Investments (Tables)

9 Months Ended

Sep. 30, 2016

Investments Tables

Investment income

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

	Three Months Ended September 30				Nine Months Ended September 30
	2016		2015		2016			2015
Fixed maturities	$	196,327	$	117,904	$	554,992		$	275,069
Short-term investments		38,243		10,914		104,119			39,092
Total investment income		234,570		128,818		659,111			314,161
Net realized losses		—		—		(1,278	)		—
Total investment income and net realized losses	$	234,570	$	128,818	$	657,833		$	314,161

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, 2016
Available for sale:
Fixed maturities:
Certificates of deposit	$	63,519,000	$	—	$	—		$	63,519,000
U.S. treasury securities		19,088,624		41,257		(79	)		19,129,802
Total fixed maturities	$	82,607,624	$	41,257	$	(79	)	$	82,648,802
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 is shown below:

	September 30			December 31
	2016			2015
Gross unrealized gains of fixed maturities	$	41,257		$	3,188
Gross unrealized (losses) of fixed maturities		(79	)		(44,624	)
Net unrealized gains (losses) on investments		41,178			(41,436	)
Deferred federal tax (expense) benefits		(14,001	)		14,088
Net unrealized gains (losses), net of deferred income taxes	$	27,177		$	(27,348	)

Investment in short term assets

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

	September 30 2016		December 31 2015
U.S. treasury bills	$	—	$	9,987,804
U.S. treasury money market fund		6,304,321		3,357,841
Certificates of deposit		1,098,000		1,346,000
Bank money market accounts		770,524		947,395
Bank savings accounts		1,763		1,763
Total short-term investments	$	8,174,608	$	15,640,803