Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments Tables

Investment Income

A summary of total investment income is as follows:

	Three Months Ended September 30				Nine Months Ended September 30
	2014		2013		2014		2013
Fixed maturities	$	19,796	$	51,006	$	46,428	$	239,167
Short-term investments		12,561		17,616		47,370		62,562
Total investment income	$	32,357	$	68,622	$	93,798	$	301,729

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, 2014
Available for sale:
Fixed maturities:
Certificates of deposit	$	13,542,000	$	—	$	—		$	13,542,000
U.S. treasury securities		15,078,947		6,632		(2,876	)		15,082,703
Total fixed maturities	$	28,620,947	$	6,632	$	(2,876	)	$	28,624,703

		Amortized Cost	Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair 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:

		September 30			December 31
		2014			2013
Gross unrealized appreciation of fixed maturities	$	6,632			—
Gross unrealized (depreciation) of fixed maturities		(2,876	)	$	(8,757	)
Net unrealized appreciation (depreciation) on investments		3,756			(8,757	)
Deferred federal tax benefit (expense)		(1,278	)		2,977
Net unrealized appreciation (depreciation), net of deferred  income taxes	$	2,478		$	(5,780	)

Investment in short term assets

Short-term investments consist of the following:

		September 30, 2014		December 31, 2013
U.S. treasury bills	$	76,986,519	$	91,979,877
U.S. treasury money market fund		682,889		214,574
Bank money market accounts		1,128,088		1,611,104
Bank savings accounts		1,762		1,762
Total short-term investments	$	78,799,258	$	93,807,317