0001628280-24-047833 | 10-Q | XBRL Viewer

Stockholders Equity

9 Months Ended

Sep. 30, 2024

Stockholders’ Equity

Dividends Declared and Paid

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 terminated on August 12, 2024 and no further awards may be granted under the 2014 Plan after such date.

2024 Equity Participation Plan

Effective August 7, 2024, the Company adopted the 2024 Equity Participation Plan (the “2024 Plan”). pursuant to which a maximum of 1,000,000 shares of Common Stock of the Company are authorized to be issued pursuant to the grant of incentive stock options, non-statutory stock options, stock appreciation rights, and stock bonus awards. Incentive stock options granted under the 2024 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 2024 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 2024 Plan, subject to the provisions of the 2024 Plan. The 2024 Plan terminates on May 10, 2034 and no further awards may be granted under the 2024 Plan after such date.

As of September 30, 2024, there were no grants issued under the 2024 Plan.

Stock Options

The results of operations for the three months ended September 30, 2024 and 2023 include stock-based compensation expense for stock options totaling approximately $53,000 and $-0-, respectively. The results of operations for the nine months ended September 30, 2024 and 2023 include stock-based compensation expense for stock options totaling approximately $159,000 and $-0-, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). Stock-based compensation expense related to stock options for the nine months ended September 30, 2024 is net of estimated forfeitures of approximately 12%. Such amounts have been included in the condensed consolidated statements of operations and comprehensive income (loss) within other operating expenses.

The weighted average estimated fair value of stock options granted during the nine months ended September 30, 2024 was $1.24 per share. No options were granted during the nine months ended September 30, 2023. The fair value of stock options at the grant date was 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.

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


	Nine months ended September 30,
	2024		2023

Dividend Yield	0.00	%	n/a
Volatility	74.72	%	n/a
Risk-Free Interest Rate	4.17	%	n/a
Expected Life	3.50 years		n/a

A summary of stock option activity under the Company’s 2014 Plan for the nine months ended September 30, 2024 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, 2024	107,201	$	8.31	0.94	$	-

Granted	318,750	$	2.25	4.34	$	2,199,375
Exercised	(50,000)	$	8.72	-	$	25,000
Expired/Forfeited	(46,250)	$	2.25	4.67	$	112,238

Outstanding at September 30, 2024	329,701	$	3.24	3.56	$	1,948,716

Vested and Exercisable at September 30, 2024	57,201	$	7.95	0.32	$	68,466

The aggregate intrinsic value of options outstanding and options exercisable at September 30, 2024 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 $9.15 closing price of the Company’s Common Stock on September 30, 2024. 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 ("Net Exercise"), 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 ("Share Exchange").

The Company received 35,248 shares from the exercise of options under a Share Exchange for the purchase of 37,269 shares of Common Stock during the three and nine months ended September 30, 2024. Such shares received under the Share Exchange have been included in the condensed consolidated balance sheets within treasury stock. The remaining 12,731 options exercised during the three and nine months ended September 30, 2024 were Net Exercises, resulting in the issuance of 690 shares of Common Stock. No options were exercised during the three and nine months ended September 30, 2023.

As of September 30, 2024, the estimated fair value of unamortized compensation cost related to 272,500 unvested stock option awards was approximately $132,000. Unamortized compensation cost as of September 30, 2024 is expected to be recognized over a remaining weighted-average vesting period of 2.27 years.

Restricted Stock Awards

A summary of the restricted Common Stock activity under the 2014 Plan for nine months ended September 30, 2024 is as follows:


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

Balance at January 1, 2024	550,581	$	3.82	$	2,103,219

Granted	178,459	$	2.33	$	416,211
Vested	(446,044)	$	4.16	$	(1,855,543)
Forfeited	(2,000)	$	4.80	$	(9,600)

Balance at September 30, 2024	280,996	$	2.33	$	654,721

Fair value was calculated using the closing price of the Company’s Common Stock on the grant date. For the three months ended September 30, 2024 and 2023, stock-based compensation for these grants was approximately $306,000 and $207,000, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2024 and 2023, stock-based compensation for these grants was approximately $747,000 and $636,000, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income (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.

Warrants

In connection with the 2022 Exchange Agreement (see Note 7 – Debt – “Exchange Agreements”), as additional consideration, on December 15, 2022, the Company issued warrants (the "Warrants") to the 2022 Exchanging Noteholders to purchase 969,525 shares of Common Stock. Pursuant to the 2024 Exchange Agreement, the expiration date of the Warrants was extended to June 30, 2026 from December 30, 2025. 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 and the 2024 Notes. The fair value of the Warrants is being amortized over the life of the Warrants, which is 36.5 months through September 12, 2024 and effective as of such date, the unamortized balance is being amortized over the extended life of the Warrants, which is now 21.5 months.

In accordance with ASC 815-40-35 - Derivatives and Hedging – Subsequent Measurement, the effect of a modification or an exchange shall be measured as the difference between the fair value of the modified or exchanged instrument and the fair value of that instrument immediately before it is modified or exchanged. The Company calculated the respective fair values and determined the difference was immaterial.

The Warrants are exercisable through June 30, 2026 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 ("Net Exercise").

During the three and nine months ended September 30, 2024, Holders exercised 67,500 Warrants under Net Exercises, resulting in the issuance of 60,557 shares of Common Stock. No Warrants were exercised during the three and nine months ended September 30, 2023. As of September 30, 2024, Warrants for the purchase of an aggregate of 902,025 shares of Common Stock were outstanding.

No warrants were granted during the nine months ended September 30, 2024 and 2023.

Shelf Registration

On April 5, 2024, the Company filed a shelf registration statement on Form S-3 with the SEC under the Securities Act of 1933, as amended, with regard to the registration of $50,000,000 of its equity and debt securities (the “Shelf Registration Statement”). The Shelf Registration Statement was declared effective by the SEC on April 22, 2024. Any offering made

pursuant to the Shelf Registration Statement may only be made by means of a prospectus, including a prospectus supplement, forming a part of the effective Shelf Registration Statement, relating to the offering.

At-the-Market Offering

In May 2024, the Company entered into a Sales Agreement with Janney Montgomery Scott LLC (the “Sales Agent”) under which the Company currently has the ability to issue and sell shares of its Common Stock, from time to time, through the Sales Agent, pursuant to the Shelf Registration Statement, up to an aggregate offering price of approximately $16,400,000 in what is commonly referred to as an “at-the-market” (“ATM”) program. During the three months ended September 30, 2024, the Company sold 1,079,601 shares of its Common Stock at a weighted average price of $8.48 per share and raised $8,897,908 in net proceeds under the ATM program. During the nine months ended September 30, 2024, the Company sold 1,135,710 shares of its Common Stock at a weighted average price of $8.30 per share and raised $9,066,098 in net proceeds under the ATM program. As of September 30, 2024, the Company had remaining capacity to sell up to an additional $6,973,231 of Common Stock under the ATM program.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Fair Value of Financial Instruments and Real Estate (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments and real estate, including their fair value level as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities held-to- maturity, Level 1	$	7,048,662	$	6,278,968	$	7,052,541	$	6,106,148
Fixed-maturity securities available-for-sale, Level 1	$	109,780,907	$	109,780,907	$	91,046,936	$	91,046,936
Fixed-maturity securities available-for-sale, Level 2	$	55,677,438	$	55,677,438	$	57,873,861	$	57,873,861
Cash and cash equivalents, Level 1	$	33,760,798	$	33,760,798	$	8,976,998	$	8,976,998
Premiums receivable, net, Level 1	$	17,601,417	$	17,601,417	$	13,604,808	$	13,604,808
Reinsurance receivables, net, Level 3	$	65,746,827	$	65,746,827	$	75,593,912	$	75,593,912
Real estate, net of accumulated depreciation, Level 3	$	1,941,671	$	3,540,000	$	1,992,529	$	3,540,000
Reinsurance balances payable, Level 3	$	9,866,555	$	9,866,555	$	12,837,140	$	12,837,140

Property and Casualty Insurance Activity - Schedule Of Ceding Commission Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property and Casualty Insurance Activity
Provisional ceding commissions earned	$ 4,742,557	$ 4,992,312	$ 13,859,795	$ 15,733,145
Contingent ceding commissions earned	(881)	544,015	10,953	660,799
Total commissions earned	$ 4,741,676	$ 5,536,327	$ 13,870,748	$ 16,393,944

Stockholders Equity - Schedule of Assumption Used for Stock Options Activity (Details)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Dividend Yield	0.00%
Volatility	74.72%
Risk-Free Interest Rate	4.17%
Expected Life	3 years 6 months

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Common Stock
Stock offering costs	$ 259,825	$ 360,670

Accounting Policies (Policies)	9 Months Ended
Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation; Going Concern	See Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for further information. 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 $19,950,000 12.0% Senior Notes (the “2022 Notes”) were due on December 30, 2024. 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 2022 Notes were refinanced on September 12, 2024, under a note exchange agreement with a refinanced balance of $14,950,000 as of September 12, 2024 and a maturity date of June 30, 2026. (see Note 7 - Debt).
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 condensed 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 loss adjustment expense (“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 loss and LAE recoverable under reinsurance contracts and other receivables or payable 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 condensed consolidated financial statements.
Principles of Consolidation	The condensed consolidated financial statements include the accounts of Kingstone and its wholly-owned subsidiaries: (1) KICO and its wholly-owned subsidiaries, CMIC Properties, Inc. (“Properties”) and 15 Joys Lane, LLC (“15 Joys Lane”), 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.
Recent Accounting Pronouncements	In December 2023, the Financial Accounting Standards Board (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. In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07), which introduces improvements to the information that a public entity discloses about its reportable segments and addresses investor requests for more information about reportable segment expenses. ASU 2023-07 does not change the current guidance related to the identification of operating segments, the determination of reportable segments, or the aggregation criteria. Rather, the new guidance introduces additional disclosure requirements and expands those requirements to entities with a single reportable segment, not just entities with multiple reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of ASU 2023-07 on its disclosures. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

Debt - Narrative (Details) - USD ($)								3 Months Ended		9 Months Ended		12 Months Ended
Debt - Narrative (Details) - USD ($)	Nov. 13, 2024	Sep. 30, 2024	Sep. 12, 2024	Aug. 30, 2024	Dec. 30, 2022	Dec. 15, 2022	Oct. 27, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 09, 2022
Debt Instrument [Line Items]
Available collateral										$ 10,944,000		$ 11,412,000
Warrants, term						36 months 15 days
Class of warrant exercise price (in dollars per share)		$ 1.00						$ 1.00		$ 1.00
Operating expenses								$ 31,687,652	$ 38,633,229	$ 96,430,062	$ 118,848,087
2017 Notes
Debt Instrument [Line Items]
Debt instrument, interest rate													5.50%
Aggregate principal amount													$ 30,000,000
Repayments of debt					$ 8,455,000	$ 1,595,000
2017 Notes Held by 2022 Exchanging Noteholders
Debt Instrument [Line Items]
Aggregate principal amount													$ 21,545,000
2022 Notes
Debt Instrument [Line Items]
Debt instrument, interest rate						12.00%
Aggregate principal amount				$ 19,950,000		$ 19,950,000
Repayments of debt			$ 5,000,000
Warrants, term						3 years
Common stock purchased on warrant expiration (in shares)						969,525
Class of warrant exercise price (in dollars per share)						$ 1.00
Writeoff of unamortized debt issue costs in relation to extinguishment of debt				$ 296,533
2022 Notes \| Minimum
Debt Instrument [Line Items]
Redemption price, notice period						15 days
2022 Notes \| Maximum
Debt Instrument [Line Items]
Redemption price, notice period						60 days
2024 Exchange Agreement
Debt Instrument [Line Items]
Optional prepayments paid		$ 3,000,000
Redemption price, percentage			100.00%
Consolidated indebtedness percentage		14.80%	30.00%					14.80%		14.80%		29.90%
2024 Exchange Agreement \| Minimum
Debt Instrument [Line Items]
Redemption price, notice period			15 days
2024 Exchange Agreement \| Maximum
Debt Instrument [Line Items]
Redemption price, notice period			60 days
2024 Exchange Agreement \| Subsequent Event
Debt Instrument [Line Items]
Optional prepayments paid	$ 2,000,000
2024 Exchange Agreement \| Prior to June 30, 2025
Debt Instrument [Line Items]
Mandatory pro rata partial prepayment of principal			$ 3,000,000
2024 Exchange Agreement \| From June 30, 2025 to December 29, 2025
Debt Instrument [Line Items]
Mandatory pro rata partial prepayment of principal			3,000,000
Mandatory pro rata partial prepayment of principal, remaining amount after optional payment			$ 1,000,000
2024 Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			13.75%
Aggregate principal amount			$ 14,950,000
Common stock purchased on warrant expiration (in shares)			969,525
Transaction costs			$ 203,381
Debt instrument, effective percentage			14.35%
Principal payment on 2022 Notes
Debt Instrument [Line Items]
Notes issued						$ 19,950,000
Issue rate						12.00%
Fair value of warrants						$ 993,200
Transaction cost						$ 1,758,112
Debt instrument, yield percentage						13.92%
Operating expenses										$ 2,500,000
Debt instrument, leverage maintenance test (percent)						30.00%						29.90%
Equipment Financing
Debt Instrument [Line Items]
Interest rate							5.86%
Assets sold in sale-leaseback transaction							$ 8,096,824
Finance amount principal							$ 126,877
Sale-leaseback transaction, term							60 months
Payments for purchase							$ 2,024,206
Asset purchase price at lease end (percent)							25.00%
Sale-leaseback transaction, renewal term							16 months
Lease renewed										2,030,036
Required collateral		$ 5,731,000						$ 5,731,000		5,731,000		$ 6,999,000
Fair value of pledged collateral		5,997,000						5,997,000		5,997,000		11,960,000
Federal Home Loan Bank of New York
Debt Instrument [Line Items]
Maximum allowable advances		$ 12,907,000						$ 12,907,000		$ 12,907,000		$ 12,813,000

Investments - Schedule of available for sale fixed maturity securities contractual maturity (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Cost or Amortized Cost	$ 176,904,251	$ 164,460,942
Estimated Fair Value	165,458,345	148,920,797
Less than one year
Net Investment Income [Line Items]
Cost or Amortized Cost	22,025,067	34,729,120
Estimated Fair Value	21,941,045	34,461,172
One to five years
Net Investment Income [Line Items]
Cost or Amortized Cost	60,622,550	31,803,338
Estimated Fair Value	59,664,158	30,416,618
Five to ten years
Net Investment Income [Line Items]
Cost or Amortized Cost	34,666,169	31,596,410
Estimated Fair Value	31,548,462	27,330,377
More than 10 years
Net Investment Income [Line Items]
Cost or Amortized Cost	12,840,489	15,426,651
Estimated Fair Value	10,516,532	12,237,321
Residential mortgage and other asset backed securities
Net Investment Income [Line Items]
Cost or Amortized Cost	46,749,976	50,905,423
Estimated Fair Value	$ 41,788,148	$ 44,475,309

Commitments and Contingencies - Narrative (Details)				1 Months Ended		3 Months Ended		9 Months Ended
Commitments and Contingencies - Narrative (Details)	Apr. 15, 2024 USD ($) shares	Jun. 27, 2022 USD ($)	Sep. 16, 2019 USD ($) vestingInstallment shares	Jan. 31, 2024 shares	Jan. 31, 2023 shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares
Loss Contingencies [Line Items]
Rent expense						$ 0	$ 41,342	$ 41,342	$ 124,026
Options, grant (in shares) \| shares						35,248		35,248	0
Amended Employment Agreement \| January 1, 2025
Loss Contingencies [Line Items]
Annual salary received	$ 550,000
Granted (in shares) \| shares	40,000
Percent of average per annum	3.00%
Annual base salary increased amount	$ 500,000
Cash	$ 136,500
January 2023 \| Amended Employment Agreement
Loss Contingencies [Line Items]
Amount divided by fair market value of the Company’s Common Stock		$ 136,500
Termination payment, as multiple of annual base salary and accrued bonus	1.5			1.5
Termination payment, period payment is due following change of control				18 months
January 2023 \| Amended Employment Agreement \| Restricted Stock Awards
Loss Contingencies [Line Items]
Granted shares of restricted stock (in shares) \| shares				64,085	101,111
Meryl Golden Chief Operating Officer \| Golden Emloyment Agreement
Loss Contingencies [Line Items]
Annual salary received		$ 500,000	$ 500,000
Expiration period			5 years
Options, grant (in shares) \| shares			50,000
Options, number of vesting installments \| vestingInstallment			4
Percent of average per annum		3.00%
Annual bonus, maximum, as multiple of base salary	1.25	1.25
Meryl Golden Chief Operating Officer \| Employment Agreement
Loss Contingencies [Line Items]
Granted (in shares) \| shares			30,000
Restricted stock, number of vesting installments \| vestingInstallment			3

Income Taxes - Schedule of Net Operating Loss Carryovers (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2017	Jul. 01, 2009
Income Tax Examination [Line Items]
Federal only, NOL from 2022-2023	$ 2,793,622	$ 5,283,016
State only	2,989,431	2,560,372
Valuation allowance	(2,989,431)	(2,560,372)
State only, net of valuation allowance	0	0
Total deferred tax asset from net operating loss carryovers	2,793,622	5,283,016
Operating loss carryforwards	$ 45,991,249	$ 39,390,000
KICO
Income Tax Examination [Line Items]
Issued and outstanding common stock of KICO acquired (percent)				100.00%
Computer Equipment
Income Tax Examination [Line Items]
Principal amount				$ 3,750,000
Derivative, fixed interest rate	100.00%
Accretion of the discount on the original purchase				2,921,319
Deferred tax liability				$ 1,169,000
Reduced deferred tax liability			$ 759,543
Deferred tax liability temporary difference until the stock of KICO is sold	$ 759,543

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

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 Lease

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.

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

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


	Three months ended September 30,					Nine months ended September 30,
Lease cost	2024		2023			2024			2023

Operating lease	$	-	$	41,342		$	41,342		$	124,026
Total lease cost	$	-	$	41,342		$	41,342		$	124,026

Other information on operating leases
Cash payments included in the measurement of lease liability reported in operating cash flows	$	-	$	49,145		$	49,145		$	96,629
Discount rate	-		5.50		%	5.50		%	5.50		%
Remaining lease term in years	-		0.50			-			0.50

Rent expense for the three months ended September 30, 2024 and 2023 amounted to $-0- and $41,342, respectively, and is included in the accompanying condensed consolidated statements of operations and comprehensive income (loss) within other underwriting expenses. Rent expense for the nine months ended September 30, 2024 and 2023 amounted to $41,342 and $124,026, respectively, and is included in the accompanying condensed consolidated statements of operations and comprehensive income (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 January 2, 2025, 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 18 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.

Employment Agreement to be effective as of January 1, 2025

On April 15, 2024, the Company and Ms. Golden entered into a third amended and restated employment agreement (the “Third Amended Golden Employment Agreement”). The Third Amended Golden Employment Agreement is effective as of January 1, 2025 and extends the expiration date of the Second Amended Golden Employment Agreement currently in effect for Ms. Golden from December 31, 2024 to December 31, 2026. Pursuant to the Third Amended Golden Employment Agreement, Ms. Golden will be entitled to receive an annual base salary of $550,000 (increased from $500,000 currently in effect) 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 annual salary (the same as currently in effect). Pursuant to the Third Amended Golden Employment Agreement (and as provided for in the Second Amended Golden Employment Agreement), in the event that Ms. Golden’s employment is terminated by the Company without cause or she resigns for good reason (each as defined in the Third Amended Golden Employment Agreement), Ms. Golden would be entitled to receive her base salary and the 3% bonus for the remainder of the term. Ms. Golden would be entitled, under certain circumstances, to a payment equal to 1.5 times her then annual salary and her accrued 3% bonus in the event of the termination of her employment following a change of control of the Company (also as is provided for in the Second Amended Golden Employment Agreement). Pursuant to the Third Amended Golden Employment Agreement, Ms. Golden will be entitled to receive, under certain circumstances, a grant, during each of January 2025 and January 2026, of 40,000 shares of restricted stock. The 2025 grant will become vested with respect to one-half of the award on the first anniversary of the grant date and one-half on December 31, 2026. The 2026 grant will become vested on the first anniversary of the grant date. The above grants are generally consistent with the grants provided for in the Second Amended Golden Employment Agreement. In the event that the Company is precluded from making a grant to Ms. Golden in either 2025 or 2026, she would instead be entitled to a cash bonus of $136,500 for such year.

Barry Goldstein, formerly Executive Chairman of the Board, President and Chief Executive Officer (retired effective September 10, 2024)

Upon Mr. Goldstein's retirement on September 10, 2024, the balance of his previously unvested shares became fully vested.

Investments - Schedule of securities with unrealized losses (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) position	Dec. 31, 2023 USD ($) position
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Net Investment Income [Line Items]
Estimated fair value - less than 12 months	$ 0	$ 5,974,440
Unrealized losses - less than 12 months	$ 0	$ (17,373)
Number of positions held - less than 12 months \| position	0	1
Estimated fair value - 12 months or more	$ 5,997,060	$ 0
Unrealized losses - 12 months or more	$ (2,128)	$ 0
Number of positions held - 12 months or more \| position	1	0
Estimated fair value - total	$ 5,997,060	$ 5,974,440
Unrealized losses - total	(2,128)	(17,373)
Political subdivisions of States, Territories and Possessions
Net Investment Income [Line Items]
Estimated fair value - less than 12 months	0	0
Unrealized losses - less than 12 months	$ 0	$ 0
Number of positions held - less than 12 months \| position	0	0
Estimated fair value - 12 months or more	$ 13,889,291	$ 13,398,552
Unrealized losses - 12 months or more	$ (2,610,572)	$ (3,209,161)
Number of positions held - 12 months or more \| position	12	13
Estimated fair value - total	$ 13,889,291	$ 13,398,552
Unrealized losses - total	(2,610,572)	(3,209,161)
Corporate and other bonds industrial and miscellaneous
Net Investment Income [Line Items]
Estimated fair value - less than 12 months	17,557,547	0
Unrealized losses - less than 12 months	$ (49,276)	$ 0
Number of positions held - less than 12 months \| position	18	0
Estimated fair value - 12 months or more	$ 63,278,931	$ 70,107,746
Unrealized losses - 12 months or more	$ (3,854,059)	$ (5,885,296)
Number of positions held - 12 months or more \| position	74	85
Estimated fair value - total	$ 80,836,478	$ 70,107,746
Unrealized losses - total	(3,903,335)	(5,885,296)
Residential mortgage and other asset backed securities
Net Investment Income [Line Items]
Estimated fair value - less than 12 months	8,405	88,988
Unrealized losses - less than 12 months	$ (136)	$ (2,144)
Number of positions held - less than 12 months \| position	1	4
Estimated fair value - 12 months or more	$ 37,008,025	$ 38,675,604
Unrealized losses - 12 months or more	$ (5,097,373)	$ (6,541,731)
Number of positions held - 12 months or more \| position	36	37
Estimated fair value - total	$ 37,016,430	$ 38,764,592
Unrealized losses - total	(5,097,509)	(6,543,875)
Total fixed-maturity securities
Net Investment Income [Line Items]
Estimated fair value - less than 12 months	17,565,952	6,063,428
Unrealized losses - less than 12 months	$ (49,412)	$ (19,517)
Number of positions held - less than 12 months \| position	19	5
Estimated fair value - 12 months or more	$ 120,173,307	$ 122,181,902
Unrealized losses - 12 months or more	$ (11,564,132)	$ (15,636,188)
Number of positions held - 12 months or more \| position	123	135
Estimated fair value - total	$ 137,739,259	$ 128,245,330
Unrealized losses - total	$ (11,613,544)	$ (15,655,705)

Earnings (Loss) Per Common Share - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Earnings Per Share [Abstract]
Options	0	61,270

Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

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 the 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 September 30, 2024 and December 31, 2023, 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 sufficient available collateral (as discussed below), based on KICO’s net admitted assets, the maximum allowable advance as of September 30, 2024 and December 31, 2023 was approximately $12,907,000 and $12,813,000, respectively. Available collateral as of September 30, 2024 and December 31, 2023 was approximately $10,944,000 and $11,412,000, respectively. Advances are limited to 85% of the amount of available collateral. There were no borrowings under this facility during the nine months ended September 30, 2024 and 2023.

Debt

Debt as of September 30, 2024 and December 31, 2023 consists of the following:


	September 30, 2024		December 31, 2023

13.75% Senior Notes due 2026, net	$	11,339,350	$	—
12.0% Senior Notes due 2024, net	—		18,426,247
Equipment financing	5,958,237		6,817,283
Balance at end of period	$	17,297,587	$	25,243,530

Exchange Agreements

On December 9, 2022, the Company entered into a Note and Warrant Exchange Agreement (the “2022 Exchange Agreement”) with several holders (the “2022 Exchanging Noteholders”) of the Company’s outstanding 5.50% Senior Notes due 2022 (the “2017 Notes”). On the date of the 2022 Exchange Agreement, the 2022 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 2022 Exchange Agreement, on December 15, 2022, the 2022 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 principal amount of $19,950,000 (the “2022 Notes”); (ii) cash in the aggregate 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 until December 30, 2025 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.

On August 30, 2024, the Company entered into a Note Exchange Agreement (the “2024 Exchange Agreement”) with the holders (the “2024 Exchanging Noteholders”) of the Company’s outstanding 2022 Notes in the aggregate principal amount of $19,950,000. Pursuant to the 2024 Exchange Agreement, on September 12, 2024, the 2024 Exchanging Noteholders exchanged their respective 2022 Notes for the following: (i) new 13.75% Senior Notes due June 30, 2026 of the Company in the aggregate principal amount of $14,950,000 (the “2024 Notes”); and (ii) cash in the aggregate amount of $5,000,000, together with accrued interest on the 2022 Notes. See “2024 Notes” below for a discussion of a change in the expiration date of the Warrants.

The Company analyzed the 2024 Exchange Agreement under ASC 470–50 Debt—Modifications and Extinguishments. The Company determined that extinguishment accounting was applicable, as the present value of the cash flows of the 2024 Notes differed by more than 10% from the 2022 Notes, making it a substantial change in terms. As a result, the 2022 Notes have been derecognized and the 2024 Notes recorded at fair value. No gain or loss was recognized on the 2024 Exchange. Unamortized debt issue costs of $296,533 related to extinguished debt were expensed at the time the 2022 Notes were extinguished and recorded as loss on extinguishment of debt in the condensed consolidated statements of operations and comprehensive income (loss) within other operating expenses. Fees paid to third parties of $203,381 have been capitalized and are being amortized as debt issuance costs associated with the 2024 Notes.

2024 Notes

As discussed above, on September 12, 2024, the Company issued the 2024 Notes in the aggregate principal amount of $14,950,000 pursuant to the 2024 Exchange Agreement. Interest is payable semi-annually in arrears on June 30 and December 30 of each year at the rate of 13.75% per annum. Pursuant to the 2024 Exchange Agreement, the expiration date of the Warrants to purchase 969,525 shares of Common Stock of the Company was extended to June 30, 2026 from

December 30, 2025 (see Note 8 – Stockholders’ Equity) and transaction costs were $203,381, for an effective yield of 14.35% per annum. The balance of the 2024 Notes as of September 30, 2024 and December 31, 2023 is as follows:


	September 30, 2024		December 31, 2023

13.75% Senior Notes due 2026	$	11,950,000	$	—
Warrants	(411,999)		—
Issuance costs	(198,651)		—
2024 Notes, net	$	11,339,350	$	—

The 2024 Exchange Agreement provides for mandatory prepayments of principal. The 2024 Exchange Agreement provides for a first mandatory pro rata partial prepayment of principal on the 2024 Notes in the aggregate amount of $3,000,000 on June 30, 2025, less the principal amount of any optional prepayments of the 2024 Note made prior to June 30, 2025, pursuant to the 2024 Exchange Agreement. The Company made optional prepayments of $3,000,000 on September 30, 2024 and $2,000,000 on November 13, 2024 (see Subsequent Events - Note 13), and accordingly, has satisfied its obligation to make the mandatory prepayment of principal of $3,000,000 due on June 30, 2025. The 2024 Exchange Agreement provides for a second mandatory pro rata partial prepayment of principal on the 2024 Notes in the aggregate amount of $3,000,000 on December 30, 2025, less the principal amount of (i) any optional prepayments of the 2024 Notes made from June 30, 2025 to December 29, 2025 pursuant to the 2024 Note Exchange Agreement and (ii) any optional prepayments of the 2024 Notes in excess of $3,000,000 made prior to June 30, 2025 pursuant to 2024 Note Exchange Agreement. Based on the November 13, 2024 optional prepayment of principal of $2,000,000, the Company’s mandatory prepayment of principal obligation on December 30, 2025 has been reduced to $1,000,000. Each prepayment of principal shall also include accrued and unpaid interest thereon.

The 2024 Notes are unsecured obligations of the Company and are not the obligations of or guaranteed by any of the Company’s subsidiaries. The 2024 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 2024 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 2024 Notes are structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries.

The 2024 Notes are redeemable, at the Company’s option, in whole or in part, at any time or in part from time to time, on and after September 12, 2024, upon not less than fifteen (15) and not more than sixty (60) days’ notice, equal to 100.0% of the principal amount of the 2024 Notes, 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).

As of the end of each calendar quarter, commencing with the calendar quarter ending September 30, 2024, 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 September 30, 2024 and December 31, 2023, the ratio as defined under the Leverage Maintenance Test was 14.8% and 29.9%, respectively. “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 debt 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.

2022 Notes

As discussed above, on December 15, 2022, the Company issued the 2022 Notes in the aggregate principal amount of $19,950,000 pursuant to the 2022 Exchange Agreement. Interest was 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 8 – Stockholders’ Equity) and transaction costs were $1,758,112, for an effective yield

of 13.92% per annum. As discussed above, the 2022 Notes were satisfied pursuant to the 2024 Exchange Agreement. The balance of the 2022 Notes as of September 30, 2024 and December 31, 2023 is as follows:


	September 30, 2024		December 31, 2023

12.0% Senior Notes due 2024	$	—	$	19,950,000
Warrants	—		(653,123)
Issuance costs	—		(870,630)
2022 Notes, net	$	—	$	18,426,247

The 2022 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 ended September 30, 2023, and an estimate of Holding Company Expenses for the three months ended December 30, 2023. The Ordinary Dividend Paying Capacity of KICO as defined above as of December 31, 2023 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 were unsecured obligations of the Company and were not the obligations of or guaranteed by any of the Company’s subsidiaries. The 2022 Notes ranked 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 2022 Notes ranked equally in right of payment to all of the Company’s existing and future senior indebtedness, but were effectively subordinated to any secured indebtedness to the extent of the value of the collateral securing such secured indebtedness. In addition, the 2022 Notes were structurally subordinated to the indebtedness and other obligations of the Company’s subsidiaries.

The 2022 Notes were 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) and not 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	%

As of the end of each calendar quarter, commencing with the calendar quarter ending December 31, 2022, the Company was subject to a leverage maintenance test (“Leverage Maintenance Test”), which required that the Total Consolidated Indebtedness of the Company not be greater than 30% of Total Consolidated Capitalization. As of December 31, 2023, the ratio as defined under the Leverage Maintenance Test was 29.9%.

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 September 30, 2024 and December 31, 2023, the amount of required collateral was approximately $5,731,000 and $6,999,000, respectively. As of September 30, 2024, the fair value of KICO’s pledged collateral was approximately $5,997,000 in United States Treasury securities. As of December 31, 2023, the fair value of KICO’s pledged collateral was approximately $11,960,000 in United States Treasury securities.

Future contractual payment obligations under the Financing as of September 30, 2024 are as follows:


For the Years Ending December 31,	Total
Remainder of 2024	$	294,816
2025	1,223,293
2026	1,296,901
2027	1,119,021
	3,934,031
2027 purchase price	2,024,206
Total	$	5,958,237

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: 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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Property and Casualty Insurance Activity - Schedule of Line of Business of Reinsurance Coverage (Details) - Personal Umbrella - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2023
Effects of Reinsurance [Line Items]
Percent ceded - first $1,000,000 of coverage		90.00%	90.00%
Percent ceded - excess of $1,000,000 dollars of coverage		95.00%	95.00%
Risk retained		$ 300	$ 300
Total reinsurance coverage per occurrence		4,700	4,700
Losses per occurrence subject to quota share reinsurance coverage		$ 5,000	$ 5,000
Forecast
Effects of Reinsurance [Line Items]
Percent ceded - first $1,000,000 of coverage	90.00%
Percent ceded - excess of $1,000,000 dollars of coverage	95.00%
Risk retained	$ 300
Total reinsurance coverage per occurrence	4,700
Losses per occurrence subject to quota share reinsurance coverage	$ 5,000

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Company’s Office Operating Leases

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


	Three months ended September 30,					Nine months ended September 30,
Lease cost	2024		2023			2024			2023

Operating lease	$	-	$	41,342		$	41,342		$	124,026
Total lease cost	$	-	$	41,342		$	41,342		$	124,026

Other information on operating leases
Cash payments included in the measurement of lease liability reported in operating cash flows	$	-	$	49,145		$	49,145		$	96,629
Discount rate	-		5.50		%	5.50		%	5.50		%
Remaining lease term in years	-		0.50			-			0.50

Stockholders Equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Assumption Used for Stock Options Activity

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


	Nine months ended September 30,
	2024		2023

Dividend Yield	0.00	%	n/a
Volatility	74.72	%	n/a
Risk-Free Interest Rate	4.17	%	n/a
Expected Life	3.50 years		n/a

Schedule of Stock Options Activity

A summary of stock option activity under the Company’s 2014 Plan for the nine months ended September 30, 2024 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, 2024	107,201	$	8.31	0.94	$	-

Granted	318,750	$	2.25	4.34	$	2,199,375
Exercised	(50,000)	$	8.72	-	$	25,000
Expired/Forfeited	(46,250)	$	2.25	4.67	$	112,238

Outstanding at September 30, 2024	329,701	$	3.24	3.56	$	1,948,716

Vested and Exercisable at September 30, 2024	57,201	$	7.95	0.32	$	68,466

Schedule of the Restricted Common Stock Activity

A summary of the restricted Common Stock activity under the 2014 Plan for nine months ended September 30, 2024 is as follows:


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

Balance at January 1, 2024	550,581	$	3.82	$	2,103,219

Granted	178,459	$	2.33	$	416,211
Vested	(446,044)	$	4.16	$	(1,855,543)
Forfeited	(2,000)	$	4.80	$	(9,600)

Balance at September 30, 2024	280,996	$	2.33	$	654,721

Accounting Policies	9 Months Ended
Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation; Going Concern See Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for further information. 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 $19,950,000 12.0% Senior Notes (the “2022 Notes”) were due on December 30, 2024. 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 2022 Notes were refinanced on September 12, 2024, under a note exchange agreement with a refinanced balance of $14,950,000 as of September 12, 2024 and a maturity date of June 30, 2026. (see Note 7 - Debt). 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 condensed 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 loss adjustment expense (“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 loss and LAE recoverable under reinsurance contracts and other receivables or payable 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 condensed consolidated financial statements. Principles of Consolidation The condensed consolidated financial statements include the accounts of Kingstone and its wholly-owned subsidiaries: (1) KICO and its wholly-owned subsidiaries, CMIC Properties, Inc. (“Properties”) and 15 Joys Lane, LLC (“15 Joys Lane”), 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. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (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. In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07), which introduces improvements to the information that a public entity discloses about its reportable segments and addresses investor requests for more information about reportable segment expenses. ASU 2023-07 does not change the current guidance related to the identification of operating segments, the determination of reportable segments, or the aggregation criteria. Rather, the new guidance introduces additional disclosure requirements and expands those requirements to entities with a single reportable segment, not just entities with multiple reportable segments. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of ASU 2023-07 on its disclosures. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

Fair Value Measurements - Schedule Of Fair Value Hierarchy Of Long-term Debt (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 11,200,181	$ 17,812,500
Senior Notes due 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	13.75%
Senior Notes due 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate	12.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	11,200,181	17,812,500
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Senior notes	$ 0	$ 0

Stockholders Equity - Schedule of Stock Options Activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Shares
Number of options outstanding, Excercised (in shares)	(50,000)
Exchange traded debt
Number of Shares
Number of options outstanding, Beginning (in shares)	107,201
Number of options outstanding, Granted (in shares)	318,750
Number of options outstanding, Expired/Forfeited (in shares)	(46,250)
Number of options outstanding, ending (in shares)	329,701	107,201
Number of options outstanding, vested and exercisable	57,201
Weighted Average Exercise Price per Share
Weighted average exercise price, Beginning balance (in dollars per share)	$ 8.31
Weighted average exercise price, Granted (in dollars per share)	2.25
Weighted average exercise price, Excercised (in dollars per share)	8.72
Weighted average exercise price, Expired/Forfeited (in dollars per share)	2.25
Weighted average exercise price, Ending balance (in dollars per share)	3.24	$ 8.31
Weighted average price per share outstanding, vested and exercisable (in dollars per share)	$ 7.95
Weighted Average Remaining Contractual, Beginning balance		11 months 8 days
Weighted Average Remaining Contractual, Granted	4 years 4 months 2 days
Weighted Average Remaining Contractual, Expired/Forfeited	4 years 8 months 1 day
Weighted Average Remaining Contractual term, Ending balance	3 years 6 months 21 days
Weighted Average Remaining Contractual term, Ending balance Vested and Exercisable	3 months 25 days
Aggregate Intrinsic Value , Beginning	$ 0
Aggregate Intrinsic Value , Granted	2,199,375
Aggregate Intrinsic Value , Exercised	25,000
Aggregate Intrinsic Value , Expired/Forfeited	112,238
Aggregate Intrinsic Value , Ending	1,948,716	$ 0
Aggregate Intrinsic Value , Vested and Exercisable	$ 68,466

Investments - Schedule of equity securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Cost	$ 13,527,554	$ 17,986,783
Gross Unrealized Gains	0	314,816
Gross Unrealized Losses	(2,247,326)	(3,539,259)
Estimated Fair Value	11,280,228	14,762,340
Estimated Fair Value	4,299,178	3,897,150
Preferred Stock
Net Investment Income [Line Items]
Cost	9,750,322	13,583,942
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1,639,894)	(2,870,027)
Estimated Fair Value	8,110,428	10,713,915
Fixed income exchange traded funds
Net Investment Income [Line Items]
Cost	3,711,232	3,711,232
Gross Unrealized Gains	0
Gross Unrealized Losses	(607,432)	(669,232)
Estimated Fair Value	3,103,800	3,042,000
Mutual funds
Net Investment Income [Line Items]
Cost		622,209
Gross Unrealized Gains		314,816
Gross Unrealized Losses		0
Estimated Fair Value		937,025
FHLBNY common stock
Net Investment Income [Line Items]
Cost	66,000	69,400
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	66,000	69,400
Hedge fund
Net Investment Income [Line Items]
Cost	1,987,040	1,987,040
Gross Gains	2,312,138	1,910,110
Estimated Fair Value	$ 4,299,178	$ 3,897,150

Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$ 5,997,060	$ 20,939,190
Political subdivisions of States, Territories and Possessions	13,889,290	13,398,552
Corporate and other bonds industrial and miscellaneous	103,783,847	70,107,746
Residential mortgage and other asset backed securities	41,788,148	44,475,309
Total fixed maturities	165,458,345	148,920,797
Equity securities	11,280,228	14,762,340
Total investments, at fair value	176,738,573	163,683,137
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	5,997,060	20,939,190
Political subdivisions of States, Territories and Possessions	0	0
Corporate and other bonds industrial and miscellaneous	103,783,847	70,107,746
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	109,780,907	91,046,936
Equity securities	11,280,228	14,762,340
Total investments, at fair value	121,061,135	105,809,276
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
U.S. Treasury securities and obligations of U.S. government corporations and agencies	0	0
Political subdivisions of States, Territories and Possessions	13,889,290	13,398,552
Corporate and other bonds industrial and miscellaneous	0	0
Residential mortgage and other asset backed securities	41,788,148	44,475,309
Total fixed maturities	55,677,438	57,873,861
Equity securities	0	0
Total investments, at fair value	55,677,438	57,873,861
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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, at fair value	$ 0	$ 0

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Deferrred Tax Assets and Liabilities

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


	September 30, 2024		December 31, 2023

Deferred tax asset:
Net operating loss carryovers (1)	$	2,793,622	$	5,283,016
Claims reserve discount	1,207,972		1,204,334
Unearned premium	3,122,458		2,742,603
Deferred ceding commission revenue	2,160,080		1,986,782
Net unrealized losses on securities	2,090,726		3,357,463
Other	276,461		1,153,903
Total deferred tax assets	11,651,319		15,728,101

Deferred tax liability:
Investment in KICO (2)	759,543		759,543
Deferred acquisition costs	4,588,997		4,158,538
Intangibles	105,000		105,000
Depreciation and amortization	194,946		153,201
Total deferred tax liabilities	5,648,486		5,176,282

Net deferred income tax asset	$	6,002,833	$	10,551,819

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


Type of NOL	September 30, 2024		December 31, 2023		Expiration

Federal only, NOL from 2022-2023	$	2,793,622	$	5,283,016	None

State only (A)	2,989,431		2,560,372		December 2027 - December 2044
Valuation allowance	(2,989,431)		(2,560,372)
State only, net of valuation allowance	-		-

Total deferred tax asset from net operating loss carryovers	$	2,793,622	$	5,283,016

(A)Kingstone generates operating losses for state purposes and has prior year NOLs available. The state NOL as of September 30, 2024 and December 31, 2023 was approximately $45,991,249 and $39,390,000, 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 condensed 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 2044.

(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 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 (together “Untaxed Interest”). As of the date of acquisition, the deferred tax liability on the Untaxed Interest was $1,169,000. A temporary difference with an indefinite life exists when the parent 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.

Schedule of Net Operating Loss Carryovers

The deferred tax assets from net operating loss carryovers (“NOL”) are as follows:


Type of NOL	September 30, 2024		December 31, 2023		Expiration

Federal only, NOL from 2022-2023	$	2,793,622	$	5,283,016	None

State only (A)	2,989,431		2,560,372		December 2027 - December 2044
Valuation allowance	(2,989,431)		(2,560,372)
State only, net of valuation allowance	-		-

Total deferred tax asset from net operating loss carryovers	$	2,793,622	$	5,283,016

Fair Value of Financial Instruments and Real Estate

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments and Real Estate

The estimated fair values of the Company’s financial instruments and real estate, including their fair value level as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities held-to- maturity, Level 1	$	7,048,662	$	6,278,968	$	7,052,541	$	6,106,148
Fixed-maturity securities available-for-sale, Level 1	$	109,780,907	$	109,780,907	$	91,046,936	$	91,046,936
Fixed-maturity securities available-for-sale, Level 2	$	55,677,438	$	55,677,438	$	57,873,861	$	57,873,861
Cash and cash equivalents, Level 1	$	33,760,798	$	33,760,798	$	8,976,998	$	8,976,998
Premiums receivable, net, Level 1	$	17,601,417	$	17,601,417	$	13,604,808	$	13,604,808
Reinsurance receivables, net, Level 3	$	65,746,827	$	65,746,827	$	75,593,912	$	75,593,912
Real estate, net of accumulated depreciation, Level 3	$	1,941,671	$	3,540,000	$	1,992,529	$	3,540,000
Reinsurance balances payable, Level 3	$	9,866,555	$	9,866,555	$	12,837,140	$	12,837,140

Nature of Business and Basis of Presentation (Details Narrative)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Nature of Business and Basis of Presentation
Direct written premiums, percentage	96.30%	88.50%	95.60%	88.10%

Property and Casualty Insurance Activity - Loss and Loss Adjustment Expense Reserves (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Unpaid Loss and LAE Reserves [Roll Forward]
Balance at beginning of period	$ 121,817,862	$ 118,339,513
Less reinsurance recoverables	(33,288,650)	(27,659,500)
Net balance, beginning of period	88,529,212	90,680,013
Incurred related to:
Current year	46,762,530	66,568,985
Prior years	(1,637,038)	(16,420)
Total incurred	45,125,492	66,552,565
Paid related to:
Current year	24,507,023	37,932,760
Prior years	21,353,578	29,928,162
Total paid	45,860,601	67,860,922
Net balance at end of period	87,794,103	89,371,656
Add reinsurance recoverables	29,048,348	32,303,291
Balance at end of period	$ 116,842,451	$ 121,674,947

Stockholders Equity - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended
Stockholders Equity - Narrative (Details) - USD ($)	Aug. 12, 2024	Aug. 07, 2024	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 12, 2024	Apr. 05, 2024	Aug. 09, 2023	Dec. 15, 2022	Aug. 05, 2020
Class of Stock [Line Items]
Stock based compensation for stock options				$ 53,000	$ 0	$ 159,000	$ 0
Net of estimated forfeitures						12.00%
Weighted average estimated fair value, vested (in dollars per share)						$ 1.24
Options, grant (in shares)				35,248		35,248	0
Share price (in dollars per share)				$ 9.15		$ 9.15
Purchase of common stock (in shares)				37,269		37,269
Exercise of stock options (in shares)				12,731	0	12,731	0
Options, net exercises, issued (in shares)				690		690
Estimated fair value of unamortized compensation (in shares)				272,500		272,500
Stock option awards				$ 132,000		$ 132,000
Remaining weighted-average vesting period						2 years 3 months 7 days
Stock based compensation for grants totataling				306,000	$ 207,000	$ 747,000	$ 636,000
Warrants issued to purchase common stock (in shares)						969,525
Common stock shares authorized				$ 993,200		$ 993,200
Warrants, term											36 months 15 days
Warrants, extended term								21 months 15 days
Class of warrant exercise price (in dollars per share)				$ 1.00		$ 1.00
Warrants exercised (in shares)				67,500	0	67,500	0
Stock Issued warrant exercised (in shares)				60,557		60,557
Warrant or right, outstanding (in shares)				902,025		902,025
Equity and debt securities registration amount									$ 50,000,000
Proceeds from sale						$ 9,066,098	$ 0
2014 Equity Participation Plan
Class of Stock [Line Items]
Common shares authorized for grant under the Plan (in shares)	700,000									1,900,000		1,400,000
Expiration period	10 years
2014 Equity Participation Plan \| Non-Statutory Stock Options
Class of Stock [Line Items]
Expiration period	10 years
2014 Equity Participation Plan \| Options Granted to 10% Shareholder
Class of Stock [Line Items]
Expiration period	5 years
2024 Equity Participation Plan
Class of Stock [Line Items]
Common shares authorized for grant under the Plan (in shares)		1,000,000
Expiration period		10 years
2024 Equity Participation Plan \| Non-Statutory Stock Options
Class of Stock [Line Items]
Expiration period	10 years
2024 Equity Participation Plan \| Options Granted to 10% Shareholder
Class of Stock [Line Items]
Expiration period	5 years
ATM Program
Class of Stock [Line Items]
Offering price			$ 16,400,000
Stock sold (in shares)				1,079,601		1,135,710
Shares sold, weighted average price per share (in dollars per share)				$ 8.48		$ 8.30
Proceeds from sale				$ 8,897,908		$ 9,066,098
Remaining capacity to sell additional common stock				$ 6,973,231		$ 6,973,231

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Schedule of available for sale securities

The amortized cost, estimated fair value, and gross unrealized gains and losses on investments in fixed-maturity securities classified as available-for-sale for which an allowance for credit losses has not been recorded, as of September 30, 2024 and December 31, 2023 are summarized as follows:


	September 30, 2024
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Estimated Fair Value		Net Unrealized Losses
Category					Less than 12 Months		More than 12 Months

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1)	$	5,999,188	$	-	$	-	$	(2,128)	$	5,997,060	$	(2,128)

Political subdivisions of States, Territories and Possessions	16,499,862		-		-		(2,610,572)		13,889,290		(2,610,572)

Corporate and other bonds industrial and miscellaneous	107,655,225		31,957		(49,276)		(3,854,059)		103,783,847		(3,871,378)

Residential mortgage and other asset backed securities (2)	46,749,976		135,681		(136)		(5,097,373)		41,788,148		(4,961,828)
Total fixed-maturity securities	$	176,904,251	$	167,638	$	(49,412)	$	(11,564,132)	$	165,458,345	$	(11,445,906)


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

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)

(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 7 – Debt - “Equipment Financing”). As of September 30, 2024 and December 31, 2023, the amount of required collateral was approximately $5,731,000 and $6,999,000, respectively. As of September 30, 2024 and December 31, 2023, the estimated fair value of the U.S. Treasury securities used as eligible collateral was approximately $5,997,000 and $11,960,000, respectively.

(2)KICO has placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York (“FHLBNY”) (see Note 7 – Debt – “Federal Home Loan Bank”). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of September 30, 2024 and December 31, 2023, the estimated fair value of the eligible investments was approximately $10,944,000 and $11,412,000, respectively. KICO will retain all rights regarding all securities if pledged as collateral. As of September 30, 2024 and December 31, 2023 there was no outstanding balance on the FHLBNY credit line.

Schedule of available for sale fixed maturity securities contractual maturity

A summary of the amortized cost and estimated fair value of the Company’s investments in available-for-sale fixed-maturity securities by contractual maturity as of September 30, 2024 and December 31, 2023 is shown below:


	September 30, 2024				December 31, 2023
Remaining Time to Maturity	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value

Less than one year	$	22,025,067	$	21,941,045	$	34,729,120	$	34,461,172
One to five years	60,622,550		59,664,158		31,803,338		30,416,618
Five to ten years	34,666,169		31,548,462		31,596,410		27,330,377
More than 10 years	12,840,489		10,516,532		15,426,651		12,237,321
Residential mortgage and other asset backed securities	46,749,976		41,788,148		50,905,423		44,475,309
Total	$	176,904,251	$	165,458,345	$	164,460,942	$	148,920,797

Schedule of equity securities

The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024
Category	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Equity Securities:
Preferred stocks	$	9,750,322	$	-	$	(1,639,894)	$	8,110,428
Fixed income exchange traded funds	3,711,232		-		(607,432)		3,103,800
FHLBNY common stock	66,000		-		-		66,000
Total	$	13,527,554	$	—	$	(2,247,326)	$	11,280,228


	December 31, 2023
Category	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated 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

Schedule of other investments

The cost and estimated fair value of, and gross gains on, the Company’s other investments as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024						December 31, 2023
Category	Cost		Gross Gains		Estimated Fair Value		Cost		Gross Gains		Estimated Fair Value

Other Investments:
Hedge fund	$	1,987,040	$	2,312,138	$	4,299,178	$	1,987,040	$	1,910,110	$	3,897,150

Schedule of held-to-maturity securities

The cost or amortized cost and estimated fair value of, and unrealized gross gains and losses on, investments in held-to-maturity fixed-maturity securities as of September 30, 2024 and December 31, 2023 are summarized as follows:


	September 30, 2024

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

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,229,091	$	20,900	$	(4,474)	$	(9,604)	$	1,235,913	$	6,822

Political subdivisions of States, Territories and Possessions	499,581		269		-		-		499,850		269

Exchange traded debt	304,111		-		-		(63,411)		240,700		(63,411)

Corporate and other bonds industrial and miscellaneous	5,015,879		-		-		(713,374)		4,302,505		(713,374)
Total	$	7,048,662	$	21,169	$	(4,474)	$	(786,389)	$	6,278,968	$	(769,694)


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

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)

Schedule of held to maturity securities by contractual maturity

A summary of the amortized cost and estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of September 30, 2024 and December 31, 2023 is shown below:


	September 30, 2024				December 31, 2023
Remaining Time to Maturity	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value

Less than one year	$	499,581	$	499,850	$	-	$	-
One to five years	622,309		608,231		1,121,288		1,097,101
Five to ten years	1,424,371		1,350,945		1,414,911		1,270,770
More than 10 years	4,502,401		3,819,942		4,516,342		3,738,277
Total	$	7,048,662	$	6,278,968	$	7,052,541	$	6,106,148

Schedule of investment income

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Income:
Fixed-maturity securities	$	1,172,023	$	1,245,353	$	3,511,243	$	3,982,573
Equity securities	144,950		187,018		467,588		540,788
Cash and cash equivalents	385,809		98,763		1,074,000		171,015
Other	-		-		39,227		-
Total	1,702,782		1,531,134		5,092,058		4,694,376
Expenses:
Investment expenses	53,109		86,774		174,929		257,168
Net investment income	$	1,649,673	$	1,444,360	$	4,917,129	$	4,437,208

Schedule of net gains on investments

The Company’s net gains on investments are summarized as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Realized Gains (Losses)

Fixed-maturity securities:
Gross realized gains	$	157	$	263	$	962	$	1,207
Gross realized losses	(4,096)		(4,444)		(12,430)		(18,408)
	(3,939)		(4,181)		(11,468)		(17,201)

Equity securities:
Gross realized gains	369,877		-		374,997		-
Gross realized losses	-		-		(423,367)		-
	369,877		-		(48,370)		-

Net realized gains (losses)	365,938		(4,181)		(59,838)		(17,201)

Unrealized Gains (Losses)

Equity Securities:
Gross gains	669,059		-		1,291,933		173,178
Gross losses	(314,816)		(483,967)		(314,816)		-
	354,243		(483,967)		977,117		173,178

Other Investments:
Gross gains	106,341		-		402,028		441,666
Gross losses	-		(336,222)		-		-
	106,341		(336,222)		402,028		441,666

Net unrealized gains (losses)	460,584		(820,189)		1,379,145		614,844

Net gains (losses) on investments	$	826,522	$	(824,370)	$	1,319,307	$	597,643

Schedule of available-for-sale securities with unrealized losses

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at September 30, 2024 as follows:


	September 30, 2024
	Less than 12 months					12 months or more					Total
Category	Estimated Fair Value		Unrealized Losses		No. of Positions Held	Estimated Fair Value		Unrealized Losses		No. of Positions Held	Estimated Fair Value		Unrealized Losses

Available-for-Sale Securities:

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-	-	$	5,997,060	(2,128)		1	$	5,997,060	$	(2,128)

Political subdivisions of States, Territories and Possessions	-		-		-	13,889,291		(2,610,572)		12	13,889,291		(2,610,572)

Corporate and other bonds industrial and miscellaneous	17,557,547		(49,276)		18	63,278,931		(3,854,059)		74	80,836,478		(3,903,335)

Residential mortgage and other asset backed securities	8,405		(136)		1	37,008,025		(5,097,373)		36	37,016,430		(5,097,509)

Total fixed-maturity securities	$	17,565,952	$	(49,412)	19	$	120,173,307	$	(11,564,132)	123	$	137,739,259	$	(11,613,544)

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


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

Available-for-Sale Securities:
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)

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed-maturity securities, held-to-maturity, fair value	$ 6,278,968	$ 6,106,148
Fixed-maturity securities, available-for-sale, amortized cost	176,904,251	164,460,942
Equity securities, at cost	13,527,554	17,986,783
Current debt	856,605	19,580,109
Long-term debt	$ 16,440,982	$ 5,663,421
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,500,000	2,500,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	13,818,950	12,248,313
Common stock, shares outstanding (in shares)	12,312,296	10,776,907
Treasury stock, at cost (in shares)	1,506,654	1,471,406

Property and Casualty Insurance Activity - Reconciliation of the Disclosure of Incurred and Paid Loss Development to the Liability for Loss and LAE Reserves (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Property and Casualty Insurance Activity
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$ 82,960
Total reinsurance recoverable on unpaid losses	29,048
Unallocated loss adjustment expenses	4,834
Total gross liability for loss and LAE reserves	$ 116,842

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Net premiums earned	$ 33,407,194	$ 27,938,318	$ 92,530,708	$ 85,701,467
Ceding commission revenue	4,741,676	5,536,327	13,870,748	16,393,944
Net investment income	1,649,673	1,444,360	4,917,129	4,437,208
Net gains (losses) on investments	826,522	(824,370)	1,319,307	597,643
Other income	146,663	142,036	401,128	454,160
Total revenues	40,771,728	34,236,671	113,039,020	107,584,422
Expenses
Loss and loss adjustment expenses	13,027,597	21,932,453	45,125,492	66,552,565
Commission expense	9,004,254	8,210,430	25,088,546	25,221,374
Other underwriting expenses	6,894,590	6,318,625	18,675,720	19,873,882
Other operating expenses	1,241,572	441,963	2,820,620	1,868,011
Depreciation and amortization	619,056	741,059	1,835,503	2,327,691
Interest expense	900,583	988,699	2,884,181	3,004,564
Total expenses	31,687,652	38,633,229	96,430,062	118,848,087
Income (loss) from operations before taxes	9,084,076	(4,396,558)	16,608,958	(11,263,665)
Income tax expense (benefit)	2,105,931	(858,987)	3,689,197	(2,149,367)
Net income (loss)	6,978,145	(3,537,571)	12,919,761	(9,114,298)
Other comprehensive income (loss), net of tax
Gross change in unrealized gains (losses) on available-for-sale-securities	4,533,334	(2,821,785)	4,082,771	(1,486,887)
Reclassification adjustment for net realized losses included in net income (loss)	3,939	4,181	11,468	17,201
Net change in unrealized gains (losses), on available-for-sale-securities	4,537,273	(2,817,604)	4,094,239	(1,469,686)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(952,827)	591,697	(859,789)	308,635
Other comprehensive income (loss), net of tax	3,584,446	(2,225,907)	3,234,450	(1,161,051)
Comprehensive income (loss)	$ 10,562,591	$ (5,763,478)	$ 16,154,211	$ (10,275,349)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.61	$ (0.33)	$ 1.16	$ (0.85)
Diluted (in dollars per share)	$ 0.55	$ (0.33)	$ 1.05	$ (0.85)
Weighted average common shares outstanding
Basic (in shares)	11,404,360	10,756,156	11,142,043	10,754,709
Diluted (in shares)	12,581,128	10,756,156	12,249,576	10,754,709

Property and Casualty Insurance Activity - Narrative (Details) - USD ($)	6 Months Ended						9 Months Ended		12 Months Ended				36 Months Ended
	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Effects of Reinsurance [Line Items]
Advance premiums			$ 3,797,590				$ 5,307,223				$ 3,797,590
Incurred losses and LAE under reinsurance contracts							13,744,230	$ 34,019,370
Prior year loss development							1,637,038	$ 16,420
Underlying XOL treaty, reinsurance coverage (percent)												50.00%
Underlying XOL treaty, excess of loss coverage amount												$ 400,000
Underlying XOL treaty, excess of loss coverage excluded amount												$ 600,000
Net contingent ceding commissions payable			$ 3,302,000				$ 724,000				$ 3,302,000
Personal Lines:
Effects of Reinsurance [Line Items]
Quota share treaty percent ceded		27.00%	30.00%	30.00%	30.00%	30.00%					30.00%	30.00%
Forecast
Effects of Reinsurance [Line Items]
Underlying XOL treaty, reinsurance coverage (percent)													50.00%
Forecast \| Personal Lines:
Effects of Reinsurance [Line Items]
Quota share treaty percent ceded	27.00%								27.00%	27.00%

Accounting Policies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 12, 2024
Short-Term Debt [Line Items]
Notes payable	$ 19,950
Senior Notes
Short-Term Debt [Line Items]
Notes payable		$ 14,950
Debt instrument, interest rate	12.00%

Income Taxes - Schedule of Deferrred Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Deferred tax asset:
Net operating loss carryovers	$ 2,793,622	$ 5,283,016
Claims reserve discount	1,207,972	1,204,334
Unearned premium	3,122,458	2,742,603
Deferred ceding commission revenue	2,160,080	1,986,782
Net unrealized losses on securities	2,090,726	3,357,463
Other	276,461	1,153,903
Total deferred tax assets	11,651,319	15,728,101
Deferred tax liability:
Investment in KICO	759,543	759,543
Deferred acquisition costs	4,588,997	4,158,538
Intangibles	105,000	105,000
Depreciation and amortization	194,946	153,201
Total deferred tax liabilities	5,648,486	5,176,282
Net deferred income tax asset	$ 6,002,833	$ 10,551,819

Investments - Schedule of held to maturity securities by contractual maturity (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Cost or Amortized Cost	$ 7,048,662	$ 7,052,541
Estimated Fair Value	6,278,968	6,106,148
Less than one year
Net Investment Income [Line Items]
Cost or Amortized Cost	499,581	0
Estimated Fair Value	499,850	0
One to five years
Net Investment Income [Line Items]
Cost or Amortized Cost	622,309	1,121,288
Estimated Fair Value	608,231	1,097,101
Five to ten years
Net Investment Income [Line Items]
Cost or Amortized Cost	1,424,371	1,414,911
Estimated Fair Value	1,350,945	1,270,770
More than 10 years
Net Investment Income [Line Items]
Cost or Amortized Cost	4,502,401	4,516,342
Estimated Fair Value	$ 3,819,942	$ 3,738,277

Subsequent Events (Details) - USD ($) $ in Thousands			12 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	Nov. 13, 2024	Oct. 01, 2024	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Reinstatement of premium protection			$ 50,000	$ 12,500
Excess of catastrophe coverage			$ 10,000	$ 10,000
Subsequent Event \| Notes Twenty Twenty Four
Subsequent Event [Line Items]
Optional prepayment	$ 2,000
Winter Storm Losses \| Subsequent Event
Subsequent Event [Line Items]
Reinstatement of premium protection		$ 5,500
Excess of catastrophe coverage		$ 4,500

Property and Casualty Insurance Activity - Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Effects of Reinsurance [Line Items]
Total	$ 496,516
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented	81,985
All outstanding liabilities before 2015, net of reinsurance	976
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance	82,960
2015
Effects of Reinsurance [Line Items]
2015	12,295
2016
Effects of Reinsurance [Line Items]
2015	16,181
2016	15,364
2017
Effects of Reinsurance [Line Items]
2015	18,266
2016	19,001
2017	16,704
2018
Effects of Reinsurance [Line Items]
2015	19,984
2016	21,106
2017	24,820
2018	32,383
2019
Effects of Reinsurance [Line Items]
2015	21,067
2016	23,974
2017	28,693
2018	44,516
2019	40,933
2020
Effects of Reinsurance [Line Items]
2015	22,104
2016	25,234
2017	31,393
2018	50,553
2019	54,897
2020	39,045
2021
Effects of Reinsurance [Line Items]
2015	22,318
2016	25,750
2017	32,529
2018	52,025
2019	58,055
2020	50,719
2021	56,282
2022
Effects of Reinsurance [Line Items]
2015	22,473
2016	26,382
2017	33,522
2018	54,424
2019	60,374
2020	53,432
2021	77,756
2022	45,856
2023
Effects of Reinsurance [Line Items]
2015	22,519
2016	26,854
2017	34,683
2018	56,199
2019	63,932
2020	56,523
2021	82,317
2022	65,732
2023	46,280
2024
Effects of Reinsurance [Line Items]
2015	22,539
2016	26,806
2017	34,990
2018	56,867
2019	65,602
2020	59,081
2021	84,987
2022	67,834
2023	56,139
2024	$ 21,671

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 13, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	0-1665
Entity Registrant Name	KINGSTONE COMPANIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2476480
Entity Address, Address Line One	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
Local Phone Number	802-7900
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	KINS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,349,132
Entity Central Index Key	0000033992
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated events that occurred subsequent to September 30, 2024 through the date these condensed consolidated financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements. Reinsurance Effective October 1, 2024, the Company entered into an additional catastrophe reinsurance treaty covering winter storms. The treaty covers winter storm losses of $5,500,000 in excess of $4,500,000 from October 1, 2024 through April 30, 2025. See Note 6 – Property and Casualty Insurance Activity - “Reinsurance”. Debt - 2024 Notes On November 13, 2024, the Company made an optional prepayment of $2,000,000 on the 2024 Notes. See Note 7 – Debt.

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

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.

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:


	September 30, 2024		December 31, 2023

Deferred tax asset:
Net operating loss carryovers (1)	$	2,793,622	$	5,283,016
Claims reserve discount	1,207,972		1,204,334
Unearned premium	3,122,458		2,742,603
Deferred ceding commission revenue	2,160,080		1,986,782
Net unrealized losses on securities	2,090,726		3,357,463
Other	276,461		1,153,903
Total deferred tax assets	11,651,319		15,728,101

Deferred tax liability:
Investment in KICO (2)	759,543		759,543
Deferred acquisition costs	4,588,997		4,158,538
Intangibles	105,000		105,000
Depreciation and amortization	194,946		153,201
Total deferred tax liabilities	5,648,486		5,176,282

Net deferred income tax asset	$	6,002,833	$	10,551,819

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


Type of NOL	September 30, 2024		December 31, 2023		Expiration

Federal only, NOL from 2022-2023	$	2,793,622	$	5,283,016	None

State only (A)	2,989,431		2,560,372		December 2027 - December 2044
Valuation allowance	(2,989,431)		(2,560,372)
State only, net of valuation allowance	-		-

Total deferred tax asset from net operating loss carryovers	$	2,793,622	$	5,283,016

(2)Deferred tax liability – Investment in KICO

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 nine months ended September 30, 2024 and 2023. 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, 2021 through December 31, 2023 remain subject to examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: 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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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at September 30, 2024 and December 31, 2023 indicating the level of the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	September 30, 2024
	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	$	5,997,060	$	-	$	-	$	5,997,060

Political subdivisions of States, Territories and Possessions	-		13,889,290		-		13,889,290

Corporate and other bonds industrial and miscellaneous	103,783,847		-		-		103,783,847

Residential mortgage and other asset backed securities	-		41,788,148		-		41,788,148
Total fixed maturities	109,780,907		55,677,438		-		165,458,345
Equity securities	11,280,228		-		-		11,280,228
Total investments, at fair value	$	121,061,135	$	55,677,438	$	-	$	176,738,573


	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, at fair value	$	105,809,276	$	57,873,861	$	-	$	163,683,137

Schedule of Hedge Fund Investments

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of September 30, 2024 and December 31, 2023. 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	September 30, 2024		December 31, 2023

Other Investments
Hedge fund	$	4,299,178	$	3,897,150

Schedule Of Fair Value Hierarchy Of Long-term Debt

The estimated fair value and the level of the fair value hierarchy of the Company’s 2024 Notes and 2022 Notes as of September 30, 2024 and December 31, 2023 not measured at fair value is as follows:


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Debt

13.75% Senior Notes due 2026	$	-	$	11,200,181	$	-	$	11,200,181


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

12.0% Senior Notes due 2024	$	-	$	17,812,500	$	-	$	17,812,500

Debt - Schedule of Long Term Debt (Details) - USD ($)	Sep. 30, 2024	Sep. 12, 2024	Dec. 31, 2023	Dec. 15, 2022
Debt Instrument [Line Items]
Long-term debt	$ 17,297,587		$ 25,243,530
2024 Notes
Debt Instrument [Line Items]
Long-term debt, gross	11,950,000		0
Warrants	(411,999)		0
Issuance costs	(198,651)		0
Long-term debt	11,339,350		0
Debt instrument, interest rate		13.75%
Senior Notes due 2026
Debt Instrument [Line Items]
Long-term debt	$ 11,339,350		0
Debt instrument, interest rate	13.75%
2022 Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		19,950,000
Warrants	0		(653,123)
Issuance costs	0		(870,630)
Long-term debt	0		18,426,247
Debt instrument, interest rate				12.00%
Senior Notes due 2024
Debt Instrument [Line Items]
Long-term debt	$ 0		18,426,247
Debt instrument, interest rate	12.00%
Equipment financing
Debt Instrument [Line Items]
Long-term debt	$ 5,958,237		$ 6,817,283

Earnings (Loss) Per Common Share - Schedule of Shares Used in Calculation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average number of shares outstanding (in shares)	11,404,360	10,756,156	11,142,043	10,754,709
Effect of dilutive securities, common share equivalents:
Stock options (in shares)	182,607	0	159,900	0
Warrants (in shares)	752,619	0	731,520	0
Restricted stock awards (in shares)	241,542	0	216,113	0
Weighted average number of shares outstanding, used for computing diluted earnings (loss) per share (in shares)	12,581,128	10,756,156	12,249,576	10,754,709

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 12,919,761	$ (9,114,298)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Net realized losses on investments	59,838	17,201
Net unrealized gains on equity investments	(977,117)	(173,178)
Net unrealized gains on other investments	(402,028)	(441,666)
Depreciation and amortization	1,835,503	2,327,691
Allowance for credit losses	85,273	59,099
Accretion of bond discount, net	(560,649)	118,280
Amortization of discount and issuance costs on debt	819,930	890,758
Loss on extinguishment of debt	296,553	0
Stock-based compensation	906,375	636,178
Deferred income tax expense (benefit)	3,689,197	(2,149,367)
Decrease (increase) in operating assets:
Premiums receivable, net	(4,081,882)	495,036
Reinsurance receivables, net	9,847,085	(17,792,865)
Deferred policy acquisition costs	(2,049,801)	3,287,131
Other assets	429,999	(144,475)
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves	(4,975,411)	3,335,434
Unearned premiums	14,353,241	(4,331,227)
Advance premiums	1,509,633	3,449,195
Reinsurance balances payable	(2,970,585)	7,201,518
Deferred ceding commission revenue	825,228	(1,226,518)
Accounts payable, accrued expenses and other liabilities	3,399,435	(2,198,271)
Net cash flows provided by (used in) operating activities	34,959,578	(15,754,344)
Cash flows from investing activities:
Purchase - fixed-maturity securities available-for-sale	(125,744,401)	(13,167,937)
Redemption - fixed-maturity securities held-to-maturity	0	750,000
Sale and maturity - fixed-maturity securities available-for-sale	113,854,152	33,453,349
Sale - equity securities	4,410,859	99,917
Acquisition of property and equipment	(1,738,969)	(1,380,256)
Net cash flows (used in) provided by investing activities	(9,218,359)	19,755,073
Cash flows from financing activities:
Principal payments on equipment financing	(859,045)	(810,289)
Issue costs on 2024 and 2022 Notes	(203,381)	(14,299)
Net proceeds from issuance of common stock	9,066,098	0
Withholding taxes paid on vested restricted stock awards	(961,091)	(1,400)
Net cash flows used in financing activities	(957,419)	(825,988)
Increase in cash and cash equivalents	24,783,800	3,174,741
Cash and cash equivalents, beginning of period	8,976,998	11,958,228
Cash and cash equivalents, end of period	33,760,798	15,132,969
Supplemental disclosures of cash flow information:
Cash paid for income taxes	0	0
Cash paid for interest	1,695,141	1,628,357
Supplemental schedule of non-cash investing and financing activities:
Other comprehensive income (loss), net of tax	3,234,450	(1,161,051)
Principal payment on 2022 Notes
Cash flows from financing activities:
Principal payment on Notes	(5,000,000)	0
Principal payment on 2024 Notes
Cash flows from financing activities:
Principal payment on Notes	$ (3,000,000)	$ 0

Property and Casualty Insurance Activity - Incurred and Paid Claims Development, Net of Reinsurance (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) claim
Effects of Reinsurance [Line Items]
Total incurred claims	$ 578,500
2015
Effects of Reinsurance [Line Items]
2015 incurred claims	22,340
Total incurred claims	23,506
IBNR	$ 300
Cumulative Number of Reported Claims by Accident Year \| claim	2,559
2016
Effects of Reinsurance [Line Items]
2015 incurred claims	$ 21,994
2016 incurred claims	26,062
Total incurred claims	27,281
IBNR	$ 121
Cumulative Number of Reported Claims by Accident Year \| claim	2,882
2017
Effects of Reinsurance [Line Items]
2015 incurred claims	$ 22,148
2016 incurred claims	24,941
2017 incurred claims	31,605
Total incurred claims	37,201
IBNR	$ 246
Cumulative Number of Reported Claims by Accident Year \| claim	3,401
2018
Effects of Reinsurance [Line Items]
2015 incurred claims	$ 22,491
2016 incurred claims	24,789
2017 incurred claims	32,169
2018 incurred claims	54,455
Total incurred claims	61,381
IBNR	$ 930
Cumulative Number of Reported Claims by Accident Year \| claim	4,237
2019
Effects of Reinsurance [Line Items]
2015 incurred claims	$ 23,386
2016 incurred claims	27,887
2017 incurred claims	35,304
2018 incurred claims	56,351
2019 incurred claims	75,092
Total incurred claims	73,900
IBNR	$ 1,436
Cumulative Number of Reported Claims by Accident Year \| claim	4,507
2020
Effects of Reinsurance [Line Items]
2015 incurred claims	$ 23,291
2016 incurred claims	27,966
2017 incurred claims	36,160
2018 incurred claims	58,441
2019 incurred claims	72,368
2020 incurred claims	63,083
Total incurred claims	63,677
IBNR	$ 1,078
Cumulative Number of Reported Claims by Accident Year \| claim	5,892
2021
Effects of Reinsurance [Line Items]
2015 incurred claims	$ 23,528
2016 incurred claims	27,417
2017 incurred claims	36,532
2018 incurred claims	59,404
2019 incurred claims	71,544
2020 incurred claims	62,833
2021 incurred claims	96,425
Total incurred claims	96,365
IBNR	$ 3,056
Cumulative Number of Reported Claims by Accident Year \| claim	5,827
2022
Effects of Reinsurance [Line Items]
2015 incurred claims	$ 23,533
2016 incurred claims	27,352
2017 incurred claims	36,502
2018 incurred claims	61,237
2019 incurred claims	71,964
2020 incurred claims	63,217
2021 incurred claims	96,673
2022 incurred claims	79,835
Total incurred claims	78,931
IBNR	$ 5,312
Cumulative Number of Reported Claims by Accident Year \| claim	4,706
2023
Effects of Reinsurance [Line Items]
2015 incurred claims	$ 23,428
2016 incurred claims	27,271
2017 incurred claims	36,819
2018 incurred claims	61,145
2019 incurred claims	73,310
2020 incurred claims	63,562
2021 incurred claims	96,134
2022 incurred claims	78,759
2023 incurred claims	78,978
Total incurred claims	74,170
IBNR	$ 12,761
Cumulative Number of Reported Claims by Accident Year \| claim	4,068
2024
Effects of Reinsurance [Line Items]
Total incurred claims	$ 42,089
IBNR	$ 11,852
Cumulative Number of Reported Claims by Accident Year \| claim	2,396

Debt - Schedule of Percentages of the Principal Amount (Details)	9 Months Ended
	Sep. 30, 2024
December 30, 2022 to December 29, 2023
Debt Instrument [Line Items]
Debt instrument, interest rate	102.00%
December 30, 2023 to September 29, 2024
Debt Instrument [Line Items]
Debt instrument, interest rate	101.00%
September 30, 2024 to December 29, 2024
Debt Instrument [Line Items]
Debt instrument, interest rate	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 8
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Fair Value of Financial Instruments and Real Estate - Schedule of Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Reinsurance balances payable, Level 3	$ 9,866,555	$ 12,837,140
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-maturity securities held-to- maturity, Level 1	7,048,662	7,052,541
Fixed-maturity securities available-for-sale, Level 1	109,780,907	91,046,936
Fixed-maturity securities available-for-sale, Level 2	55,677,438	57,873,861
Cash and cash equivalents, Level 1	33,760,798	8,976,998
Premiums receivable, net, Level 1	17,601,417	13,604,808
Reinsurance receivables, net, Level 3	65,746,827	75,593,912
Real estate, net of accumulated depreciation, Level 3	1,941,671	1,992,529
Reinsurance balances payable, Level 3	9,866,555	12,837,140
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed-maturity securities held-to- maturity, Level 1	6,278,968	6,106,148
Fixed-maturity securities available-for-sale, Level 1	109,780,907	91,046,936
Fixed-maturity securities available-for-sale, Level 2	55,677,438	57,873,861
Cash and cash equivalents, Level 1	33,760,798	8,976,998
Premiums receivable, net, Level 1	17,601,417	13,604,808
Reinsurance receivables, net, Level 3	65,746,827	75,593,912
Real estate, net of accumulated depreciation, Level 3	3,540,000	3,540,000
Reinsurance balances payable, Level 3	$ 9,866,555	$ 12,837,140

Investments - Schedule of held-to-maturity securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Cost or Amortized Cost	$ 7,048,662	$ 7,052,541
Gross Unrealized Gains	21,169	15,935
Gross unrealized losses - less than 12 months	(4,474)	(6,914)
Gross unrealized loss - more than 12 months	(786,389)	(955,414)
Estimated Fair Value	6,278,968	6,106,148
Net Unrealized Gains/ (Losses)	(769,694)	(946,393)
U.S. Treasury securities
Net Investment Income [Line Items]
Cost or Amortized Cost	1,229,091	1,228,860
Gross Unrealized Gains	20,900	15,045
Gross unrealized losses - less than 12 months	(4,474)	(6,914)
Gross unrealized loss - more than 12 months	(9,604)	(18,163)
Estimated Fair Value	1,235,913	1,218,828
Net Unrealized Gains/ (Losses)	6,822	(10,032)
Political subdivisions of States, Territories and Possessions
Net Investment Income [Line Items]
Cost or Amortized Cost	499,581	499,170
Gross Unrealized Gains	269	890
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	0	0
Estimated Fair Value	499,850	500,060
Net Unrealized Gains/ (Losses)	269	890
Exchange traded debt
Net Investment Income [Line Items]
Cost or Amortized Cost	304,111	304,111
Gross Unrealized Gains	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	(63,411)	(70,111)
Estimated Fair Value	240,700	234,000
Net Unrealized Gains/ (Losses)	(63,411)	(70,111)
Corporate and other bonds industrial and miscellaneous
Net Investment Income [Line Items]
Cost or Amortized Cost	5,015,879	5,020,400
Gross Unrealized Gains	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	(713,374)	(867,140)
Estimated Fair Value	4,302,505	4,153,260
Net Unrealized Gains/ (Losses)	$ (713,374)	$ (867,140)

Investments - Schedule of available for sale securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Net Investment Income [Line Items]
Cost or Amortized Cost	$ 176,904,251	$ 164,460,942
Debt instrument, collateral amount	5,731,000	6,999,000
Investments, fair value disclosure	10,944,000	11,412,000
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Net Investment Income [Line Items]
Cost or Amortized Cost	5,999,188	20,954,764
Gross Unrealized Gains	0	1,799
Gross unrealized losses - less than 12 months	0	(17,373)
Gross unrealized loss - more than 12 months	(2,128)	0
Estimated Fair Value	5,997,060	20,939,190
Net Unrealized Losses	(2,128)	(15,574)
Political subdivisions of States, Territories and Possessions
Net Investment Income [Line Items]
Cost or Amortized Cost	16,499,862	16,607,713
Gross Unrealized Gains	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	(2,610,572)	(3,209,161)
Estimated Fair Value	13,889,290	13,398,552
Net Unrealized Losses	(2,610,572)	(3,209,161)
Corporate and other bonds industrial and miscellaneous
Net Investment Income [Line Items]
Cost or Amortized Cost	107,655,225	75,993,042
Gross Unrealized Gains	31,957	0
Gross unrealized losses - less than 12 months	(49,276)	0
Gross unrealized loss - more than 12 months	(3,854,059)	(5,885,296)
Estimated Fair Value	103,783,847	70,107,746
Net Unrealized Losses	(3,871,378)	(5,885,296)
Residential mortgage and other asset backed securities
Net Investment Income [Line Items]
Cost or Amortized Cost	46,749,976	50,905,423
Gross Unrealized Gains	135,681	113,761
Gross unrealized losses - less than 12 months	(136)	(2,144)
Gross unrealized loss - more than 12 months	(5,097,373)	(6,541,731)
Estimated Fair Value	41,788,148	44,475,309
Net Unrealized Losses	(4,961,828)	(6,430,114)
Total fixed-maturity securities
Net Investment Income [Line Items]
Cost or Amortized Cost	176,904,251	164,460,942
Gross Unrealized Gains	167,638	115,560
Gross unrealized losses - less than 12 months	(49,412)	(19,517)
Gross unrealized loss - more than 12 months	(11,564,132)	(15,636,188)
Estimated Fair Value	165,458,345	148,920,797
Net Unrealized Losses	(11,445,906)	(15,540,145)
US Treasury Securities
Net Investment Income [Line Items]
Debt instrument, collateral amount	$ 5,997,000	$ 11,960,000

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $6,278,968 at September 30, 2024 and $6,106,148 at December 31, 2023)	$ 7,048,662	$ 7,052,541
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $176,904,251 at September 30, 2024 and $164,460,942 at December 31, 2023)	165,458,345	148,920,797
Equity securities, at fair value (cost of $13,527,554 at September 30, 2024 and $17,986,783 at December 31, 2023)	11,280,228	14,762,340
Other investments	4,299,178	3,897,150
Total investments	188,086,413	174,632,828
Cash and cash equivalents	33,760,798	8,976,998
Premiums receivable, net	17,601,417	13,604,808
Reinsurance receivables, net	65,746,827	75,593,912
Deferred policy acquisition costs	21,852,365	19,802,564
Intangible assets	500,000	500,000
Property and equipment, net	9,299,163	9,395,697
Deferred income taxes, net	6,002,833	10,551,819
Other assets	4,144,585	4,574,584
Total assets	346,994,401	317,633,210
Liabilities
Loss and loss adjustment expense reserves	116,842,451	121,817,862
Unearned premiums	119,974,779	105,621,538
Advance premiums	5,307,223	3,797,590
Reinsurance balances payable	9,866,555	12,837,140
Deferred ceding commission revenue	10,286,093	9,460,865
Accounts payable, accrued expenses and other liabilities	7,749,981	4,350,546
Debt, net (current $856,605 and long-term $16,440,982 at September 30, 2024,current $19,580,109 and long-term $5,663,421 at December 31, 2023)	17,297,587	25,243,530
Total liabilities	287,324,669	283,129,071
Commitments and Contingencies (Note 11)
Stockholders' Equity
Preferred stock, $0.01 par value; authorized 2,500,000 shares	0	0
Common stock, $0.01 par value; authorized 20,000,000 shares; issued 13,818,950 shares at September 30, 2024 and 12,248,313 shares at December 31, 2023 ; outstanding 12,312,296 shares at September 30, 2024 and 10,776,907 shares at December 31, 2023	138,190	122,483
Capital in excess of par	84,334,037	75,338,010
Accumulated other comprehensive loss	(9,040,113)	(12,274,563)
Accumulated deficit	(10,194,549)	(23,114,310)
Stockholders' Equity before treasury stock	65,237,565	40,071,620
Treasury stock, at cost, 1,506,654 shares at September 30, 2024 and 1,471,406 at December 31, 2023	(5,567,833)	(5,567,481)
Total stockholders' equity	59,669,732	34,504,139
Total liabilities and stockholders' equity	$ 346,994,401	$ 317,633,210

Fair Value Measurements - Schedule of Hedge Fund Investments (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Hedge fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	$ 4,299,178	$ 3,897,150

- Definition

Fair value of investment other than investment in equity security, investment in debt security and equity method investment. Includes, but is not limited to, investment in certain entities that calculate net asset value per share. Example includes, but is not limited to, investment in hedge fund, venture capital fund, private equity fund, and real estate partnership or fund.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 54B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482134/820-10-35-54B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

+ Details

Investments - Schedule of investment income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments [Abstract]
Fixed-maturity securities	$ 1,172,023	$ 1,245,353	$ 3,511,243	$ 3,982,573
Equity securities	144,950	187,018	467,588	540,788
Cash and cash equivalents	385,809	98,763	1,074,000	171,015
Other	0	0	39,227	0
Total	1,702,782	1,531,134	5,092,058	4,694,376
Investment expenses	53,109	86,774	174,929	257,168
Net investment income	$ 1,649,673	$ 1,444,360	$ 4,917,129	$ 4,437,208

Commitments and Contingencies - Schedule of Company’s Office Operating Leases (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease	$ 0	$ 41,342	$ 41,342	$ 124,026
Total lease cost	0	41,342	41,342	124,026
Cash payments included in the measurement of lease liability reported in operating cash flows	$ 0	$ 49,145	$ 49,145	$ 96,629
Discount rate	0.00%	5.50%	5.50%	5.50%
Remaining lease term in years		6 months		6 months

Property and Casualty Insurance Activity - Schedule of Earned Premiums (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Change in unearned premiums
Effects of Reinsurance [Line Items]
Direct	$ (12,540,101)	$ (1,246,657)	$ (14,353,242)	$ 4,331,226
Assumed	0	0	0	0
Ceded	25,402,104	25,509,675	6,818,683	10,097,174
Net	12,862,003	24,263,018	(7,534,559)	14,428,400
Premiums earned
Effects of Reinsurance [Line Items]
Direct	54,086,563	50,745,589	155,093,361	151,567,862
Assumed	0	0	0	0
Ceded	(20,679,369)	(22,807,271)	(62,562,653)	(65,866,395)
Net	33,407,194	27,938,318	92,530,708	85,701,467
Premiums written
Effects of Reinsurance [Line Items]
Direct	66,626,664	51,992,246	169,446,603	147,236,636
Assumed	0	0	0	0
Ceded	(46,081,473)	(48,316,946)	(69,381,336)	(75,963,569)
Net	$ 20,545,191	$ 3,675,300	$ 100,065,267	$ 71,273,067

Property and Casualty Insurance Activity

9 Months Ended

Sep. 30, 2024

Property and Casualty Insurance Activity

Property and Casualty Insurance Activity

Premiums Earned

Premiums written, ceded and earned are as follows:


	Direct		Assumed		Ceded		Net

Nine months ended September 30, 2024
Premiums written	$	169,446,603	$	-	$	(69,381,336)	$	100,065,267
Change in unearned premiums	(14,353,242)		-		6,818,683		(7,534,559)
Premiums earned	$	155,093,361	$	-	$	(62,562,653)	$	92,530,708

Nine months ended September 30, 2023
Premiums written	$	147,236,636	$	-	$	(75,963,569)	$	71,273,067
Change in unearned premiums	4,331,226		-		10,097,174		14,428,400
Premiums earned	$	151,567,862	$	-	$	(65,866,395)	$	85,701,467

Three months ended September 30, 2024
Premiums written	$	66,626,664	$	-	$	(46,081,473)	$	20,545,191
Change in unearned premiums	(12,540,101)		-		25,402,104		12,862,003
Premiums earned	$	54,086,563	$	-	$	(20,679,369)	$	33,407,194

Three months ended September 30, 2023
Premiums written	$	51,992,246	$	-	$	(48,316,946)	$	3,675,300
Change in unearned premiums	(1,246,657)		-		25,509,675		24,263,018
Premiums earned	$	50,745,589	$	-	$	(22,807,271)	$	27,938,318

Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as of September 30, 2024 and December 31, 2023 was $5,307,223 and $3,797,590, respectively.

Loss and Loss Adjustment Expense Reserves

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


	Nine months ended September 30,
	2024		2023

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

Incurred related to:
Current year	46,762,530		66,568,985
Prior years	(1,637,038)		(16,420)
Total incurred	45,125,492		66,552,565

Paid related to:
Current year	24,507,023		37,932,760
Prior years	21,353,578		29,928,162
Total paid	45,860,601		67,860,922

Net balance at end of period	87,794,103		89,371,656
Add reinsurance recoverables	29,048,348		32,303,291
Balance at end of period	$	116,842,451	$	121,674,947

Incurred losses and LAE are presented net of reinsurance recoveries under reinsurance contracts of $13,744,230 and $34,019,370 for the nine months ended September 30, 2024 and 2023, 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 nine months ended September 30, 2024 and 2023 was $1,637,038 favorable and $16,420 favorable, respectively. Management, on a quarterly basis, performs a review of open liability claims to assess carried case and incurred but not reported (“IBNR”) reserve levels, giving consideration to both Company and industry trends.

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 September 30, 2021 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 September 30, 2024, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of September 30, 2024 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, 2015 to December 31, 2023 is presented as supplementary unaudited information.

All Lines of Business

(in thousands, except reported claims data)


	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				As of September 30, 2024
Accident Year	For the Years Ended December 31,																		Nine Months Ended September 30, 2024		IBNR		Cumulative Number of Reported Claims by Accident Year
	2015		2016		2017		2018		2019		2020		2021		2022		2023

	(Unaudited 2015 - 2023)																		(Unaudited)

2015	$	22,340	$	21,994	$	22,148	$	22,491	$	23,386	$	23,291	$	23,528	$	23,533	$	23,428	$	23,506	$	300	2,559
2016			26,062		24,941		24,789		27,887		27,966		27,417		27,352		27,271		27,281		121		2,882
2017					31,605		32,169		35,304		36,160		36,532		36,502		36,819		37,201		246		3,401
2018							54,455		56,351		58,441		59,404		61,237		61,145		61,381		930		4,237
2019									75,092		72,368		71,544		71,964		73,310		73,900		1,436		4,507
2020											63,083		62,833		63,217		63,562		63,677		1,078		5,892
2021													96,425		96,673		96,134		96,365		3,056		5,827
2022															79,835		78,759		78,931		5,312		4,706
2023																	78,978		74,170		12,761		4,068
2024																			42,089		11,852		2,396
																	Total		$	578,500

All Lines of Business

(in thousands)


	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For the Years Ended December 31,																		Nine Months Ended September 30, 2024
	2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Unaudited 2015 - 2023)																		(Unaudited)

2015	$	12,295	$	16,181	$	18,266	$	19,984	$	21,067	$	22,104	$	22,318	$	22,473	$	22,519	$	22,539
2016			15,364		19,001		21,106		23,974		25,234		25,750		26,382		26,854		26,806
2017					16,704		24,820		28,693		31,393		32,529		33,522		34,683		34,990
2018							32,383		44,516		50,553		52,025		54,424		56,199		56,867
2019									40,933		54,897		58,055		60,374		63,932		65,602
2020											39,045		50,719		53,432		56,523		59,081
2021													56,282		77,756		82,317		84,987
2022															45,856		65,732		67,834
2023																	46,280		56,139
2024																			21,671
																	Total		$	496,516

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	81,985
All outstanding liabilities before 2015, net of reinsurance																			976
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	82,960

(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 loss development tables to the loss and LAE reserves in the condensed consolidated balance sheet is as follows:

Reconciliation of the Disclosure of Incurred and Paid Loss Development

to the Liability for Loss and LAE Reserves


(in thousands)	As of September 30, 2024
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	82,960
Total reinsurance recoverable on unpaid losses	29,048
Unallocated loss adjustment expenses	4,834
Total gross liability for loss and LAE reserves	$	116,842

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, 2024 and the Company entered into new excess of loss and catastrophe reinsurance treaties effective July 1, 2024. 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 provided 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
Line of Business	January 2, 2025 to June 30, 2025		July 1, 2024 to January 1, 2025			January 1, 2024 to June 30, 2024			July 1, 2023 to January 1 2024			January 1, 2023 to June 30, 2023			July 1, 2022 to January 1, 2023			December 31, 2021 to June 30, 2022

Personal Lines:
Homeowners, dwelling fire and canine legal liability Quota share treaty: Percent ceded (7)	(6)		27		%	27		%	30		%	30		%	30		%	30		%
Risk retained on initial $1,000,000 of losses (5) (6) (7)	$	1,000,000	$	730,000		$	730,000		$	700,000		$	700,000		$	700,000		$	700,000
Losses per occurrence subject to quota share reinsurance coverage	(6)		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000
Expiration date	(6)		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)	$	8,000,000	$	8,400,000		$	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			in excess of
	$	1,000,000	$	600,000		$	600,000		$	600,000		$	600,000		$	600,000		$	600,000
Total reinsurance coverage per occurrence (5) (6)	$	8,000,000	$	8,470,000		$	8,470,000		$	8,500,000		$	8,500,000		$	8,500,000		$	8,500,000
Losses per occurrence subject to reinsurance coverage (6)	$	9,000,000	$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000
Expiration date (6)	June 30, 2025		June 30, 2025			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)	(6)		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000
Risk retained per catastrophe occurrence (6) (7) (8) (9)	5,000,000		4,750,000			$	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)	$	275,000,000	$	275,000,000		$	315,000,000		$	315,000,000		$	335,000,000		$	335,000,000		$	490,000,000

Reinstatement premium protection (3) (4)	Yes		Yes			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, 2025.

(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 July 1, 2022 through June 30, 2023, reinstatement premium protection for $12,500,000 of catastrophe coverage in excess of $10,000,000. For the period July 1, 2023 through June 30, 2024, reinstatement premium protection for $50,000,000 of catastrophe coverage in excess of $10,000,000.

(4)For the period July 1, 2024 through June 30, 2025 (expiration date of the catastrophe reinsurance treaty), reinstatement premium protection for $10,500,000 of catastrophe coverage in excess of $10,000,000.

(5)For the period January 1, 2022 through January 1, 2025, Underlying XOL 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. After the expiration of the Underlying XOL Treaty and 2024/2025 Treaty on January 1, 2025, retention will be $1,000,000.

(6)Personal lines quota share (homeowners, dwelling fire and canine liability) and underlying excess of loss reinsurance will expire on January 1, 2025, with none of these coverages to be in effect during the period from January 2, 2025 through June 30, 2025. Reinsurance coverage in effect from January 2, 2025 through June 30, 2025 is only for excess of loss and catastrophe reinsurance treaties.

(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.

(9)For the period October 1, 2024 through April 30, 2025, additional catastrophe reinsurance treaty will provide coverage for winter storm losses of $4,500,000 in excess of $5,500,000. Retention for winter storms under this treaty is $4,800,000.


	Treaty Year
Line of Business	July 1, 2024 to June 30, 2025			July 1, 2023 to June 30, 2024			July 1, 2022 to June 30, 2023

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, 2025			June 30, 2024			June 30, 2023

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.

Ceding Commission Revenue

The Company earned ceding commission revenue under the 2024/2025 Treaty for the nine months ended September 30, 2024, and under the 2023/2024 Treaty for the nine months ended September 30, 2023, 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:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

Provisional ceding commissions earned	$	4,742,557	$	4,992,312	$	13,859,795	$	15,733,145
Contingent ceding commissions earned	(881)		544,015		10,953		660,799
	$	4,741,676	$	5,536,327	$	13,870,748	$	16,393,944

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 September 30, 2024 and December 31, 2023, net contingent ceding commissions payable to reinsurers under all treaties was approximately $724,000 and $3,302,000, respectively, which is recorded in reinsurance balances payable on the accompanying condensed 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 income (loss).

Property and Casualty Insurance Activity - Schedule of Material Terms for Reinsurance Treaties (Details) $ in Thousands	3 Months Ended	6 Months Ended							7 Months Ended	9 Months Ended	12 Months Ended							36 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Apr. 30, 2025 USD ($)	Sep. 30, 2024 USD ($) h	Dec. 31, 2025	Jun. 30, 2025 USD ($)	Dec. 31, 2024	Jun. 30, 2024 USD ($)	Dec. 31, 2023	Jun. 30, 2023 USD ($)	Dec. 31, 2022	Dec. 31, 2024 USD ($)
Effects of Reinsurance [Line Items]
Single risk coverage										$ 9,000
Catastrophe coverage, multiple of per occurrence limitation										2
Catastrophe coverage, number of consecutive hours \| h										168
Reinstatement of premium protection														$ 50,000		$ 12,500
Excess of catastrophe coverage														$ 10,000		$ 10,000
Limited retention										$ 1,000
Minimum
Effects of Reinsurance [Line Items]
Direct loss	$ 3,500									3,500
Reduces retention										500
Maximum
Effects of Reinsurance [Line Items]
Direct loss	$ 9,000									9,000
Reduces retention										$ 700
Forecast
Effects of Reinsurance [Line Items]
Reinstatement of premium protection									$ 4,500			$ 10,500						$ 400
Excess of catastrophe coverage									5,500			10,000						$ 600
Limited retention									$ 4,800
Forecast \| Minimum
Effects of Reinsurance [Line Items]
Reduces retention												530
Forecast \| Maximum
Effects of Reinsurance [Line Items]
Reduces retention												$ 730
Catastrophe Reinsurance:
Effects of Reinsurance [Line Items]
Initial loss subject to personal lines quota share treaty				$ 10,000	$ 10,000	$ 10,000	$ 10,000	$ 10,000
Risk retained per catastrophe occurrence				9,500	8,750	8,750	7,400	7,400
Catastrophe loss coverage in excess of quota share coverage				$ 315,000	$ 315,000	$ 335,000	$ 335,000	$ 490,000
Reinstatement premium protection				Yes	Yes	Yes	Yes	Yes
Catastrophe Reinsurance: \| Forecast
Effects of Reinsurance [Line Items]
Initial loss subject to personal lines quota share treaty			$ 10,000
Risk retained per catastrophe occurrence		$ 5,000	4,750
Catastrophe loss coverage in excess of quota share coverage		$ 275,000	$ 275,000
Reinstatement premium protection		Yes	Yes
Personal Lines:
Effects of Reinsurance [Line Items]
Quota share treaty percent ceded				27.00%	30.00%	30.00%	30.00%	30.00%							30.00%		30.00%
Risk retained on initial $1,000,000 of losses				$ 730	$ 700	$ 700	$ 700	$ 700
Losses per occurrence subject to quota share reinsurance coverage				1,000	1,000	1,000	1,000	1,000
Excess of loss coverage and facultative facility coverage				8,400	8,400	8,400	8,400	8,400
in excess of 1				600	600	600	600	600
Total reinsurance coverage per occurrence				8,470	8,500	8,500	8,500	8,500
Losses per occurrence subject to reinsurance coverage				$ 9,000	$ 9,000	$ 9,000	$ 9,000	$ 9,000
Quota share treaty percent excluded from percent ceded															17.50%		4.00%
Personal Lines: \| Forecast
Effects of Reinsurance [Line Items]
Quota share treaty percent ceded			27.00%								27.00%		27.00%
Risk retained on initial $1,000,000 of losses		$ 1,000	$ 730
Losses per occurrence subject to quota share reinsurance coverage			1,000
Excess of loss coverage and facultative facility coverage		8,000	8,400
in excess of 1		1,000	600
Total reinsurance coverage per occurrence		8,000	8,470
Losses per occurrence subject to reinsurance coverage		$ 9,000	$ 9,000
Quota share treaty percent excluded from percent ceded											22.00%

Debt - Schedule of Future Contractual payment Obligations (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, total	$ 17,297,587	$ 25,243,530
Equipment Financing
Debt Instrument [Line Items]
Remainder of 2024	294,816
2025	1,223,293
2026	1,296,901
2027	1,119,021
Total	3,934,031
2027 purchase price	2,024,206
Long-term debt, total	$ 5,958,237

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

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

+ References + Details

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long Term Debt

Debt as of September 30, 2024 and December 31, 2023 consists of the following:


	September 30, 2024		December 31, 2023

13.75% Senior Notes due 2026, net	$	11,339,350	$	—
12.0% Senior Notes due 2024, net	—		18,426,247
Equipment financing	5,958,237		6,817,283
Balance at end of period	$	17,297,587	$	25,243,530

The balance of the 2024 Notes as of September 30, 2024 and December 31, 2023 is as follows:


	September 30, 2024		December 31, 2023

13.75% Senior Notes due 2026	$	11,950,000	$	—
Warrants	(411,999)		—
Issuance costs	(198,651)		—
2024 Notes, net	$	11,339,350	$	—

The balance of the 2022 Notes as of September 30, 2024 and December 31, 2023 is as follows:


	September 30, 2024		December 31, 2023

12.0% Senior Notes due 2024	$	—	$	19,950,000
Warrants	—		(653,123)
Issuance costs	—		(870,630)
2022 Notes, net	$	—	$	18,426,247

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 Contractual Payment Obligations

Future contractual payment obligations under the Financing as of September 30, 2024 are as follows:


For the Years Ending December 31,	Total
Remainder of 2024	$	294,816
2025	1,223,293
2026	1,296,901
2027	1,119,021
	3,934,031
2027 purchase price	2,024,206
Total	$	5,958,237

Investments - Narrative (Details)	9 Months Ended
Investments - Narrative (Details)	Sep. 30, 2024 USD ($) security	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) security
Investments [Abstract]
Allowance for credit losses on held-to-maturity fixed-maturity securities	$ 0		$ 0
Redemption - fixed-maturity securities held-to-maturity	0	$ 750,000
Sale and maturity - fixed-maturity securities available-for-sale	113,854,152	33,453,349
Sale - equity securities	$ 4,410,859	$ 99,917
Fixed-maturity securities accounted for gross unrealized losses \| security	142		140

Investments - Schedule of net gains on investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Net realized gains (losses)	$ 365,938	$ (4,181)	$ (59,838)	$ (17,201)
Net unrealized gains (losses)	460,584	(820,189)	1,379,145	614,844
Net gains (losses) on investments	826,522	(824,370)	1,319,307	597,643
Realized Losses Fixed-maturity securities
Net Investment Income [Line Items]
Gross realized gains	157	263	962	1,207
Gross realized losses	(4,096)	(4,444)	(12,430)	(18,408)
Total fixed-maturity securities	(3,939)	(4,181)	(11,468)	(17,201)
Realized Losses Equity securities
Net Investment Income [Line Items]
Gross realized gains	369,877	0	374,997	0
Gross realized losses	0	0	(423,367)	0
Total equity securities	369,877	0	(48,370)	0
Unrealized (Losses) Gains Equity Securities
Net Investment Income [Line Items]
Gross gains	669,059	0	1,291,933	173,178
Gross losses	(314,816)	(483,967)	(314,816)	0
Total equity securities	354,243	(483,967)	977,117	173,178
Unrealized (Losses) Gains Other Investments
Net Investment Income [Line Items]
Gross losses	0	(336,222)	0	0
Gross gains	106,341	0	402,028	441,666
Total other investments	$ 106,341	$ (336,222)	$ 402,028	$ 441,666

Nature of Business and Basis of Presentation	9 Months Ended
Nature of Business and Basis of Presentation	Sep. 30, 2024
Nature of Business and Basis of Presentation
Nature of Business and Basis of Presentation	Nature of Business and Basis of Presentation 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”), underwrites property and casualty insurance exclusively. 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 three months ended September 30, 2024 and 2023, 96.3% and 88.5%, respectively, of KICO’s direct written premiums came from the New York policies. For the nine months ended September 30, 2024 and 2023, 95.6% and 88.1%, 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. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The principles for condensed interim financial information do not require the inclusion of all the information and footnotes required by GAAP for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended December 31, 2023 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024. The accompanying condensed consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with standards of the Public Company Accounting Oversight Board (United States) but, in the opinion of management, such financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position and results of operations. The results of operations for the three months and nine months ended September 30, 2024 may not be indicative of the results that may be expected for the year ending December 31, 2024. Components of ceded premiums written within prior year net earned premiums in Note 6 were reclassified to conform with an elected change in the prior year presentation during the quarter ended September 30, 2023, 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.

Stockholders Equity - Schedule of the Restricted Common Stock Activity (Details)	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Weighted Average Grant Date Fair Value per Share
Weighted average estimated fair value, vested (in dollars per share)	$ 1.24
Restricted Stock Awards
Shares
Number of options outstanding, Beginning (in shares) \| shares	550,581
Number of options outstanding, Granted (in shares) \| shares	178,459
Number of options outstanding, Vested (in shares) \| shares	(446,044)
Number of options outstanding, Forfeited (in shares)	$ (2,000)
Number of options outstanding, ending (in shares) \| shares	280,996
Weighted Average Grant Date Fair Value per Share
Weighted Average Grant Date Fair Value per Share, beginning balance (in dollars per share)	$ 3.82
Weighted Average Grant Date Fair Value per Share, Granted (in dollars per share)	2.33
Weighted average estimated fair value, vested (in dollars per share)	4.16
Weighted Average Grant Date Fair Value per Share, Forfeited (in dollars per share)	4.80
Weighted Average Grant Date Fair Value per Share, ending balance (in dollars per share)	$ 2.33
Aggregate Fair Value
Aggregate Intrinsic Value , Beginning \| $	$ 2,103,219
Aggregate Fair Value, granted \| $	416,211
Aggregate Fair Value, vested \| $	(1,855,543)
Aggregate Intrinsic Value, Forfeited \| $	(9,600)
Aggregate Intrinsic Value , Ending \| $	$ 654,721

Employee Benefit Plans (Details) - USD ($)	3 Months Ended		9 Months Ended
Employee Benefit Plans (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Loss and loss adjustment expenses	$ 13,027,597	$ 21,932,453	$ 45,125,492	$ 66,552,565
Other underwriting expenses	6,894,590	6,318,625	18,675,720	19,873,882
Other operating expenses	1,241,572	441,963	$ 2,820,620	1,868,011
401(k) Company matching contribution (percent)			100.00%
Percentage of participant’s eligible contribution			4.00%
Incurred expense related to 401(k) plan	74,000	$ 90,000	$ 212,000	$ 249,000
Deferred compensation liability	0		0		$ 937,025
Employee Bonus Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accrued employee bonus plan	873,000		1,457,000
Loss and loss adjustment expenses	199,000		332,000
Other underwriting expenses	674,000		1,125,000
Executive Bonus Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accrued employee bonus plan	205,000		322,000
Other underwriting expenses	290,000		290,000
Bonus reversal allocated to other operating expenses	$ (85,000)
Other operating expenses			$ 32,000

Property and Casualty Insurance Activity (Tables)

9 Months Ended

Sep. 30, 2024

Property and Casualty Insurance Activity

Schedule of Earned Premiums

Premiums written, ceded and earned are as follows:


	Direct		Assumed		Ceded		Net

Nine months ended September 30, 2024
Premiums written	$	169,446,603	$	-	$	(69,381,336)	$	100,065,267
Change in unearned premiums	(14,353,242)		-		6,818,683		(7,534,559)
Premiums earned	$	155,093,361	$	-	$	(62,562,653)	$	92,530,708

Nine months ended September 30, 2023
Premiums written	$	147,236,636	$	-	$	(75,963,569)	$	71,273,067
Change in unearned premiums	4,331,226		-		10,097,174		14,428,400
Premiums earned	$	151,567,862	$	-	$	(65,866,395)	$	85,701,467

Three months ended September 30, 2024
Premiums written	$	66,626,664	$	-	$	(46,081,473)	$	20,545,191
Change in unearned premiums	(12,540,101)		-		25,402,104		12,862,003
Premiums earned	$	54,086,563	$	-	$	(20,679,369)	$	33,407,194

Three months ended September 30, 2023
Premiums written	$	51,992,246	$	-	$	(48,316,946)	$	3,675,300
Change in unearned premiums	(1,246,657)		-		25,509,675		24,263,018
Premiums earned	$	50,745,589	$	-	$	(22,807,271)	$	27,938,318

Schedule of Unpaid Loss and Loss Adjustment Expense Reserves

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


	Nine months ended September 30,
	2024		2023

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

Incurred related to:
Current year	46,762,530		66,568,985
Prior years	(1,637,038)		(16,420)
Total incurred	45,125,492		66,552,565

Paid related to:
Current year	24,507,023		37,932,760
Prior years	21,353,578		29,928,162
Total paid	45,860,601		67,860,922

Net balance at end of period	87,794,103		89,371,656
Add reinsurance recoverables	29,048,348		32,303,291
Balance at end of period	$	116,842,451	$	121,674,947

Schedule of Line of Business

All Lines of Business

(in thousands, except reported claims data)


	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				As of September 30, 2024
Accident Year	For the Years Ended December 31,																		Nine Months Ended September 30, 2024		IBNR		Cumulative Number of Reported Claims by Accident Year
	2015		2016		2017		2018		2019		2020		2021		2022		2023

	(Unaudited 2015 - 2023)																		(Unaudited)

2015	$	22,340	$	21,994	$	22,148	$	22,491	$	23,386	$	23,291	$	23,528	$	23,533	$	23,428	$	23,506	$	300	2,559
2016			26,062		24,941		24,789		27,887		27,966		27,417		27,352		27,271		27,281		121		2,882
2017					31,605		32,169		35,304		36,160		36,532		36,502		36,819		37,201		246		3,401
2018							54,455		56,351		58,441		59,404		61,237		61,145		61,381		930		4,237
2019									75,092		72,368		71,544		71,964		73,310		73,900		1,436		4,507
2020											63,083		62,833		63,217		63,562		63,677		1,078		5,892
2021													96,425		96,673		96,134		96,365		3,056		5,827
2022															79,835		78,759		78,931		5,312		4,706
2023																	78,978		74,170		12,761		4,068
2024																			42,089		11,852		2,396
																	Total		$	578,500

All Lines of Business

(in thousands)


	Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance
Accident Year	For the Years Ended December 31,																		Nine Months Ended September 30, 2024
	2015		2016		2017		2018		2019		2020		2021		2022		2023
	(Unaudited 2015 - 2023)																		(Unaudited)

2015	$	12,295	$	16,181	$	18,266	$	19,984	$	21,067	$	22,104	$	22,318	$	22,473	$	22,519	$	22,539
2016			15,364		19,001		21,106		23,974		25,234		25,750		26,382		26,854		26,806
2017					16,704		24,820		28,693		31,393		32,529		33,522		34,683		34,990
2018							32,383		44,516		50,553		52,025		54,424		56,199		56,867
2019									40,933		54,897		58,055		60,374		63,932		65,602
2020											39,045		50,719		53,432		56,523		59,081
2021													56,282		77,756		82,317		84,987
2022															45,856		65,732		67,834
2023																	46,280		56,139
2024																			21,671
																	Total		$	496,516

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	81,985
All outstanding liabilities before 2015, net of reinsurance																			976
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	82,960

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

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

Reconciliation of the Disclosure of Incurred and Paid Loss Development

to the Liability for Loss and LAE Reserves


(in thousands)	As of September 30, 2024
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	82,960
Total reinsurance recoverable on unpaid losses	29,048
Unallocated loss adjustment expenses	4,834
Total gross liability for loss and LAE reserves	$	116,842

Schedule of Material Terms for Reinsurance Treaties

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
Line of Business	January 2, 2025 to June 30, 2025		July 1, 2024 to January 1, 2025			January 1, 2024 to June 30, 2024			July 1, 2023 to January 1 2024			January 1, 2023 to June 30, 2023			July 1, 2022 to January 1, 2023			December 31, 2021 to June 30, 2022

Personal Lines:
Homeowners, dwelling fire and canine legal liability Quota share treaty: Percent ceded (7)	(6)		27		%	27		%	30		%	30		%	30		%	30		%
Risk retained on initial $1,000,000 of losses (5) (6) (7)	$	1,000,000	$	730,000		$	730,000		$	700,000		$	700,000		$	700,000		$	700,000
Losses per occurrence subject to quota share reinsurance coverage	(6)		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000
Expiration date	(6)		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)	$	8,000,000	$	8,400,000		$	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			in excess of
	$	1,000,000	$	600,000		$	600,000		$	600,000		$	600,000		$	600,000		$	600,000
Total reinsurance coverage per occurrence (5) (6)	$	8,000,000	$	8,470,000		$	8,470,000		$	8,500,000		$	8,500,000		$	8,500,000		$	8,500,000
Losses per occurrence subject to reinsurance coverage (6)	$	9,000,000	$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000		$	9,000,000
Expiration date (6)	June 30, 2025		June 30, 2025			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)	(6)		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000
Risk retained per catastrophe occurrence (6) (7) (8) (9)	5,000,000		4,750,000			$	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)	$	275,000,000	$	275,000,000		$	315,000,000		$	315,000,000		$	335,000,000		$	335,000,000		$	490,000,000

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

(8)Plus losses in excess of catastrophe coverage.

Schedule of Line of Business of Reinsurance Coverage


	Treaty Year
Line of Business	July 1, 2024 to June 30, 2025			July 1, 2023 to June 30, 2024			July 1, 2022 to June 30, 2023

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, 2025			June 30, 2024			June 30, 2023

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.

Schedule Of Ceding Commission Revenue

Ceding commission revenue consists of the following:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023

Provisional ceding commissions earned	$	4,742,557	$	4,992,312	$	13,859,795	$	15,733,145
Contingent ceding commissions earned	(881)		544,015		10,953		660,799
	$	4,741,676	$	5,536,327	$	13,870,748	$	16,393,944

Employee Benefit Plans	9 Months Ended
Employee Benefit Plans	Sep. 30, 2024
Employee Benefit Plans
Employee Benefit Plans	Employee Benefit Plans Bonus Plans Employee Bonus Plan For the three months ended September 30, 2024, the Company accrued approximately $873,000 related to an employee bonus plan, of which $199,000 is allocated and recorded in loss and LAE, and $674,000 is recorded in other underwriting expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2024 the Company accrued approximately $1,457,000 related to an employee bonus plan, of which $332,000 is allocated and recorded in loss and LAE, and $1,125,000 is recorded in other underwriting expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the three months and nine months ended September 30, 2023 the Company did not accrue for, or pay, bonuses related to an employee bonus plan. Executive Bonus Plan For the three months ended September 30, 2024, the Company accrued approximately $205,000 for a bonus pursuant to the Second Amended Golden Employment Agreement, of which $290,000 is recorded in other underwriting expenses, and $(85,000) is recorded in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the nine months ended September 30, 2024, the Company accrued approximately $322,000 for a bonus pursuant to the Second Amended Golden Employment Agreement, of which $290,000 is recorded in other underwriting expenses, and $32,000 is recorded in other operating expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). For the three months and nine months ended September 30, 2023 the Company did not accrue for, or pay, bonuses related to the Second Amended Golden Employment Agreement. 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 $74,000 and $90,000, respectively, of expense for the three months ended September 30, 2024 and 2023, related to the 401(k) Plan, which is recorded in other underwriting expenses on the accompanying condensed consolidated statements of operations and comprehensive income (loss). The Company incurred approximately $212,000 and $249,000, respectively, of expense for the nine months ended September 30, 2024 and 2023, related to the 401(k) Plan, which is recorded in other underwriting expenses on the accompanying condensed consolidated statements of operations and comprehensive income (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 were liquidated in September 2024, by making payments to Participants in full satisfaction of their interest in the Deferred Compensation Plan. The deferred compensation liability as of September 30, 2024 and December 31, 2023 amounted to $0 and $937,025, respectively, and is recorded in accounts payable, accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Shares Used in Calculation of Earnings Per Share

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


	Three months ended September 30		Nine months ended September 30
	2024	2023	2024	2023

Weighted average number of shares outstanding	11,404,360	10,756,156	11,142,043	10,754,709

Effect of dilutive securities, common share equivalents:
Stock options	182,607	-	159,900	-
Warrants	752,619	-	731,520	-
Restricted stock awards	241,542	-	216,113	-

Weighted average number of shares outstanding, used for computing diluted earnings (loss) per share	12,581,128	10,756,156	12,249,576	10,754,709

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Capital in Excess of Par	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2022			12,171,512				1,471,406
Beginning balance at Dec. 31, 2022	$ 36,169,432	$ 0	$ 121,715	$ 74,519,590	$ (15,958,428)	$ (16,945,964)	$ (5,567,481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	636,178			636,178
Net income (loss)	(9,114,298)					(9,114,298)
Change in unrealized losses on available-for-sale securities, net of tax	(1,161,051)				(1,161,051)
Vesting of restricted stock awards (in shares)			56,977
Vesting of restricted stock awards	0		$ 569	(569)
Shares deducted from restricted stock awards for payment of withholding taxes (in shares)			(927)
Shares deducted from restricted stock awards for payment of withholding taxes	$ (1,400)		$ (9)	(1,391)
Exercise of stock options (in shares)	0
Ending balance (in shares) at Sep. 30, 2023			12,227,562				1,471,406
Ending balance at Sep. 30, 2023	$ 26,528,861	0	$ 122,275	75,153,808	(17,119,479)	(26,060,262)	$ (5,567,481)
Beginning balance (in shares) at Jun. 30, 2023			12,227,562				1,471,406
Beginning balance at Jun. 30, 2023	32,085,216	0	$ 122,275	74,946,685	(14,893,572)	(22,522,691)	$ (5,567,481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	207,123			207,123
Net income (loss)	(3,537,571)					(3,537,571)
Change in unrealized losses on available-for-sale securities, net of tax	$ (2,225,907)				(2,225,907)
Exercise of stock options (in shares)	0
Ending balance (in shares) at Sep. 30, 2023			12,227,562				1,471,406
Ending balance at Sep. 30, 2023	$ 26,528,861	0	$ 122,275	75,153,808	(17,119,479)	(26,060,262)	$ (5,567,481)
Beginning balance (in shares) at Dec. 31, 2023			12,248,313				1,471,406
Beginning balance at Dec. 31, 2023	34,504,139	0	$ 122,483	75,338,010	(12,274,563)	(23,114,310)	$ (5,567,481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	906,375			906,375
Net income (loss)	12,919,761					12,919,761
Vesting of restricted stock awards (in shares)			446,044
Vesting of restricted stock awards	0		$ 4,460	(4,460)
Shares deducted from restricted stock awards for payment of withholding taxes (in shares)			(109,633)
Shares deducted from restricted stock awards for payment of withholding taxes	$ (961,091)		$ (1,096)	(959,995)
Exercise of stock options (in shares)	12,731		37,959				35,248
Exercise of stock options	$ 0		$ 380	(28)			$ (352)
Exercise of warrants (in shares)			60,557
Exercise of warrants	0		$ 606	(606)
Issuance of common stock, net of offering (in shares)			1,135,710
Issuance of common stock, net of offering costs	9,066,098		$ 11,357	9,054,741
Change in unrealized gains on available-for-sale securities, net of tax	3,234,450				3,234,450
Ending balance (in shares) at Sep. 30, 2024			13,818,950				1,506,654
Ending balance at Sep. 30, 2024	59,669,732	0	$ 138,190	84,334,037	(9,040,113)	(10,194,549)	$ (5,567,833)
Beginning balance (in shares) at Jun. 30, 2024			12,536,129				1,471,406
Beginning balance at Jun. 30, 2024	40,802,774	0	$ 125,361	76,042,147	(12,624,559)	(17,172,694)	$ (5,567,481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	359,170			359,170
Net income (loss)	6,978,145					6,978,145
Vesting of restricted stock awards (in shares)			211,391
Vesting of restricted stock awards	0		$ 2,114	(2,114)
Shares deducted from restricted stock awards for payment of withholding taxes (in shares)			(106,687)
Shares deducted from restricted stock awards for payment of withholding taxes	$ (952,711)		$ (1,067)	(951,644)
Exercise of stock options (in shares)	12,731		37,959				35,248
Exercise of stock options	$ 0		$ 380	(28)			$ (352)
Exercise of warrants (in shares)			60,557
Exercise of warrants	0		$ 606	(606)
Issuance of common stock, net of offering (in shares)			1,079,601
Issuance of common stock, net of offering costs	8,897,908		$ 10,796	8,887,112
Change in unrealized gains on available-for-sale securities, net of tax	3,584,446				3,584,446
Ending balance (in shares) at Sep. 30, 2024			13,818,950				1,506,654
Ending balance at Sep. 30, 2024	$ 59,669,732	$ 0	$ 138,190	$ 84,334,037	$ (9,040,113)	$ (10,194,549)	$ (5,567,833)

Investments

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Investments

Fixed-Maturity Securities


	September 30, 2024
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses				Estimated Fair Value		Net Unrealized Losses
Category					Less than 12 Months		More than 12 Months

Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1)	$	5,999,188	$	-	$	-	$	(2,128)	$	5,997,060	$	(2,128)

Political subdivisions of States, Territories and Possessions	16,499,862		-		-		(2,610,572)		13,889,290		(2,610,572)

Corporate and other bonds industrial and miscellaneous	107,655,225		31,957		(49,276)		(3,854,059)		103,783,847		(3,871,378)

Residential mortgage and other asset backed securities (2)	46,749,976		135,681		(136)		(5,097,373)		41,788,148		(4,961,828)
Total fixed-maturity securities	$	176,904,251	$	167,638	$	(49,412)	$	(11,564,132)	$	165,458,345	$	(11,445,906)


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

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)


	September 30, 2024				December 31, 2023
Remaining Time to Maturity	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value

Less than one year	$	22,025,067	$	21,941,045	$	34,729,120	$	34,461,172
One to five years	60,622,550		59,664,158		31,803,338		30,416,618
Five to ten years	34,666,169		31,548,462		31,596,410		27,330,377
More than 10 years	12,840,489		10,516,532		15,426,651		12,237,321
Residential mortgage and other asset backed securities	46,749,976		41,788,148		50,905,423		44,475,309
Total	$	176,904,251	$	165,458,345	$	164,460,942	$	148,920,797

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

There was no allowance for credit losses on fixed-maturity securities as of September 30, 2024 and December 31, 2023, respectively.

Equity Securities

The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024
Category	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Equity Securities:
Preferred stocks	$	9,750,322	$	-	$	(1,639,894)	$	8,110,428
Fixed income exchange traded funds	3,711,232		-		(607,432)		3,103,800
FHLBNY common stock	66,000		-		-		66,000
Total	$	13,527,554	$	—	$	(2,247,326)	$	11,280,228


	December 31, 2023
Category	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated 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

Other Investments

The cost and estimated fair value of, and gross gains on, the Company’s other investments as of September 30, 2024 and December 31, 2023 are as follows:


	September 30, 2024						December 31, 2023
Category	Cost		Gross Gains		Estimated Fair Value		Cost		Gross Gains		Estimated Fair Value

Other Investments:
Hedge fund	$	1,987,040	$	2,312,138	$	4,299,178	$	1,987,040	$	1,910,110	$	3,897,150

Held-to-Maturity Securities


	September 30, 2024

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

Held-to-Maturity Securities:
U.S. Treasury securities	$	1,229,091	$	20,900	$	(4,474)	$	(9,604)	$	1,235,913	$	6,822

Political subdivisions of States, Territories and Possessions	499,581		269		-		-		499,850		269

Exchange traded debt	304,111		-		-		(63,411)		240,700		(63,411)

Corporate and other bonds industrial and miscellaneous	5,015,879		-		-		(713,374)		4,302,505		(713,374)
Total	$	7,048,662	$	21,169	$	(4,474)	$	(786,389)	$	6,278,968	$	(769,694)


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

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)

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


	September 30, 2024				December 31, 2023
Remaining Time to Maturity	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value

Less than one year	$	499,581	$	499,850	$	-	$	-
One to five years	622,309		608,231		1,121,288		1,097,101
Five to ten years	1,424,371		1,350,945		1,414,911		1,270,770
More than 10 years	4,502,401		3,819,942		4,516,342		3,738,277
Total	$	7,048,662	$	6,278,968	$	7,052,541	$	6,106,148

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

There was no allowance for credit losses on held-to-maturity fixed-maturity securities as of September 30, 2024 and December 31, 2023, respectively.

Investment Income

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


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Income:
Fixed-maturity securities	$	1,172,023	$	1,245,353	$	3,511,243	$	3,982,573
Equity securities	144,950		187,018		467,588		540,788
Cash and cash equivalents	385,809		98,763		1,074,000		171,015
Other	-		-		39,227		-
Total	1,702,782		1,531,134		5,092,058		4,694,376
Expenses:
Investment expenses	53,109		86,774		174,929		257,168
Net investment income	$	1,649,673	$	1,444,360	$	4,917,129	$	4,437,208

Redemptions of fixed-maturity securities held-to-maturity were $— and $750,000 for the nine months ended September 30, 2024 and 2023.

Proceeds from the sale or maturity of fixed-maturity securities available-for-sale were $113,854,152 and $33,453,349 for the nine months ended September 30, 2024 and 2023, respectively.

Proceeds from the sale of equity securities were $4,410,859 and $99,917 for the nine months ended September 30, 2024 and 2023, respectively.

The Company’s net gains on investments are summarized as follows:


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Realized Gains (Losses)

Fixed-maturity securities:
Gross realized gains	$	157	$	263	$	962	$	1,207
Gross realized losses	(4,096)		(4,444)		(12,430)		(18,408)
	(3,939)		(4,181)		(11,468)		(17,201)

Equity securities:
Gross realized gains	369,877		-		374,997		-
Gross realized losses	-		-		(423,367)		-
	369,877		-		(48,370)		-

Net realized gains (losses)	365,938		(4,181)		(59,838)		(17,201)

Unrealized Gains (Losses)

Equity Securities:
Gross gains	669,059		-		1,291,933		173,178
Gross losses	(314,816)		(483,967)		(314,816)		-
	354,243		(483,967)		977,117		173,178

Other Investments:
Gross gains	106,341		-		402,028		441,666
Gross losses	-		(336,222)		-		-
	106,341		(336,222)		402,028		441,666

Net unrealized gains (losses)	460,584		(820,189)		1,379,145		614,844

Net gains (losses) on investments	$	826,522	$	(824,370)	$	1,319,307	$	597,643

Allowance for Credit Loss

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 losses 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 September 30, 2024 and December 31, 2023 which presented a risk of loss due to credit deterioration of the security.

As of September 30, 2024 and December 31, 2023, there were 142 and 140 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 nine months ended September 30, 2024 and 2023. 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 September 30, 2024 as follows:


	September 30, 2024
	Less than 12 months					12 months or more					Total
Category	Estimated Fair Value		Unrealized Losses		No. of Positions Held	Estimated Fair Value		Unrealized Losses		No. of Positions Held	Estimated Fair Value		Unrealized Losses

Available-for-Sale Securities:

U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-	-	$	5,997,060	(2,128)		1	$	5,997,060	$	(2,128)

Political subdivisions of States, Territories and Possessions	-		-		-	13,889,291		(2,610,572)		12	13,889,291		(2,610,572)

Corporate and other bonds industrial and miscellaneous	17,557,547		(49,276)		18	63,278,931		(3,854,059)		74	80,836,478		(3,903,335)

Residential mortgage and other asset backed securities	8,405		(136)		1	37,008,025		(5,097,373)		36	37,016,430		(5,097,509)

Total fixed-maturity securities	$	17,565,952	$	(49,412)	19	$	120,173,307	$	(11,564,132)	123	$	137,739,259	$	(11,613,544)

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


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

Available-for-Sale Securities:
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)

Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Basic net earnings (loss) per common share is computed by dividing net income (loss) by the weighted-average number of shares of Common Stock outstanding. Diluted earnings (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 earnings (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. For the three months and nine months ended September 30, 2024, there were -0- and 61,270 options with an exercise price in excess of the average market price of the Company’s Common Stock during the periods. For the three months and nine months ended September 30, 2024, there were no warrants with an exercise price in excess of the average market price of the Company’s Common Stock during the periods.

The computation of diluted earnings (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 vesting of such restricted stock awards would be anti-dilutive. For the three months and nine months ended September 30, 2023, 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 earnings (loss) per common share follows:


	Three months ended September 30		Nine months ended September 30
	2024	2023	2024	2023

Weighted average number of shares outstanding	11,404,360	10,756,156	11,142,043	10,754,709

Effect of dilutive securities, common share equivalents:
Stock options	182,607	-	159,900	-
Warrants	752,619	-	731,520	-
Restricted stock awards	241,542	-	216,113	-

Weighted average number of shares outstanding, used for computing diluted earnings (loss) per share	12,581,128	10,756,156	12,249,576	10,754,709

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements


	September 30, 2024
	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	$	5,997,060	$	-	$	-	$	5,997,060

Political subdivisions of States, Territories and Possessions	-		13,889,290		-		13,889,290

Corporate and other bonds industrial and miscellaneous	103,783,847		-		-		103,783,847

Residential mortgage and other asset backed securities	-		41,788,148		-		41,788,148
Total fixed maturities	109,780,907		55,677,438		-		165,458,345
Equity securities	11,280,228		-		-		11,280,228
Total investments, at fair value	$	121,061,135	$	55,677,438	$	-	$	176,738,573


	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, at fair value	$	105,809,276	$	57,873,861	$	-	$	163,683,137


Category	September 30, 2024		December 31, 2023

Other Investments
Hedge fund	$	4,299,178	$	3,897,150

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 condensed consolidated statements of operations and comprehensive income (loss) within net gains on investments.


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Debt

13.75% Senior Notes due 2026	$	-	$	11,200,181	$	-	$	11,200,181


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

12.0% Senior Notes due 2024	$	-	$	17,812,500	$	-	$	17,812,500

- 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

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+ Details