Investments (Tables)

3 Months Ended

Mar. 31, 2015

Investments Tables

Investment Income

A summary of total investment income is as follows:

	Three Months Ended March 31
	2015		2014
Fixed maturities	$	71,936	$	13,089
Short-term investments		15,472		18,255
Total investment income	$	87,408	$	31,344

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, 2015
Available for sale:
Fixed maturities
Certificates of deposit	$	19,489,000		—		—		$	19,489,000
U.S. treasury securities		25,064,427	$	90,158	$	(680	)		25,153,905
Total fixed maturities	$	44,553,427	$	90,158	$	(680	)	$	44,642,905

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2014
Available for sale:
Fixed maturities
Certificates of deposit	$	15,089,000		—		—		$	15,089,000
U.S. treasury securities		20,064,111	$	14,476	$	(9,031	)		20,069,556
Total fixed maturities	$	35,153,111	$	14,476	$	(9,031	)	$	35,158,556

Unrealized appreciation (depreciation) on investments

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

		March 31			December 31
		2015			2014
Gross unrealized gains of fixed maturities	$	90,158		$	14,476
Gross unrealized (losses) of fixed maturities		(680	)		(9,031	)
Net unrealized gains on investments		89,478			5,445
Deferred federal tax expense		(30,423	)		(1,851	)
Net unrealized gains, net of deferred income taxes	$	59,055		$	3,594

Investment in short term assets

Short-term investments have an initial maturity of one year or less and consist of the following:

		March 31 2015		December 31 2014
U.S. treasury bills	$	58,980,481	$	69,968,988
U.S. treasury money market fund		2,478,559		1,450,451
Bank money market accounts		650,614		838,207
Bank savings accounts		1,762		1,762
Total short-term investments	$	62,111,416	$	72,259,408