Investments (Tables)

6 Months Ended

Jun. 30, 2016

Investments Tables

Investment income

A summary of total investment income and net realized losses is as follows:

	Three Months Ended June 30				Six Months Ended June 30
	2016		2015		2016			2015
Fixed maturities	$	180,828	$	85,229	$	358,665		$	157,165
Short-term investments		31,622		12,706		65,876			28,178
Total investment income		212,450		97,935		424,541			185,343
Net realized losses		—		—		(1,278	)		—
Total investment income and net realized losses	$	212,450	$	97,935	$	423,263		$	185,343

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, 2016
Available for sale:
Fixed maturities
Certificates of deposit	$	62,275,000	$	—	$	—	$	62,275,000
U.S. treasury securities		24,084,294		62,364		—		24,146,658
Total fixed maturities	$	86,359,294	$	62,364	$	—	$	86,421,658

December 31, 2015
Available for sale:
Fixed maturities
Certificates of deposit	$	58,127,000	$	—	$	—		$	58,127,000
U.S. treasury securities		24,075,727		3,188		(44,624	)		24,034,291
Total fixed maturities	$	82,202,727	$	3,188	$	(44,624	)	$	82,161,291

Unrealized gains (losses) 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:

	June 30			December 31
	2016			2015
Gross unrealized gains of fixed maturities	$	62,364		$	3,188
Gross unrealized (losses) of fixed maturities		—			(44,624	)
Net unrealized gains (losses) on investments		62,364			(41,436	)
Deferred federal tax (expense) benefit		(21,204	)		14,088
Net unrealized gains (losses), net of deferred income taxes	$	41,160		$	(27,348	)

Investment in short term assets

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

		June 30		December 31
		2016		2015
U.S. treasury bills	$	—	$	9,987,804
U.S. treasury money market fund		5,063,582		3,357,841
Certificates of deposit		948,000		1,346,000
Bank money market accounts		945,496		947,395
Bank savings accounts		1,763		1,763
Total short-term investments	$	6,958,841	$	15,640,803