible amounts receivable from reinsurers based on an assessment of factors including the creditworthiness of the reinsurers and the adequacy of collateral obtained, where applicable. There was no allowance for uncollectible reinsurance as of December 31, 2023 and 2022. The Company did not expense any uncollectible reinsurance for the years ended December 31, 2023 and 2022. Significant uncertainties are inherent in the assessment of the creditworthiness of reinsurers and estimates of any uncollectible amounts due from reinsurers. Any change in the ability of the Company’s reinsurers to meet their contractual obligations could have a material adverse effect on the consolidated financial statements as well as KICO’s ability to meet its regulatory capital and surplus requirements.

The Company presents its net reinsurance receivables separately from its reinsurance balances payable in accordance with ASU 2011-11 Balance Sheet (Topic 210). Additionally, prepaid premiums for excess of loss and catastrophe reinsurance treaties are presented net in reinsurance balances payable as a reduction to reinsurance premiums payable as they meet the net accounting criteria of Topic 210.

Credit Losses

Current Expected Credit Losses (ASU 2016-13) added an asset impairment model that is based on expected losses rather than incurred losses. The purpose of this ASU was to reduce complexity by decreasing the number of impairment models that entities use to account for debt instruments, allows for more timely recognition of credit losses by using an expected, rather than incurred loss, model, requires recognition of lifetime expected credit losses, and doesn’t require a specific method for estimating expected credit losses.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company maintains its cash balances at several financial institutions.

Investments

The Company classifies its fixed-maturity securities as either held-to-maturity or available-for-sale. Fixed-maturity securities that the Company has the specific intent and ability to hold until maturity are classified as such and carried at amortized cost. Available-for-sale securities are reported at their estimated fair values based on quoted market prices from recognized pricing services, adjusted for allowance for expected credit losses, with unrealized gains and losses, net of tax effects, reported as a separate component of accumulated other comprehensive income. Realized gains and losses are determined on the specific identification method and reported in net loss in the consolidated statements of operations and comprehensive income (loss).

Equity securities are reported at their estimated fair values based on quoted market prices from recognized pricing services, adjusted for allowance for expected credit losses, with unrealized gains and losses reported in net gains (losses) on investments in the consolidated statements of operations and comprehensive income (loss). Other investments are reported at their estimated fair values using the net asset value (“NAV”) per share (or its equivalent) of the instrument with unrealized gains and losses reported in net gains (losses) on investments in the consolidated statements of operations and comprehensive income (loss). See Note - 3, Investments for additional discussion.

The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities’ fair value necessitates the recognition of an allowance for credit losses. Factors considered in the review include the extent to which the fair value has been less than amortized cost, current market interest rates and whether the unrealized loss is credit-driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers’ industry and future business prospects, any past failure of the issuer to make scheduled interest or principal payments, the payment structure of the investment and the issuers’ ability to make contractual payments on the investment.

The Company may sell its available-for-sale securities, equity securities, and other investments in response to changes in interest rates, risk/reward characteristics, liquidity needs or other factors. Investment income is accrued to the balance sheet dates of the consolidated financial statements and includes amortization of premium and accretion of discount on fixed-maturity securities. Interest is recognized when earned, while dividends are recognized when declared. Due and accrued investment income totaled approximately $1,262,000 and $1,299,000 as of December 31, 2023 and 2022, respectively, and is included in other assets on the accompanying consolidated balance sheets.

For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net loss based on the fair value of the security at the time of assessment.

For available-for-sale fixed maturity securities, a credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. The allowance for credit loss related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis, limited by the amount that the fair value is less than the amortized cost basis. The Company considers all available evidence when determining whether an investment requires a credit loss write-down or allowance to be recorded, which is recognized in net loss through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income (loss).

The Company did not identify any available-for-sale securities as of December 31, 2023 which presented a risk of loss due to credit deterioration of the security.

Premiums Receivable

Premiums receivable include balances due currently or in the future and are presented net of an allowance for doubtful accounts of approximately $269,000 and $39,000 as of December 31, 2023 and 2022, respectively. The allowance for uncollectible amounts is based on an analysis of amounts receivable giving consideration to historical loss experience and current economic conditions and reflects an amount that, in management’s judgment, is adequate. Uncollectible premiums receivable balances of approximately $75,000 and $133,000 were written off for the years ended December 31, 2023 and 2022, respectively. The Company evaluates cancellations after the balance sheet date and has determined that the cancellations are not material, therefore no additional cancellation reserve is recognized as of December 31, 2023 and 2022.

Deferred Policy Acquisition Costs

Policy acquisition costs represent the costs of writing business that vary with, and are primarily related to, the successful production of insurance business (principally commissions, premium taxes and certain underwriting salaries). Policy acquisition costs are deferred and recognized as expense as the related premiums are earned.

Intangible Assets

The Company has recorded acquired identifiable intangible assets. The cost of a group of assets acquired in a transaction is allocated to the individual assets including identifiable intangible assets based on their fair values. Identifiable intangible assets with a finite useful life are amortized over the period that the asset is expected to contribute directly or indirectly to the future cash flows of the Company. Intangible assets with an indefinite life are not amortized, but are subject to impairment testing if events or changes in circumstances indicate that it is more likely than not the asset is impaired. All identifiable intangible assets are tested for recoverability whenever events or changes in circumstances indicate that a carrying amount may not be recoverable. No impairment losses from intangible assets were recognized for the years ended December 31, 2023 and 2022.

Property and Equipment

Building and building improvements, automobiles, furniture, computer equipment, and computer software are reported at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. The Company estimates the useful life for computer equipment, automobiles, furniture and other equipment is three years, computer software is three to five years, and building and building improvements is 39 years.

The Company reviews its real estate assets used as its headquarters to evaluate the necessity of recording impairment losses for market changes due to declines in the estimated fair value of the property. In evaluating potential impairment, management considers the current estimated fair value compared to the carrying value of the asset. At December 31, 2023 and 2022, the fair value of the real estate assets is estimated to be in excess of the carrying value.

Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. The Company files a consolidated tax return with its subsidiaries. At December 31, 2023 and 2022, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required.

Concentration, Credit Risk and Market Risk

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents, investments, and premium and reinsurance receivables. At times, cash may be uninsured or in deposit accounts that exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The Company has not experienced any losses on such accounts and management believes the Company is not exposed to any significant credit risk.

Stressed conditions, volatility and disruptions in capital markets or financial asset classes can have an adverse effect on the Company, in part because the Company has a large investment portfolio supporting the Company’s insurance liabilities, which are sensitive to changing market factors. These market factors, which include interest rates, credit spread, equity prices, and the volatility and strength of the capital markets, all affect the business and economic environment and, ultimately, the profitability of the Company’s business. The Company manages its investments to limit credit and other market risks by diversifying its portfolio among various security types and industry sectors based on KICO’s investment committee guidelines, which employ a variety of investment strategies.

As of December 31, 2023 and 2022, the Company’s cash equivalents were as follows:

	December 31,		December 31,
	2023		2022

Collateralized bank repurchase agreement (1)	$	899,646	$	159,596
Money market funds		2,430,317		2,458,223
Total	$	3,329,963	$	2,617,819

(1)

The Company has a security interest in certain of the bank's holdings of direct obligations of the United States or one or more agencies thereof. The collateral is held in a hold-in-custody arrangement with a third party who maintains physical possession of the collateral on behalf of the bank.

At December 31, 2023, the outstanding premiums receivable balance is generally diversified due to the large number of individual insureds comprising the Company’s customer base.

The Company also has receivables from its reinsurers. Reinsurance contracts do not relieve the Company of its obligations to policyholders. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company periodically evaluates the financial condition of its reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. See Note 7- Reinsurance for reinsurance recoverables on unpaid and paid losses by reinsurer. Management’s policy is to review all outstanding receivables quarterly as well as the bad debt write-offs experienced in the past and establish an allowance for doubtful accounts, if deemed necessary.

Direct premiums earned from lines of business in excess of 10% of the total subject the Company to concentration risk for the years ended December 31, 2023 and 2022 is as follows:

	Years ended December 31,
	2023			2022
Personal Lines		93.1	%		94.0	%
Premiums earned not subject to concentration		6.9	%		6.0	%
Total premiums earned		100.0	%		100.0	%

(1)

For the years ended December 31, 2023 and 2022, premiums earned not subject to concentration are comprised primarily of one line of business.

Use Of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and assumptions, and includes the reserves for losses and LAE, which are subject to estimation errors due to the inherent uncertainty in projecting ultimate claim amounts that will be reported and settled over a period of many years. In addition, estimates and assumptions associated with receivables under reinsurance contracts related to contingent ceding commission revenue require judgments by management. On an ongoing basis, management reevaluates its assumptions and the methods for calculating these estimates. Actual results may differ significantly from the estimates used in preparing the consolidated financial statements.

Earnings (Loss) per share

Basic earnings (loss) per common share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per common share reflects, in periods in which they have a dilutive effect, the impact of common shares issuable upon the exercise of stock options and warrants as well as non-vested restricted stock awards. The computation of diluted earnings (loss) per share excludes those options and warrants with an exercise price in excess of the average market price of the Company’s common shares during the periods presented. Additionally, the computation of diluted earnings (loss) per share excludes unvested restricted stock awards as calculated using the treasury stock method.

Advertising Costs

Advertising costs are charged to operations as incurred. Advertising costs are included in other underwriting expenses in the accompanying consolidated statements of operations and comprehensive income (loss) and were approximately $86,000 and $114,000 for the years ended December 31, 2023 and 2022, respectively.

Stock-based Compensation

Stock-based compensation expense in 2023 and 2022 is the estimated fair value of restricted stock awards and options granted, amortized on a straight-line basis over the requisite service period for the entire portion of the award less an estimate for anticipated forfeitures. The Company uses the “simplified” method to estimate the expected term of the options because the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate expected term.

Warrants

The Company’s outstanding issued warrants are accounted for as equity in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity. The Company’s warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date.

Compensated Absences

Employees of the Company are entitled to paid vacations, sick days, and other time off depending on job classification, length of service and other factors. The Company has determined it is impracticable to estimate the amount of compensation of future absences and, accordingly, no liability has been recorded in the accompanying consolidated financial statements. The Company’s policy is to recognize the cost of compensated absences when paid to employees.

Leases

The Company records operating leases in accordance with ASU 2016-02 – Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, the Company recognized a right-of-use-asset and corresponding liability on the balance sheet for all leases, except for leases covering a period of fewer than 12 months. The liability has been measured at the present value of the future minimum lease payments taking into account renewal options if applicable plus initial incremental direct costs such as commissions. The minimum payments are discounted using the Company’s incremental borrowing rate. The right-of-use asset is amortized as rent expense on a straight-line basis.

Comprehensive Income (Loss)

Comprehensive income (loss) refers to revenues, expenses, gains and losses that are included in comprehensive income (loss) but are excluded from net income (loss) as these amounts are recorded directly as an adjustment to stockholders' equity, primarily from changes in unrealized gains and losses on available-for-sale securities, net of the related income taxes.

Accounting Changes

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This guidance applies to reinsurance and insurance receivables and other financing receivables. For available-for-sale fixed maturity securities carried at fair value, estimated credit losses will continue to be measured at the present value of expected cash flows; however, the other than temporary impairment (“OTTI”) concept has been eliminated. Under the previous guidance, estimated credit impairments resulted in a write-down of amortized cost. Under the new guidance, estimated credit losses are recognized through an allowance and reversals of the allowance are permitted if the estimate of credit losses declines. For available-for-sale fixed maturity securities where the Company has an intent to sell, impairment will continue to result in a write-down of amortized cost. ASU 2016-13 was effective for the Company on January 1, 2023. The Company determined as of the date of adoption that the updated guidance did not have an impact on its consolidated financial statements. Below is a summary of the significant accounting policies impacted by the adoption of ASU 2016-13.

The allowance for credit losses is a valuation account that is reported as a reduction of a financial asset’s cost basis and is measured on a pool basis when similar risk characteristics exist. Management estimates the allowance using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for any additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Amounts are considered past due when payments have not been received according to contractual terms. The Company also considers current and forecasted economic conditions, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to these forecasted economic conditions can vary by financial asset class. The Company considers a reasonable and supportable forecast period to be up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. The Company uses collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk, which are considered in the estimate of net amount expected to be collected.

The Company has determined that it was not subject to any other new accounting pronouncements that became effective during the year ended December 31, 2023.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. ASU-2023-09 is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its disclosures.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of deposits of cash equivalents

	December 31,		December 31,
	2023		2022

Collateralized bank repurchase agreement (1)	$	899,646	$	159,596
Money market funds		2,430,317		2,458,223
Total	$	3,329,963	$	2,617,819

Schedule of Concentration Risk

	Years ended December 31,
	2023			2022
Personal Lines		93.1	%		94.0	%
Premiums earned not subject to concentration		6.9	%		6.0	%
Total premiums earned		100.0	%		100.0	%

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments

Schedule of Available for Sale Securities

	December 31, 2023

	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than			More than			Fair		Unrealized
Category	Cost		Gains		12 Months			12 Months			Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies (1)	$	20,954,764	$	1,799	$	(17,373	)	$	-		$	20,939,190	$	(15,574	)

Political subdivisions of States,
Territories and Possessions		16,607,713		-		-			(3,209,161	)		13,398,552		(3,209,161	)

Corporate and other bonds
Industrial and miscellaneous		75,993,042		-		-			(5,885,296	)		70,107,746		(5,885,296	)

Residential mortgage and other asset
backed securities (2)		50,905,423		113,761		(2,144	)		(6,541,731	)		44,475,309		(6,430,114	)
Total fixed-maturity securities	$	164,460,942	$	115,560	$	(19,517	)	$	(15,636,188	)	$	148,920,797	$	(15,540,145	)

	December 31, 2022

	Cost or		Gross		Gross Unrealized Losses						Estimated		Net
	Amortized		Unrealized		Less than			More than			Fair		Unrealized
Category	Cost		Gains		12 Months			12 Months			Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies (1)	$	23,874,545	$	1,479	$	(6,928	)	$	-		$	23,869,096	$	(5,449	)

Political subdivisions of States,
Territories and Possessions		17,108,154		-		(2,195,273	)		(1,771,494	)		13,141,387		(3,966,767	)

Corporate and other bonds
Industrial and miscellaneous		80,338,464		-		(5,796,994	)		(2,458,985	)		72,082,485		(8,255,979	)

Residential mortgage and other asset
backed securities (2)		53,597,264		58,398		(882,664	)		(7,150,803	)		45,622,195		(7,975,069	)
Total fixed-maturity securities	$	174,918,427	$	59,877	$	(8,881,859	)	$	(11,381,282	)	$	154,715,163	$	(20,203,264	)

Schedule of available for sale fixed maturity securities contractual maturity

	December 31, 2023				December 31, 2022
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	34,729,120	$	34,461,172	$	16,359,100	$	16,307,991
One to five years		31,803,338		30,416,618		18,605,987		14,085,113
Five to ten years		31,596,410		27,330,377		54,559,158		52,230,283
More than 10 years		15,426,651		12,237,321		31,796,918		26,469,581
Residential mortgage and other asset backed securities		50,905,423		44,475,309		53,597,264		45,622,195
Total	$	164,460,942	$	148,920,797	$	174,918,427	$	154,715,163

Schedule of equity securities

	December 31, 2023
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	13,583,942	$	-	$	(2,870,027	)	$	10,713,915
Fixed income exchange traded funds		3,711,232				(669,232	)		3,042,000
Mutual Funds		622,209		314,816		-			937,025
FHLBNY common stock		69,400		-		-			69,400
Total	$	17,986,783	$	314,816	$	(3,539,259	)	$	14,762,340

	December 31, 2022
			Gross		Gross			Estimated
Category	Cost		Gains		Losses			Fair Value

Equity Securities:
Preferred stocks	$	13,583,942	$	-	$	(3,589,313	)	$	9,994,629
Fixed income exchange traded funds,		3,711,232				(821,632	)		2,889,600
Mutual funds		716,626		158,635		-			875,261
FHLBNY common stock		74,900		-		-			74,900
Total	$	18,086,700	$	158,635	$	(4,410,945	)	$	13,834,390

Schedule of Other Investments

	December 31, 2023						December 31, 2022
			Gross		Estimated				Gross		Estimated
Category	Cost		Gains		Fair Value		Cost		Gains		Fair Value

Other Investments:
Hedge fund	$	1,987,040	$	1,910,110	$	3,897,150	$	1,987,040	$	784,612	$	2,771,652

Schedule of Held to Maturity Securities

	December 31, 2023
													Net
	Cost or		Gross		Gross Unrealized Losses						Estimated		Unrealized
	Amortized		Unrealized		Less than			More than			Fair		Gains/
Category	Cost		Gains		12 Months			12 Months			Value		(Losses)

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,228,860	$	15,045	$	(6,914	)	$	(18,163	)	$	1,218,828	$	(10,032	)

Political subdivisions of States,
Territories and Possessions		499,170		890		-			-			500,060		890

Exchange traded debt		304,111		-		-			(70,111	)		234,000		(70,111	)

Corporate and other bonds
Industrial and miscellaneous		5,020,400		-		-			(867,140	)		4,153,260		(867,140	)
Total	$	7,052,541	$	15,935	$	(6,914	)	$	(955,414	)	$	6,106,148	$	(946,393	)

	December 31, 2022
													Net
	Cost or		Gross		Gross Unrealized Losses						Estimated		Unrealized
	Amortized		Unrealized		Less than			More than			Fair		Gains/
Category	Cost		Gains		12 Months			12 Months			Value		(Losses)

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,228,560	$	28,400	$	(34,077	)	$	-		$	1,222,883	$	(5,677	)

Political subdivisions of States,
Territories and Possessions		498,638		2,092		-			-			500,730		2,092

Exchange traded debt		304,111		-		(29,111	)		-			275,000		(29,111	)

Corporate and other bonds
Industrial and miscellaneous		5,734,831		36,968		(809,746	)		(360,278	)		4,601,775		(1,133,056	)
Total	$	7,766,140	$	67,460	$	(872,934	)	$	(360,278	)	$	6,600,388	$	(1,165,752	)

Schedule of Held to Maturity Securities by contractual maturity

	December 31, 2023				December 31, 2022
	Amortized		Estimated		Amortized		Estimated
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value

Less than one year	$	-	$	-	$	708,535	$	743,575
One to five years		1,121,288		1,097,101		1,120,507		1,088,522
Five to ten years		1,414,911		1,270,770		1,402,704		1,200,720
More than 10 years		4,516,342		3,738,277		4,534,394		3,567,571
Total	$	7,052,541	$	6,106,148	$	7,766,140	$	6,600,388

Schedule of Investment Income

	Years ended
	December 31,
	2023		2022

Income:
Fixed-maturity securities	$	5,352,304	$	4,211,229
Equity securities		707,835		1,058,351
Cash and cash equivalents		255,905		63,683
Total		6,316,044		5,333,263
Expenses:
Investment expenses		307,362		396,485
Net investment income	$	6,008,682	$	4,936,778

Schedule of Securities with realized gains and losses on investments

	Years ended
	December 31,
	2023			2022
Realized Gains (Losses)

Fixed-maturity securities:
Gross realized gains	$	2,428		$	143,622
Gross realized losses		(21,239	)		(208,955	)
		(18,811	)		(65,333	)

Equity securities:
Gross realized gains		-			1,384,432
Gross realized losses		-			(2,048,395	)
		-			(663,963	)

Other Investments:
Gross realized gains		-			589,233
Gross realized losses		-			-
		-			589,233

Net realized losses		(18,811	)		(140,063	)

Unrealized (Losses) Gains

Equity Securities:
Gross gains		1,027,867			-
Gross losses		-			(6,494,380	)
		1,027,867			(6,494,380	)

Other Investments:
Gross gains		1,125,498			-
Gross losses		-			(2,757,422	)
		1,125,498			(2,757,422	)

Net unrealized gains (losses)		2,153,365			(9,251,802	)

Net gains (losses) on investments	$	2,134,554		$	(9,391,865	)

Schedule of Securities with Unrealized Losses

	December 31, 2023
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$	5,974,440	$	(17,373	)		1	$	-		-			-	$	5,974,440	$	(17,373	)

Political subdivisions of
States, Territories and
Possessions		-		-			-		13,398,552		(3,209,161	)		13		13,398,552		(3,209,161	)

Corporate and other
bonds industrial and
miscellaneous		-		-			-		70,107,746		(5,885,296	)		85		70,107,746		(5,885,296	)

Residential mortgage and
other asset backed securities		88,988		(2,144	)		4		38,675,604		(6,541,731	)		37		38,764,592		(6,543,875	)

Total fixed-maturity
securities	$	6,063,428	$	(19,517	)		5	$	122,181,902	$	(15,636,188	)		135	$	128,245,330	$	(15,655,705	)

	December 31, 2022
	Less than 12 months							12 months or more							Total
	Estimated					No. of		Estimated					No. of		Estimated
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses

Fixed-Maturity Securities:
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$	18,918,196	$	(6,928	)		3	$	-		-			-	$	18,918,196	$	(6,928	)

Political subdivisions of
States, Territories and
Possessions		7,970,633		(2,195,273	)		9		5,170,753		(1,771,494	)		5		13,141,386		(3,966,767	)

Corporate and other
bonds industrial and
miscellaneous		56,910,104		(5,796,994	)		75		15,172,381		(2,458,985	)		15		72,082,485		(8,255,979	)

Residential mortgage and
other asset backed securities		10,145,880		(882,664	)		22		34,753,178		(7,150,803	)		26		44,899,058		(8,033,467	)

Total fixed-maturity
securities	$	93,944,813	$	(8,881,859	)		109	$	55,096,312	$	(11,381,282	)		46	$	149,041,125	$	(20,263,141	)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Schedule of Fair Value Measurements

	December 31, 2023
	Level 1		Level 2		Level 3		Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$	20,939,190	$	-	$	-	$	20,939,190

Political subdivisions of
States, Territories and
Possessions		-		13,398,552		-		13,398,552

Corporate and other
bonds industrial and
miscellaneous		70,107,746		-		-		70,107,746

Residential mortgage and other asset backed securities		-		44,475,309		-		44,475,309
Total fixed maturities		91,046,936		57,873,861		-		148,920,797
Equity securities		14,762,340		-		-		14,762,340
Total investments	$	105,809,276	$	57,873,861	$	-	$	163,683,137

	December 31, 2022
	Level 1		Level 2		Level 3		Total

Fixed-maturity securities available-for-sale
U.S. Treasury securities
and obligations of U.S.
government corporations
and agencies	$	23,869,096	$	-	$	-	$	23,869,096

Political subdivisions of
States, Territories and
Possessions		-		13,141,387		-		13,141,387

Corporate and other
bonds industrial and
miscellaneous		71,585,115		497,370		-		72,082,485

Residential mortgage and other asset backed securities		-		45,622,195		-		45,622,195
Total fixed maturities		95,454,211		59,260,952		-		154,715,163
Equity securities		13,834,390		-		-		13,834,390
Total investments	$	109,288,601	$	59,260,952	$	-	$	168,549,553

Schedule of Hedge Fund Investments

Category	December 31, 2023		December 31, 2022

Other Investments
Hedge fund	$	3,897,150	$	2,771,652

Fair value hierarchy of long-term debt

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2024	$	-	$	17,812,500	$	-	$	17,812,500

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Debt

Senior Notes due 2022	$	-	$	15,829,096	$	-	$	15,829,096

Fair Value of Financial Instruments and Real Estate (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value of Financial Instruments and Real Estate

Schedule of Fair Value of Financial Instruments

	December 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities-held-to maturity, Level 1	$	7,052,541	$	6,106,148	$	7,766,140	$	6,600,388
Cash and cash equivalents, Level 1	$	8,976,998	$	8,976,998	$	11,958,228	$	11,958,228
Premiums receivable, net, Level 1	$	13,604,808	$	13,604,808	$	13,880,504	$	13,880,504
Reinsurance receivables, net, Level 3	$	75,593,912	$	75,593,912	$	66,465,061	$	66,465,061
Real estate, net of accumulated depreciation, Level 3 (1)	$	1,992,529	$	3,540,000	$	2,050,644	$	2,800,000
Reinsurance balances payable, Level 3	$	12,837,140	$	12,837,140	$	13,061,966	$	13,061,966

Intangibles Assets (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets

Schedule of components of intangible assets and their useful lives, accumulated amortization, and net carrying value

	Useful		Gross				Net
	Life		Carrying		Accumulated		Carrying
	(in yrs)		Value		Amortization		Amount
Insurance license		-	$	500,000	$	-	$	500,000
Customer relationships		10		3,400,000		3,400,000		-
Other identifiable
intangibles		7		950,000		950,000		-
Total			$	4,850,000	$	4,350,000	$	500,000

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2023

Reinsurance

Line of Business

	Treaty Period
	2024/2025 Treaty						2023/2024 Treaty						2021/2023 Treaty
	July 1,			January 1,			July 1,			January 1,			July 1,			December 31,
	2024			2024			2023			2023			2022			2021
	to			to			to			to			to			to
	January 1,			June 30,			January 1,			June 30,			January 1,			June 30,
Line of Business	2025			2024			2024			2023			2023			2022

Personal Lines:
Homeowners, dwelling fire and canine legal liability
Quota share treaty:
Percent ceded (7)		27	%		27	%		30	%		30	%		30	%		30	%
Risk retained on intial
$1,000,000 of losses (5) (6) (7)	$	730,000		$	730,000		$	700,000		$	700,000		$	700,000		$	700,000
Losses per occurrence
subject to quota share
reinsurance coverage	$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000
Expiration date	January 1, 2025			January 1, 2025			January 1, 2024			January 1, 2024			January 1, 2023			January 1, 2023
Excess of loss coverage and
facultative facility
coverage (1) (5) (6)	$	400,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000		$	8,400,000
	in excess of			in excess of			in excess of			in excess of			in excess of			in excess of
	$	600,000		$	600,000		$	600,000		$	600,000		$	600,000		$	600,000
Total reinsurance coverage
per occurrence (5) (6)	$	470,000		$	8,470,000		$	8,500,000		$	8,500,000		$	8,500,000		$	8,500,000
Losses per occurrence
subject to reinsurance
coverage (6)	$	1,000,000		$	8,000,000		$	8,000,000		$	8,000,000		$	9,000,000		$	9,000,000
Expiration date		(6	)	June 30, 2024			June 30, 2024			June 30, 2023			June 30, 2023			June 30, 2022

Catastrophe Reinsurance:
Initial loss subject to personal
lines quota share treaty (6)	$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000
Risk retained per catastrophe
occurrence (7) (8)		(6	)	$	9,500,000		$	8,750,000		$	8,750,000		$	7,400,000		$	7,400,000
Catastrophe loss coverage
in excess of quota share
coverage (2)		(6	)	$	315,000,000		$	315,000,000		$	335,000,000		$	335,000,000		$	490,000,000

Reinstatement premium
protection (3) (4)		(6	)	Yes			Yes			Yes			Yes			Yes

	Treaty Year
	July 1, 2023			July 1, 2022			July 1, 2021
	to			to			to
Line of Business	June 30, 2024			June 30, 2023			June 30, 2022

Personal Lines:
Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage		90	%		90	%		90	%
Percent ceded - excess of $1,000,000 dollars of coverage		95	%		95	%		95	%
Risk retained	$	300,000		$	300,000		$	300,000
Total reinsurance coverage per occurrence	$	4,700,000		$	4,700,000		$	4,700,000
Losses per occurrence subject to quota share reinsurance coverage	$	5,000,000		$	5,000,000		$	5,000,000
Expiration date	June 30, 2024			June 30, 2023			June 30, 2022

Schedule of approximate reinsurance recoverables

	Unpaid		Paid
($ in thousands)	Losses		Losses			Total		Security
December 31, 2023
Swiss Reinsurance America Corporation		11,027		6,560			17,587		-
Hannover Rueck SE		8,753		(92	)		8,661		-
Allied World Insurance Company		4,724		2,190			6,914		4	(1)
Ace Property and Casualty Insurance Company		3,205		1,840			5,045		-
Lancashire Insurance Company Limited		3,203		1,583			4,786		-
Others		2,377		3,296			5,673		2,662	(2)
Total	$	33,289	$	15,377		$	48,666	$	2,666

December 31, 2022
Swiss Reinsurance America Corporation		9,469		4,823		$	14,292	$	-
Hanover Rueck SE		8,681		2,698			11,379		-
Others		9,510		6,067			15,577		2,399	(3)
Total	$	27,660	$	13,588		$	41,248	$	2,399

Schedule of Ceding commissions earned

	Year ended
	December 31,
	2023		2022

Provisional ceding commissions earned	$	20,397,454	$	19,105,779
Contingent ceding commissions earned		656,040		213,612
	$	21,053,494	$	19,319,391

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue

Schedule of acquisition costs incurred

	Years ended
	December 31,
	2023			2022

Net deferred policy acquisition costs, net of deferred ceding
commission revenue, beginning of year	$	13,199,884		$	12,490,479

Cost incurred and deferred:
Commissions and brokerage		29,926,493			36,354,386
Other underwriting and policy acquisition costs		8,866,395			9,154,706
Ceding commission revenue		(7,209,248	)		(7,236,720	)
Net deferred policy acquisition costs		31,583,640			38,272,372
Amortization		(34,441,825	)		(37,562,967	)
		(2,858,185	)		709,405

Net deferred policy acquisition costs, net of deferred ceding
commission revenue, end of year	$	10,341,699		$	13,199,884

Schedule of Ending balances for deferred acquisition costs and deferred ceding commission revenue

	December 31,
	2023			2022

Deferred policy acquisition costs	$	19,802,564		$	23,819,453
Deferred ceding commission revenue		(9,460,865	)		(10,619,569	)
Balance at end of period	$	10,341,699		$	13,199,884

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt

Long-term debt

	December 31,
	2023		2022

2022 Notes, net	$	18,426,247	$	17,252,868
Equipment financing		6,817,283		7,905,655
Balance at end of period	$	25,243,530	$	25,158,523

Schedule of Note and Warrant Exchange

	December 31,			December 31,
	2023			2022

12.0% Senior Unsecured Notes	$	19,950,000		$	19,950,000
Warrants		(653,123	)		(979,684	)
Issuance costs		(870,630	)		(1,717,448	)
2022 Notes, net	$	18,426,247		$	17,252,868

Schedule of percentages of the principal amount

Period:	Percentage

December 30, 2022 to December 29, 2023		102.00	%
December 30, 2023 to September 29, 2024		101.00	%
September 30, 2024 to December 29, 2024		100.00	%

Schedule of Future contractual payment obligations

For the Year
Ending
December 31,	Total
2024		1,153,862
2025		1,223,293
2026		1,296,901
2027		1,119,021
		4,793,077
2027 purchase price		2,024,206
Total	$	6,817,283

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property and Equipment

Schedule of components of property and equipment

			Accumulated
	Cost		Depreciation			Net

December 31, 2023
Building	$	2,344,188	$	(1,004,096	)	$	1,340,092
Land		652,437		-			652,437
Furniture and office equipment		828,011		(828,011	)		0
Leasehold improvements		-		-			-
Computer equipment and software		25,022,986		(17,641,982	)		7,381,004
Automobile		134,034		(111,871	)		22,163
Total	$	28,981,656	$	(19,585,959	)	$	9,395,697

December 31, 2022
Building	$	2,344,188	$	(945,981	)	$	1,398,207
Land		652,437		-			652,437
Furniture and office equipment		828,011		(828,011	)		-
Leasehold improvements		-		-			-
Computer equipment and software		23,195,784		(14,738,212	)		8,457,572
Automobile		134,034		(100,315	)		33,719
Total	$	27,154,454	$	(16,612,519	)	$	10,541,935

Property and Casualty Insurance Activity (Tables)

12 Months Ended

Dec. 31, 2023

Property and Casualty Insurance Activity

Schedule of Earned Premiums

	Direct			Assumed		Ceded			Net

Year ended December 31, 2023
Premiums written	$	200,174,502		$	-	$	(106,563,985	)	$	93,610,517
Change in unearned premiums		1,871,239			-		18,902,507			20,773,746
Premiums earned	$	202,045,741		$	-	$	(87,661,478	)	$	114,384,263

Year ended December 31, 2022
Premiums written	$	201,254,837		$	-	$	(79,195,016	)	$	122,059,821
Change in unearned premiums		(9,733,170	)		-		2,057,880			(7,675,290	)
Premiums earned	$	191,521,667		$	-	$	(77,137,136	)	$	114,384,531

Schedule of liability for loss and LAE expenses

	Gross		Reinsurance
	Liability		Receivables

December 31, 2023
Case-basis reserves	$	67,108,131	$	19,537,988
Loss adjustment expenses		17,448,218		3,085,429
IBNR reserves		37,261,513		10,665,233
Recoverable on unpaid losses				33,288,650
Recoverable on paid losses		-		15,376,899
Total loss and loss adjustment expenses	$	121,817,862		48,665,549
Unearned premiums				26,928,363
Receivables - reinsurance contracts				-
Total reinsurance receivables			$	75,593,912

December 31, 2022
Case-basis reserves	$	62,745,588	$	16,618,887
Loss adjustment expenses		16,847,618		2,364,053
IBNR reserves		38,746,307		8,676,560
Recoverable on unpaid losses				27,659,500
Recoverable on paid losses		-		13,588,981
Total loss and loss adjustment expenses	$	118,339,513		41,248,481
Unearned premiums				25,216,580
Receivables - reinsurance contracts				-
Total reinsurance receivables			$	66,465,061

Schedule of unpaid losses and LAE

	Years ended
	December 31,
	2023			2022

Balance at beginning of period	$	118,339,513		$	94,948,745
Less reinsurance recoverables		(27,659,500	)		(10,637,679	)
Net balance, beginning of period		90,680,013			84,311,066

Incurred related to:
Current year		82,856,483			85,690,180
Prior years		(7,273	)		2,699,862
Total incurred		82,849,210			88,390,042

Paid related to:
Current year		49,146,173			49,602,585
Prior years		35,853,838			32,418,510
Total paid		85,000,011			82,021,095

Net balance at end of period		88,529,212			90,680,013
Add reinsurance recoverables		33,288,650			27,659,500
Balance at end of period	$	121,817,862		$	118,339,513

Incurred Claims and Allocated Claim Adjustment Expenses

All Lines of Business
*(in thousands, except reported claims data)*
																					As of
	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				December 31, 2023
	For the Years Ended December 31,																						Cumulative Number of Reported Claims by
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023		IBNR		Accident Year
	(Unaudited 2014 - 2022)

2014	$	14,193	$	14,260	$	14,218	$	14,564	$	15,023	$	16,381	$	16,428	$	16,434	$	16,486	$	16,472	$	-		2,138
2015				22,340		21,994		22,148		22,491		23,386		23,291		23,528		23,533		23,428		274		2,559
2016						26,062		24,941		24,789		27,887		27,966		27,417		27,352		27,271		90		2,881
2017								31,605		32,169		35,304		36,160		36,532		36,502		36,819		319		3,400
2018										54,455		56,351		58,441		59,404		61,237		61,145		598		4,234
2019												75,092		72,368		71,544		71,964		73,310		1,182		4,503
2020														63,083		62,833		63,217		63,562		1,310		5,886
2021																96,425		96,673		96,134		3,598		5,813
2022																		79,835		78,759		6,332		4,683
2023																				78,978		18,994		3,881
																	Total		$	555,877

Cumulative Paid Claims and Allocated Claim Adjustment Expenses

All Lines of Business
*(in thousands)*
	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
	For the Years Ended December 31,
Accident Year	2014		2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Unaudited 2014 - 2022)

2014	$	5,710	$	9,429	$	10,738	$	11,770	$	13,819	$	14,901	$	15,491	$	15,770	$	16,120	$	16,136
2015				12,295		16,181		18,266		19,984		21,067		22,104		22,318		22,473		22,519
2016						15,364		19,001		21,106		23,974		25,234		25,750		26,382		26,854
2017								16,704		24,820		28,693		31,393		32,529		33,522		34,683
2018										32,383		44,516		50,553		52,025		54,424		56,199
2019												40,933		54,897		58,055		60,374		63,932
2020														39,045		50,719		53,432		56,523
2021																56,282		77,756		82,317
2022																		45,856		65,732
2023																				46,280
																	Total		$	471,174

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	84,703
All outstanding liabilities before 2014, net of reinsurance																				170
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	84,872

Reconciliation of the net incurred and paid claims

Reconciliation of the Disclosure of Incurred and Paid Loss Development
to the Liability for Loss and LAE Reserves

	As of
*(in thousands)*	December 31, 2023
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	84,872
Total reinsurance recoverable on unpaid losses		33,289
Unallocated loss adjustment expenses		3,657
Total gross liability for loss and LAE reserves	$	121,818

(Components may not sum to totals due to rounding)

Supplementary unaudited information about average historical claims duration

Average Annual Percentage Payout of Incurred Loss and Allocated Loss Adjustment Expenses by Age, Net of Reinsurance
Years	1		2		3		4		5		6		7		8		9		10
All Lines of Business	53.4	%	19.9	%	7.3	%	6.0	%	5.6	%	3.7	%	2.5	%	1.4	%	1.2	%	0.1	%

Stockholders Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders Equity

Schedule of Stock Options Activity

Stock Options	Number of Shares		Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value

Outstanding at January 1, 2023		107,201	$	8.31		1.92	$	-

Granted		-	$	-		-	$	-
Exercised		-	$	-		-	$	-
Expired/Forfeited		-	$	-		-	$	-

Outstanding at December 31, 2023		107,201	$	8.31		0.94	$	-

Vested and Exercisable at December 31, 2023		107,201	$	8.31		0.94	$	-

Schedule of the restricted Common Stock activity

Restricted Stock Awards	Shares			Weighted Average Grant Date Fair Value per Share		Aggregate Fair Value

Balance at January 1, 2023		366,597		$	6.97	$	2,555,181

Granted		280,669		$	1.42	$	398,338
Vested		(82,865	)	$	3.84	$	(318,202	)
Forfeited		(13,820	)	$	4.17	$	(57,686	)

Balance at December 31, 2023		550,581		$	3.82	$	2,103,219

Weighted average assumptions

	Years ended
	December 31,
	2023		2022

Dividend Yield		n/a		0.00%
Volatility		n/a		57.45%
Risk-Free Interest Rate		n/a		4.00%
Expected Life		n/a	3 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of provision for income taxes from continuing operations

Years ended ended December 31,	2023			2022

Current federal income tax expense	$	-		$	-
Current state income tax expense		2,730			1,630
Deferred federal and state income benefit		(1,199,915	)		(5,419,176	)
Income tax benefit	$	(1,197,185	)	$	(5,417,546	)

Schedule of a reconciliation of the federal statutory rate

Years ended December 31,	2023					2022

Computed expected tax benefit	$	(1,546,925	)	21.0	%	$	(5,867,891	)	21.0	%
State taxes, net of Federal benefit		(271,543	)	3.7			(190,894	)	0.7
State valuation allowance		282,864		(3.8	)		198,217		(0.7	)
Permanent differences
Dividends received deduction		(74,323	)	1.0			(122,331	)	0.4
Non-taxable investment income		(98,767	)	1.3			(95,763	)	0.3
Stock-based compensation		62,801		(0.9	)		117,700		(0.4	)
Sale leaseback transaction		315,894		(4.3	)		385,634		(1.4	)
Other permanent differences		96,789		(1.3	)		152,601		(0.5	)
Prior year tax matters		27,460		(0.4	)		(24,116	)	0.1
Other		8,565		(0.1	)		29,297		(0.1	)

Income tax benefit, as reported	$	(1,197,185	)	16.3	%	$	(5,417,546	)	19.4	%

Schedule of Deferrred Tax Assets and Liabilities

	December 31,		December 31,
	2023		2022

Deferred tax asset:
Net operating loss carryovers (1)	$	5,283,016	$	3,828,947
Claims reserve discount		1,204,334		1,238,544
Unearned premium		2,742,603		3,574,840
Deferred ceding commission revenue		1,986,782		2,230,109
Net unrealized losses on securities		3,357,463		4,920,837
Other		1,153,903		503,692
Total deferred tax assets		15,728,101		16,296,969

Deferred tax liability:
Investment in KICO (2)		759,543		759,543
Deferred acquisition costs		4,158,538		5,002,085
Intangibles		105,000		105,000
Depreciation and amortization		153,201		99,183
Total deferred tax liabilities		5,176,282		5,965,811

Net deferred income tax asset	$	10,551,819	$	10,331,158

Schedule of net operating loss carryovers

	December 31,			December 31,
Type of NOL	2023			2022			Expiration

Federal only, NOL from 2023 and 2022	$	5,283,016		$	3,828,947		None

State only (A)		2,560,372			2,276,595		December 2027 - December 2043
Valuation allowance		(2,560,372	)		(2,276,595	)
State only, net of valuation allowance		-			-

Total deferred tax asset from net operating loss carryovers	$	5,283,016		$	3,828,947

Schedule of changes in net deferred income tax liability to the deferred income tax provision

Increase in net deferred income tax assets	$	(220,661	)
Less: Deferred tax expense allocated to other comprehensive income		979,254
Deferred income tax benefit	$	(1,199,915	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Lease cost

	Year ended			Year ended
Lease cost	December 31, 2023			December 31, 2022
Operating lease (1) (2)	$	165,368		$	172,494
Total lease cost (1) (2)	$	165,368		$	172,494

Other information on operating leases
Cash payments included in the measurement of lease
liability reported in operating cash flows	$	191,919		$	195,453
Discount rate		5.50	%		5.50	%
Remaining lease term in years		0.25			1.25

Schedule of lease liability maturities

For the Year
Ending
December 31,	Total
2024	$	49,145
Total undiscounted lease payments		49,145
Less: present value adjustment		1,423
Operating lease liability (1)	$	47,722

Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Loss Per Common Share

Reconciliation of the weighted average number of shares of Common Stock used in the calculation of basic and diluted earnings per common share

	Years ended
	December 31,
	2023		2022

Weighted average number of shares outstanding		10,756,487		10,645,365

Effect of dilutive securities, common share equivalents:
Stock options		-		-
Warrants		-		-
Restricted stock awards		-		-

Weighted average number of shares outstanding,
used for computing diluted loss per share		10,756,487		10,645,365

Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Data (Unaudited)

Schedule of Quarterly Financial Data

	2023
	March 31,			June 30,			September 30,			December 31,		Total

Net premiums earned	$	28,254,953		$	29,508,196		$	27,938,318		$	28,682,796	$	114,384,263
Ceding commission revenue		5,445,407			5,412,210			5,536,327			4,659,550		21,053,494
Net investment income		1,541,492			1,451,356			1,444,360			1,571,474		6,008,682
Net gains (losses) on investments		1,224,871			197,142			(824,370	)		1,536,911		2,134,554
Total revenues		36,627,763			36,719,988			34,236,671			36,606,292		144,190,714
Loss and loss adjustment expenses		25,039,410			19,580,702			21,932,453			16,296,645		82,849,210
Commission expense and
other underwriting expenses		15,411,381			15,154,820			14,529,055			14,179,335		59,274,591
Net (loss) income		(5,054,710	)		(522,017	)		(3,537,571	)		2,945,952		(6,168,346	)
Basic (loss) earnings per share	$	(0.47	)	$	(0.05	)	$	(0.33	)	$	0.27	$	(0.57	)
Diluted (loss) earnings per share	$	(0.47	)	$	(0.05	)	$	(0.33	)	$	0.26	$	(0.57	)

	2022
	March 31,			June 30,			September 30,			December 31,			Total

Net premiums earned	$	26,673,380		$	27,902,068		$	29,360,976		$	30,448,107		$	114,384,531
Ceding commission revenue		4,681,396			4,715,587			4,886,094			5,036,314			19,319,391
Net investment income		1,359,100			634,325			1,418,521			1,524,832			4,936,778
Net losses on investments		(4,398,405	)		(4,517,373	)		(397,658	)		(78,429	)		(9,391,865	)
Total revenues		28,551,295			28,979,250			35,537,635			37,091,110			130,159,290
Loss and loss adjustment expenses		22,941,198			18,656,041			22,027,516			24,765,287			88,390,042
Commission expense and
other underwriting expenses		15,167,035			15,106,028			15,978,291			15,027,269			61,278,623
Net loss		(9,197,532	)		(5,379,619	)		(3,997,621	)		(3,950,022	)		(22,524,794	)
Basic loss per share	$	(0.87	)	$	(0.51	)	$	(0.38	)	$	(0.37	)	$	(2.12	)
Diluted loss per share	$	(0.87	)	$	(0.51	)	$	(0.38	)	$	(0.37	)	$	(2.12	)

Nature of Business (Details Narrative)	12 Months Ended
Nature of Business (Details Narrative)	Dec. 31, 2023	Dec. 31, 2022
Nature of Business
Direct written premiums, percentage	88.30%	80.60%

Summary of Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Collateralized bank repurchase agreement (1)	$ 899,646	$ 159,596
Money market funds	2,430,317	2,458,223
Total	$ 3,329,963	$ 2,617,819

Summary of Significant Accounting Policies (Details 1)	12 Months Ended
Summary of Significant Accounting Policies (Details 1)	Dec. 31, 2023	Dec. 31, 2022
Total premiums earned	100.00%	100.00%
Personal Lines [Member] [Member] [Member] [Member]
Total premiums earned subject to concentration	6.90%	6.00%
Premiums earned not subject to concentration [Member]
Total premiums earned subject to concentration	93.10%	94.00%

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Invested assets and cash	$ 2,042,000
Allowance for doubtful accounts	269,000	$ 39,000
Uncollectible premiums receivable balances written off	75,000	133,000
Advertising costs	86,000	114,000
Gross proceeds	19,950,000
Accured Investment income	$ 1,262,000	$ 1,299,000
Preferred Stock
Estimates useful lifes	39 years
Senior Notes [Member]
Invested assets and cash	$ 19,950,000
Debt instrument, face amount	$ 30,000,000
Debt instrument, interest rate	5.50%

Investments (Details) - USD ($)	12 Months Ended
Investments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cost or amortized cost	$ 6,106,148	$ 6,600,388
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Cost or amortized cost	16,607,713	17,108,154
Gross unrealized gains	0	0
Gross unrealized losses - less than 12 months	0	(2,195,273)
Gross unrealized loss - more than 12 months	(3,209,161)	(1,771,494)
Estimated fair value	13,398,552	13,141,387
Net unrealized gains	(3,209,161)	(3,966,767)
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Cost or amortized cost	75,993,042	80,338,464
Gross unrealized gains	0	0
Gross unrealized losses - less than 12 months	0	(5,796,994)
Gross unrealized loss - more than 12 months	(5,885,296)	(2,458,985)
Estimated fair value	70,107,746	72,082,485
Net unrealized gains	(5,885,296)	(8,255,979)
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Cost or amortized cost	50,905,423	53,597,264
Gross unrealized gains	113,761	58,398
Gross unrealized losses - less than 12 months	(2,144)	(882,664)
Gross unrealized loss - more than 12 months	(6,541,731)	(7,150,803)
Estimated fair value	44,475,309	45,622,195
Net unrealized gains	(6,430,114)	(7,975,069)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Cost or amortized cost	164,460,942	174,918,427
Gross unrealized gains	115,560	59,877
Gross unrealized losses - less than 12 months	(19,517)	(8,881,859)
Gross unrealized loss - more than 12 months	(15,636,188)	(11,381,282)
Estimated fair value	148,920,797	154,715,163
Net unrealized gains	(15,540,145)	(20,203,264)
US Treasury and Government [Member]
Cost or amortized cost	20,954,764	23,874,545
Gross unrealized gains	1,799	1,479
Gross unrealized losses - less than 12 months	(17,373)	(6,928)
Gross unrealized loss - more than 12 months	0	0
Estimated fair value	20,939,190	23,869,096
Net unrealized gains	$ (15,574)	$ (5,449)

Investments (Details 1) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Amortized cost	$ 164,460,942	$ 174,918,427
Estimated fair value	148,920,797	154,715,163
Residential mortgage and other asset backed securities [Member]
Amortized cost	50,905,423	53,597,264
Estimated fair value	44,475,309	45,622,195
Less Than One Year [Member]
Amortized cost	34,729,120	16,359,100
Estimated fair value	34,461,172	16,307,991
One To Five Years [Member]
Amortized cost	31,803,338	18,605,987
Estimated fair value	30,416,618	14,085,113
Five To Ten Years [Member]
Amortized cost	31,596,410	54,559,158
Estimated fair value	27,330,377	52,230,283
More Than 10 Years [Member]
Amortized cost	15,426,651	31,796,918
Estimated fair value	$ 12,237,321	$ 26,469,581

Investments (Details 2) - USD ($)	12 Months Ended
Investments (Details 2) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Gross gains	$ 1,027,867	$ 0
Estimated fair value	3,897,150	2,771,652
Fixed Income Exchange Traded Funds [Member]
Cost	3,711,232	3,711,232
Gross losses	(669,232)	(821,632)
Estimated fair value	3,042,000	2,889,600
Mutual Funds [Member]
Cost	622,209	716,626
Gross gains	314,816	158,635
Gross losses	0	0
Estimated fair value	937,025	875,261
Other Investment Fixed Income Exchange Traded Funds [Member]
Cost	1,987,040	1,987,040
Gross gains	1,910,110	784,612
Estimated fair value	3,897,150	2,771,652
Equity Securities [Member]
Cost	17,986,783	18,086,700
Gross gains	314,816	158,635
Gross losses	(3,539,259)	(4,410,945)
Estimated fair value	14,762,340	13,834,390
Preferred Stock [Member]
Cost	13,583,942	13,583,942
Gross gains	0	0
Gross losses	(2,870,027)	(3,589,313)
Estimated fair value	10,713,915	9,994,629
FHLBNY common stock [Member]
Cost	69,400	74,900
Estimated fair value	$ 69,400	$ 74,900

Investments (Details 3) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Net unrealized gains	$ (1,165,752)	$ (946,393)
Estimated fair value	6,600,388	6,106,148
Gross unrealized loss - more than 12 months	(955,414)	(360,278)
Gross unrealized losses - less than 12 months	(6,914)	(872,934)
Gross unrealized gains	15,935	67,460
Cost or amortized cost	7,052,541	7,766,140
Exchange Traded Debt [Member]
Net unrealized gains	(70,111)	(29,111)
Estimated fair value	234,000	275,000
Gross unrealized loss - more than 12 months	(70,111)	0
Gross unrealized losses - less than 12 months	0	(29,111)
Gross unrealized gains	85	0
Cost or amortized cost	304,111	304,111
Held-to-Maturity Securities US Treasury Securities [Member]
Net unrealized gains	(10,032)	(5,677)
Estimated fair value	1,218,828	1,222,883
Gross unrealized loss - more than 12 months	(18,163)	0
Gross unrealized losses - less than 12 months	(6,914)	(34,077)
Gross unrealized gains	15,045	28,400
Cost or amortized cost	1,228,860	1,228,560
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Net unrealized gains	890	2,092
Estimated fair value	500,060	500,730
Gross unrealized loss - more than 12 months	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized gains	890	2,092
Cost or amortized cost	499,170	498,638
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Net unrealized gains	(867,140)	(1,133,056)
Estimated fair value	4,153,260	4,601,775
Gross unrealized loss - more than 12 months	(867,140)	(360,278)
Gross unrealized losses - less than 12 months	0	(809,746)
Gross unrealized gains	0	36,968
Cost or amortized cost	$ 5,020,400	$ 5,734,831

Investments (Details 4) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Amortized cost	$ 7,052,541	$ 7,766,140
Estimated fair value	6,106,148	6,600,388
Less Than One Year [Member]
Amortized cost	0	708,535
Estimated fair value	0	743,575
One To Five Years [Member]
Amortized cost	1,121,288	1,120,507
Estimated fair value	1,097,101	1,088,522
Five To Ten Years [Member]
Amortized cost	1,414,911	1,402,704
Estimated fair value	1,270,770	1,200,720
More Than 10 Years [Member]
Amortized cost	4,516,342	4,534,394
Estimated fair value	$ 3,738,277	$ 3,567,571

Investments (Details 5) - USD ($)	12 Months Ended
Investments (Details 5) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Investments
Fixed-maturity securities	$ 5,352,304	$ 4,211,229
Equity securities	707,835	1,058,351
Cash and cash equivalents	255,905	63,683
Total	6,316,044	5,333,263
Investment expenses	307,362	396,485
Net investment income	$ 6,008,682	$ 4,936,778

Investments (Details 6) - USD ($)	12 Months Ended
Investments (Details 6) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Investments
Gross realized gains	$ 2,428	$ 143,622
Gross realized losses	(21,239)	(208,955)
Total fixed-maturity securities	(18,811)	(65,333)
Gross realized gains	0	1,384,432
Gross realized losses	0	(2,048,395)
Total equity securities	0	(663,963)
Gross realized gains other	0	589,233
Gross realized losses other	0	0
Total Other investments	0	589,233
Net realized gains	(18,811)	(140,063)
Gross gains	1,027,867	0
Gross losses	0	(6,494,380)
Total equity securities	1,027,867	(6,494,380)
Gross gains	1,125,498	0
Gross losses	0	(2,757,422)
Total other investments	1,125,498	(2,757,422)
Net unrealized gains (losses)	2,153,365	(9,251,802)
Net gains (losses) on investments	$ 2,134,554	$ (9,391,865)

Investments (Details 7) - USD ($)	12 Months Ended
Investments (Details 7) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Estimated fair value - less than 12 months	$ 0	$ 7,970,633
Unrealized losses - less than 12 months	0	(2,195,273)
Number of positions held - less than 12 months	0	9
Estimated fair value - 12 months or more	13,398,552	5,170,753
Unrealized losses - 12 months or more	(3,209,161)	(1,771,494)
Number of positions held - 12 months or more	13	5
Estimated fair value - total	13,398,552	13,141,386
Unrealized losses - total	(3,209,161)	(3,966,767)
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Estimated fair value - less than 12 months	0	56,910,104
Unrealized losses - less than 12 months	0	(5,796,994)
Number of positions held - less than 12 months	0	75
Estimated fair value - 12 months or more	70,107,746	15,172,381
Unrealized losses - 12 months or more	(5,885,296)	(2,458,985)
Number of positions held - 12 months or more	85	15
Estimated fair value - total	70,107,746	72,082,485
Unrealized losses - total	(5,885,296)	(8,255,979)
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Estimated fair value - less than 12 months	88,988	10,145,880
Unrealized losses - less than 12 months	(2,144)	(882,664)
Number of positions held - less than 12 months	4	22
Estimated fair value - 12 months or more	38,675,604	34,753,178
Unrealized losses - 12 months or more	(6,541,731)	(7,150,803)
Number of positions held - 12 months or more	37	26
Estimated fair value - total	38,764,592	44,899,058
Unrealized losses - total	(6,543,875)	(8,033,467)
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Estimated fair value - less than 12 months	6,063,428	93,944,813
Unrealized losses - less than 12 months	(19,517)	(8,881,859)
Number of positions held - less than 12 months	5	109
Estimated fair value - 12 months or more	122,181,902	55,096,312
Unrealized losses - 12 months or more	(15,636,188)	(11,381,282)
Number of positions held - 12 months or more	135	46
Estimated fair value - total	128,245,330	149,041,125
Unrealized losses - total	(15,655,705)	(20,263,141)
US Treasury and Government [Member]
Estimated fair value - less than 12 months	5,974,440	18,918,196
Unrealized losses - less than 12 months	(17,373)	(6,928)
Number of positions held - less than 12 months	1	3
Estimated fair value - 12 months or more	0	0
Unrealized losses - 12 months or more	0	0
Number of positions held - 12 months or more	0	0
Estimated fair value - total	5,974,440	18,918,196
Unrealized losses - total	$ (17,373)	$ (6,928)

Investments (Details Narrativee) - USD ($)	12 Months Ended
Investments (Details Narrativee) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Investments
Proceeds from the sale and redemption of fixed-maturity securities held-to-maturity	$ 750,000	$ 1,000,000
Proceeds from the sale or maturity of fixed-maturity securities available-for-sale	61,935,658	25,606,590
Sale - equity securities	99,917	19,379,047
Fair value of the eligible investments		11,412,000
Estimated fair value	6,999,000	8,691,000
Amount of required collateral	$ 6,999,000	$ 8,691,000

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$ 20,939,190	$ 23,869,096
Political subdivisions of states, territories and possessions	13,398,552	13,141,387
Corporate and other bonds industrial and miscellaneous	70,107,746	72,082,485
Residential mortgage and other asset backed securities	44,475,309	45,622,195
Total fixed maturities	148,920,797	154,715,163
Equity securities	14,762,340	13,834,390
Total investments	163,683,137	168,549,553
Level 1 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	20,939,190	23,869,096
Political subdivisions of states, territories and possessions	0	0
Corporate and other bonds industrial and miscellaneous	70,107,746	71,585,115
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	91,046,936	95,454,211
Equity securities	14,762,340	13,834,390
Total investments	105,809,276	109,288,601
Level 2 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	0	0
Political subdivisions of states, territories and possessions	13,398,552	13,141,387
Corporate and other bonds industrial and miscellaneous	497,370	497,370
Residential mortgage and other asset backed securities	44,475,309	45,622,195
Total fixed maturities	57,873,861	59,260,952
Equity securities	0	0
Total investments	57,873,861	59,260,952
Level 3 [Member]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	0	0
Political subdivisions of states, territories and possessions	0	0
Corporate and other bonds industrial and miscellaneous	0	0
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	0	0
Equity securities	0	0
Total investments	$ 0	$ 0

Fair Value Measurements (Details 1) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Hedge Funds [Member]
Hedge fund investments	$ 3,897,150	$ 2,771,652

Fair Value Measurements (Details 2) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Senior Notes due 2022	$ 17,812,500	$ 15,829,096
Level 1 [Member]
Senior Notes due 2022	0	0
Level 2 [Member]
Senior Notes due 2022	17,812,500	15,829,096
Level 3 [Member]
Senior Notes due 2022	$ 0	$ 0

Fair Value of Financial Instruments and Real Estate (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Reinsurance balances payable	$ 12,837,140	$ 13,061,966
Carrying Value [Member]
Fixed-maturity securities held-to-maturity	7,052,541	7,766,140
Cash and cash equivalents	8,976,998	11,958,228
Reinsurance receivables, net	75,593,912	66,465,061
Premiums receivable, net	13,604,808	13,880,504
Real estate, net of accumulated depreciation	1,992,529	2,050,644
Reinsurance balances payable	12,837,140	13,061,966
Fair Value [Member]
Fixed-maturity securities held-to-maturity	6,106,148	6,600,388
Cash and cash equivalents	8,976,998	11,958,228
Reinsurance receivables, net	75,593,912	66,465,061
Premiums receivable, net	13,604,808	13,880,504
Real estate, net of accumulated depreciation	3,540,000	2,800,000
Reinsurance balances payable	$ 12,837,140	$ 13,061,966

Intangible Assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Gross Carrying Value	$ 4,850,000	$ 4,850,000
Accumulated Amortization	4,350,000	4,350,000
Net Carrying Amount	500,000	500,000
Insurance license [Member]
Gross Carrying Value	500,000	500,000
Accumulated Amortization	0	0
Net Carrying Amount	0	500,000
Customer relationships [Member]
Gross Carrying Value	3,400,000	3,400,000
Accumulated Amortization	3,400,000	3,400,000
Net Carrying Amount	$ 0	$ 0
Useful Life (in yrs)	10 years	10 years
Other identifiable intangibles [Member]
Gross Carrying Value	$ 950,000	$ 950,000
Accumulated Amortization	950,000	950,000
Net Carrying Amount	$ 0	$ 0
Useful Life (in yrs)	7 years	7 years

Intangible Assets (Details Narrative) - USD ($)	12 Months Ended
Intangible Assets (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Intangible Assets
Amortization expense, related to intangibles	$ 0	$ 0

Reinsurance (Details) - USD ($)	6 Months Ended					12 Months Ended
Reinsurance (Details) - USD ($)	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Catastrophe [Member]
Initial loss subject to personal lines quota share treaty	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000	$ 10,000,000
Risk retained per catastrophe occurrence	(6)	9,500,000	7,400,000	8,750,000	7,400,000	8,750,000
Catastrophe loss coverage in excess of quota share coverage	$ (6)	$ 315,000,000	$ 335,000,000	$ 335,000,000	$ 490,000,000	$ 315,000,000
Reinstatement premium protection	6	Yes	Yes	Yes	Yes	Yes
Personal Lines [Member] [Member] [Member] [Member]
Percent ceded	27.00%	27.00%	30.00%	30.00%	30.00%	30.00%
Risk retained on initial $1,000,000 of losses (7)	$ 730,000	$ 730,000	$ 700,000	$ 700,000	$ 700,000	$ 700,000
Losses per occurrence subject to quota share reinsurance coverage	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000	1,000,000
Excess of loss coverage and facultative facility coverage	400,000	8,400,000	8,400,000	8,400,000	8,400,000	8,400,000
In excess of	600,000	600,000	600,000	600,000	600,000	600,000
Total reinsurance coverage per occurrence	470,000	8,470,000	8,500,000	8,500,000	8,500,000	8,500,000
Losses per occurrence subject to reinsurance coverage	$ 1,000,000	$ 8,000,000	$ 9,000,000	$ 8,000,000	$ 9,000,000	$ 8,000,000
Expiration date	Jan. 01, 2025	Jan. 01, 2025	Jan. 01, 2023	Jan. 01, 2024	Jan. 01, 2023	Jan. 01, 2024
Expiration date- personal lines		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2024
Personal Umbrella
Risk retained on initial $1,000,000 of losses (7)							$ 300,000	$ 300,000	$ 300,000
Losses per occurrence subject to quota share reinsurance coverage							5,000,000	5,000,000	5,000,000
Total reinsurance coverage per occurrence							$ 4,700,000	$ 4,700,000	$ 4,700,000
Expiration date							Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Percent ceded - first million dollars of coverage							90.00%	90.00%	90.00%
Percent ceded - excess of one million dollars of coverage							95.00%	95.00%	95.00%

Reinsurance (Details 1) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Swiss Reinsurance America Corporation
Unpaid Losses	$ 11,027,000	$ 9,469,000
Paid Losses	6,560,000	4,823,000
Total	17,587,000	14,292,000
Security	0	0
Hanover Rueck SE
Unpaid Losses	8,753,000	8,681,000
Paid Losses	(92,000)	2,698,000
Total	8,661,000	11,379,000
Security	0	0
Others
Unpaid Losses	2,377,000	9,510,000
Paid Losses	3,296,000	6,067,000
Total	5,673,000	15,577,000
Security	2,662,000	2,399,000
SCOR Reinsurance Company
Unpaid Losses	33,289,000	27,660,000
Paid Losses	15,377,000	13,588,000
Total	48,666,000	41,248,000
Security	2,666,000	$ 2,399,000
Allied World Assurance Company
Unpaid Losses	4,724,000
Paid Losses	2,190,000
Total	6,914,000
Security	4
Ace Property And Casualty Insurance Company [Member]
Unpaid Losses	3,205,000
Paid Losses	1,840,000
Total	5,045,000
Security	0
Lancashire Insurance Company Limited [Member]
Unpaid Losses	3,203,000
Paid Losses	1,583,000
Total	4,786,000
Security	$ 0

Reinsurance (Details 2) - USD ($)	12 Months Ended
Reinsurance (Details 2) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Reinsurance
Provisional ceding commissions earned	$ 20,397,454	$ 19,105,779
Contingent ceding commissions earned	656,040	213,612
Ceding commission revenue	$ 21,053,494	$ 19,319,391

Reinsurance (Details Narrative) - USD ($)		12 Months Ended
Reinsurance (Details Narrative) - USD ($)	Jan. 02, 2022	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Reinsurance receivables			$ 26,928,000			$ 25,217,000
Reinsurance balances payable			$ 3,302,000			2,667,000
Description Of Reinsurance Losses			Treaty, 4% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2023/2024 Treaty, 17.5% of the 30% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2024/2025 Treaty, 22% of the 27% total of losses
Reinsurance description	Effective January 1, 2022, the Company entered into an underlying excess of loss reinsurance treaty (“Underlying XOL Treaty”) covering the period from January 1, 2022 through January 1, 2023. The treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000
Catastrophe loss coverage in excess of quota share coverage, descriptions			treaty provides 50% reinsurance coverage for losses of $400,000 in excess of $600,000. Excludes losses from named storms. Reduces retention to $500,000 from $700,000 under the 2021/2023 Treaty and 2023/2024 Treaty. Reduces retention to $530,000 from $730,000 under the 2024/2025 Treaty
Collateralized trust agreement			$ 2,236,000			1,918,000
Guaranteed irrevocable letter of credit			426,000			$ 481,000
Irrevocable letter of credit			4,000
Catastrophe [Member]
Reinstatement of premium protection, amount		$ 12,500,000		$ 9,800,000	$ 70,000,000
Excess of catastrophe coverage		10,000,000		$ 10,000,000	$ 10,000,000
Personal Lines [Member] [Member] [Member] [Member]
Single risk coverage			$ 9,000,000
Personal Lines [Member] [Member] [Member] [Member] \| Minimum [Member]
Direct loss		3,500,000
Personal Lines [Member] [Member] [Member] [Member] \| Maximum [Member]
Direct loss		$ 9,000,000

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue
Net deferred policy acquisition costs, net of ceding commission revenue, beginning of year	$ 13,199,884	$ 12,490,479
Cost incurred and deferred:
Commission and brokerage	29,926,493	36,354,386
Other underwriting and policy acquisition costs	8,866,395	9,154,706
Ceding commission revenue	(7,209,248)	(7,236,720)
Net deferred policy acquisition costs	31,583,640	38,272,372
Amortization	(34,441,825)	(37,562,967)
Deferred acquisition costs	(2,858,185)	709,405
Net deferred policy acquisition costs, net of ceding commission revenue, ending of year	$ 10,341,699	$ 13,199,884

Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue (Details 1) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred Policy Acquisition Costs and Deferred Ceding Commission Revenue
Deferred policy acquisition costs	$ 19,802,564	$ 23,819,453
Deferred ceding commission revenue	(9,460,865)	(10,619,569)
Balance at end of period	$ 10,341,699	$ 13,199,884

Debt (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt	$ 25,243,530	$ 25,158,523
2022 [Member]
Debt	18,426,247	17,252,868
Equipment Financing [Member]
Debt	$ 6,817,283	$ 7,905,655

Debt (Details 1) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Long-term debt, net	$ 18,426,247	$ 17,252,868
2022 \| Issuance costs
Long-term debt, net	870,630	1,717,448
2020 [Member \| Warrant [Member]
Long-term debt, net	653,123	979,684
2020 [Member \| Senior Unsecured Notes [Member]
Long-term debt, net	$ 19,950,000	$ 19,950,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt (Details 3)	12 Months Ended
Debt (Details 3)	Dec. 31, 2023
December 30, 2022 to December 29, 2023
Accrued and unpaid interest	102.00%
December 30, 2023 to September 29, 2024
Accrued and unpaid interest	101.00%
September 30, 2024 to December 29, 2024
Accrued and unpaid interest	100.00%

Debt (Details 4)	Dec. 31, 2023 USD ($)
Debt
2024	$ 1,153,862
2025	1,223,293
2026	1,296,901
2027	1,119,021
Gross total	4,793,077
2027 purchase price	2,024,206
Total	$ 6,817,283

Debt (Details Narrative) - USD ($)		1 Months Ended	12 Months Ended
Debt (Details Narrative) - USD ($)	Dec. 15, 2022	Oct. 27, 2022	Dec. 31, 2023	Dec. 31, 2022
Advances limit, description			new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000 (the “2022 Notes”); (ii) cash in the aggregate approximate amount of $1,595,000, together with accrued interest on the 2017 Notes; and (iii) three-year warrants for the purchase of an aggregate of 969,525 shares of Common Stock of the Company, exercisable at an exercise price of $1.00 per share (the “Warrants”). The remaining $8,455,000 principal amount of the 2017 Notes, together with accrued interest thereon, was paid on the maturity date of the 2017 Notes of December 30, 2022
Invested assets and cash			$ 2,042,000
Operating expenses			151,556,245	$ 158,101,630
Gross proceeds			19,950,000
Collateral amount			$ 11,412,000	12,228,000
Description of noteholder exchange			new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000 (the “2022 Notes”); (ii) cash in the aggregate approximate amount of $1,595,000, together with accrued interest on the 2017 Notes; and (iii) three-year warrants for the purchase of an aggregate of 969,525 shares of Common Stock of the Company, exercisable at an exercise price of $1.00 per share (the “Warrants”). The remaining $8,455,000 principal amount of the 2017 Notes, together with accrued interest thereon, was paid on the maturity date of the 2017 Notes of December 30, 2022
Treasury bill			$ 5,567,481	$ 5,567,481
2022 Notes [Member]
Issue of notes	$ 19,950,000
Issue rate	12.00%
Warrant fair value	$ 993,200
Transaction cost	$ 1,758,112
Debt instrument, yield percentage	13.92%		29.90%	26.70%
Operating expenses	$ 250,000
Equipment [Financing]
Total Treasury Bills			$ 6,999,000	$ 8,691,026
Total Rental Rate				2,030,036
Sale of fixed assets		$ 8,096,824
Fair value of pledged collateral			$ 11,960,000	8,691,000
Interest rate		5.86%
Finance amount principal		$ 126,877
Purchase of fixed assets		$ 2,024,206
Treasury bill				8,096,824
Federal Home Loan Bank of New York [Member]
Description of Advance Limits			Advances are limited to 5% of KICO’s net admitted assets as of the previous quarter and are due and payable within one year of borrowing
Maximum allowable advances			$ 12,813,000	$ 13,192,000

Property and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cost	$ 28,981,656	$ 27,154,454
Accumulated Depreciation	(19,585,959)	(16,612,519)
Net	9,395,697	10,541,935
Land [Member]
Cost	652,437	652,437
Accumulated Depreciation	0	0
Net	652,437	652,437
Automobiles [Member]
Cost	134,034	134,034
Accumulated Depreciation	(111,871)	(100,315)
Net	22,163	33,719
Computer Equipment [Member]
Cost	25,022,986	23,195,784
Accumulated Depreciation	(17,641,982)	(14,738,212)
Net	7,381,004	8,457,572
Furniture and Fixtures [Member]
Cost	828,011	828,011
Accumulated Depreciation	(828,011)	(828,011)
Net	0	0
Building [Member]
Cost	2,344,188	2,344,188
Accumulated Depreciation	(1,004,096)	(945,981)
Net	1,340,092	1,398,207
Leasehold Improvements [Member]
Cost	0	0
Accumulated Depreciation	0	0
Net	$ 0	$ 0

Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
Property and Equipment (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Depreciation expense	$ 2,973,440	$ 3,300,445

Property and Casualty Insurance Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Change in unearned premiums [Member]
Assumed	$ 0	$ 0
Ceeded	18,902,507	2,057,880
Net	20,773,746	(7,675,290)
Direct	1,871,239	(9,733,170)
Premiums earned [Member]
Assumed	0	0
Ceeded	(87,661,478)	(77,137,136)
Net	114,384,263	114,384,531
Direct	202,045,741	191,521,667
Premiums written Member
Assumed	0	0
Ceeded	(106,563,985)	(79,195,016)
Net	93,610,517	122,059,821
Direct	$ 200,174,502	$ 201,254,837

Property and Casualty Insurance Activity (Details 1) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Gross Liability [Member]
Case-basis reserves	$ 67,108,131	$ 62,745,588
Loss adjustment expenses	17,448,218	16,847,618
IBNR reserves	37,261,513	38,746,307
Recoverable on paid losses	0	0
Total loss and loss adjustment expenses	121,817,862	118,339,513
Reinsurance Receivables [Member]
Case-basis reserves	19,537,988	16,618,887
Loss adjustment expenses	3,085,429	2,364,053
IBNR reserves	10,665,233	8,676,560
Recoverable on paid losses	15,376,899	13,588,981
Total loss and loss adjustment expenses	48,665,549	41,248,481
Recoverable on unpaid losses	33,288,650	27,659,500
Unearned premiums	26,928,363	25,216,580
Receivables - reinsurance contracts	0	0
Total reinsurance receivables	$ 75,593,912	$ 66,465,061

Property and Casualty Insurance Activity (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property and Casualty Insurance Activity
Balance at beginning of period	$ 118,339,513	$ 94,948,745
Less reinsurance recoverables	(27,659,500)	(10,637,679)
Net balance, beginning of period	90,680,013	84,311,066
Incurred related to:
Current year	82,856,483	85,690,180
Prior years	(7,273)	2,699,862
Total incurred	82,849,210	88,390,042
Paid related to:
Current year	49,146,173	49,602,585
Prior years	35,853,838	32,418,510
Total paid	85,000,011	82,021,095
Net balance at end of period	88,529,212	90,680,013
Add reinsurance recoverables	33,288,650	27,659,500
Balance at end of period	$ 121,817,862	$ 118,339,513

Property and Casualty Insurance Activity (Details 3)	12 Months Ended
Property and Casualty Insurance Activity (Details 3)	Dec. 31, 2023 USD ($) integer
Total incurred claims	$ 555,877,000
2014
2014 incurred claims	14,193,000
IBNR	$ 0
Cumulative Number of Reported Claims \| integer	2,138
2015
2014 incurred claims	$ 14,260,000
IBNR	$ 274,000
Cumulative Number of Reported Claims \| integer	2,559
2015 incurred claims	$ 22,340,000
2016
2014 incurred claims	14,218,000
IBNR	$ 90,000
Cumulative Number of Reported Claims \| integer	2,881
2015 incurred claims	$ 21,994,000
2016 incurred claims	26,062,000
2018
2014 incurred claims	15,023,000
IBNR	$ 598,000
Cumulative Number of Reported Claims \| integer	4,234
2015 incurred claims	$ 22,491,000
2016 incurred claims	24,789,000
2017 incurred claims	32,169,000
2018 incurred claims	54,455,000
2019
2014 incurred claims	16,381,000
IBNR	$ 1,182,000
Cumulative Number of Reported Claims \| integer	4,503
2015 incurred claims	$ 23,386,000
2016 incurred claims	27,887,000
2017 incurred claims	35,304,000
2018 incurred claims	56,351,000
2019 incurred claims	75,092,000
2020
2014 incurred claims	16,428,000
IBNR	$ 1,310,000
Cumulative Number of Reported Claims \| integer	5,886
2015 incurred claims	$ 23,291,000
2016 incurred claims	27,966,000
2017 incurred claims	36,160,000
2018 incurred claims	58,441,000
2019 incurred claims	72,368,000
2020 incurred claims	63,083,000
2021
2014 incurred claims	16,434,000
IBNR	$ 3,598,000
Cumulative Number of Reported Claims \| integer	5,813
2015 incurred claims	$ 23,528,000
2016 incurred claims	27,417,000
2017 incurred claims	36,532,000
2018 incurred claims	59,404,000
2019 incurred claims	71,544,000
2020 incurred claims	62,833,000
2021 incurred claims	96,425,000
2020 [Member
2014 incurred claims	16,486,000
IBNR	$ 6,332,000
Cumulative Number of Reported Claims \| integer	4,683
2015 incurred claims	$ 23,533,000
2016 incurred claims	27,352,000
2017 incurred claims	36,502,000
2018 incurred claims	61,237,000
2019 incurred claims	71,964,000
2020 incurred claims	63,217,000
2021 incurred claims	96,673,000
2022 incurred claims	79,835,000
2023
2014 incurred claims	16,472,000
IBNR	$ 18,994,000
Cumulative Number of Reported Claims \| integer	3,881
2015 incurred claims	$ 23,428,000
2016 incurred claims	27,271,000
2017 incurred claims	36,819,000
2018 incurred claims	61,145,000
2019 incurred claims	73,310,000
2020 incurred claims	63,562,000
2021 incurred claims	96,134,000
2022 incurred claims	78,759,000
2023 incurred claims	78,978,000
2017
2014 incurred claims	14,564,000
IBNR	$ 319,000
Cumulative Number of Reported Claims \| integer	3,400
2015 incurred claims	$ 22,148,000
2016 incurred claims	24,941,000
2017 incurred claims	$ 31,605,000

Property and Casualty Insurance Activity (Details 4)	Dec. 31, 2023 USD ($)
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented	$ 84,703,000
All outstanding liabilities before 2014, net of reinsurance	170,000
Liabilities for claims and claim adjustment expenses, net of reinsurance	84,872,000
Total	471,174,000
2014
2014	5,710,000
2015
2014	9,429,000
2015	12,295,000
2016
2014	10,738,000
2015	16,181,000
2016	15,364,000
2018
2014	13,819,000
2015	19,984,000
2016	21,106,000
2017	24,820,000
2018	32,383,000
2019
2014	14,901,000
2015	21,067,000
2016	23,974,000
2017	28,693,000
2018	44,516,000
2019	40,933,000
2020
2014	15,491,000
2015	22,104,000
2016	25,234,000
2017	31,393,000
2018	50,553,000
2019	54,897,000
2020	39,045,000
2021
2014	15,770,000
2015	22,318,000
2016	25,750,000
2017	32,529,000
2018	52,025,000
2019	58,055,000
2020	50,719,000
2021	56,282,000
2020 [Member
2014	16,120,000
2015	22,473,000
2016	26,382,000
2017	33,522,000
2018	54,424,000
2019	60,374,000
2020	53,432,000
2021	77,756,000
2022	45,856
2023
2014	16,136,000
2015	22,519,000
2016	26,854,000
2017	34,683,000
2018	56,199,000
2019	63,932,000
2020	56,523,000
2021	82,317,000
2022	65,732
2023	46,280
2017
2014	11,770,000
2015	18,266,000
2016	19,001,000
2017	$ 16,704,000

Property and Casualty Insurance Activity (Details 5) $ in Thousands	Dec. 31, 2023 USD ($)
Property and Casualty Insurance Activity
Liabilities for loss and loss adjustment expenses, net of reinsurance	$ 84,872
Total reinsurance recoverable on unpaid losses	33,289
Unallocated loss adjustment expenses	3,657
Total gross liability for loss and LAE reserves	$ 121,818

Property and Casualty Insurance Activity (Details 6)	Dec. 31, 2023
Property and Casualty Insurance Activity
Year One	53.40%
Year Two	19.90%
Year Three	7.30%
Year Four	6.00%
Year Five	5.60%
Year Six	3.70%
Year Seven	2.50%
Year Eight	1.40%
Year Nine	1.20%
Year Ten	0.10%

Property and Casualty Insurance Activity (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property and Casualty Insurance Activity
Advance premiums	$ 3,797,590	$ 2,839,028
Incurred losses and loss adjustment expenses are net of reinsurance recoveries under reinsurance contracts	41,091,205	39,658,365
Prior year loss development	$ 7,273	$ 2,699,862

Stockholders Equity (Details)	12 Months Ended
Stockholders Equity (Details)	Dec. 31, 2023 USD ($) $ / shares shares
Aggregate Intrinsic Value , Exercised	$ 969,525
Exchange Traded Debt [Member]
Number of options outstanding, beginning \| shares	107,201
Number of options outstanding, ending \| shares	107,201
Number of options outstanding, vested and exercisable \| shares	107,201
Weighted Average Remaining Contractual, Beginning balance	1 year 11 months 1 day
Weighted Average Remaining Contractual term, Ending balance	11 months 8 days
Weighted Average Remaining Contractual life, vested and exercisable	11 months 8 days
Weighted average exercise price, Beginning balance \| $ / shares	$ 8.31
Weighted average exercise price, granted \| $ / shares	0
Weighted average exercise price, Exercised \| $ / shares	0
Weighted average exercise price, Forfeited \| $ / shares	0
Weighted average exercise price, Ending balance \| $ / shares	8.31
Weighted Average Price per share outstanding, vested and exercisable \| $ / shares	$ 8.31
Aggregate Intrinsic Value , begeining	$ 0
Aggregate Intrinsic Value , granted	0
Aggregate Intrinsic Value , Exercised	0
Aggregate Intrinsic Value , Expired/Forfeited	0
Aggregate Intrinsic Value ,ending	0
Aggregate Intrinsic Value , vested and exercisable	$ 0

Stockholders Equity (Details 1) - Hedge Funds [Member]	12 Months Ended
Stockholders Equity (Details 1) - Hedge Funds [Member]	Dec. 31, 2023 USD ($) $ / shares shares
Number of options outstanding, beginning \| shares	366,597
Granted shares \| shares	280,669
Vested shares \| shares	(82,865)
Forfeited shares \| shares	(13,820)
Number of options outstanding, ending \| shares	550,581
Weighted Average Grant Date Fair Value per Share, beginning balance \| $ / shares	$ 6.97
Weighted Average Grant Date Fair Value per Share, granted \| $ / shares	1.42
Weighted Average Grant Date Fair Value per Share, vested \| $ / shares	3.84
Weighted Average Grant Date Fair Value per Share, forfeited \| $ / shares	4.17
Weighted Average Grant Date Fair Value per Share, ending balance \| $ / shares	$ 3.82
Aggregate Intrinsic Value , begeining \| $	$ 2,555,181
Aggregate Fair Value, granted \| $	398,338
Aggregate Fair Value, vested \| $	(318,202)
Aggregate Fair Value, Forfeited \| $	(57,686)
Aggregate Intrinsic Value ,ending \| $	$ 2,103,219

Stockholders Equity (Details 2)	12 Months Ended
Stockholders Equity (Details 2)	Dec. 31, 2023	Dec. 31, 2022
Stockholders Equity
Dividend Yield	0.00%	0.00%
Volatility	0.00%	57.45%
Risk-Free Interest Rate	0.00%	4.00%
Expected Life		3 years

Stockholders Equity (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
Stockholders Equity (Details Narrative) - USD ($)	Jun. 19, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 30, 2025	Aug. 05, 2020
Dividends declared		$ 0	$ 1,277,066
Stock based compensation for stock options		0	$ 9,000
Net of estimated forfeitures of approximately			18.00%
Share-based compensation under offering		0	$ 15,000
Stock based compensation for grants		$ 833,000	$ 1,369,000
Weighted-average vesting period			36 years 6 months
Exercise price				$ 1.00
Closing price of common stock		$ 2.13
Stock option net forfeited		$ 969,525
Fair value of unamortized compensation cost			$ 993,200
Maximum share purchase under ESPP	750,000
Maximum share purchased by employee	5,000
Price per share		$ 1.82
Total purchase		$ 60,464
Purchase Of Warrants		969,525
Common stock shares authorized		33,222
Common stock shares authorized		20,000,000	20,000,000
10 May 2023 [Member]
Common stock shares authorized		1,900,000
Held-to-Maturity Securities US Treasury Securities [Member]
Common stock shares authorized		700,000			1,400,000
Shares reserved		584,596

Statutory Financial Information and Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statutory Financial Information and Accounting Policies
Unassigned deficit	$ (7,661,958)	$ (5,069,593)
Dividends paid	1,250,000	5,250,000
Statutory basis net income (loss)	1,343,111	(14,498,676)
Statutory basis surplus	$ 62,683,974	$ 67,976,439
Dividend description	Dividends are restricted to the lesser of 10% of surplus or 100% of investment income (on a statutory accounting basis) for the trailing 36 months, net of dividends paid by KICO during such period

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Current federal income tax expense (benefit)	$ 0	$ 0
Current state income tax expense (benefit)	2,730	1,630
Deferred federal and state income tax expense (benefit)	(1,199,915)	(5,419,176)
Income tax benefit	$ (1,197,185)	$ (5,417,546)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Details 1) - USD ($)	12 Months Ended
Income Taxes (Details 1) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Computed expected tax expense	$ (1,546,925)	$ (5,867,891)
State taxes, net of Federal benefit	(271,543)	(190,894)
State valuation allowance	282,864	198,217
Permanent differences
Dividends received deduction	(74,323)	(122,331)
Non-taxable investment income	(98,767)	(95,763)
Stock-based compensation	62,801	117,700
Sale leaseback transaction	315,894	385,634
Other permanent differences	96,789	152,601
Prior year tax matters	27,460	(24,116)
Other	8,565	29,297
Income tax benefit, as reported	$ (1,197,185)	$ (5,417,546)
Computed expected tax expense	21.00%	21.00%
State taxes, net of Federal benefit	3.70%	0.70%
State valuation allowance	(3.80%)	(0.70%)
Dividends received deduction	1.00%	0.40%
Non-taxable investment income	1.30%	0.30%
Stock-based compensation	(0.90%)	(0.40%)
Sale leaseback transaction	(4.30%)	(1.40%)
Other permanent differences	(1.30%)	(0.50%)
Prior year tax matters	(0.40%)	0.10%
Other	(0.10%)	(0.10%)
Income tax benefit, as reported, percentage	16.30%	19.40%

Income Taxes (Details 2) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax asset:
Net operating loss carryovers (1)	$ 5,283,016	$ 3,828,947
Claims reserve discount	1,204,334	1,238,544
Unearned premium	2,742,603	3,574,840
Deferred ceding commission revenues	1,986,782	2,230,109
Net unrealized losses on securities	3,357,463	4,920,837
Other	1,153,903	503,692
Total deferred tax assets	15,728,101	16,296,969
Deferred tax liability:
Investment in KICO (2)	759,543	759,543
Deferred acquisition costs	4,158,538	5,002,085
Intangibles	105,000	105,000
Depreciation and amortization	153,201	99,183
Total deferred tax liabilities	5,176,282	5,965,811
Net deferred income tax (liability) asset	$ 10,551,819	$ 10,331,158

Income Taxes (Details 3) - USD ($)	12 Months Ended
Income Taxes (Details 3) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Federal only, NOL	$ 5,283,016	$ 3,828,947
State only (A)	$ 2,560,372	2,276,595
State only A	December 2027 - December 2043
Valuation allowance	$ (2,560,372)	(2,276,595)
State only, net of valuation allowance	0	0
Total deferred tax asset from net operating loss carryovers	$ 5,283,016	$ 3,828,947

Income Taxes (Details 4) - USD ($)	12 Months Ended
Income Taxes (Details 4) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Increase in net deferred income tax assets	$ (220,661)
Deferred tax expense allocated to other comprehensive income	979,254
Deferred income tax expense	$ (1,199,915)	$ (5,419,176)

Income Taxes (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2017
Net operating loss carryover	$ 39,390,000	$ 35,025,000
Computer Equipment [Member]
Consideration exchange principal amount	$ 3,750,000
Acquired equity interest rate	100.00%
Original purchase surplus notes	$ 2,921,319
Untaxed interest	1,169,000
Deferred tax liability reduced			$ 759,543
Deferred tax liability	$ 759,543

Employee Benefit Plans (Details Narrative) - USD ($)	12 Months Ended
Employee Benefit Plans (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Employee Benefit Plans
Contribution expense	$ 292,000	$ 264,000
Deferred compensation liability	$ 937,025	$ 1,155,860

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies
Operating leases	$ 165,368	$ 172,494
Total lease cost	165,368	172,494
Cash payments included in the measurement of lease liability in operating cash flows	$ 191,919	$ 195,453
Discount rate	5.50%	5.50%
Remaining lease term in years in KICO	3 months	1 year 3 months

Commitments and Contingencies (Details 1)	Dec. 31, 2023 USD ($)
Commitments and Contingencies
2024	$ 49,145
Total undiscounted lease payments	49,145
Less: present value adjustment	1,423
Operating lease liability	$ 47,722

Commitments and Contingencies (Details Narrative) - USD ($)	1 Months Ended				12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Jan. 31, 2020	Sep. 16, 2019	Dec. 31, 2023	Dec. 31, 2022	Jul. 08, 2019
Operating lease right-of-use assets					$ 47,722	$ 225,278
Operating lease right-of-use liabilities					47,722	225,278
Rent expenses					165,368	172,494
Stock-based compensation					$ 832,597	$ 1,392,612
Amended Employment Agreement [Member] \| January 2020 [Member]
Restricted stock issued	230,769	17,191			157,431
Restricted stock value	$ 1,500,000	$ 136,500			$ 1,250,000
Golden Emloyment Agreement [Member] \| Mery Golden Chief Operating Officer [Member]
Annual base salary	$ 500,000		$ 500,000	$ 500,000
Percent of average per annum	14.00%		3.00%
Option purchase				50,000
Percent of annual bonus	6.00%
Golden Emloyment Agreement [Member] \| Mery Golden Chief Operating Officer [Member] \| Minimum [Member]
Stock-based compensation	$ 945,000
Golden Emloyment Agreement [Member] \| Mery Golden Chief Operating Officer [Member] \| Maximum [Member]
Stock-based compensation	$ 2,835,000
Cosi Lease [Member]
Lease costs							$ 40,000
Employment Agreement [Member] \| Barry GoldsteinMr. Goldstein [Member]
Restricted stock issued	21,000
January 2023 [Member] \| Amended Employment Agreement [Member]
Restricted stock issued					101,111
Restricted stock value					$ 136,500
Annual base salary					$ 500,000
Percent of average per annum					3.00%
January 2024 [Member] \| Amended Employment Agreement [Member]
Restricted stock issued					64,085

Loss Per Common Share (Details) - USD ($)	12 Months Ended
Loss Per Common Share (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Loss Per Common Share
Weighted average number of shares outstanding	10,756,487	10,645,365
Effect of dilutive securities, common share equivalents: Stock options	$ 0	$ 0
Effect of dilutive securities, common share equivalents: Warrants	0	0
Effect of dilutive securities, common share equivalents: Restricted stock awards	$ 0	$ 0
Weighted average number of shares outstanding, used for computing diluted loss per share	10,756,487	10,645,365

Quarterly Financial Data (Unaudited) (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Net premiums earned							$ 114,384,263	$ 114,384,531
Ceding commission revenue							21,053,494	19,319,391
Net investment income							6,008,682	4,936,778
Net gains (losses) on investments							2,134,554	(9,391,865)
Total revenues							144,190,714	130,159,290
Loss and loss adjustment expenses							82,849,210	88,390,042
Commission expense and other underwriting expenses							59,274,591	61,278,623
Net (loss) income							$ (6,168,346)	$ (22,524,794)
Basic earnings (loss) per share							$ (0.57)	$ (2.12)
Diluted earnings (loss) per share							$ (0.57)	$ (2.12)
Premium earned not subject to concentration [Member]
Net premiums earned	$ 28,254,953	$ 26,673,380	$ 29,508,196	$ 15,106,028	$ 27,938,318	$ 29,360,976	$ 28,682,796	$ 30,448,107
Ceding commission revenue	5,445,407	4,681,396	5,412,210	4,715,587	5,536,327	4,886,094	4,659,550	5,036,314
Net investment income	1,541,492	1,359,100	1,451,356	634,325	1,444,360	1,418,521	1,571,474	1,524,832
Net gains (losses) on investments	1,224,871	(4,398,405)	197,142	(4,517,373)	(824,370)	(397,658)	1,536,911	(78,429)
Total revenues	36,627,763	28,551,295	36,719,988	28,979,250	34,236,671	35,537,635	36,606,292	37,091,110
Loss and loss adjustment expenses	25,039,410	22,941,198	19,580,702	18,656,041	21,932,453	22,027,516	16,296,645	24,765,287
Commission expense and other underwriting expenses	15,411,381	15,167,035	15,154,820	27,902,068	14,529,055	15,978,291	14,179,335	15,027,269
Net (loss) income	$ (5,054,710)	$ (9,197,532)	$ (522,017)	$ (5,379,619)	$ (3,537,571)	$ (3,997,621)	$ 2,945,952	$ (3,950,022)
Basic earnings (loss) per share	$ (0.47)	$ (0.87)	$ (0.05)	$ (0.51)	$ (0.33)	$ (0.38)	$ 0.27	$ (0.37)
Diluted earnings (loss) per share	$ (0.47)	$ (0.87)	$ (0.05)	$ (0.51)	$ (0.33)	$ (0.38)	$ 0.26	$ (0.37)