Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Value of Available-for-Sale Securities

At September 30, 2014 and December 31, 2013, the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows:


	Cost or Amortized		Gross Unrealized		Gross Unrealized			Estimated Fair
	Cost		Gain		Loss			Value
*As of September 30, 2014*
Fixed-maturity securities
U.S. Treasury and U.S. government agencies	$	1,330	$	34	$	—		$	1,364
Corporate bonds		17,020		16		(157	)		16,879
Commercial mortgage-backed securities		11,163		408		(40	)		11,531
State, municipalities, and political subdivisions		59,796		1,158		(41	)		60,913
Redeemable preferred stock		9,434		100		(44	)		9,490

Total		98,743		1,716		(282	)		100,177
Equity securities		38,856		1,444		(1,203	)		39,097

Total available-for-sale securities	$	137,599	$	3,160	$	(1,485	)	$	139,274


*As of December 31, 2013*
Fixed-maturity securities
U.S. Treasury and U.S. government agencies	$	4,549	$	37	$	(22	)	$	4,564
Corporate bonds		25,139		484		(219	)		25,404
Commercial mortgage-backed securities		10,929		499		(96	)		11,332
State, municipalities, and political subdivisions		69,715		917		(181	)		70,451
Redeemable preferred stock		406		5		(11	)		400

Total		110,738		1,942		(529	)		112,151
Equity securities		17,248		920		(519	)		17,649

Total available-for-sale securities	$	127,986	$	2,862	$	(1,048	)	$	129,800

Scheduled Contractual Maturities of Fixed-Maturity Securities

The scheduled contractual maturities of fixed-maturity securities as of September 30, 2014 and December 31, 2013 are as follows:


	Amortized		Estimated
	Cost		Fair Value
*As of September 30, 2014*
Available-for-sale
Due in one year or less	$	1,518	$	1,520
Due after one year through five years		35,153		35,313
Due after five years through ten years		39,811		40,365
Due after ten years		11,098		11,448
Commercial mortgage-backed securities		11,163		11,531

	$	98,743	$	100,177


	Amortized		Estimated
	Cost		Fair Value
*As of December 31, 2013*
*Available-for-sale*
Due in one year or less	$	2,366	$	2,381
Due after one year through five years		24,829		25,145
Due after five years through ten years		59,083		59,582
Due after ten years		13,531		13,711
Commercial mortgage-backed securities		10,929		11,332

	$	110,738	$	112,151

Summary of Proceeds Received and Gross Realized Gains and Losses from Sales of Available for Sale Securities

Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three and nine months ended September 30, 2014 and 2013 were as follows:


			Gross Realized		Gross Realized
	Proceeds		Gains		Losses
Three months ended September 30, 2014
Fixed-maturity securities	$	47,557	$	2,759	$	—

Equity securities	$	3,302	$	623	$	(88	)

Three months ended September 30, 2013
Fixed-maturity securities	$	390	$	58	$	(1	)

Equity securities	$	708	$	20	$	(46	)

Nine months ended September 30, 2014
Fixed-maturity securities	$	67,519	$	3,623	$	(9	)

Equity securities	$	9,232	$	1,131	$	(280	)

Nine months ended September 30, 2013
Fixed-maturity securities	$	1,749	$	92	$	(4	)

Equity securities	$	2,021	$	84	$	(129	)

Summary of Securities with Gross Unrealized Loss Positions Aggregated by Investment Category

Securities with gross unrealized loss positions at September 30, 2014 and December 31, 2013, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:


	Less Than Twelve Months					Twelve Months or Greater					Total
	Gross			Estimated		Gross			Estimated		Gross			Estimated
	Unrealized			Fair		Unrealized			Fair		Unrealized			Fair
As of September 30, 2014	Loss			Value		Loss			Value		Loss			Value
Fixed-maturity securities
Corporate bonds	$	(151	)	$	11,164	$	(6	)	$	1,224	$	(157	)	$	12,388
Commercial mortgage-backed securities		(5	)		283		(35	)		1,377		(40	)		1,660
State, municipalities, and political subdivisions		(15	)		4,085		(26	)		196		(41	)		4,281
Redeemable preferred stock		(44	)		5,239		—			—		(44	)		5,239

Total fixed-maturity securities		(215	)		20,771		(67	)		2,797		(282	)		23,568
Equity securities		(980	)		19,385		(223	)		1,728		(1,203	)		21,113

Total available-for-sale securities	$	(1,195	)	$	40,156	$	(290	)	$	4,525	$	(1,485	)	$	44,681


	Less Than Twelve Months					Twelve Months or Greater					Total
	Gross			Estimated		Gross			Estimated		Gross			Estimated
	Unrealized			Fair		Unrealized			Fair		Unrealized			Fair
As of December 31, 2013	Loss			Value		Loss			Value		Loss			Value
Fixed-maturity securities
U.S. Treasury and U.S. government agencies	$	(22	)	$	3,291	$	—		$	—	$	(22	)	$	3,291
Corporate bonds		(212	)		9,502		(7	)		230		(219	)		9,732
Commercial mortgage-backed securities		(96	)		2,179		—			—		(96	)		2,179
State, municipalities, and political subdivisions		(181	)		20,233		—			—		(181	)		20,233
Redeemable preferred stock		(11	)		239		—			—		(11	)		239

Total fixed-maturity securities		(522	)		35,444		(7	)		230		(529	)		35,674
Equity securities		(273	)		10,742		(246	)		1,069		(519	)		11,811

Total available-for-sale securities	$	(795	)	$	46,186	$	(253	)	$	1,299	$	(1,048	)	$	47,485

Summary of Operating Results and Financial Position

The following tables provide summarized operating results and the financial position of FMJV:


	Three and Nine Months
	Ended September 30, 2014
	(Unaudited)
Operating results:
Revenue	$	—
Operating expenses		25

Net loss	$	(25	)

Melbourne FMA’s share of net loss*	$	22

*	Included in other operating expenses in the Company’s consolidated statements of income.


	September 30,
	2014
	(Unaudited)
Balance Sheet:
Construction in progress - real estate	$	3,220
Cash		1,880

Total assets	$	5,100

Other liabilities		125
Members’ capital		4,975

Total liabilities and members’ capital	$	5,100

Investment in joint venture, at equity	$	4,478

Summary of Real Estate Investment

Real estate investments consist of the following as of September 30, 2014 and December 31, 2013:


	September 30,			December 31,
	2014			2013
Land	$	11,476		$	11,299
Land improvements		1,399			1,351
Buildings		3,097			3,022
Other		1,317			1,262

Total, at cost		17,289			16,934
Less: accumulated depreciation and amortization		(1,003	)		(706	)

Real estate, net		16,286			16,228
ADC Arrangement classified as real estate investment		2,652			—

Real estate investments	$	18,938		$	16,228

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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