Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments [Abstract ]

Schedule of investments aggregated by type and industry

Investments were comprised of the following:

	September 30, 2014
	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	$	33,497	$	711	$	104	$	32,890
Obligations of states and political subdivisions		5,203		588		-		4,615
Corporate securities:
Utilities and telecom		13,726		2,103		-		11,623
Financial services		56,370		3,113		269		53,526
Other business – diversified		74,696		2,467		909		73,138
Other consumer – diversified		28,811		272		1,061		29,600
Total corporate securities		173,603		7,955		2,239		167,887
Redeemable preferred stocks:
Financial services		605		5		-		600
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		797		5		-		792
Total fixed maturities		213,100		9,259		2,343		206,184
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,499		535		-		964
Financial services		5,934		590		-		5,344
Other business – diversified		207		160		-		47
Other consumer – diversified		8,143		2,529		-		5,614
Total equity securities		15,783		3,814		-		11,969
Other invested assets		3,064		-		-		3,064
Policy loans		2,206		-		-		2,206
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	235,429	$	13,073	$	2,343	$	224,699

	December 31, 2013
	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	$	17,240	$	576	$	210	$	16,874
Obligations of states and political subdivisions		7,611		402		17		7,226
Corporate securities:
Utilities and telecom		16,532		1,353		7		15,186
Financial services		50,531		1,736		320		49,115
Other business – diversified		70,326		870		2,906		72,362
Other consumer – diversified		36,712		391		1,745		38,066
Total corporate securities		174,101		4,350		4,978		174,729
Redeemable preferred stocks:
Financial services		2,159		4		41		2,196
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		2,351		4		41		2,388
Total fixed maturities		201,303		5,332		5,246		201,217
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,474		510		-		964
Financial services		5,761		514		560		5,807
Other business – diversified		178		131		-		47
Other consumer – diversified		14,477		8,863		-		5,614
Total equity securities		21,890		10,018		560		12,432
Other invested assets		2,123		-		-		2,123
Policy loans		2,369		-		-		2,369
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	228,961	$	15,350	$	5,806	$	219,417

Amortized cost and carrying value of fixed maturities by contractual maturity

The carrying value and amortized cost of the Company’s investments in fixed maturities at September 30, 2014 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, 2014
	Carrying Value		Amortized Cost
Due in one year or less	$	1,000	$	1,001
Due after one year through five years		15,053		14,407
Due after five years through ten years		116,074		113,310
Due after ten years		63,936		60,885
Varying maturities		17,037		16,581
Totals	$	213,100	$	206,184

Schedule of investments aggregated by industry

The following table sets forth the carrying value, amortized cost, and net unrealized gains (losses) of the Company’s investments aggregated by industry as of September 30, 2014 and December 31, 2013.

	September 30, 2014						December 31, 2013
	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	$	33,497	$	32,890	$	607	$	17,240	$	16,874	$	366
Obligations of states and political subdivisions		5,203		4,615		588		7,611		7,226		385
Utilities and telecom		15,225		12,587		2,638		18,006		16,150		1,856
Financial services		62,909		59,470		3,439		58,451		57,118		1,333
Other business – diversified		74,903		73,185		1,718		70,504		72,409		(1,905	)
Other consumer – diversified		37,146		35,406		1,740		51,381		43,872		7,509
Other investments		6,546		6,546		-		5,768		5,768		-
Investments	$	235,429	$	224,699	$	10,730	$	228,961	$	219,417	$	9,544

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, 2014 and December 31, 2013.

	September 30, 2014
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	12,326	$	62	$	2,679	$	42	$	15,005	$	104
Corporate securities		44,814		765		18,518		1,474		63,332		2,239
Total temporarily impaired securities	$	57,140	$	827	$	21,197	$	1,516	$	78,337	$	2,343

	December 31, 2013
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	8,326	$	210	$	-	$	-	$	8,326	$	210
Obligations of states and political subdivisions		1,018		17		-		-		1,018		17
Corporate securities		92,049		3,714		6,938		1,264		98,987		4,978
Redeemable preferred stocks		704		41		-		-		704		41
Common and non-redeemable preferred stocks		3,724		560		-		-		3,724		560
Total temporarily impaired securities	$	105,821	$	4,542	$	6,938	$	1,264	$	112,759	$	5,806

Schedule of other than temporary impairments

The following is a summary of investment impairments the Company recorded due to other than temporary declines in values for the three month and nine month periods ended September 30, 2014 and 2013.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Common and non-redeemable preferred stocks	$	196	$	-	$	196	$	-

Financial instruments carried at fair value measured on a recurring basis

As of September 30, 2014, 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	$	-	$	210,945	$	2,155	$	213,100
Equity securities		10,140		5,643		-		15,783
Cash equivalents		13,712		-		-		13,712
Total	$	23,852	$	216,588	$	2,155	$	242,595

As of December 31, 2013, 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	$	-	$	199,312	$	1,991	$	201,303
Equity securities		16,406		5,484		-		21,890
Cash equivalents		31,618		-		-		31,618
Total	$	48,024	$	204,796	$	1,991	$	254,811

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 Company’s 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, 2014.

	Fixed Maturities
Balance, December 31, 2013	$	1,991
Total unrealized gains included in other comprehensive income		65
Balance, March 31, 2014		2,056
Total unrealized gains included in other comprehensive income		61
Balance, June 30, 2014		2,117
Total unrealized gains included in other comprehensive income		38
Balance, September 30, 2014	$	2,155