Investments (Tables)

3 Months Ended

Mar. 31, 2017

Investments Tables

Investment income

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

	Three Months Ended March 31
	2017		2016
Fixed maturities	$	178,433	$	177,837
Short-term investments		33,802		34,254
Total investment income		212,235		212,091
Net realized losses		—		(1,278	)
Investment income and net realized losses	$	212,235	$	210,813

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, 2017
Available-for-sale:
Fixed maturities
Certificates of deposit	$	54,142,000	$	—	$	—		$	54,142,000
U.S. treasury securities		14,094,670		5,279		(1,524	)		14,098,425
Total fixed maturities	$	68,236,670	$	5,279	$	(1,524	)	$	68,240,425

	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

Unrealized gains (losses) on investments

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

	March 31			December 31
	2017			2016
Gross unrealized gains on fixed maturities	$	5,279		$	14,205
Gross unrealized losses on fixed maturities		(1,524	)		(2,122	)
Net unrealized gains on fixed maturities		3,755			12,083
Deferred federal tax expense		(1,277	)		(4,108	)
Net unrealized gains, net of deferred income taxes	$	2,478		$	7,975

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 to transact insurance business in the state of Nevada.

	March 31		December 31
	2017		2016
Certificates of deposit	$	500,000	$	500,000
Short-term investments		100,000		100,000
Total state held deposits	$	600,000	$	600,000

Investment in short term assets

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

	March 31		December 31
	2017		2016
U.S. treasury money market fund	$	20,747,374	$	8,542,292
Certificates of deposit		350,000		1,098,000
Bank money market accounts		703,560		562,548
Bank savings accounts		1,763		1,763
Total short-term investments	$	21,802,697	$	10,204,603