Investments (Tables)

9 Months Ended

Sep. 30, 2012

Investments [Abstract ]

Schedule of investments aggregated by type and industry

Investments were comprised of the following:

	September 30, 2012
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	27,548	$	4,648	$	-	$	22,900
Obligations of states and political subdivisions		17,849		2,596		-		15,253
Corporate securities:
Utilities and telecom		17,888		3,039		-		14,849
Financial services		43,343		3,326		468		40,485
Other business – diversified		65,934		7,556		-		58,378
Other consumer – diversified		51,647		8,538		2		43,111
Total corporate securities		178,812		22,459		470		156,823
Redeemable preferred stocks:
Financial services		5,786		41		14		5,759
Other consumer – diversified		193		-		-		193
Total redeemable preferred stocks		5,979		41		14		5,952
Total fixed maturities		230,188		29,744		484		200,928
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,367		403		-		964
Financial services		7,690		915		14		6,789
Other business – diversified		132		85		-		47
Other consumer – diversified		2,350		673		-		1,677
Total equity securities		11,539		2,076		14		9,477
Other invested assets		588		-		-		588
Policy loans		2,320		-		-		2,320
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	245,911	$	31,820	$	498	$	214,589

	December 31, 2011
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	35,922	$	4,186	$	-	$	31,736
Obligations of states and political subdivisions		17,030		1,757		-		15,273
Corporate securities:
Utilities and telecom		18,598		2,736		-		15,862
Financial services		34,900		725		1,346		35,521
Other business – diversified		56,553		5,043		152		51,662
Other consumer – diversified		46,908		6,170		12		40,750
Total corporate securities		156,959		14,674		1,510		143,795
Redeemable preferred stocks:
Utilities and telecom		2,668		168		-		2,500
Financial services		4,576		29		462		5,009
Other consumer – diversified		193		-		-		193
Total redeemable preferred stocks		7,437		197		462		7,702
Total fixed maturities		217,348		20,814		1,972		198,506
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,203		239		-		964
Financial services		5,148		558		199		4,789
Other business – diversified		115		68		-		47
Other consumer – diversified		1,882		205		-		1,677
Total equity securities		8,348		1,070		199		7,477
Other invested assets		567		-		-		567
Policy loans		2,246		-		-		2,246
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	229,785	$	21,884	$	2,171	$	210,072

Amortized cost and carrying value of fixed maturities by contractual maturity

The amortized cost and carrying value of the Company's investments in fixed maturities at September 30, 2012 by contractual maturity were as follows.  Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	September 30, 2012
	Carrying Value		Amortized Cost
Due in one year or less	$	1,523	$	1,500
Due after one year through five years		4,666		4,219
Due after five years through ten years		40,238		36,987
Due after ten years		182,582		157,228
Varying maturities		1,179		994
Totals	$	230,188	$	200,928

Schedule of investments aggregated by industry

The following table sets forth the carrying value, amortized cost, and net unrealized gains or losses of the Company's investments aggregated by industry as of September 30, 2012 and December 31, 2011.

	September 30, 2012						December 31, 2011
	Carrying Value		Amortized Cost		Unrealized Gains		Carrying Value		Amortized Cost		Unrealized Gains (Losses)
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	27,548	$	22,900	$	4,648	$	35,922	$	31,736	$	4,186
Obligations of states and political subdivisions		17,849		15,253		2,596		17,030		15,273		1,757
Utilities and telecom		19,255		15,813		3,442		22,469		19,326		3,143
Financial services		56,819		53,033		3,786		44,624		45,319		(695	)
Other business – diversified		66,066		58,425		7,641		56,668		51,709		4,959
Other consumer – diversified		54,190		44,981		9,209		48,983		42,620		6,363
Other investments		4,184		4,184		-		4,089		4,089		-
Investments	$	245,911	$	214,589	$	31,322	$	229,785	$	210,072	$	19,713

Schedule of investment securities with continuous unrealized loss position

The following tables present the Company's unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of September 30, 2012 and December 31, 2011.

	September 30, 2012
	Less than 12 months						12 months or longer						Total
	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Corporate securities		$	2,888		$	30		$	1,560		$	440		$	4,448		$	470
Redeemable preferred stocks			1,909			10			996			4			2,905			14
Common and non-redeemable preferred stocks			986			14			-			-			986			14
Total temporarily impaired securities		$	5,783		$	54		$	2,556		$	444		$	8,339		$	498

	December 31, 2011
	Less than 12 months						12 months or longer						Total
	Fair Value			Unrealized Losses			Fair Value			Unrealized Losses			Fair Value			Unrealized Losses
Corporate securities		$	30,675		$	1,112		$	1,602		$	398		$	32,277		$	1,510
Redeemable preferred stocks			-			-			2,807			462			2,807			462
Common and non-redeemable preferred stocks			824			176			1,245			23			2,069			199
Total temporarily impaired securities		$	31,499		$	1,288		$	5,654		$	883		$	37,153		$	2,171

Financial instruments carried at fair value measured on a recurring basis

As of September 30, 2012, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Fixed maturities	$	-	$	228,088	$	2,100	$	230,188
Equity securities		4,059		7,480		-		11,539
Cash equivalents		18,870		-		-		18,870
Total	$	22,929	$	235,568	$	2,100	$	260,597
Liabilities:
Derivative	$	-	$	-	$	342	$	342

As of December 31, 2011, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Fixed maturities	$	-	$	215,313	$	2,035	$	217,348
Equity securities		3,374		4,974		-		8,348
Cash equivalents		19,519		-		-		19,519
Total	$	22,893	$	220,287	$	2,035	$	245,215
Liabilities:
Derivative	$	-	$	-	$	876	$	876

Roll-forward of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

The following is a roll-forward of the financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month and nine month periods ended September 30, 2012.

	Fixed Maturities		Derivative (Liability)
Balance, December 31, 2011	$	2,035	$	(876)
Total unrealized gains (losses) included in comprehensive income		(61)		153
Balance, March 31, 2012		1,974		(723)
Total unrealized gains included in comprehensive income		125		193
Balance, June 30, 2012		2,099		(530)
Total unrealized gains included in comprehensive income		1		188
Balance, September 30, 2012	$	2,100	$	(342)