Investments (Tables)

12 Months Ended

Dec. 31, 2016

Investments Tables

Summary of investment income and net realized losses

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

	Year ended December 31
	2016			2015			2014
Fixed maturities (1)	$	862,783		$	430,828		$	102,471
Short-term investments		18,363			48,536			59,267
Total investment income on invested assets		881,146			479,364			161,738
Net realized losses		(1,278	)		(7,251	)		—
Total investment income and net realized losses	$	879,868		$	472,113		$	161,738

(1) Investment income from fixed maturities included $113,394, $0, and $0 of interest on the restricted cash for the years ended December 31, 2016, 2015, and 2014.

Investments by contractual maturity

The amortized cost and estimated fair value of fixed maturity investments at December 31, 2016, by contractual maturity are as follows:

		Amortized Cost		Estimated Fair Value
Due in one year or less	$	52,273,745	$	52,286,222
Due after one year through five years		28,098,097		28,097,703
Total fixed maturities	$	80,371,842	$	80,383,925

Investments by amortized cost and estimated fiar value

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
December 31, 2016
Available-for-sale:
Fixed maturities
Certificates of deposit	$	61,280,000	$	—	$	—		$	61,280,000
U.S. treasury securities		19,091,842		14,205		(2,122	)		19,103,925
Total fixed maturities	$	80,371,842	$	14,205	$	(2,122	)	$	80,383,925
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

Summary of 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 is shown below:

	Year ended December 31
	2016			2015
Gross unrealized gains of fixed maturities	$	14,205		$	3,188
Gross unrealized (losses) of fixed maturities		(2,122	)		(44,624	)
Net unrealized gains (losses) on investments		12,083			(41,436	)
Deferred federal tax (expense) benefit		(4,108	)		14,088
Net unrealized gains (losses), net of deferred income taxes	$	7,975		$	(27,348	)

Summary of state held deposits

The following securities from four different banks represent statutory deposits that are assigned to and held by the California State Treasurer and the Insurance Commissioner of the State of Nevada. These deposits are required for writing certain lines of business in California and for admission in the state of Nevada.

	Year ended December 31
	2016		2015
Certificates of deposit	$	500,000	$	600,000
Short-term investments		100,000			_-
Total state held deposits	$	600,000	$	600,000

Summary of short term investments

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

	Year ended December 31
	2016		2015
U.S. treasury bills	$	—	$	9,987,804
U.S. treasury money market fund		8,542,292		3,357,841
Certificates of deposit		1,098,000		1,346,000
Bank money market accounts		562,548		947,395
Bank savings accounts		1,763		1,763
Total short-term investments	$	10,204,603	$	15,640,803