Investments (Tables)

9 Months Ended

Sep. 30, 2013

Investments Tables

Investment Income

A summary of total investment income is as follows:

	Three Months Ended September 30				Nine Months Ended September 30
	2013		2012		2013		2012
Fixed maturities	$	51,006	$	284,149	$	239,167	$	1,326,250
Short-term investments		17,616		19,392		62,562		33,760
Total investment income	$	68,622	$	303,541	$	301,729	$	1,360,010

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
September 30, 2013
Available for sale:
Fixed maturities
Certificates of deposit	$	6,698,000	$	—	$	—		$	6,698,000
U.S. treasury securities		7,100,353		2,170		(2,469	)		7,100,054
Total fixed maturities	$	13,798,353	$	2,170	$	(2,469	)	$	13,798,054
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 (depreciation) 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:

		September 30			December 31
		2013			2012
Gross unrealized appreciation of fixed maturities	$	2,170		$	183,791
Gross unrealized (depreciation) of fixed maturities		(2,469	)		—
Net unrealized (depreciation) appreciation on investments		(299	)		183,791
Deferred federal tax benefit (expense)		102			(62,489	)
Net unrealized (depreciation) appreciation, net of deferred income taxes	$	(197	)	$	121,302

Investment in short term assets

Short-term investments consist of the following:

		September 30, 2013		December 31, 2012
U.S. treasury bills	$	90,989,635	$	78,776,954
U.S. treasury money market fund		3,362		3,494,729
Bank money market accounts		2,327,061		3,982,804
Bank savings accounts		1,762		1,762
Total short-term investments	$	93,321,820	$	86,256,249