0000033992-25-000017 | 10-Q | XBRL Viewer

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Investments - Schedule of held to maturity securities by contractual maturity (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Net Investment Income [Line Items]
Cost or Amortized Cost	$ 7,046,023	$ 7,047,342
Estimated Fair Value	5,976,487	5,959,265
Less than one year
Net Investment Income [Line Items]
Cost or Amortized Cost	499,859	499,719
Estimated Fair Value	499,820	499,065
One to five years
Net Investment Income [Line Items]
Cost or Amortized Cost	2,053,225	622,375
Estimated Fair Value	1,949,757	600,288
Five to ten years
Net Investment Income [Line Items]
Cost or Amortized Cost	0	1,427,579
Estimated Fair Value	0	1,323,600
More than 10 years
Net Investment Income [Line Items]
Cost or Amortized Cost	4,492,939	4,497,669
Estimated Fair Value	$ 3,526,910	$ 3,536,312

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	Mar. 31, 2025
Employee Benefit Plans
Employee Benefit Plans	Employee Benefit Plans Bonus Plans Employee Bonus Plan For the three months ended March 31, 2025, the Company accrued approximately $123,932 ("Cash Payments") related to an employee bonus plan (the "Bonus Plan"), of which $28,257 is allocated and recorded in loss and LAE, and $95,676 is recorded in other underwriting expenses on the accompanying condensed consolidated statements of income and comprehensive income. In addition to the Cash Payments, the Bonus Plan also calls for a restricted stock award to the Company's senior leadership team ("SLT") in an amount up to their Cash Payments if certain performance metrics have been met. The performance metrics for the three months ended March 31, 2025 were not met, and, accordingly, no amount has been accrued for such period for the SLT bonus. For the three months ended March 31, 2024, the Company did not accrue for, or pay, bonuses related to the Bonus Plan. Executive Bonus Plan For the three months ended March 31, 2025, the Company accrued approximately $26,000 for a bonus pursuant to the Third Amended Golden Employment Agreement, of which $23,000 is recorded in other underwriting expenses, and $3,000 is recorded in other operating expenses on the accompanying condensed consolidated statements of income and comprehensive income. For the three months ended March 31, 2024, 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 $113,000 and $72,000, respectively, of expense for the three months ended March 31, 2025 and 2024, related to the 401(k) Plan, which is recorded in other underwriting expenses on the accompanying condensed consolidated statements of income and comprehensive income.

Commitments and Contingencies - Narrative (Details)			1 Months Ended		3 Months Ended		12 Months Ended
Commitments and Contingencies - Narrative (Details)	Apr. 15, 2024 USD ($) shares	Jun. 27, 2022 USD ($)	Jan. 31, 2024 shares	Jan. 31, 2023 shares	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2026 USD ($)	Feb. 10, 2025 USD ($)	Dec. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Lease, additional term								5 years
Base rent over term of lease								$ 269,777
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]					Other assets				Other assets
Operating lease right of use assets					$ 193,545				$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]					Accounts payable, accrued expenses and other liabilities				Accounts payable, accrued expenses and other liabilities
Operating lease right of use liabilities					$ 193,545				$ 0
Rent expense					$ 4,464	$ 41,342
Amended Employment Agreement \| January 2023
Loss Contingencies [Line Items]
Termination payment, as multiple of annual base salary and accrued bonus			1.5
Termination payment period			18 months
Amended Employment Agreement \| Restricted Stock Awards \| January 2023
Loss Contingencies [Line Items]
Granted shares of restricted stock (in shares) \| shares			64,085	101,111
Amended Employment Agreement \| January 2023
Loss Contingencies [Line Items]
Amount divided by fair market value of the Company’s Common Stock		$ 136,500
Amended Employment Agreement \| January 1, 2025
Loss Contingencies [Line Items]
Annual salary received	$ 550,000
Percent of average per annum	3.00%
Termination payment, as multiple of annual base salary and accrued bonus	1.5
Granted (in shares) \| shares	40,000
Amended Employment Agreement \| January 1, 2025 \| Forecast \| Deferred Bonus
Loss Contingencies [Line Items]
Contingent cash bonus							$ 136,500
Amended Employment Agreement \| Mery Golden Chief Operating Officer
Loss Contingencies [Line Items]
Annual salary received		$ 500,000
Percent of average per annum		3.00%
Annual bonus, maximum, as multiple of base salary		1.25
Golden Emloyment Agreement \| Mery Golden Chief Operating Officer \| January 1, 2025
Loss Contingencies [Line Items]
Annual bonus, maximum, as multiple of base salary	1.25

Stockholders Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Stockholders' Equity

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.

Preferred Stock

The Board of Directors has the authority to issue shares of Preferred Stock from time to time in a series and to fix, before the issuance of each series, the number of shares in each series and the designation, liquidation preferences, conversion privileges, rights and limitations of each series. There was no preferred stock issued as of March 31, 2025 and December 31, 2024.

2014 Equity Participation Plan

Effective August 12, 2014, the Company's stockholders approved 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 determined 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 were 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 were 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.

2024 Equity Participation Plan

Effective August 7, 2024, the Company's stockholders approved 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 March 31, 2025, there were 129,689 shares granted under the 2024 Plan.

Stock Options

The results of operations for the three months ended March 31, 2025 and 2024 include stock-based compensation expense for stock options totaling approximately $22,000 and $53,000, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of income and comprehensive income. Stock-based compensation expense related to stock options for the three months ended March 31, 2025 is net of estimated forfeitures of approximately 19%.

No options were granted during the three months ended March 31, 2025. The weighted average estimated fair value of stock options granted during the three months ended March 31, 2024 was $1.24 per share. 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:


	Three months ended March 31,
	2025	2024

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

A summary of stock option activity under the Company’s 2014 Plan for the three months ended March 31, 2025 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, 2025	281,913	$	2.71	3.74	$	3,517,111

Granted	—	$	—	—	$	-
Exercised	(50,000)	$	4.48	—	$	641,178
Expired/Forfeited	(3,333)	$	2.25	3.88	$	53,761

Outstanding at March 31, 2025	219,994	$	2.25	3.75	$	3,028,599

Vested and Exercisable at March 31, 2025	84,609	$	2.25	3.77	$	1,164,790

The aggregate intrinsic value of options outstanding and options exercisable at March 31, 2025 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 $16.02 closing price of the Company’s Common Stock on March 31, 2025. 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 and the 2024 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 $56,149 from the exercise of 25,005 options during the three months ended March 31, 2025. The remaining options exercised during the three months ended March 31, 2025 were Net Exercises and Share Exchanges, resulting in the issuance of 19,924 shares of Common Stock. No options were exercised during three months ended March 31, 2024.

As of March 31, 2025, the estimated fair value of unamortized compensation cost related to 135,385 unvested stock option awards was approximately $28,000. Unamortized compensation cost as of March 31, 2025 is expected to be recognized over a remaining weighted-average vesting period of 1.77 years.

Restricted Stock Awards

A summary of the restricted Common Stock activity under the 2014 Plan and the 2024 Plan for three months ended March 31, 2025 is as follows:


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

Balance at January 1, 2025	267,586	$	5.24	$	1,402,151

Granted	70,934	$	15.31	$	1,086,187
Vested	(212,892)	$	3.63	$	(772,798)
Forfeited	—	$	—	$	—

Balance at March 31, 2025	125,628	$	13.66	$	1,716,078

Fair value was calculated using the closing price of the Company’s Common Stock on the grant date. For the three months ended March 31, 2025 and 2024, stock-based compensation for these grants was approximately $308,000 and $213,000, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of income and comprehensive income. 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. Unamortized compensation cost of $1,424,941 as of March 31, 2025 is expected to be recognized over a remaining weighted-average vesting period of 1.46 years.

Employee Stock Purchase Plan

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

The initial offering period under the ESPP was from November 1, 2021 through October 31, 2022. There was no offering pursuant to the ESPP from November 1, 2022 through December 31, 2024. Effective January 1, 2025, the Company initiated an offering period of January 1, 2025 through December 31, 2025 under the ESPP (the "2025 Offering'). For the three months ended March 31, 2025 and 2024, stock-based compensation under the 2025 Offering was approximately $8,000 and $0, respectively, which is included in other operating expenses on the accompanying condensed consolidated statements of income and comprehensive income.

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").

No warrants were exercised or granted during the three months ended March 31, 2025 and 2024.

As of March 31, 2025, Warrants for the purchase of an aggregate of 642,025 shares of Common Stock were outstanding.

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 initially had 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 referred to as an “at-the-market” (“ATM”) program. On January 7, 2025, the Company filed a prospectus supplement providing for a going forward aggregate offering price for the ATM program of $25,000,000. During the three months ended March 31, 2025, the Company sold 612,999 shares of its Common Stock at a weighted average price of $16.00 per share and raised $9,545,692 in net proceeds under the ATM program. As of March 31, 2025, the Company had remaining capacity to sell up to an additional $15,945,937 of Common Stock under the ATM program.

- Definition

The entire disclosure for equity.

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+ Details

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

The Company reports results of operations for its reportable segments consistent with the manner in which its chief operating decision maker ("CODM") reviews the business to assess performance and allocate resources. The Company identifies its CODM to be its President and Chief Executive Officer.

The Company evaluates the results of its single reportable segment as follows:

Insurance operations are evaluated on underwriting results (net premiums earned, ceding commission earned, other income, loss and loss adjustment expenses, commission expense, and other underwriting expenses), equating to the components of the net combined ratio.

Investments from the insurance operations are primarily evaluated on net investment income and its return on equity contribution.

Net (losses) gains on investments, gain on sale of real estate, other operating expenses are corporate expenses, depreciation and amortization, interest expense, and income tax, which are broken out below the insurance operations components of the net combined ratio to return to the consolidated net income.

The Company's CODM uses these measures of profit or loss predominantly in the annual budget and forecasting process, considering budget-to-actual variances throughout the year. The CODM also uses these profit measures for evaluating (i) financial performance, (ii) pricing in the Company's insurance operations, and (iii) employee compensation.

The Company does not allocate items not included in the net combined ratio. Such items include net (losses) gains on investments, gain on sale of real estate, depreciation and amortization, interest expense, corporate expenses included in other operating expenses, and assets to these segments. The Company does not allocate income taxes to its segments. The Company does not manage those segments on after-tax results.

The following tables reconciles the revenue and expense components of the net combined ratio to consolidated net income for the periods presented.


	Three months ended March 31,
	2025		2024

Revenue components of net combined ratio
Net premiums earned	$	43,523,063	$	28,819,902
Ceding commission revenue	2,958,691		4,567,111
Other income	139,954		148,167
Total revenue components of net combined ratio	46,621,708		33,535,180

Expense components of net combined ratio
Loss and loss adjustment expenses	27,175,078		17,859,587
Commission expense	9,312,880		7,851,812
Other underwriting expenses	7,405,422		5,880,605
Total expense components of net combined ratio	43,893,380		31,592,004

Operating segment net income	2,728,328		1,943,176

Reconciliation of net income components
excluded from net combined ratio:

Revenue components excluded from net combined ratio
Net investment income	2,048,596		1,502,860
Net (losses) gains on investments	(137,979)		726,391
Gain on sale of real estate	1,965,989		—
Other income	461		746
Total revenue components excluded
from net combined ratio	3,877,067		2,229,997

Expense components excluded from net combined ratio
Other operating expenses	1,035,737		778,082
Depreciation and amortization	623,863		596,513
Interest expense	227,454		993,875
Income tax	835,681		378,024
Total expense components excluded
from net combined ratio	2,722,735		2,746,494

Total net income (loss) components
excluded from net combined ratio:	1,154,332		(516,497)

Consolidated net income	$	3,882,660	$	1,426,679

The following table shows the calculation of the net combined ratio and return on equity from net investment income for the periods presented.


	Three months ended
	March 31,
	2025			2024
Net combined ratio
Net loss ratio	62.4		%	62.0		%
Net underwriting expense ratio	31.3		%	31.3		%
Net combined ratio	93.7		%	93.3		%

Reconciliation of net underwriting expense ratio:
Commission expense and other
underwriting expenses	$	16,718,302		$	13,732,417
Less: Ceding commission revenue	(2,958,691)			(4,567,111)
Less: Other income	(139,954)			(148,167)
Total commission expense and other
underwriting expenses	$	13,619,657		$	9,017,139

Net earned premium	$	43,523,063		$	28,819,902

Net Underwriting Expense Ratio	31.3		%	31.3		%

Return on equity on net investment income
Stockholders' equity beginning of period	$	66,708,451		$	34,504,139
Stockholders' equity end of period	$	82,209,963		$	35,749,807
Average stockholders' equity	$	74,459,207		$	35,126,973
Net investment income	$	2,048,596		$	1,502,860
Return on equity on net investment income	2.8		%	4.3		%
Return on equity on net investment income - annualized	11.2		%	17.2		%
Total assets	$	385,439,240		$	318,292,723

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Property and Casualty Insurance Activity - Information relating to Incurred and Paid Claims (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($) claim
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	$ 594,509
2016
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	26,062
Total	27,244
IBNR	$ 63
Cumulative Number of Reported Claims by Accident Year \| claim	2,884
2017
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	$ 24,941
2017	31,605
Total	37,228
IBNR	$ 123
Cumulative Number of Reported Claims by Accident Year \| claim	3,401
2018
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	$ 24,789
2017	32,169
2018	54,455
Total	61,601
IBNR	$ 1,497
Cumulative Number of Reported Claims by Accident Year \| claim	4,238
2019
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	$ 27,887
2017	35,304
2018	56,351
2019	75,092
Total	74,220
IBNR	$ 1,698
Cumulative Number of Reported Claims by Accident Year \| claim	4,508
2020
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	$ 27,966
2017	36,160
2018	58,441
2019	72,368
2020	63,083
Total	64,417
IBNR	$ 1,180
Cumulative Number of Reported Claims by Accident Year \| claim	5,895
2021
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	$ 27,417
2017	36,532
2018	59,404
2019	71,544
2020	62,833
2021	96,425
Total	97,088
IBNR	$ 1,942
Cumulative Number of Reported Claims by Accident Year \| claim	5,834
2022
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	$ 27,352
2017	36,502
2018	61,237
2019	71,964
2020	63,217
2021	96,673
2022	79,835
Total	77,894
IBNR	$ 4,400
Cumulative Number of Reported Claims by Accident Year \| claim	4,713
2023
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	$ 27,271
2017	36,819
2018	61,145
2019	73,310
2020	63,562
2021	96,134
2022	78,759
2023	78,978
Total	72,019
IBNR	$ 9,191
Cumulative Number of Reported Claims by Accident Year \| claim	4,090
2024
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	$ 27,247
2017	37,268
2018	61,686
2019	74,363
2020	64,400
2021	96,771
2022	78,078
2023	72,025
2024	57,860
Total	57,491
IBNR	$ 11,660
Cumulative Number of Reported Claims by Accident Year \| claim	3,096
2025
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	$ 25,308
IBNR	$ 10,702
Cumulative Number of Reported Claims by Accident Year \| claim	538

Earnings Per Common Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Options	0	120,553

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2025

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 per common share follows:


	Three Months Ended March 31,
		2025	2024

Weighted average number of shares outstanding		13,472,404	10,999,662

Effect of dilutive securities, common share equivalents:
Stock options		188,679	13,902
Warrants		583,567	518,094
Restricted stock awards		27,852	259,862

Weighted average number of shares outstanding, used for computing diluted earnings per share		14,272,502	11,791,520

Stockholders Equity - Schedule of Stock Options Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
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)	281,913
Number of options outstanding, Granted (in shares)	0
Number of options outstanding, Expired/Forfeited (in shares)	(3,333)
Number of options outstanding, ending (in shares)	219,994	281,913
Number of options outstanding, vested and exercisable	84,609
Weighted Average Exercise Price per Share
Weighted average exercise price, Beginning balance (in dollars per share)	$ 2.71
Weighted average exercise price, Granted (in dollars per share)	0
Weighted average exercise price, Excercised (in dollars per share)	4.48
Weighted average exercise price, Expired/Forfeited (in dollars per share)	2.25
Weighted average exercise price, Ending balance (in dollars per share)	2.25	$ 2.71
Weighted average price per share outstanding, vested and exercisable (in dollars per share)	$ 2.25
Weighted Average Remaining Contractual, Beginning balance		3 years 8 months 26 days
Weighted Average Remaining Contractual, Expired/Forfeited	3 years 10 months 17 days
Weighted Average Remaining Contractual term, Ending balance	3 years 9 months
Weighted Average Remaining Contractual term, Ending balance Vested and Exercisable	3 years 9 months 7 days
Aggregate Intrinsic Value , Beginning	$ 3,517,111
Aggregate Intrinsic Value , Granted	0
Aggregate Intrinsic Value , Exercised	641,178
Aggregate Intrinsic Value , Expired/Forfeited	53,761
Aggregate Intrinsic Value , Ending	3,028,599	$ 3,517,111
Aggregate Intrinsic Value , Vested and Exercisable	$ 1,164,790

Investments - Schedule of investment income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Investments [Abstract]
Fixed-maturity securities	$ 1,931,298	$ 1,182,629
Equity securities	123,435	177,169
Cash and cash equivalents	40,661	196,137
Total	2,095,394	1,555,935
Investment expenses	46,798	53,075
Net investment income	$ 2,048,596	$ 1,502,860

Investments (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 are summarized as follows:


	March 31, 2025
	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	$	4,991,733	$	17	$	-	$	-	$	4,991,750	$	17

Political subdivisions of States, Territories and Possessions (1)	24,267,119		62,010		-		(2,945,087)		21,384,042		(2,883,077)

Corporate and other bonds industrial and miscellaneous (1)	109,603,106		22,136		(495,587)		(3,992,684)		105,136,971		(4,466,135)

Residential mortgage and other asset backed securities (1) (2)	78,020,973		300,333		(17,773)		(5,533,927)		72,769,606		(5,251,367)
Total fixed-maturity securities	$	216,882,931	$	384,496	$	(513,360)	$	(12,471,698)	$	204,282,369	$	(12,600,562)


	December 31, 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)	$	-	$	-	$	-	$	-	$	-	$	-

Political subdivisions of States, Territories and Possessions (1)	24,271,177		-		(73,589)		(3,324,491)		20,873,097		(3,398,080)

Corporate and other bonds industrial and miscellaneous (1)	112,507,436		-		(1,024,461)		(4,690,597)		106,792,378		(5,715,058)

Residential mortgage and other asset backed securities (1) (2)	65,529,545		119,647		(209,890)		(6,211,339)		59,227,963		(6,301,582)
Total fixed-maturity securities	$	202,308,158	$	119,647	$	(1,307,940)	$	(14,226,427)	$	186,893,438	$	(15,414,720)

(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 December 31, 2024 KICO had sold its U.S. Treasury securities and replaced a portion of its other fixed-maturity securities in the designated custodian account. As of March 31, 2025 and December 31, 2024, the amount of required collateral was approximately $4,885,000 and $5,308,000, respectively. As of March 31, 2025 and December 31, 2024, the estimated fair value of the eligible collateral was approximately $4,885,000 and $5,308,000, 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 March 31, 2025 and December 31, 2024, the estimated fair value of the eligible investments was approximately $10,102,000 and $10,130,000, respectively. KICO will retain all rights regarding all securities if pledged as collateral. As of March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024 is shown below:


	March 31, 2025				December 31, 2024
Remaining Time to Maturity	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value

Less than one year	$	14,233,483	$	14,152,704	$	9,522,262	$	9,484,834
One to five years	71,166,281		69,636,281		68,052,387		66,141,372
Five to ten years	34,473,244		31,412,159		38,159,446		34,068,922
More than 10 years	18,988,950		16,311,619		21,044,518		17,970,347
Residential mortgage and other asset backed securities	78,020,973		72,769,606		65,529,545		59,227,963
Total	$	216,882,931	$	204,282,369	$	202,308,158	$	186,893,438

Schedule of equity securities

The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of March 31, 2025 and December 31, 2024 are as follows:


	March 31, 2025
Category	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Equity Securities:
Preferred stocks	$	9,750,322	$	-	$	(2,668,147)	$	7,082,175
Fixed income exchange traded funds	3,711,232		-		(756,232)		2,955,000
FHLBNY common stock	66,000		-		-		66,000
Total	$	13,527,554	$	-	$	(3,424,379)	$	10,103,175


	December 31, 2024
Category	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Equity Securities:
Preferred stocks	$	9,750,322	$	-	$	(2,422,617)	$	7,327,705
Fixed income exchange traded funds	3,711,232		-		(808,432)		2,902,800
FHLBNY common stock	66,000		-		-		66,000
Total	$	13,527,554	$	-	$	(3,231,049)	$	10,296,505

Schedule of other investments

The cost and estimated fair value of, and gross gains on, the Company’s other investments as of March 31, 2025 and December 31, 2024 are as follows:


	March 31, 2025						December 31, 2024
Category	Cost		Gross Unrealized Gains		Estimated Fair Value		Cost		Gross Unrealized Gains		Estimated Fair Value

Other Investments:
Hedge fund	$	1,987,040	$	2,450,693	$	4,437,733	$	1,987,040	$	2,393,616	$	4,380,656

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 March 31, 2025 and December 31, 2024 are summarized as follows:


	March 31, 2025

	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	$	1,229,249	$	381	$	(17,103)	$	(10,865)	$	1,201,662	$	(27,587)

Political subdivisions of States, Territories and Possessions	499,859		-		(39)		-		499,820		(39)

Exchange traded debt	304,111		-		-		(60,111)		244,000		(60,111)

Corporate and other bonds industrial and miscellaneous	5,012,804		-		-		(981,799)		4,031,005		(981,799)
Total	$	7,046,023	$	381	$	(17,142)	$	(1,052,775)	$	5,976,487	$	(1,069,536)


	December 31, 2024
	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	$	1,229,170	$	—	$	(39,630)	$	(15,990)	$	1,173,550	$	(55,620)

Political subdivisions of States, Territories and Possessions	499,719		—		(654)		-		499,065		(654)

Exchange traded debt	304,111		-		-		(55,611)		248,500		(55,611)

Corporate and other bonds industrial and miscellaneous	5,014,342		-		-		(976,192)		4,038,150		(976,192)
Total	$	7,047,342	$	—	$	(40,284)	$	(1,047,793)	$	5,959,265	$	(1,088,077)

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 March 31, 2025 and December 31, 2024 is shown below:


	March 31, 2025				December 31, 2024
Remaining Time to Maturity	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value

Less than one year	$	499,859	$	499,820	$	499,719	$	499,065
One to five years	2,053,225		1,949,757		622,375		600,288
Five to ten years	—		—		1,427,579		1,323,600
More than 10 years	4,492,939		3,526,910		4,497,669		3,536,312
Total	$	7,046,023	$	5,976,487	$	7,047,342	$	5,959,265

Schedule of investment income

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


	Three months ended March 31,
		2025		2024
Income:
Fixed-maturity securities		$	1,931,298	$	1,182,629
Equity securities		123,435		177,169
Cash and cash equivalents		40,661		196,137
Total		2,095,394		1,555,935
Expenses:
Investment expenses		46,798		53,075
Net investment income		$	2,048,596	$	1,502,860

Schedule of net gains (losses) on investments

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


	Three months ended March 31,
		2025		2024
Realized (Losses) Gains

Fixed-maturity securities:
Gross realized gains		$	788	$	84
Gross realized losses		(2,514)		(2,951)
		(1,726)		(2,867)

Equity securities:
Gross realized gains		-		5,120
Gross realized losses		-		(94,610)
		-		(89,490)

Net realized losses		(1,726)		(92,357)

Unrealized (Losses) Gains

Equity Securities:
Gross gains		-		641,722
Gross losses		(193,330)		-
		(193,330)		641,722

Other Investments:
Gross gains		57,077		177,026
Gross losses		-		-
		57,077		177,026

Net unrealized (losses) gains		(136,253)		818,748

Net (losses) gains on investments		$	(137,979)	$	726,391

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 March 31, 2025 as follows:


	March 31, 2025
	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	$	-	$	-	-	$	-	-		-	$	-	$	-

Political subdivisions of States, Territories and Possessions	-		-		-	13,539,593		(2,945,087)		12	13,539,593		(2,945,087)

Corporate and other bonds industrial and miscellaneous	51,949,158		(495,587)		60	51,520,947		(3,992,684)		63	103,470,105		(4,488,271)

Residential mortgage and other asset backed securities	5,884,488		(17,773)		8	35,096,038		(5,533,927)		36	40,980,526		(5,551,700)

Total fixed-maturity securities	$	57,833,646	$	(513,360)	68	$	100,156,578	$	(12,471,698)	111	$	157,990,224	$	(12,985,058)

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2024 as follows:


	December 31, 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	$	-	$	-	-	$	-	-		-	$	-	$	-

Political subdivisions of States, Territories and Possessions	7,705,370		(73,589)		6	13,167,726		(3,324,491)		12	20,873,096		(3,398,080)

Corporate and other bonds industrial and miscellaneous	51,411,296		(1,024,461)		60	55,381,083		(4,690,597)		68	106,792,379		(5,715,058)

Residential mortgage and other asset backed securities	19,315,521		(209,890)		22	35,206,442		(6,211,339)		36	54,521,963		(6,421,229)

Total fixed-maturity securities	$	78,432,187	$	(1,307,940)	88	$	103,755,251	$	(14,226,427)	116	$	182,187,438	$	(15,534,367)

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024 indicating the level of the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


	March 31, 2025
	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	$	4,991,750	$	-	$	-	$	4,991,750

Political subdivisions of States, Territories and Possessions	-		21,384,042		-		21,384,042

Corporate and other bonds industrial and miscellaneous	105,136,971		-		-		105,136,971

Residential mortgage and other asset backed securities	-		72,769,606		-		72,769,606
Total fixed maturities	110,128,721		94,153,648		-		204,282,369
Equity securities	10,103,175		-		-		10,103,175
Total investments, at fair value	$	120,231,896	$	94,153,648	$	-	$	214,385,544


	December 31, 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	$	-	$	-	$	-	$	—

Political subdivisions of States, Territories and Possessions	-		20,873,097		-		20,873,097

Corporate and other bonds industrial and miscellaneous	106,792,378		-		-		106,792,378

Residential mortgage and other asset backed securities	-		59,227,963		-		59,227,963
Total fixed maturities	106,792,378		80,101,060		-		186,893,438
Equity securities	10,296,505		-		-		10,296,505
Total investments, at fair value	$	117,088,883	$	80,101,060	$	-	$	197,189,943

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of March 31, 2025 and December 31, 2024. 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	March 31, 2025		December 31, 2024

Other Investments
Hedge fund	$	4,437,733	$	4,380,656

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 income and comprehensive income within net (losses) gains on investments.

- 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

Reference 1: 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 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: 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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Stockholders Equity - Schedule of Assumption Used for Stock Options Activity (Details)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Dividend Yield	0.00%
Volatility	74.72%
Risk-Free Interest Rate	4.17%
Expected Life	3 years 6 months

Investments - Narrative (Details)	3 Months Ended
Investments - Narrative (Details)	Mar. 31, 2025 USD ($) security	Mar. 31, 2024 USD ($)	Dec. 31, 2024 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	$ 0
Sale and maturity - fixed-maturity securities available-for-sale	6,669,556	32,801,612
Sale - equity securities	$ 0	$ 1,777,738
Fixed-maturity securities accounted for gross unrealized losses \| security	179		204

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31,
Lease cost		2025			2024

Operating lease		$	4,464		$	41,342
Total lease cost		$	4,464		$	41,342

Other information on operating leases
Cash payments included in the measurement of lease liability reported in operating cash flows		$	4,085		$	49,145
Discount rate		13.75		%	5.50		%
Remaining lease term in years		4.9			0

Stockholders Equity - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended
Stockholders Equity - Narrative (Details) - USD ($)	Aug. 12, 2024	Aug. 07, 2024	Jun. 19, 2021	May 31, 2024	Mar. 31, 2025	Mar. 31, 2024	Jan. 07, 2025	Sep. 12, 2024	Apr. 05, 2024	Aug. 09, 2023	Dec. 15, 2022	Aug. 05, 2020
Class of Stock [Line Items]
Options, grant (in shares)					0
Stock based compensation for stock options					$ 22,000	$ 53,000
Net of estimated forfeitures					19.00%
Weighted average estimated fair value, vested (in dollars per share)						$ 1.24
Share price (in dollars per share)					$ 16.02
Proceeds from exercise of stock options					$ 56,149	$ 0
Exercise of stock options (in shares)					25,005	0
Purchase of common stock (in shares)					19,924
Estimated fair value of unamortized compensation (in shares)					135,385
Stock option awards					$ 28,000
Remaining weighted-average vesting period					1 year 9 months 7 days
Stock based compensation for grants totataling					$ 308,000	$ 213,000
Unamortized compensation cost					$ 1,424,941
Unamortized compensation cost, period for recognition					1 year 5 months 15 days
Maximum share purchase under ESPP			750,000
Purchase shares of common stock (in shares)			5,000
Stock-based compensation expense					$ 8,000	0
Warrants issued to purchase common stock (in shares)					969,525
Common stock shares authorized					$ 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
Warrant or right, outstanding (in shares)					642,025
Equity and debt securities registration amount									$ 50,000,000
Aggregate offering price for ATM program							$ 25,000,000
Net proceeds from issuance of common stock					$ 9,545,692	$ 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 \| Options Granted to 10% Shareholder
Class of Stock [Line Items]
Expiration period	5 years
2014 Equity Participation Plan \| Non-Statutory Stock Options
Class of Stock [Line Items]
Expiration period	10 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
Options, grant (in shares)					129,689
2024 Equity Participation Plan \| Options Granted to 10% Shareholder
Class of Stock [Line Items]
Expiration period	5 years
2024 Equity Participation Plan \| Non-Statutory Stock Options
Class of Stock [Line Items]
Expiration period	10 years
ATM Program
Class of Stock [Line Items]
Offering price				$ 16,400,000
Stock sold (in shares)					612,999
Shares sold, weighted average price per share (in dollars per share)					$ 16.00
Net proceeds from issuance of common stock					$ 9,545,692
Remaining capacity to sell additional common stock					$ 15,945,937

Stockholders Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Assumption Used for Stock Options Activity

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


	Three months ended March 31,
	2025	2024

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

Schedule of Stock Options Activity

A summary of stock option activity under the Company’s 2014 Plan for the three months ended March 31, 2025 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, 2025	281,913	$	2.71	3.74	$	3,517,111

Granted	—	$	—	—	$	-
Exercised	(50,000)	$	4.48	—	$	641,178
Expired/Forfeited	(3,333)	$	2.25	3.88	$	53,761

Outstanding at March 31, 2025	219,994	$	2.25	3.75	$	3,028,599

Vested and Exercisable at March 31, 2025	84,609	$	2.25	3.77	$	1,164,790

Schedule of the Restricted Common Stock Activity

A summary of the restricted Common Stock activity under the 2014 Plan and the 2024 Plan for three months ended March 31, 2025 is as follows:


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

Balance at January 1, 2025	267,586	$	5.24	$	1,402,151

Granted	70,934	$	15.31	$	1,086,187
Vested	(212,892)	$	3.63	$	(772,798)
Forfeited	—	$	—	$	—

Balance at March 31, 2025	125,628	$	13.66	$	1,716,078

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	May 13, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
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	120 Wood Road
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		14,005,797
Entity Central Index Key	0000033992
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31

Nature of Business and Basis of Presentation (Details Narrative)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Nature of Business and Basis of Presentation
Direct written premiums, percentage	98.30%	94.40%

Accounting Policies	3 Months Ended
Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies Basis of Presentation See Note 2 to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for further information. 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, until March 2025, owned the land and building from which KICO operated (see Note 14 - Sale of Real Estate), and (2) Cosi. All significant inter-company account balances and transactions have been eliminated in consolidation. 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. Accounting Changes In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("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. The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires disaggregated disclosure of income statement expenses. ASU 2024-03 does not change the expense captions currently presented on the income statement; rather it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods as amended by ASU 2025-01, beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement 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.

Investments - Schedule of net gains (losses) on investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Net Investment Income [Line Items]
Net realized losses	$ (1,726)	$ (92,357)
Net unrealized (losses) gains	(136,253)	818,748
Net (losses) gains on investments	(137,979)	726,391
Realized (Losses) Gains Fixed-maturity securities
Net Investment Income [Line Items]
Gross realized gains	788	84
Gross realized losses	(2,514)	(2,951)
Total fixed-maturity securities	(1,726)	(2,867)
Realized (Losses) Gains Equity securities
Net Investment Income [Line Items]
Gross realized gains	0	5,120
Gross realized losses	0	(94,610)
Total equity securities	0	(89,490)
Unrealized (Losses) Gains Equity Securities
Net Investment Income [Line Items]
Gross gains	0	641,722
Gross losses	(193,330)	0
Total equity securities	(193,330)	641,722
Unrealized (Losses) Gains Other Investments
Net Investment Income [Line Items]
Gross losses	0	0
Gross gains	57,077	177,026
Total other investments	$ 57,077	$ 177,026

Property and Casualty Insurance Activity - Schedule Of Ceding Commission Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Property and Casualty Insurance Activity
Provisional ceding commissions earned	$ 3,252,404	$ 4,555,240
Contingent ceding commissions earned	(293,713)	11,871
Total commissions earned	$ 2,958,691	$ 4,567,111

Debt - Schedule of Future Contractual payment Obligations (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt, total	$ 5,364,265	$ 11,171,420
Equipment Financing
Debt Instrument [Line Items]
Remainder of 2025	924,137
2026	1,296,901
2027	1,119,021
Total	3,340,059
2028 purchase price	2,024,206
Long-term debt, total	$ 5,364,265

- 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
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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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-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

- Definition

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

+ References + Details

Property and Casualty Insurance Activity (Tables)

3 Months Ended

Mar. 31, 2025

Property and Casualty Insurance Activity

Schedule of Earned Premiums

Premiums written, ceded and earned are as follows:


	Direct		Assumed		Ceded		Net

Three months ended March 31, 2025
Premiums written	$	58,174,996	$	-	$	2,834,411	$	61,009,407
Change in unearned premiums	2,470,381		-		(19,956,725)		(17,486,344)
Premiums earned	$	60,645,377	$	-	$	(17,122,314)	$	43,523,063

Three months ended March 31, 2024
Premiums written	$	49,324,616	$	-	$	(11,229,217)	$	38,095,399
Change in unearned premiums	671,762		-		(9,947,259)		(9,275,497)
Premiums earned	$	49,996,378	$	-	$	(21,176,476)	$	28,819,902

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:


	Three months ended March 31,
	2025		2024

Balance at beginning of period	$	126,210,428	$	121,817,862
Less reinsurance recoverables	(32,322,637)		(33,288,650)
Net balance, beginning of period	93,887,791		88,529,212

Incurred related to:
Current year	27,774,353		18,425,855
Prior years	(599,275)		(566,268)
Total incurred	27,175,078		17,859,587

Paid related to:
Current year	5,217,256		4,671,653
Prior years	13,752,485		11,942,843
Total paid	18,969,741		16,614,496

Net balance at end of period	102,093,128		89,774,303
Add reinsurance recoverables	33,241,595		32,724,136
Balance at end of period	$	135,334,723	$	122,498,439

Schedule of Line of Business

The following is information about incurred and paid claims development as of March 31, 2025, net of reinsurance, as well as the cumulative reported claims by accident year and total IBNR reserves as of March 31, 2025 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, 2016 to December 31, 2024 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 March 31, 2025
Accident Year	For the Years Ended December 31,																		Three Months Ended March 31, 2025		IBNR		Cumulative Number of Reported Claims by Accident Year
	2016		2017		2018		2019		2020		2021		2022		2023		2024

	(Unaudited 2015 - 2024)																		(Unaudited)

2016	$	26,062	$	24,941	$	24,789	$	27,887	$	27,966	$	27,417	$	27,352	$	27,271	$	27,247	$	27,244	$	63	2,884
2017			31,605		32,169		35,304		36,160		36,532		36,502		36,819		37,268		37,228		123		3,401
2018					54,455		56,351		58,441		59,404		61,237		61,145		61,686		61,601		1,497		4,238
2019							75,092		72,368		71,544		71,964		73,310		74,363		74,220		1,698		4,508
2020									63,083		62,833		63,217		63,562		64,400		64,417		1,180		5,895
2021											96,425		96,673		96,134		96,771		97,088		1,942		5,834
2022													79,835		78,759		78,078		77,894		4,400		4,713
2023															78,978		72,025		72,019		9,191		4,090
2024																	57,860		57,491		11,660		3,096
2025																			25,308		10,702		538
																	Total		$	594,509

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,																		Three Months Ended March 31, 2025
	2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited 2015 - 2024)																		(Unaudited)

2016	$	15,364	$	19,001	$	21,106	$	23,974	$	25,234	$	25,750	$	26,382	$	26,854	$	26,808	$	26,816
2017			16,704		24,820		28,693		31,393		32,529		33,522		34,683		35,046		35,229
2018					32,383		44,516		50,553		52,025		54,424		56,199		57,185		57,492
2019							40,933		54,897		58,055		60,374		63,932		66,109		67,507
2020									39,045		50,719		53,432		56,523		59,220		59,544
2021											56,282		77,756		82,317		85,314		86,548
2022													45,856		65,732		68,170		69,119
2023															46,280		56,952		57,894
2024																	29,013		36,168
2025																			4,466
																	Total		$	500,783

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	93,725
All outstanding liabilities before 2016, net of reinsurance																			1,683
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	95,408

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 March 31, 2025
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	95,408
Total reinsurance recoverable on unpaid losses	33,242
Unallocated loss adjustment expenses	6,685
Total gross liability for loss and LAE reserves	$	135,335

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
	2025/2026 Treaty						2024/2025 Treaty
Line of Business	July 1, 2025 to January 1, 2026			January 1, 2025 to June 30, 2025			July 1, 2024 to January 1, 2025			January 1, 2024 to June 30, 2024

Personal Lines:
Homeowners, dwelling fire and canine legal liability
Quota share treaty:
Percent ceded (7)	16		%	16		%	27		%	27		%
Risk retained on initial
$1,000,000 of losses (5) (6) (7)	$	840,000		$	840,000		$	730,000		$	730,000
Losses per occurrence
subject to quota share
reinsurance coverage	$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000
Expiration date	January 1, 2026			January 1, 2026			January 1, 2025			January 1, 2025
Excess of loss coverage and
facultative facility
coverage (1) (5) (6)	(6)			$	8,400,000		$	8,400,000		$	8,400,000
				in excess of			in excess of			in excess of
				$	600,000		$	600,000		$	600,000
Total reinsurance coverage
per occurrence (5) (6)	$	160,000		$	8,360,000		$	8,470,000		$	8,470,000
Losses per occurrence
subject to reinsurance
coverage (6)	$	1,000,000		$	9,000,000		$	9,000,000		$	9,000,000
Expiration date	(6)			June 30, 2025			June 30, 2025			June 30, 2024

Catastrophe Reinsurance:
Initial loss subject to personal
lines quota share treaty (6)	$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000
Risk retained per catastrophe
occurrence (6) (7) (8) (9)	(6)			$	4,250,000		$	4,750,000		$	9,500,000
Catastrophe loss coverage
in excess of quota share
coverage (2) (6)	(6)			$	275,000,000		$	275,000,000		$	315,000,000

Reinstatement premium
protection (3) (4)	(6)			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, except for one occurrence on the first layer of $5,000,000 in excess of $5,000,000. Duration of 168 consecutive hours for a catastrophe occurrence from windstorm, hail, tornado, hurricane and cyclone.

(3)For the period January 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 $50,000,000 of catastrophe coverage in excess of $10,000,000.

(5)For the period January 1, 2024 through June 30, 2025, the 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 $530,000 from $730,000 under the 2024/2025 Treaty. Retention increases to $640,000 from $530,000 under the 2025/2026 Treaty.

(6)Excess of loss coverage and facultative facility, Underlying XOL Treaty, and catastrophe reinsurance treaties will expire on June 30, 2025, with none of these coverages to be in effect during the period from July 1 2025 through January 1, 2026. If and when these treaties are renewed on July 1, 2025, the excess of loss and facultative facility, Underlying XOL Treaty, and the catastrophe reinsurance treaty, will be as provided for therein. Reinsurance coverage in effect from July 1, 2025 through January 1, 2026 is currently only covered under the 2025/2026 Treaty. The 2025/2026 Treaty will expire on January 1, 2026.

(7)For the 2024/2025 Treaty, 22% of the 27% total of losses ceded under this treaty are excluded from a named catastrophe event. For the 2025/2026 Treaty, 6% of the 16% 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 to the extent of 71% of $4,500,000 in excess of $5,500,000. Retention for winter storms under this treaty is $4,800,000 under the 2024/2025 Treaty and $5,200,000 under the 2025/2026 Treaty.

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

Personal Lines:
Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage	90		%	90		%
Percent ceded - excess of $1,000,000 dollars of coverage	95		%	95		%
Risk retained	$	300,000		$	300,000
Total reinsurance coverage per occurrence	$	4,700,000		$	4,700,000
Losses per occurrence subject to quota share reinsurance coverage	$	5,000,000		$	5,000,000
Expiration date	June 30, 2025			June 30, 2024

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 March 31,
		2025		2024

Provisional ceding commissions earned		$	3,252,404	$	4,555,240
Contingent ceding commissions earned		(293,713)		11,871
		$	2,958,691	$	4,567,111

Segment Information - Return on Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Less: Ceding commission revenue	$ 2,958,691	$ 4,567,111
Less: Other income	140,415	148,913
Net earned premium	43,523,063	28,819,902
Beginning balance	66,708,451	34,504,139
Ending balance	82,209,963	35,749,807
Net investment income	2,048,596	$ 1,502,860
Total assets	$ 385,439,240		$ 374,915,843
Reportable Segment
Segment Reporting Information [Line Items]
Net loss ratio	62.40%	62.00%
Net underwriting expense ratio	31.30%	31.30%
Net combined ratio	93.70%	93.30%
Commission expense and other underwriting expenses	$ 16,718,302	$ 13,732,417
Less: Ceding commission revenue	(2,958,691)	(4,567,111)
Less: Other income	(139,954)	(148,167)
Total commission expense and other underwriting expenses	13,619,657	9,017,139
Net earned premium	43,523,063	28,819,902
Beginning balance	66,708,451	34,504,139
Ending balance	82,209,963	35,749,807
Average stockholders' equity	74,459,207	35,126,973
Net investment income	$ 2,048,596	$ 1,502,860
Return on equity on net investment income	2.80%	4.30%
Return on equity on net investment income - annualized	11.20%	17.20%
Total assets	$ 385,439,240	$ 318,292,723

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Components of Net Combined Ratio to Consolidated Net Income

The following tables reconciles the revenue and expense components of the net combined ratio to consolidated net income for the periods presented.


	Three months ended March 31,
	2025		2024

Revenue components of net combined ratio
Net premiums earned	$	43,523,063	$	28,819,902
Ceding commission revenue	2,958,691		4,567,111
Other income	139,954		148,167
Total revenue components of net combined ratio	46,621,708		33,535,180

Expense components of net combined ratio
Loss and loss adjustment expenses	27,175,078		17,859,587
Commission expense	9,312,880		7,851,812
Other underwriting expenses	7,405,422		5,880,605
Total expense components of net combined ratio	43,893,380		31,592,004

Operating segment net income	2,728,328		1,943,176

Reconciliation of net income components
excluded from net combined ratio:

Revenue components excluded from net combined ratio
Net investment income	2,048,596		1,502,860
Net (losses) gains on investments	(137,979)		726,391
Gain on sale of real estate	1,965,989		—
Other income	461		746
Total revenue components excluded
from net combined ratio	3,877,067		2,229,997

Expense components excluded from net combined ratio
Other operating expenses	1,035,737		778,082
Depreciation and amortization	623,863		596,513
Interest expense	227,454		993,875
Income tax	835,681		378,024
Total expense components excluded
from net combined ratio	2,722,735		2,746,494

Total net income (loss) components
excluded from net combined ratio:	1,154,332		(516,497)

Consolidated net income	$	3,882,660	$	1,426,679

The following table shows the calculation of the net combined ratio and return on equity from net investment income for the periods presented.


	Three months ended
	March 31,
	2025			2024
Net combined ratio
Net loss ratio	62.4		%	62.0		%
Net underwriting expense ratio	31.3		%	31.3		%
Net combined ratio	93.7		%	93.3		%

Reconciliation of net underwriting expense ratio:
Commission expense and other
underwriting expenses	$	16,718,302		$	13,732,417
Less: Ceding commission revenue	(2,958,691)			(4,567,111)
Less: Other income	(139,954)			(148,167)
Total commission expense and other
underwriting expenses	$	13,619,657		$	9,017,139

Net earned premium	$	43,523,063		$	28,819,902

Net Underwriting Expense Ratio	31.3		%	31.3		%

Return on equity on net investment income
Stockholders' equity beginning of period	$	66,708,451		$	34,504,139
Stockholders' equity end of period	$	82,209,963		$	35,749,807
Average stockholders' equity	$	74,459,207		$	35,126,973
Net investment income	$	2,048,596		$	1,502,860
Return on equity on net investment income	2.8		%	4.3		%
Return on equity on net investment income - annualized	11.2		%	17.2		%
Total assets	$	385,439,240		$	318,292,723

Investments - Schedule of available for sale fixed maturity securities contractual maturity (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Net Investment Income [Line Items]
Cost or Amortized Cost	$ 216,882,931	$ 202,308,158
Estimated Fair Value	204,282,369	186,893,438
Less than one year
Net Investment Income [Line Items]
Cost or Amortized Cost	14,233,483	9,522,262
Estimated Fair Value	14,152,704	9,484,834
One to five years
Net Investment Income [Line Items]
Cost or Amortized Cost	71,166,281	68,052,387
Estimated Fair Value	69,636,281	66,141,372
Five to ten years
Net Investment Income [Line Items]
Cost or Amortized Cost	34,473,244	38,159,446
Estimated Fair Value	31,412,159	34,068,922
More than 10 years
Net Investment Income [Line Items]
Cost or Amortized Cost	18,988,950	21,044,518
Estimated Fair Value	16,311,619	17,970,347
Residential mortgage and other asset backed securities
Net Investment Income [Line Items]
Cost or Amortized Cost	78,020,973	65,529,545
Estimated Fair Value	$ 72,769,606	$ 59,227,963

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long Term Debt

Debt as of March 31, 2025 and December 31, 2024 consists of the following:


	March 31, 2025		December 31, 2024

13.75% Senior Notes due 2026, net	$	-	$	5,508,000
Equipment financing	5,364,265		5,663,420
Balance at end of period	$	5,364,265	$	11,171,420

The balance of the 2024 Notes as of March 31, 2025 and December 31, 2024 was as follows:


	March 31, 2025		December 31, 2024

13.75% Senior Notes due 2026	$	-	$	5,950,000
Warrants	-		(256,909)
Issuance costs	-		(185,091)
2024 Notes, net	$	-	$	5,508,000

Schedule of Contractual Payment Obligations

Future contractual payment obligations under the Financing as of March 31, 2025 are as follows:


For the Years Ending December 31,	Total
Remainder of 2025	$	924,137
2026	1,296,901
2027	1,119,021
	3,340,059
2028 purchase price	2,024,206
Total	$	5,364,265

Subsequent Events (Details)	Apr. 14, 2025 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Replacement policy transaction plan, written premium amount	$ 70,000,000

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Fixed-maturity securities, held-to-maturity, fair value	$ 5,976,487	$ 5,959,265
Fixed-maturity securities, available-for-sale, amortized cost	216,882,931	202,308,158
Equity securities, at cost	13,527,554	13,527,554
Premiums receivable, allowance for credit losses	439,928	402,290
Current debt	1,241,294	6,849,257
Long-term debt	$ 4,122,971	$ 4,322,163
Stockholders' Equity
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)	15,283,417	14,448,205
Common stock, shares outstanding (in shares)	13,759,292	12,924,080
Treasury stock, at cost (in shares)	1,524,125	1,524,125

Property and Casualty Insurance Activity - Cumulative Paid Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Liability for Claims and Claims Adjustment Expense [Line Items]
Total	$ 500,783
Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented	93,725
All outstanding liabilities before 2016, net of reinsurance	1,683
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance	95,408
2016
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	15,364
2017
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	19,001
2017	16,704
2018
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	21,106
2017	24,820
2018	32,383
2019
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	23,974
2017	28,693
2018	44,516
2019	40,933
2020
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	25,234
2017	31,393
2018	50,553
2019	54,897
2020	39,045
2021
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	25,750
2017	32,529
2018	52,025
2019	58,055
2020	50,719
2021	56,282
2022
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	26,382
2017	33,522
2018	54,424
2019	60,374
2020	53,432
2021	77,756
2022	45,856
2023
Liability for Claims and Claims Adjustment Expense [Line Items]
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
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	26,808
2017	35,046
2018	57,185
2019	66,109
2020	59,220
2021	85,314
2022	68,170
2023	56,952
2024	29,013
2025
Liability for Claims and Claims Adjustment Expense [Line Items]
2016	26,816
2017	35,229
2018	57,492
2019	67,507
2020	59,544
2021	86,548
2022	69,119
2023	57,894
2024	36,168
2025	$ 4,466

Fair Value of Financial Instruments and Real Estate

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 are as follows:


	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities, held-to maturity, Level 1	$	7,046,023	$	5,976,487	$	7,047,342	$	5,959,265
Fixed-maturity securities, available-for-sale, Level 1	$	110,128,721	$	110,128,721	$	106,792,378	$	106,792,378
Fixed-maturity securities, available-for-sale, Level 2	$	94,153,648	$	94,153,648	$	80,101,060	$	80,101,060
Cash and cash equivalents, Level 1	$	37,490,182	$	37,490,182	$	28,669,441	$	28,669,441
Premiums receivable, net, Level 1	$	17,012,840	$	17,012,840	$	21,766,988	$	21,766,988
Reinsurance receivables, net, Level 3	$	60,818,148	$	60,818,148	$	69,322,436	$	69,322,436
Real estate, net of accumulated depreciation, Level 3 (1)	$	460,031	$	940,000	$	1,913,390	$	3,540,000
Reinsurance balances payable, Level 3	$	5,815,948	$	5,815,948	$	10,509,121	$	10,509,121
Debt - 13.75 Senior Notes due 2026, Level 2	$	-	$	-	$	5,508,000	$	5,553,785

(1) As of December 31, 2024, real estate consisted of a complex which included an office building, a house and vacant land located in Kingston, New York. In March 2025, the office building and house were sold, leaving the vacant land as the only remaining real estate as of March 31, 2025. See Note 14 - Sale of Real Estate.

Investments - Schedule of securities with unrealized losses (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) position	Dec. 31, 2024 USD ($) 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	$ 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	$ 0	$ 0
Unrealized losses - 12 months or more	$ 0	$ 0
Number of positions held - 12 months or more \| position	0	0
Estimated fair value - total	$ 0	$ 0
Unrealized losses - total	0	0
Political subdivisions of States, Territories and Possessions
Net Investment Income [Line Items]
Estimated fair value - less than 12 months	0	7,705,370
Unrealized losses - less than 12 months	$ 0	$ (73,589)
Number of positions held - less than 12 months \| position	0	6
Estimated fair value - 12 months or more	$ 13,539,593	$ 13,167,726
Unrealized losses - 12 months or more	$ (2,945,087)	$ (3,324,491)
Number of positions held - 12 months or more \| position	12	12
Estimated fair value - total	$ 13,539,593	$ 20,873,096
Unrealized losses - total	(2,945,087)	(3,398,080)
Corporate and other bonds industrial and miscellaneous
Net Investment Income [Line Items]
Estimated fair value - less than 12 months	51,949,158	51,411,296
Unrealized losses - less than 12 months	$ (495,587)	$ (1,024,461)
Number of positions held - less than 12 months \| position	60	60
Estimated fair value - 12 months or more	$ 51,520,947	$ 55,381,083
Unrealized losses - 12 months or more	$ (3,992,684)	$ (4,690,597)
Number of positions held - 12 months or more \| position	63	68
Estimated fair value - total	$ 103,470,105	$ 106,792,379
Unrealized losses - total	(4,488,271)	(5,715,058)
Residential mortgage and other asset backed securities
Net Investment Income [Line Items]
Estimated fair value - less than 12 months	5,884,488	19,315,521
Unrealized losses - less than 12 months	$ (17,773)	$ (209,890)
Number of positions held - less than 12 months \| position	8	22
Estimated fair value - 12 months or more	$ 35,096,038	$ 35,206,442
Unrealized losses - 12 months or more	$ (5,533,927)	$ (6,211,339)
Number of positions held - 12 months or more \| position	36	36
Estimated fair value - total	$ 40,980,526	$ 54,521,963
Unrealized losses - total	(5,551,700)	(6,421,229)
Total fixed-maturity securities
Net Investment Income [Line Items]
Estimated fair value - less than 12 months	57,833,646	78,432,187
Unrealized losses - less than 12 months	$ (513,360)	$ (1,307,940)
Number of positions held - less than 12 months \| position	68	88
Estimated fair value - 12 months or more	$ 100,156,578	$ 103,755,251
Unrealized losses - 12 months or more	$ (12,471,698)	$ (14,226,427)
Number of positions held - 12 months or more \| position	111	116
Estimated fair value - total	$ 157,990,224	$ 182,187,438
Unrealized losses - total	$ (12,985,058)	$ (15,534,367)

Property and Casualty Insurance Activity - Loss and Loss Adjustment Expense Reserves (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Unpaid Loss and LAE Reserves [Roll Forward]
Balance at beginning of period	$ 126,210,428	$ 121,817,862
Less reinsurance recoverables	(32,322,637)	(33,288,650)
Net balance, beginning of period	93,887,791	88,529,212
Incurred related to:
Current year	27,774,353	18,425,855
Prior years	(599,275)	(566,268)
Total incurred	27,175,078	17,859,587
Paid related to:
Current year	5,217,256	4,671,653
Prior years	13,752,485	11,942,843
Total paid	18,969,741	16,614,496
Net balance at end of period	102,093,128	89,774,303
Add reinsurance recoverables	33,241,595	32,724,136
Balance at end of period	$ 135,334,723	$ 122,498,439

Sale of Real Estate (Details)	Feb. 05, 2025 USD ($)
Property, Plant and Equipment [Abstract]
Purchase price for property	$ 3,600,000

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated events that occurred subsequent to March 31, 2025 through the date these condensed consolidated financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements. Renewal Rights Agreement On April 14, 2025, KICO announced that it entered into an agreement to offer a replacement policy to selected homeowners policyholders in Downstate New York as one of its competitors pivots focus away from admitted personal lines business (the"Withdrawal Plan"). The Withdrawal Plan, which includes this transaction, has been approved by the New York Department of Financial Services. This transaction encompasses approximately $70 million in written premium. The Withdrawal Plan will enable KICO to work with new distribution partners to further increase its footprint in Downstate New York by offering an alternative policy to selected homeowners policyholders with effective dates starting in late third quarter of 2025. There were no other subsequent events identified requiring recognition or disclosure in these condensed consolidated financial statements.

Stockholders Equity - Schedule of the Restricted Common Stock Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
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)	267,586
Number of options outstanding, Granted (in shares)	70,934
Number of options outstanding, Vested (in shares)	(212,892)
Number of options outstanding, Forfeited (in shares)	$ 0
Number of options outstanding, ending (in shares)	125,628
Weighted Average Grant Date Fair Value per Share
Weighted Average Grant Date Fair Value per Share, beginning balance (in dollars per share)	$ 5.24
Weighted Average Grant Date Fair Value per Share, Granted (in dollars per share)	15.31
Weighted average estimated fair value, vested (in dollars per share)	3.63
Weighted Average Grant Date Fair Value per Share, Forfeited (in dollars per share)	0
Weighted Average Grant Date Fair Value per Share, ending balance (in dollars per share)	$ 13.66
Aggregate Fair Value
Aggregate Intrinsic Value , Beginning	$ 1,402,151
Aggregate Fair Value, granted	1,086,187
Aggregate Fair Value, vested	(772,798)
Aggregate Intrinsic Value, Forfeited	0
Aggregate Intrinsic Value , Ending	$ 1,716,078

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
Preferred stock, Beginning balance (in shares) at Dec. 31, 2023		0
Common stock, Beginning balance (in shares) at Dec. 31, 2023			12,248,313
Beginning balance at Dec. 31, 2023	$ 34,504,139	$ 0	$ 122,483	$ 75,338,010	$ (12,274,563)	$ (23,114,310)	$ (5,567,481)
Treasury stock, Beginning balance (in shares) at Dec. 31, 2023							1,471,406
Ending balance at Mar. 31, 2024	35,749,807	$ 0	$ 124,794	75,595,096	(12,714,971)	(21,687,631)	$ (5,567,481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	265,789			265,789
Vesting of restricted stock awards (in shares)			233,627
Vesting of restricted stock awards	0		$ 2,336	(2,336)
Shares deducted from restricted stock awards for payment of withholding taxes (in shares)			(2,518)
Shares deducted from restricted stock awards for payment of withholding taxes	$ (6,392)		$ (25)	(6,367)
Exercise of stock options (in shares)	0
Net income	$ 1,426,679					1,426,679
(Increase) decrease in unrealized losses on available-for-sale securities, net of tax	$ (440,408)				(440,408)
Preferred stock, Ending balance (in shares) at Mar. 31, 2024		0
Common stock, Ending balance (in shares) at Mar. 31, 2024			12,479,422
Treasury stock, Ending balance (in shares) at Mar. 31, 2024							1,471,406
Preferred stock, Beginning balance (in shares) at Dec. 31, 2024		0
Common stock, Beginning balance (in shares) at Dec. 31, 2024	12,924,080		14,448,205
Beginning balance at Dec. 31, 2024	$ 66,708,451	$ 0	$ 144,482	89,063,326	(12,175,476)	(4,755,874)	$ (5,568,007)
Treasury stock, Beginning balance (in shares) at Dec. 31, 2024	1,524,125						1,524,125
Ending balance at Mar. 31, 2025	$ 82,209,963	$ 0	$ 152,834	98,450,640	(9,952,290)	(873,214)	$ (5,568,007)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	339,010			339,010
Vesting of restricted stock awards (in shares)			212,892
Vesting of restricted stock awards	0		$ 2,129	(2,129)
Shares deducted from restricted stock awards for payment of withholding taxes (in shares)			(34,740)
Shares deducted from restricted stock awards for payment of withholding taxes	$ (530,880)		$ (347)	(530,533)
Exercise of stock options (in shares)	25,005		44,929
Exercise of stock options	$ 56,149		$ 449	55,700
Shares deducted from exercise of stock options for payment of withholding taxes (in shares)			(868)
Shares deducted from exercise of stock options for payment of withholding taxes	(14,305)		$ (9)	(14,296)
Issuance of common stock, net of offering costs of $221,792 (in shares)			612,999
Issuance of common stock, net of offering costs of $221,792	9,545,692		$ 6,130	$ 9,539,562
Net income	3,882,660					$ 3,882,660
(Increase) decrease in unrealized losses on available-for-sale securities, net of tax	$ 2,223,186				$ 2,223,186
Preferred stock, Ending balance (in shares) at Mar. 31, 2025		0
Common stock, Ending balance (in shares) at Mar. 31, 2025	13,759,292		15,283,417
Treasury stock, Ending balance (in shares) at Mar. 31, 2025	1,524,125						1,524,125

Investments - Schedule of held-to-maturity securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Net Investment Income [Line Items]
Cost or Amortized Cost	$ 7,046,023	$ 7,047,342
Gross Unrealized Gains	381	0
Gross unrealized losses - less than 12 months	(17,142)	(40,284)
Gross unrealized loss - more than 12 months	(1,052,775)	(1,047,793)
Estimated Fair Value	5,976,487	5,959,265
Net Unrealized Gains/ (Losses)	(1,069,536)	(1,088,077)
U.S. Treasury securities
Net Investment Income [Line Items]
Cost or Amortized Cost	1,229,249	1,229,170
Gross Unrealized Gains	381	0
Gross unrealized losses - less than 12 months	(17,103)	(39,630)
Gross unrealized loss - more than 12 months	(10,865)	(15,990)
Estimated Fair Value	1,201,662	1,173,550
Net Unrealized Gains/ (Losses)	(27,587)	(55,620)
Political subdivisions of States, Territories and Possessions
Net Investment Income [Line Items]
Cost or Amortized Cost	499,859	499,719
Gross Unrealized Gains	0	0
Gross unrealized losses - less than 12 months	(39)	(654)
Gross unrealized loss - more than 12 months	0	0
Estimated Fair Value	499,820	499,065
Net Unrealized Gains/ (Losses)	(39)	(654)
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	(60,111)	(55,611)
Estimated Fair Value	244,000	248,500
Net Unrealized Gains/ (Losses)	(60,111)	(55,611)
Corporate and other bonds industrial and miscellaneous
Net Investment Income [Line Items]
Cost or Amortized Cost	5,012,804	5,014,342
Gross Unrealized Gains	0	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	(981,799)	(976,192)
Estimated Fair Value	4,031,005	4,038,150
Net Unrealized Gains/ (Losses)	$ (981,799)	$ (976,192)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Debt - Narrative (Details) - USD ($)											3 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 24, 2025	Jan. 28, 2025	Dec. 30, 2024	Nov. 13, 2024	Sep. 30, 2024	Sep. 12, 2024	Aug. 30, 2024	Dec. 30, 2022	Dec. 15, 2022	Oct. 27, 2022	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 09, 2022
Debt Instrument [Line Items]
Impairment of federal home loan bank stock											$ 0		$ 0
Available collateral											$ 10,102,000		$ 10,130,000
Warrants, term									36 months 15 days
Class of warrant exercise price (in dollars per share)											$ 1.00
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
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
Writeoff of unamortized debt issue costs in relation to extinguishment of debt						$ 174,962
Transaction costs						$ 203,381
Debt instrument, effective percentage						14.35%
2024 Exchange Agreement
Debt Instrument [Line Items]
Redemption price, percentage						100.00%
Optional prepayments paid	$ 2,450,000	$ 3,500,000	$ 4,000,000	$ 2,000,000	$ 3,000,000
Consolidated indebtedness percentage						30.00%							7.00%
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
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
Equipment Financing
Debt Instrument [Line Items]
Assets sold in sale-leaseback transaction										$ 8,096,824
Interest rate										5.86%
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											4,885,000		$ 5,308,000
Fair value of pledged collateral											4,885,000		5,308,000
Federal Home Loan Bank of New York
Debt Instrument [Line Items]
Maximum allowable advances											14,861,000		$ 13,637,000
Proceeds from issuance of long-term debt											$ 0	$ 0

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	Mar. 31, 2025 USD ($)
Property and Casualty Insurance Activity
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$ 95,408
Total reinsurance recoverable on unpaid losses	33,242
Unallocated loss adjustment expenses	6,685
Total gross liability for loss and LAE reserves	$ 135,335

Investments

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Investments

Fixed-Maturity Securities


	March 31, 2025
	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	$	4,991,733	$	17	$	-	$	-	$	4,991,750	$	17

Political subdivisions of States, Territories and Possessions (1)	24,267,119		62,010		-		(2,945,087)		21,384,042		(2,883,077)

Corporate and other bonds industrial and miscellaneous (1)	109,603,106		22,136		(495,587)		(3,992,684)		105,136,971		(4,466,135)

Residential mortgage and other asset backed securities (1) (2)	78,020,973		300,333		(17,773)		(5,533,927)		72,769,606		(5,251,367)
Total fixed-maturity securities	$	216,882,931	$	384,496	$	(513,360)	$	(12,471,698)	$	204,282,369	$	(12,600,562)


	December 31, 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)	$	-	$	-	$	-	$	-	$	-	$	-

Political subdivisions of States, Territories and Possessions (1)	24,271,177		-		(73,589)		(3,324,491)		20,873,097		(3,398,080)

Corporate and other bonds industrial and miscellaneous (1)	112,507,436		-		(1,024,461)		(4,690,597)		106,792,378		(5,715,058)

Residential mortgage and other asset backed securities (1) (2)	65,529,545		119,647		(209,890)		(6,211,339)		59,227,963		(6,301,582)
Total fixed-maturity securities	$	202,308,158	$	119,647	$	(1,307,940)	$	(14,226,427)	$	186,893,438	$	(15,414,720)


	March 31, 2025				December 31, 2024
Remaining Time to Maturity	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value

Less than one year	$	14,233,483	$	14,152,704	$	9,522,262	$	9,484,834
One to five years	71,166,281		69,636,281		68,052,387		66,141,372
Five to ten years	34,473,244		31,412,159		38,159,446		34,068,922
More than 10 years	18,988,950		16,311,619		21,044,518		17,970,347
Residential mortgage and other asset backed securities	78,020,973		72,769,606		65,529,545		59,227,963
Total	$	216,882,931	$	204,282,369	$	202,308,158	$	186,893,438

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 March 31, 2025 and December 31, 2024, respectively.

Equity Securities

The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of March 31, 2025 and December 31, 2024 are as follows:


	March 31, 2025
Category	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Equity Securities:
Preferred stocks	$	9,750,322	$	-	$	(2,668,147)	$	7,082,175
Fixed income exchange traded funds	3,711,232		-		(756,232)		2,955,000
FHLBNY common stock	66,000		-		-		66,000
Total	$	13,527,554	$	-	$	(3,424,379)	$	10,103,175


	December 31, 2024
Category	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Equity Securities:
Preferred stocks	$	9,750,322	$	-	$	(2,422,617)	$	7,327,705
Fixed income exchange traded funds	3,711,232		-		(808,432)		2,902,800
FHLBNY common stock	66,000		-		-		66,000
Total	$	13,527,554	$	-	$	(3,231,049)	$	10,296,505

Other Investments

The cost and estimated fair value of, and gross gains on, the Company’s other investments as of March 31, 2025 and December 31, 2024 are as follows:


	March 31, 2025						December 31, 2024
Category	Cost		Gross Unrealized Gains		Estimated Fair Value		Cost		Gross Unrealized Gains		Estimated Fair Value

Other Investments:
Hedge fund	$	1,987,040	$	2,450,693	$	4,437,733	$	1,987,040	$	2,393,616	$	4,380,656

Held-to-Maturity Securities


	March 31, 2025

	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	$	1,229,249	$	381	$	(17,103)	$	(10,865)	$	1,201,662	$	(27,587)

Political subdivisions of States, Territories and Possessions	499,859		-		(39)		-		499,820		(39)

Exchange traded debt	304,111		-		-		(60,111)		244,000		(60,111)

Corporate and other bonds industrial and miscellaneous	5,012,804		-		-		(981,799)		4,031,005		(981,799)
Total	$	7,046,023	$	381	$	(17,142)	$	(1,052,775)	$	5,976,487	$	(1,069,536)


	December 31, 2024
	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	$	1,229,170	$	—	$	(39,630)	$	(15,990)	$	1,173,550	$	(55,620)

Political subdivisions of States, Territories and Possessions	499,719		—		(654)		-		499,065		(654)

Exchange traded debt	304,111		-		-		(55,611)		248,500		(55,611)

Corporate and other bonds industrial and miscellaneous	5,014,342		-		-		(976,192)		4,038,150		(976,192)
Total	$	7,047,342	$	—	$	(40,284)	$	(1,047,793)	$	5,959,265	$	(1,088,077)

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


	March 31, 2025				December 31, 2024
Remaining Time to Maturity	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value

Less than one year	$	499,859	$	499,820	$	499,719	$	499,065
One to five years	2,053,225		1,949,757		622,375		600,288
Five to ten years	—		—		1,427,579		1,323,600
More than 10 years	4,492,939		3,526,910		4,497,669		3,536,312
Total	$	7,046,023	$	5,976,487	$	7,047,342	$	5,959,265

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 March 31, 2025 and December 31, 2024, respectively.

Investment Income

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


	Three months ended March 31,
		2025		2024
Income:
Fixed-maturity securities		$	1,931,298	$	1,182,629
Equity securities		123,435		177,169
Cash and cash equivalents		40,661		196,137
Total		2,095,394		1,555,935
Expenses:
Investment expenses		46,798		53,075
Net investment income		$	2,048,596	$	1,502,860

There were no redemptions of fixed-maturity securities held-to-maturity the three months ended March 31, 2025 and 2024.

Proceeds from the sale or maturity of fixed-maturity securities available-for-sale were $6,669,556 and $32,801,612 for the three months ended March 31, 2025 and 2024, respectively.

Proceeds from the sale of equity securities were $0 and $1,777,738 for the three months ended March 31, 2025 and 2024, respectively.

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


	Three months ended March 31,
		2025		2024
Realized (Losses) Gains

Fixed-maturity securities:
Gross realized gains		$	788	$	84
Gross realized losses		(2,514)		(2,951)
		(1,726)		(2,867)

Equity securities:
Gross realized gains		-		5,120
Gross realized losses		-		(94,610)
		-		(89,490)

Net realized losses		(1,726)		(92,357)

Unrealized (Losses) Gains

Equity Securities:
Gross gains		-		641,722
Gross losses		(193,330)		-
		(193,330)		641,722

Other Investments:
Gross gains		57,077		177,026
Gross losses		-		-
		57,077		177,026

Net unrealized (losses) gains		(136,253)		818,748

Net (losses) gains on investments		$	(137,979)	$	726,391

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 March 31, 2025 and December 31, 2024 which presented a risk of loss due to credit deterioration of the security.

At March 31, 2025 and December 31, 2024, there were 179 and 204 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 three months ended March 31, 2025 and 2024. 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 March 31, 2025 as follows:


	March 31, 2025
	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	$	-	$	-	-	$	-	-		-	$	-	$	-

Political subdivisions of States, Territories and Possessions	-		-		-	13,539,593		(2,945,087)		12	13,539,593		(2,945,087)

Corporate and other bonds industrial and miscellaneous	51,949,158		(495,587)		60	51,520,947		(3,992,684)		63	103,470,105		(4,488,271)

Residential mortgage and other asset backed securities	5,884,488		(17,773)		8	35,096,038		(5,533,927)		36	40,980,526		(5,551,700)

Total fixed-maturity securities	$	57,833,646	$	(513,360)	68	$	100,156,578	$	(12,471,698)	111	$	157,990,224	$	(12,985,058)

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2024 as follows:


	December 31, 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	$	-	$	-	-	$	-	-		-	$	-	$	-

Political subdivisions of States, Territories and Possessions	7,705,370		(73,589)		6	13,167,726		(3,324,491)		12	20,873,096		(3,398,080)

Corporate and other bonds industrial and miscellaneous	51,411,296		(1,024,461)		60	55,381,083		(4,690,597)		68	106,792,379		(5,715,058)

Residential mortgage and other asset backed securities	19,315,521		(209,890)		22	35,206,442		(6,211,339)		36	54,521,963		(6,421,229)

Total fixed-maturity securities	$	78,432,187	$	(1,307,940)	88	$	103,755,251	$	(14,226,427)	116	$	182,187,438	$	(15,534,367)

Income Taxes - Schedule of Net Operating Loss Carryovers (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2017	Jul. 01, 2009
Income Tax Examination [Line Items]
Federal only, NOL from 2024 and 2023	$ 0	$ 419,357
State only	3,158,937	3,075,395
Valuation allowance	(3,158,937)	(3,075,395)
State only, net of valuation allowance	0	0
Total deferred tax asset from net operating loss carryovers	0	419,357
Operating loss carryforwards	48,599,031	47,313,775
Investment in KICO	$ 759,543	$ 759,543	$ 759,543
KICO
Income Tax Examination [Line Items]
Issued and outstanding common stock of KICO acquired (percent)				100.00%
Computer Equipment
Income Tax Examination [Line Items]
Derivative, fixed interest rate	100.00%
Principal amount				$ 3,750,000
Accretion of the discount on the original purchase				2,921,319
Deferred tax liability				$ 1,169,000

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements


	March 31, 2025
	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	$	4,991,750	$	-	$	-	$	4,991,750

Political subdivisions of States, Territories and Possessions	-		21,384,042		-		21,384,042

Corporate and other bonds industrial and miscellaneous	105,136,971		-		-		105,136,971

Residential mortgage and other asset backed securities	-		72,769,606		-		72,769,606
Total fixed maturities	110,128,721		94,153,648		-		204,282,369
Equity securities	10,103,175		-		-		10,103,175
Total investments, at fair value	$	120,231,896	$	94,153,648	$	-	$	214,385,544


	December 31, 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	$	-	$	-	$	-	$	—

Political subdivisions of States, Territories and Possessions	-		20,873,097		-		20,873,097

Corporate and other bonds industrial and miscellaneous	106,792,378		-		-		106,792,378

Residential mortgage and other asset backed securities	-		59,227,963		-		59,227,963
Total fixed maturities	106,792,378		80,101,060		-		186,893,438
Equity securities	10,296,505		-		-		10,296,505
Total investments, at fair value	$	117,088,883	$	80,101,060	$	-	$	197,189,943

Schedule of Hedge Fund Investments


Category	March 31, 2025		December 31, 2024

Other Investments
Hedge fund	$	4,437,733	$	4,380,656

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
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, until March 2025, owned the land and building from which KICO operated (see Note 14 - Sale of Real Estate), and (2) Cosi. All significant inter-company account balances and transactions have been eliminated in consolidation.
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.
Accounting Changes	In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("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. The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Recent Accounting Pronouncements	In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires disaggregated disclosure of income statement expenses. ASU 2024-03 does not change the expense captions currently presented on the income statement; rather it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods as amended by ASU 2025-01, beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be applied on a prospective basis; however, retrospective application is permitted. Early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement 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.

Earnings Per Common Share - Schedule of Shares Used in Calculation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Weighted average number of shares outstanding (in shares)	13,472,404	10,999,662
Effect of dilutive securities, common share equivalents:
Stock options (in shares)	188,679	13,902
Warrants (in shares)	583,567	518,094
Restricted stock awards (in shares)	27,852	259,862
Weighted average number of shares outstanding, used for computing diluted earnings per share (in shares)	14,272,502	11,791,520

Property and Casualty Insurance Activity

3 Months Ended

Mar. 31, 2025

Property and Casualty Insurance Activity

Property and Casualty Insurance Activity

Premiums Earned

Premiums written, ceded and earned are as follows:


	Direct		Assumed		Ceded		Net

Three months ended March 31, 2025
Premiums written	$	58,174,996	$	-	$	2,834,411	$	61,009,407
Change in unearned premiums	2,470,381		-		(19,956,725)		(17,486,344)
Premiums earned	$	60,645,377	$	-	$	(17,122,314)	$	43,523,063

Three months ended March 31, 2024
Premiums written	$	49,324,616	$	-	$	(11,229,217)	$	38,095,399
Change in unearned premiums	671,762		-		(9,947,259)		(9,275,497)
Premiums earned	$	49,996,378	$	-	$	(21,176,476)	$	28,819,902

Premium receipts in advance of the policy effective date are recorded as advance premiums. The balance of advance premiums as of March 31, 2025 and December 31, 2024 was $4,079,775 and $3,503,063, 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:


	Three months ended March 31,
	2025		2024

Balance at beginning of period	$	126,210,428	$	121,817,862
Less reinsurance recoverables	(32,322,637)		(33,288,650)
Net balance, beginning of period	93,887,791		88,529,212

Incurred related to:
Current year	27,774,353		18,425,855
Prior years	(599,275)		(566,268)
Total incurred	27,175,078		17,859,587

Paid related to:
Current year	5,217,256		4,671,653
Prior years	13,752,485		11,942,843
Total paid	18,969,741		16,614,496

Net balance at end of period	102,093,128		89,774,303
Add reinsurance recoverables	33,241,595		32,724,136
Balance at end of period	$	135,334,723	$	122,498,439

Incurred losses and LAE are presented net of reinsurance recoveries under reinsurance contracts of $7,059,344 and $4,861,500 for the three months ended March 31, 2025 and 2024, 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 three months ended March 31, 2025 and 2024 was $(599,275) favorable and $(566,268) 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 March 31, 2022 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.

All Lines of Business

(in thousands, except reported claims data)


	Incurred Loss and Allocated Loss Adjustment Expenses, Net of Reinsurance																				As of March 31, 2025
Accident Year	For the Years Ended December 31,																		Three Months Ended March 31, 2025		IBNR		Cumulative Number of Reported Claims by Accident Year
	2016		2017		2018		2019		2020		2021		2022		2023		2024

	(Unaudited 2015 - 2024)																		(Unaudited)

2016	$	26,062	$	24,941	$	24,789	$	27,887	$	27,966	$	27,417	$	27,352	$	27,271	$	27,247	$	27,244	$	63	2,884
2017			31,605		32,169		35,304		36,160		36,532		36,502		36,819		37,268		37,228		123		3,401
2018					54,455		56,351		58,441		59,404		61,237		61,145		61,686		61,601		1,497		4,238
2019							75,092		72,368		71,544		71,964		73,310		74,363		74,220		1,698		4,508
2020									63,083		62,833		63,217		63,562		64,400		64,417		1,180		5,895
2021											96,425		96,673		96,134		96,771		97,088		1,942		5,834
2022													79,835		78,759		78,078		77,894		4,400		4,713
2023															78,978		72,025		72,019		9,191		4,090
2024																	57,860		57,491		11,660		3,096
2025																			25,308		10,702		538
																	Total		$	594,509

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,																		Three Months Ended March 31, 2025
	2016		2017		2018		2019		2020		2021		2022		2023		2024
	(Unaudited 2015 - 2024)																		(Unaudited)

2016	$	15,364	$	19,001	$	21,106	$	23,974	$	25,234	$	25,750	$	26,382	$	26,854	$	26,808	$	26,816
2017			16,704		24,820		28,693		31,393		32,529		33,522		34,683		35,046		35,229
2018					32,383		44,516		50,553		52,025		54,424		56,199		57,185		57,492
2019							40,933		54,897		58,055		60,374		63,932		66,109		67,507
2020									39,045		50,719		53,432		56,523		59,220		59,544
2021											56,282		77,756		82,317		85,314		86,548
2022													45,856		65,732		68,170		69,119
2023															46,280		56,952		57,894
2024																	29,013		36,168
2025																			4,466
																	Total		$	500,783

Net liability for unpaid loss and allocated loss adjustment expenses for the accident years presented																			$	93,725
All outstanding liabilities before 2016, net of reinsurance																			1,683
Liabilities for loss and allocated loss adjustment expenses, net of reinsurance																			$	95,408

(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 March 31, 2025
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance	$	95,408
Total reinsurance recoverable on unpaid losses	33,242
Unallocated loss adjustment expenses	6,685
Total gross liability for loss and LAE reserves	$	135,335

Reinsurance

On January 1, 2024, the Company entered into a 27% quota share reinsurance treaty for its personal lines business, which primarily consists of homeowners’ and dwelling fire policies covering the period from January 1, 2024 through January 1, 2025 (“2024/2025 Treaty”). Upon the expiration of the 2024/2025 Treaty on January 1, 2025, the Company entered into a new 16% quota share reinsurance treaty for its personal lines business, covering the period from January 1, 2025 through January 1, 2026 (“2025/2026 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, 2024, the Company renewed an underlying excess of loss reinsurance treaty (“Underlying XOL Treaty”) covering the period from January 1, 2024 through January 1, 2025. 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, 2025, the Underlying XOL Treaty was renewed covering the period from January 1, 2025 through June 30, 2025. For the period October 1, 2024 through April 30, 2025, the Company purchased catastrophe reinsurance which provides coverage for winter storm losses to the extent of 71% of $4,500,000 in excess of $5,500,000. Material terms for reinsurance treaties in effect for the treaty years shown below are as follows:


	Treaty Period
	2025/2026 Treaty						2024/2025 Treaty
Line of Business	July 1, 2025 to January 1, 2026			January 1, 2025 to June 30, 2025			July 1, 2024 to January 1, 2025			January 1, 2024 to June 30, 2024

Personal Lines:
Homeowners, dwelling fire and canine legal liability
Quota share treaty:
Percent ceded (7)	16		%	16		%	27		%	27		%
Risk retained on initial
$1,000,000 of losses (5) (6) (7)	$	840,000		$	840,000		$	730,000		$	730,000
Losses per occurrence
subject to quota share
reinsurance coverage	$	1,000,000		$	1,000,000		$	1,000,000		$	1,000,000
Expiration date	January 1, 2026			January 1, 2026			January 1, 2025			January 1, 2025
Excess of loss coverage and
facultative facility
coverage (1) (5) (6)	(6)			$	8,400,000		$	8,400,000		$	8,400,000
				in excess of			in excess of			in excess of
				$	600,000		$	600,000		$	600,000
Total reinsurance coverage
per occurrence (5) (6)	$	160,000		$	8,360,000		$	8,470,000		$	8,470,000
Losses per occurrence
subject to reinsurance
coverage (6)	$	1,000,000		$	9,000,000		$	9,000,000		$	9,000,000
Expiration date	(6)			June 30, 2025			June 30, 2025			June 30, 2024

Catastrophe Reinsurance:
Initial loss subject to personal
lines quota share treaty (6)	$	10,000,000		$	10,000,000		$	10,000,000		$	10,000,000
Risk retained per catastrophe
occurrence (6) (7) (8) (9)	(6)			$	4,250,000		$	4,750,000		$	9,500,000
Catastrophe loss coverage
in excess of quota share
coverage (2) (6)	(6)			$	275,000,000		$	275,000,000		$	315,000,000

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

(3)For the period January 1, 2023 through June 30, 2024, reinstatement premium protection for $50,000,000 of catastrophe coverage in excess of $10,000,000.

(8)Plus losses in excess of catastrophe coverage.


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

Personal Lines:
Personal Umbrella
Quota share treaty:
Percent ceded - first $1,000,000 of coverage	90		%	90		%
Percent ceded - excess of $1,000,000 dollars of coverage	95		%	95		%
Risk retained	$	300,000		$	300,000
Total reinsurance coverage per occurrence	$	4,700,000		$	4,700,000
Losses per occurrence subject to quota share reinsurance coverage	$	5,000,000		$	5,000,000
Expiration date	June 30, 2025			June 30, 2024

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 2025/2026 Treaty for the three months ended March 31, 2025 based on: (i) a fixed provisional commission rate at which provisional ceding commissions were earned, and (ii) a sliding scale ("Sliding Scale") of commission rates and ultimate treaty year loss ratio on the policies reinsured under this agreement 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.

The Company earned ceding commission revenue under the 2024/2025 Treaty for the three months ended March 31, 2024, based on a fixed provisional commission rate at which provisional ceding commissions were earned.

Ceding commission revenue consists of the following:


	Three months ended March 31,
		2025		2024

Provisional ceding commissions earned		$	3,252,404	$	4,555,240
Contingent ceding commissions earned		(293,713)		11,871
		$	2,958,691	$	4,567,111

Provisional ceding commissions are settled monthly. Balances due to, or from reinsurers for contingent ceding commissions on the 2025/2026 Treaty will be settled annually based on the Loss Ratio of the treaty year that ends on January 1. Balances due to or 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 March 31, 2025 and December 31, 2024, net contingent ceding commissions payable to reinsurers under all treaties was approximately $1,020,000 and $727,000, 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 for reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. Changes in the allowance for credit losses are presented as a component of other underwriting expenses on the condensed consolidated statements of income and comprehensive income.

Investments - Schedule of equity securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Net Investment Income [Line Items]
Cost	$ 13,527,554	$ 13,527,554
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(3,424,379)	(3,231,049)
Estimated Fair Value	10,103,175	10,296,505
Estimated Fair Value	4,437,733	4,380,656
Preferred Stock
Net Investment Income [Line Items]
Cost	9,750,322	9,750,322
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2,668,147)	(2,422,617)
Estimated Fair Value	7,082,175	7,327,705
Fixed income exchange traded funds
Net Investment Income [Line Items]
Cost	3,711,232	3,711,232
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(756,232)	(808,432)
Estimated Fair Value	2,955,000	2,902,800
FHLBNY common stock
Net Investment Income [Line Items]
Cost	66,000	66,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	66,000	66,000
Hedge fund
Net Investment Income [Line Items]
Cost	1,987,040	1,987,040
Gross Unrealized Gains	2,450,693	2,393,616
Estimated Fair Value	$ 4,437,733	$ 4,380,656

Property and Casualty Insurance Activity - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended				7 Months Ended	12 Months Ended		18 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2025	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Apr. 30, 2025	Dec. 31, 2025	Dec. 31, 2024	Jun. 30, 2025
Effects of Reinsurance [Line Items]
Advance premiums	$ 4,079,775				$ 3,503,063				$ 3,503,063
Incurred losses and LAE under reinsurance contracts	7,059,344	$ 4,861,500
Prior year loss development	(599,275)	$ (566,268)
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	$ 1,020,000				$ 727,000				$ 727,000
Subsequent Event
Effects of Reinsurance [Line Items]
Underlying XOL treaty, reinsurance coverage (percent)							71.00%
Underlying XOL treaty, excess of loss coverage amount							$ 4,500,000
Underlying XOL treaty, excess of loss coverage excluded amount							$ 5,500,000
Personal Lines:
Effects of Reinsurance [Line Items]
Quota share treaty percent ceded					27.00%	27.00%			27.00%
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			16.00%	16.00%				16.00%

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2025 USD ($)
Common Stock
Stock offering costs	$ 221,792

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

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.

On February 10, 2025, KICO entered into a lease agreement for an office facility located in Kingston, New York under an operating lease. The lease commenced on March 1, 2025 (the "Commencement Date") and will expire on March 31, 2030. KICO has the option to renew the lease for an additional term of five years. KICO may terminate the lease anytime following the third anniversary of the Commencement Date if its insurance business is sold or substantially all of the Company's assets are sold. Base rent over the term of the lease is $269,777 plus a proportionate share of taxes, common area maintenance costs and insurance.

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 March 31,
Lease cost		2025			2024

Operating lease		$	4,464		$	41,342
Total lease cost		$	4,464		$	41,342

Other information on operating leases
Cash payments included in the measurement of lease liability reported in operating cash flows		$	4,085		$	49,145
Discount rate		13.75		%	5.50		%
Remaining lease term in years		4.9			0

Operating lease right-of-use assets, included in other assets, were $193,545 and $-0- as of March 31, 2025 and December 31, 2024, respectively. Operating lease right-of-use liabilities, included in accounts payable, accrued expenses and other liabilities, were $193,545 and $-0- as of March 31, 2025 and December 31, 2024, respectively.

Rent expense for the three months ended March 31, 2025 and 2024 amounted to $4,464 and $41,342, respectively, and is included in the accompanying condensed consolidated statements of income and comprehensive income within other underwriting expenses.

Employment Agreements

Meryl Golden, President and Chief Executive Officer

Employment Agreement effective as of January 1, 2023

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

Pursuant to the Second Amended Golden Employment Agreement, Ms. Golden was 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 vested 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 vested 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.

Employment Agreement 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 was effective as of January 1, 2025 and extends the expiration date of the Second Amended Golden Employment Agreement from December 31, 2024 to December 31, 2026. Pursuant to the Third Amended Golden Employment Agreement, Ms. Golden is entitled to receive an annual base salary of $550,000 (increased from $500,000 previously 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 previously in effect). Pursuant to the Third Amended Golden Employment Agreement (and as was 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 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 received during January 2025, and will be entitled to receive during January 2026, under certain circumstances, a grant 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. In the event that the Company is precluded from making a grant to Ms. Golden in 2026, she would instead be entitled to a cash bonus of $136,500 for such year.

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,976,487 at March 31, 2025 and $5,959,265 at December 31, 2024)	$ 7,046,023	$ 7,047,342
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $216,882,931 at March 31, 2025 and $202,308,158 at December 31, 2024)	204,282,369	186,893,438
Equity securities, at fair value (cost of $13,527,554 at March 31, 2025 and $13,527,554 at December 31, 2024)	10,103,175	10,296,505
Other investments	4,437,733	4,380,656
Total investments	225,869,300	208,617,941
Cash and cash equivalents	37,490,182	28,669,441
Premiums receivable, net of allowance for credit losses of $439,928 at March 31, 2025 and $402,290 at December 31, 2024	17,012,840	21,766,988
Reinsurance receivables, net	60,818,148	69,322,436
Deferred policy acquisition costs	24,400,992	24,732,371
Intangible assets	500,000	500,000
Property and equipment, net	7,889,564	9,283,970
Deferred income taxes, net	5,132,770	5,597,920
Other assets	6,325,444	6,424,776
Total assets	385,439,240	374,915,843
Liabilities
Loss and loss adjustment expense reserves	135,334,723	126,210,428
Unearned premiums	132,231,352	134,701,733
Advance premiums	4,079,775	3,503,063
Reinsurance balances payable	5,815,948	10,509,121
Deferred ceding commission revenue	7,085,047	11,541,239
Accounts payable, accrued expenses and other liabilities	11,967,825	10,570,388
Income taxes payable	1,350,342	0
Debt, net (current $1,241,294 and long-term $4,122,971 at March 31, 2025, current $6,849,257 and long-term $4,322,163 at December 31, 2024)	5,364,265	11,171,420
Total liabilities	303,229,277	308,207,392
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 15,283,417 shares at March 31, 2025 and 14,448,205 shares at December 31, 2024 ; outstanding 13,759,292 shares at March 31, 2025 and 12,924,080 shares at December 31, 2024	152,834	144,482
Capital in excess of par	98,450,640	89,063,326
Accumulated other comprehensive loss	(9,952,290)	(12,175,476)
Accumulated deficit	(873,214)	(4,755,874)
Stockholders' Equity before treasury stock	87,777,970	72,276,458
Treasury stock, at cost, 1,524,125 shares at March 31, 2025 and 1,524,125 at December 31, 2024	(5,568,007)	(5,568,007)
Total stockholders' equity	82,209,963	66,708,451
Total liabilities and stockholders' equity	$ 385,439,240	$ 374,915,843

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

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:


	March 31, 2025		December 31, 2024

Deferred tax asset:
Net operating loss carryovers (1)	$	—	$	419,357
Claims reserve discount	1,418,989		1,305,466
Unearned premium	4,569,622		3,810,973
Deferred ceding commission revenue	1,487,860		2,423,660
Net unrealized losses on securities	2,651,848		3,069,900
Other	1,057,826		834,921
Total deferred tax assets	11,186,145		11,864,277

Deferred tax liability:
Investment in KICO (2)	759,543		759,543
Deferred policy acquisition costs	5,124,208		5,193,798
Intangible assets	105,000		105,000
Depreciation and amortization	64,624		208,016
Total deferred tax liabilities	6,053,375		6,266,357

Net deferred income tax asset	$	5,132,770	$	5,597,920

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


Type of NOL	March 31, 2025		December 31, 2024		Expiration

Federal only, NOL from 2024 and 2023	$	—	$	419,357	None

State only (A)	3,158,937		3,075,395		December 2027 - December 2045
Valuation allowance	(3,158,937)		(3,075,395)
State only, net of valuation allowance	-		-

Total deferred tax asset from net operating loss carryovers	$	—	$	419,357

(A)Kingstone generates operating losses for state purposes and has prior year NOLs available. The state NOL as of March 31, 2025 and December 31, 2024 was $48,599,031 and $47,313,775, 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 income and comprehensive income within other underwriting expenses. Kingstone has recorded a full 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 2045.

(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	March 31, 2025		December 31, 2024		Expiration

Federal only, NOL from 2024 and 2023	$	—	$	419,357	None

State only (A)	3,158,937		3,075,395		December 2027 - December 2045
Valuation allowance	(3,158,937)		(3,075,395)
State only, net of valuation allowance	-		-

Total deferred tax asset from net operating loss carryovers	$	—	$	419,357

Employee Benefit Plans (Details) - USD ($)	3 Months Ended
Employee Benefit Plans (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Loss and loss adjustment expenses	$ 27,175,078	$ 17,859,587
Other underwriting expenses	$ 7,405,422	5,880,605
401(k) Company matching contribution (percent)	100.00%
Percentage of participant’s eligible contribution	4.00%
Incurred expense related to 401(k) plan	$ 113,000	$ 72,000
Employee Bonus Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accrued employee bonus plan	123,932
Loss and loss adjustment expenses	28,257
Other underwriting expenses	95,676
Executive Bonus Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accrued employee bonus plan	26,000
Other underwriting expenses	23,000
Bonus reversal allocated to other operating expenses	$ 3,000

Fair Value Measurements - Schedule of Hedge Fund Investments (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Hedge fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Alternative Investment	$ 4,437,733	$ 4,380,656

- 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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 3,882,660	$ 1,426,679
Adjustments to reconcile net income to net cash flows provided by operating activities:
Net realized losses on investments	1,726	92,357
Net unrealized losses (gains) on equity investments	193,330	(641,722)
Net unrealized gains on other investments	(57,077)	(177,026)
Gain on sale of real estate	(1,965,989)	0
Depreciation and amortization	623,863	596,513
Credit losses	42,617	8,905
Accretion of bond discount, net	5,419	(61,218)
Amortization of discount and issuance costs on debt	62,757	296,919
Loss on extinguishment of debt	174,962	0
Stock-based compensation	339,010	265,789
Deferred income tax (benefit) expense	(125,822)	378,024
Decrease (increase) in operating assets:
Premiums receivable, net	4,711,531	(306,894)
Reinsurance receivables, net	8,504,288	4,869,975
Deferred policy acquisition costs	331,379	375,413
Other assets	303,613	(424,596)
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves	9,124,295	680,577
Unearned premiums	(2,470,381)	(671,761)
Advance premiums	576,712	783,344
Reinsurance balances payable	(4,693,173)	(2,039,754)
Deferred ceding commission revenue	(4,456,192)	(170,765)
Accounts payable, accrued expenses and other liabilities	2,747,779	817,461
Net cash flows provided by operating activities	17,857,307	6,098,220
Cash flows from investing activities:
Purchase - fixed-maturity securities available-for-sale	(21,250,155)	(45,625,725)
Sale and maturity - fixed-maturity securities available-for-sale	6,669,556	32,801,612
Sale - equity securities	0	1,777,738
Proceeds from sale of real estate	3,600,000	0
Acquisition of property and equipment	(863,468)	(540,975)
Net cash flows used in investing activities	(11,844,067)	(11,587,350)
Cash flows from financing activities:
Principal payments on equipment financing	(299,155)	(282,176)
Principal payment on 2024 Notes	(5,950,000)	0
Proceeds from exercise of stock options	56,149	0
Withholding taxes paid on net exercise of stock options	(14,305)	0
Withholding taxes paid on vested restricted stock awards	(530,880)	(6,392)
Net proceeds from issuance of common stock	9,545,692	0
Net cash flows provided by (used in) financing activities	2,807,501	(288,568)
Increase (decrease) in cash and cash equivalents	8,820,741	(5,777,698)
Cash and cash equivalents, beginning of period	28,669,441	8,976,998
Cash and cash equivalents, end of period	37,490,182	3,199,300
Supplemental disclosures of cash flow information:
Cash paid for income taxes	0	0
Cash paid for interest	1,370,448	98,456
Supplemental schedule of non-cash investing and financing activities:
Other comprehensive income (loss), net of tax	$ 2,223,186	$ (440,408)

Property and Casualty Insurance Activity - Schedule of Earned Premiums (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Change in unearned premiums
Effects of Reinsurance [Line Items]
Direct	$ 2,470,381	$ 671,762
Assumed	0	0
Ceded	(19,956,725)	(9,947,259)
Net	(17,486,344)	(9,275,497)
Premiums earned
Effects of Reinsurance [Line Items]
Direct	60,645,377	49,996,378
Assumed	0	0
Ceded	(17,122,314)	(21,176,476)
Net	43,523,063	28,819,902
Premiums written
Effects of Reinsurance [Line Items]
Direct	58,174,996	49,324,616
Assumed	0	0
Ceded	2,834,411	(11,229,217)
Net	$ 61,009,407	$ 38,095,399

Investments - Schedule of available for sale securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Net Investment Income [Line Items]
Cost or Amortized Cost	$ 216,882,931	$ 202,308,158
Debt instrument, collateral amount	4,885,000	5,308,000
Investments, fair value disclosure	10,102,000	10,130,000
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Net Investment Income [Line Items]
Cost or Amortized Cost	4,991,733	0
Gross Unrealized Gains	17	0
Gross unrealized losses - less than 12 months	0	0
Gross unrealized loss - more than 12 months	0	0
Estimated Fair Value	4,991,750	0
Net Unrealized Losses	17	0
Political subdivisions of States, Territories and Possessions
Net Investment Income [Line Items]
Cost or Amortized Cost	24,267,119	24,271,177
Gross Unrealized Gains	62,010	0
Gross unrealized losses - less than 12 months	0	(73,589)
Gross unrealized loss - more than 12 months	(2,945,087)	(3,324,491)
Estimated Fair Value	21,384,042	20,873,097
Net Unrealized Losses	(2,883,077)	(3,398,080)
Corporate and other bonds industrial and miscellaneous
Net Investment Income [Line Items]
Cost or Amortized Cost	109,603,106	112,507,436
Gross Unrealized Gains	22,136	0
Gross unrealized losses - less than 12 months	(495,587)	(1,024,461)
Gross unrealized loss - more than 12 months	(3,992,684)	(4,690,597)
Estimated Fair Value	105,136,971	106,792,378
Net Unrealized Losses	(4,466,135)	(5,715,058)
Residential mortgage and other asset backed securities
Net Investment Income [Line Items]
Cost or Amortized Cost	78,020,973	65,529,545
Gross Unrealized Gains	300,333	119,647
Gross unrealized losses - less than 12 months	(17,773)	(209,890)
Gross unrealized loss - more than 12 months	(5,533,927)	(6,211,339)
Estimated Fair Value	72,769,606	59,227,963
Net Unrealized Losses	(5,251,367)	(6,301,582)
Total fixed-maturity securities
Net Investment Income [Line Items]
Cost or Amortized Cost	216,882,931	202,308,158
Gross Unrealized Gains	384,496	119,647
Gross unrealized losses - less than 12 months	(513,360)	(1,307,940)
Gross unrealized loss - more than 12 months	(12,471,698)	(14,226,427)
Estimated Fair Value	204,282,369	186,893,438
Net Unrealized Losses	$ (12,600,562)	$ (15,414,720)

Fair Value of Financial Instruments and Real Estate (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 are as follows:


	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value

Fixed-maturity securities, held-to maturity, Level 1	$	7,046,023	$	5,976,487	$	7,047,342	$	5,959,265
Fixed-maturity securities, available-for-sale, Level 1	$	110,128,721	$	110,128,721	$	106,792,378	$	106,792,378
Fixed-maturity securities, available-for-sale, Level 2	$	94,153,648	$	94,153,648	$	80,101,060	$	80,101,060
Cash and cash equivalents, Level 1	$	37,490,182	$	37,490,182	$	28,669,441	$	28,669,441
Premiums receivable, net, Level 1	$	17,012,840	$	17,012,840	$	21,766,988	$	21,766,988
Reinsurance receivables, net, Level 3	$	60,818,148	$	60,818,148	$	69,322,436	$	69,322,436
Real estate, net of accumulated depreciation, Level 3 (1)	$	460,031	$	940,000	$	1,913,390	$	3,540,000
Reinsurance balances payable, Level 3	$	5,815,948	$	5,815,948	$	10,509,121	$	10,509,121
Debt - 13.75 Senior Notes due 2026, Level 2	$	-	$	-	$	5,508,000	$	5,553,785

Earnings Per Common Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

Basic net earnings per common share is computed by dividing net income by the weighted-average number of shares of Common Stock outstanding. Diluted earnings per common share reflects, in periods in which it has a dilutive effect, the impact of shares of Common Stock issuable upon exercise of stock options and warrants as well as non-vested restricted stock awards. The computation of diluted earnings 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 ended March 31, 2025 and 2024, there were -0- options and 120,553 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 ended March 31, 2025 and 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 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 ended March 31, 2025 and 2024, there were no options, warrants or restricted stock awards that were anti-dilutive for the relevant periods.

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


	Three Months Ended March 31,
		2025	2024

Weighted average number of shares outstanding		13,472,404	10,999,662

Effect of dilutive securities, common share equivalents:
Stock options		188,679	13,902
Warrants		583,567	518,094
Restricted stock awards		27,852	259,862

Weighted average number of shares outstanding, used for computing diluted earnings per share		14,272,502	11,791,520

Income Taxes

3 Months Ended

Mar. 31, 2025

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:


	March 31, 2025		December 31, 2024

Deferred tax asset:
Net operating loss carryovers (1)	$	—	$	419,357
Claims reserve discount	1,418,989		1,305,466
Unearned premium	4,569,622		3,810,973
Deferred ceding commission revenue	1,487,860		2,423,660
Net unrealized losses on securities	2,651,848		3,069,900
Other	1,057,826		834,921
Total deferred tax assets	11,186,145		11,864,277

Deferred tax liability:
Investment in KICO (2)	759,543		759,543
Deferred policy acquisition costs	5,124,208		5,193,798
Intangible assets	105,000		105,000
Depreciation and amortization	64,624		208,016
Total deferred tax liabilities	6,053,375		6,266,357

Net deferred income tax asset	$	5,132,770	$	5,597,920

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


Type of NOL	March 31, 2025		December 31, 2024		Expiration

Federal only, NOL from 2024 and 2023	$	—	$	419,357	None

State only (A)	3,158,937		3,075,395		December 2027 - December 2045
Valuation allowance	(3,158,937)		(3,075,395)
State only, net of valuation allowance	-		-

Total deferred tax asset from net operating loss carryovers	$	—	$	419,357

(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 three months ended March 31, 2025 and 2024. 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, 2024 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues
Net premiums earned	$ 43,523,063	$ 28,819,902
Ceding commission revenue	2,958,691	4,567,111
Net investment income	2,048,596	1,502,860
Net (losses) gains on investments	(137,979)	726,391
Realized gain on sale of real estate	1,965,989	0
Other income	140,415	148,913
Total revenues	50,498,775	35,765,177
Expenses
Loss and loss adjustment expenses	27,175,078	17,859,587
Commission expense	9,312,880	7,851,812
Other underwriting expenses	7,405,422	5,880,605
Other operating expenses	1,035,737	778,082
Depreciation and amortization	623,863	596,513
Interest expense	227,454	993,875
Total expenses	45,780,434	33,960,474
Income from operations before taxes	4,718,341	1,804,703
Income tax expense	835,681	378,024
Net income	3,882,660	1,426,679
Other comprehensive income (loss), net of tax
Gross decrease (increase) in unrealized losses on available-for-sale-securities	2,812,432	(560,347)
Reclassification adjustment for realized losses included in net income	1,726	2,867
Net decrease (increase) in unrealized losses	2,814,158	(557,480)
Income tax (expense) benefit related to items of other comprehensive income (loss)	(590,972)	117,072
Other comprehensive income (loss), net of tax	2,223,186	(440,408)
Comprehensive income	$ 6,105,846	$ 986,271
Earnings per common share:
Basic (in dollars per share)	$ 0.29	$ 0.13
Diluted (in dollars per share)	$ 0.27	$ 0.12
Weighted average common shares outstanding
Basic (in shares)	13,472,404	10,999,662
Diluted (in shares)	14,272,502	11,791,520

Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
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	$ 4,991,750	$ 0
Political subdivisions of States, Territories and Possessions	21,384,042	20,873,097
Corporate and other bonds industrial and miscellaneous	105,136,971	106,792,378
Residential mortgage and other asset backed securities	72,769,606	59,227,963
Total fixed maturities	204,282,369	186,893,438
Equity securities	10,103,175	10,296,505
Total investments, at fair value	214,385,544	197,189,943
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	4,991,750	0
Political subdivisions of States, Territories and Possessions	0	0
Corporate and other bonds industrial and miscellaneous	105,136,971	106,792,378
Residential mortgage and other asset backed securities	0	0
Total fixed maturities	110,128,721	106,792,378
Equity securities	10,103,175	10,296,505
Total investments, at fair value	120,231,896	117,088,883
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	21,384,042	20,873,097
Corporate and other bonds industrial and miscellaneous	0	0
Residential mortgage and other asset backed securities	72,769,606	59,227,963
Total fixed maturities	94,153,648	80,101,060
Equity securities	0	0
Total investments, at fair value	94,153,648	80,101,060
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

Commitments and Contingencies - Schedule of Company’s Office Operating Leases (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Operating lease	$ 4,464	$ 41,342
Total lease cost	4,464	41,342
Cash payments included in the measurement of lease liability reported in operating cash flows	$ 4,085	$ 49,145
Discount rate	13.75%	5.50%
Remaining lease term in years	4 years 10 months 24 days	0 years

Property and Casualty Insurance Activity - Schedule of Material Terms for Reinsurance Treaties (Details) $ in Thousands	3 Months Ended	6 Months Ended				7 Months Ended	12 Months Ended			18 Months Ended
	Mar. 31, 2025 USD ($) h	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Apr. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)
Effects of Reinsurance [Line Items]
Single risk coverage	$ 9,000
Catastrophe coverage, multiple of per occurrence limitation	2
Catastrophic coverage, first layer	$ 5,000
Excess of catastrophic coverage, first layer	$ 5,000
Catastrophe coverage, number of consecutive hours \| h	168
Reinstatement of premium protection											$ 50,000
Excess of catastrophe coverage											$ 10,000
Underlying XOL treaty, reinsurance coverage (percent)									50.00%
Limited retention									$ 4,800
Subsequent Event
Effects of Reinsurance [Line Items]
Reinstatement of premium protection						$ 4,500
Excess of catastrophe coverage						$ 5,500
Underlying XOL treaty, reinsurance coverage (percent)						71.00%
Catastrophe reinsurance coverage, (percent)						71.00%
Minimum
Effects of Reinsurance [Line Items]
Direct loss	$ 3,500
Reduces retention									530
Maximum
Effects of Reinsurance [Line Items]
Direct loss	$ 9,000
Reduces retention									$ 730
Forecast
Effects of Reinsurance [Line Items]
Reinstatement of premium protection								$ 50,000		$ 400
Excess of catastrophe coverage								$ 10,000		$ 600
Underlying XOL treaty, reinsurance coverage (percent)										50.00%
Limited retention							$ 5,200
Forecast \| Minimum
Effects of Reinsurance [Line Items]
Retention increases							530
Forecast \| Maximum
Effects of Reinsurance [Line Items]
Retention increases							$ 640
Catastrophe Reinsurance:
Effects of Reinsurance [Line Items]
Initial loss subject to personal lines quota share treaty				$ 10,000	$ 10,000
Risk retained per catastrophe occurrence				4,750	9,500
Catastrophe loss coverage in excess of quota share coverage				$ 275,000	$ 315,000
Reinstatement premium protection				Yes	Yes
Catastrophe Reinsurance: \| Forecast
Effects of Reinsurance [Line Items]
Initial loss subject to personal lines quota share treaty		$ 10,000	$ 10,000
Risk retained per catastrophe occurrence			4,250
Catastrophe loss coverage in excess of quota share coverage			$ 275,000
Reinstatement premium protection			Yes
Personal Lines:
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				$ 730	$ 730
Losses per occurrence subject to quota share reinsurance coverage				1,000	1,000
Excess of loss coverage and facultative facility coverage				8,400	8,400
in excess of 1				600	600
Total reinsurance coverage per occurrence				8,470	8,470
Losses per occurrence subject to reinsurance coverage				$ 9,000	$ 9,000
Quota share treaty percent excluded from percent ceded									22.00%
Personal Lines: \| Forecast
Effects of Reinsurance [Line Items]
Quota share treaty percent ceded		16.00%	16.00%				16.00%
Risk retained on initial $1,000,000 of losses		$ 840	$ 840
Losses per occurrence subject to quota share reinsurance coverage		1,000	1,000
Excess of loss coverage and facultative facility coverage			8,400
in excess of 1			600
Total reinsurance coverage per occurrence		160	8,360
Losses per occurrence subject to reinsurance coverage		$ 1,000	$ 9,000
Quota share treaty percent excluded from percent ceded							6.00%

Debt - Schedule of Long Term Debt (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024	Sep. 12, 2024
Debt Instrument [Line Items]
Long-term debt	$ 5,364,265	$ 11,171,420
2024 Notes
Debt Instrument [Line Items]
Long-term debt, gross	0	5,950,000
Warrants	0	(256,909)
Issuance costs	0	(185,091)
Long-term debt	0	5,508,000
Debt instrument, interest rate			13.75%
Senior Notes due 2026
Debt Instrument [Line Items]
Long-term debt	$ 0	5,508,000
Debt instrument, interest rate	13.75%
Equipment financing
Debt Instrument [Line Items]
Long-term debt	$ 5,364,265	$ 5,663,420

- 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

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
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
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

Income Taxes - Schedule of Deferrred Tax Assets and Liabilities (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2017
Deferred tax asset:
Net operating loss carryovers	$ 0	$ 419,357
Claims reserve discount	1,418,989	1,305,466
Unearned premium	4,569,622	3,810,973
Deferred ceding commission revenue	1,487,860	2,423,660
Net unrealized losses on securities	2,651,848	3,069,900
Other	1,057,826	834,921
Total deferred tax assets	11,186,145	11,864,277
Deferred tax liability:
Investment in KICO	759,543	759,543	$ 759,543
Deferred policy acquisition costs	5,124,208	5,193,798
Intangible assets	105,000	105,000
Depreciation and amortization	64,624	208,016
Total deferred tax liabilities	6,053,375	6,266,357
Net deferred income tax asset	$ 5,132,770	$ 5,597,920

Nature of Business and Basis of Presentation	3 Months Ended
Nature of Business and Basis of Presentation	Mar. 31, 2025
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”), operates through its wholly-owned subsidiary, Kingstone Insurance Company (“KICO”). KICO is a New York domiciled carrier writing business through retail and wholesale agents and brokers. KICO is actively writing personal lines and commercial auto insurance in New York, and in 2024 was the 12th 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 March 31, 2025 and 2024, 98.3% and 94.4%, 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, 2024 and notes thereto included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 18, 2025. 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 ended March 31, 2025 may not be indicative of the results that may be expected for the year ending December 31, 2025.

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income	$ 3,882,660	$ 1,426,679

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Debt

3 Months Ended

Mar. 31, 2025

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 the 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 March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024 was approximately $14,861,000 and $13,637,000, respectively. The estimated fair value of available collateral as of March 31, 2025 and December 31, 2024 was approximately $10,102,000 and $10,130,000, respectively. Advances are limited to 85% of the amount of available collateral. There were no borrowings under this facility during the three months ended March 31, 2025 and 2024.

Debt

Debt as of March 31, 2025 and December 31, 2024 consists of the following:


	March 31, 2025		December 31, 2024

13.75% Senior Notes due 2026, net	$	-	$	5,508,000
Equipment financing	5,364,265		5,663,420
Balance at end of period	$	5,364,265	$	11,171,420

Exchange Agreements

General

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 approximate principal amount of $19,950,000 (the “2022 Notes”); (ii) cash in the aggregate approximate amount of $1,595,000, together with accrued interest on the 2017 Notes; and (iii) three-year warrants for the purchase of an aggregate of 969,525 shares of Common Stock of the Company, exercisable 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 (the "2024 Exchange"). 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 were 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. 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 was 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 March 31, 2025 and December 31, 2024 was as follows:


	March 31, 2025		December 31, 2024

13.75% Senior Notes due 2026	$	-	$	5,950,000
Warrants	-		(256,909)
Issuance costs	-		(185,091)
2024 Notes, net	$	-	$	5,508,000

The 2024 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 September 12, 2024, upon not less than fifteen (15) and not more than sixty (60) days’ notice, equal to 100% 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).

The 2024 Exchange Agreement provided for mandatory prepayments of principal. The 2024 Exchange Agreement provided 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 2024 Exchange Agreement provided 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 The Company made optional prepayments of $3,000,000 on September 30, 2024, $2,000,000 on November 13, 2024, $4,000,000 on December 30, 2024, $3,500,000 on

January 28, 2025, and $2,450,000 on February 24, 2025, and accordingly, has satisfied the entire principal balance of the 2024 Notes. Each prepayment of principal also included accrued and unpaid interest thereon. Unamortized debt issue costs of $174,962 related to extinguished debt were expensed at the time the 2024 Notes were extinguished and recorded as loss on extinguishment of debt in the condensed consolidated statements of income and comprehensive income within other operating expenses.

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

As of the end of each calendar quarter, commencing with the calendar quarter ending September 30, 2024, the Company was subject to a leverage maintenance test (“Leverage Maintenance Test”), which required that the Total Consolidated Indebtedness (as defined below) of the Company not be greater than 30% of Total Consolidated Capitalization (as defined below). As of December 31, 2024, the ratio as defined under the Leverage Maintenance Test was 7.0%. “Total Consolidated Indebtedness” was 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” was the amount equal to the sum of (x) Total Consolidated Indebtedness outstanding as of such date and (y) the total consolidated shareholders’ equity of the Company, excluding accumulated other comprehensive (loss) income, as recorded on the Company’s consolidated balance sheet.

Equipment Financing

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

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

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

A provision of the Financing requires KICO to pledge collateral for the lease obligation. As of March 31, 2025 and December 31, 2024, the amount of required collateral was approximately $4,885,000 and $5,308,000, respectively. As of March 31, 2025 and December 31, 2024, the fair value of KICO’s pledged collateral was approximately $4,885,000 and $5,308,000, respectively, in various fixed-maturity securities.

Future contractual payment obligations under the Financing as of March 31, 2025 are as follows:


For the Years Ending December 31,	Total
Remainder of 2025	$	924,137
2026	1,296,901
2027	1,119,021
	3,340,059
2028 purchase price	2,024,206
Total	$	5,364,265

- 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

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+ Details

Sale of Real Estate	3 Months Ended
Sale of Real Estate	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Sale of Real Estate	Sale of Real Estate On February 5, 2025, a subsidiary of the Company entered into a contract of sale with Ulster County, New York (the “County”) for the sale to the County of the Company’s headquarters building in Kingston, New York, along with an adjacent mixed-use property (collectively, the “Property”). The purchase price for the Property was $3,600,000. The closing of the sale was on March 19, 2025.

Segment Information - Components Included and Excluded from Net Combined Ratio (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue components excluded from net combined ratio
Net income	$ 3,882,660	$ 1,426,679
Reportable Segment
Components of Net Combined Ratio [Abstract]
Net premiums earned	43,523,063	28,819,902
Ceding commission revenue	2,958,691	4,567,111
Other income	139,954	148,167
Total revenue components of net combined ratio	46,621,708	33,535,180
Loss and loss adjustment expenses	27,175,078	17,859,587
Commission expense	9,312,880	7,851,812
Other underwriting expenses	7,405,422	5,880,605
Total expense components of net combined ratio	43,893,380	31,592,004
Operating segment net income	2,728,328	1,943,176
Revenue components excluded from net combined ratio
Net investment income	2,048,596	1,502,860
Net (losses) gains on investments	(137,979)	726,391
Gain on sale of real estate	1,965,989	0
Other income	461	746
Total revenue components excluded from net combined ratio	3,877,067	2,229,997
Other operating expenses	1,035,737	778,082
Depreciation and amortization	623,863	596,513
Interest expense	227,454	993,875
Income tax	835,681	378,024
Total expense components excluded from net combined ratio	2,722,735	2,746,494
Total net income (loss) components excluded from net combined ratio	$ 1,154,332	$ (516,497)

Fair Value of Financial Instruments and Real Estate (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Reinsurance balances payable, Level 3	$ 5,815,948	$ 10,509,121
Long-term debt	5,364,265	11,171,420
Senior Notes due 2026
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	$ 0	5,508,000
Stated interest rate (percent)	13.75%
Level 2 \| Senior Notes due 2026
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Stated interest rate (percent)	13.75%
Carrying Value \| Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed-maturity securities, held-to maturity, Level 1	$ 7,046,023	7,047,342
Fixed-maturity securities available-for-sale	110,128,721	106,792,378
Cash and cash equivalents, Level 1	37,490,182	28,669,441
Premiums receivable, net, Level 1	17,012,840	21,766,988
Carrying Value \| Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed-maturity securities available-for-sale	94,153,648	80,101,060
Carrying Value \| Level 2 \| Senior Notes due 2026
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	0	5,508,000
Carrying Value \| Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Reinsurance receivables, net, Level 3	60,818,148	69,322,436
Real estate, net of accumulated depreciation, Level 3	460,031	1,913,390
Reinsurance balances payable, Level 3	5,815,948	10,509,121
Fair Value \| Level 1
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed-maturity securities, held-to maturity, Level 1	5,976,487	5,959,265
Fixed-maturity securities available-for-sale	110,128,721	106,792,378
Cash and cash equivalents, Level 1	37,490,182	28,669,441
Premiums receivable, net, Level 1	17,012,840	21,766,988
Fair Value \| Level 2
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Fixed-maturity securities available-for-sale	94,153,648	80,101,060
Fair Value \| Level 2 \| Senior Notes due 2026
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Long-term debt	0	5,553,785
Fair Value \| Level 3
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Reinsurance receivables, net, Level 3	60,818,148	69,322,436
Real estate, net of accumulated depreciation, Level 3	940,000	3,540,000
Reinsurance balances payable, Level 3	$ 5,815,948	$ 10,509,121