Investments (Tables)

3 Months Ended

Mar. 31, 2013

Investments Tables

Investment Income

A summary of total investment income is as follows:

	Three Months Ended March 31
	2013		2012
Fixed maturities	$	98,306	$	577,481
Short-term investments		23,354		4,592
Total investment income	$	121,660	$	582,073

Available for sale investments

The amortized cost and estimated fair values of investments in fixed maturities by category are as follows:

		Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses		Estimated Fair Value
March 31, 2013
Available for sale:
Fixed maturities
Certificates of deposit	$	10,091,000		—	—	$	10,091,000
U.S. treasury securities		16,099,228	$	111,364	—		16,210,592
Total fixed maturities	$	26,190,228	$	111,364	—	$	26,301,592
December 31, 2012
Available for sale:
Fixed maturities
Certificates of deposit	$	10,090,000		—	—	$	10,090,000
U.S. treasury securities		23,354,211	$	183,791	—		23,538,002
Total fixed maturities	$	33,444,211	$	183,791	—	$	33,628,002

Unrealized appreciation on investments

A summary of the unrealized appreciation (depreciation) on investments carried at fair value and the applicable deferred federal income taxes are shown below:

		March 31			December 31
		2013			2012
Gross unrealized appreciation of fixed maturities	$	111,364		$	183,791
Gross unrealized (depreciation) of fixed maturities		—			—
Net unrealized appreciation on investments		111,364			183,791
Deferred federal tax expense		(37,864	)		(62,489	)
Net unrealized appreciation, net of deferred income taxes	$	73,500		$	121,302

Investment in short term assets

Short-term investments consist of the following:

		March 31		December 31
		2013		2012
U.S. treasury bills	$	85,782,872	$	78,776,954
U.S. treasury money market fund		4,294,338		3,494,729
Bank money market accounts		3,259,053		3,982,804
Bank savings accounts		1,762		1,762
Total short-term investments	$	93,338,025	$	86,256,249