Investments (Tables)

6 Months Ended

Jun. 30, 2014

Investments Tables

Investment Income

A summary of total investment income is as follows:

	Three Months Ended June 30				Six Months Ended June 30
	2014		2013		2014		2013
Fixed maturities	$	13,543	$	89,855	$	26,632	$	188,161
Short-term investments		16,554		21,592		34,809		44,946
Total investment income	$	30,097	$	111,447	$	61,441	$	233,107

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
June 30, 2014
Available for sale:
Fixed maturities
Certificates of deposit	$	6,549,000	$	—	$	—		$	6,549,000
U.S. treasury securities		5,096,759		4,705		(2,036	)		5,099,428
Total fixed maturities	$	11,645,759	$	4,705	$	(2,036	)	$	11,648,428

			Gross		Gross			Estimated
		Amortized	Unrealized		Unrealized			Fair
		Cost	Gains		Losses			Value
December 31, 2013
Available for sale:
Fixed maturities
Certificates of deposit	$	6,849,000	—		—		$	6,849,000
U.S. treasury securities		5,095,563	—	$	(8,757	)		5,086,806
Total fixed maturities	$	11,944,563	—	$	(8,757	)	$	11,935,806

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:

		June 30			December 31
		2014			2013
Gross unrealized appreciation of fixed maturities	$	4,705			—
Gross unrealized (depreciation) of fixed maturities		(2,036	)	$	(8,757	)
Net unrealized appreciation (depreciation) on investments		2,669			(8,757	)
Deferred federal tax benefit (expense)		(907	)		2,977
Net unrealized appreciation (depreciation), net of deferred income taxes	$	1,762		$	(5,780	)

Investment in short term assets

Short-term investments consist of the following:

		June 30		December 31
		2014		2013
U.S. treasury bills	$	91,986,492	$	91,979,877
U.S. treasury money market fund		1,721,898		214,574
Bank money market accounts		1,809,466		1,611,104
Bank savings accounts		1,762		1,762
Total short-term investments	$	95,519,618	$	93,807,317