Investments (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of investments aggregated by type and industry

Investments were comprised of the following:

	September 30, 2015
	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	$	30,782	$	430	$	243	$	30,595
Obligations of states and political subdivisions		25,720		721		415		25,414
Corporate securities:
Utilities and telecom		17,728		1,537		727		16,918
Financial services		51,108		2,167		1,149		50,090
Other business – diversified		63,014		944		4,066		66,136
Other consumer – diversified		23,014		183		1,024		23,855
Total corporate securities		154,864		4,831		6,966		156,999
Redeemable preferred stocks:
Financial services		252		2		-		250
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		444		2		-		442
Total fixed maturities		211,810		5,984		7,624		213,450
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,305		341		-		964
Financial services		5,039		711		-		4,328
Other business – diversified		195		148		-		47
Other consumer – diversified		13,449		7,835		-		5,614
Total equity securities		19,988		9,035		-		10,953
Other invested assets		2,372		-		-		2,372
Policy loans		2,181		-		-		2,181
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	237,627	$	15,019	$	7,624	$	230,232

	December 31, 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	$	33,898	$	1,459	$	30	$	32,469
Obligations of states and political subdivisions		11,459		681		-		10,778
Corporate securities:
Utilities and telecom		13,980		2,355		-		11,625
Financial services		59,224		3,404		588		56,408
Other business – diversified		70,139		2,076		1,830		69,893
Other consumer – diversified		25,388		332		547		25,603
Total corporate securities		168,731		8,167		2,965		163,529
Redeemable preferred stocks:
Financial services		608		8		-		600
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		800		8		-		792
Total fixed maturities		214,888		10,315		2,995		207,568
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,403		439		-		964
Financial services		6,083		739		-		5,344
Other business – diversified		226		179		-		47
Other consumer – diversified		11,212		5,598		-		5,614
Total equity securities		18,924		6,955		-		11,969
Other invested assets		2,995		-		-		2,995
Policy loans		2,202		-		-		2,202
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	240,285	$	17,270	$	2,995	$	226,010

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, 2015 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, 2015
	Carrying Value		Amortized Cost
Due in one year or less	$	4,186	$	4,115
Due after one year through five years		20,023		19,593
Due after five years through ten years		94,107		96,140
Due after ten years		92,368		92,607
Varying maturities		1,126		995
Totals	$	211,810	$	213,450

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, 2015 and December 31, 2014.

	September 30, 2015							December 31, 2014
	Carrying Value		Amortized Cost		Unrealized Gains (Losses)			Carrying Value		Amortized Cost		Unrealized Gains
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	30,782	$	30,595	$	187		$	33,898	$	32,469	$	1,429
Obligations of states and political subdivisions		25,720		25,414		306			11,459		10,778		681
Utilities and telecom		19,033		17,882		1,151			15,383		12,589		2,794
Financial services		56,399		54,668		1,731			65,915		62,352		3,563
Other business – diversified		63,209		66,183		(2,974	)		70,365		69,940		425
Other consumer – diversified		36,655		29,661		6,994			36,792		31,409		5,383
Other investments		5,829		5,829		-			6,473		6,473		-
Investments	$	237,627	$	230,232	$	7,395		$	240,285	$	226,010	$	14,275

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, 2015 and December 31, 2014.

	September 30, 2015
	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	$	9,498	$	242	$	503	$	1	$	10,001	$	243
Obligations of states and political subdivisions		13,237		415		-		-		13,237		415
Corporate securities		69,731		3,496		14,644		3,470		84,375		6,966
Total temporarily impaired securities	$	92,466	$	4,153	$	15,147	$	3,471	$	107,613	$	7,624

	December 31, 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	$	3,695	$	7	$	2,692	$	23	$	6,387	$	30
Corporate securities		43,996		1,604		9,293		1,361		53,289		2,965
Total temporarily impaired securities	$	47,691	$	1,611	$	11,985	$	1,384	$	59,676	$	2,995

Schedule of other than temporary impairments

During the three month and nine month periods ended September 30, 2014, the Company recorded impairments related to the following investments. There were no impairments recorded during the three month or nine month periods ended September 30, 2015.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Common and non-redeemable preferred stocks	$	-	$	196	$	-	$	196

Financial instruments carried at fair value measured on a recurring basis

As of September 30, 2015, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Fixed maturities	$	-	$	209,569	$	2,241	$	211,810
Equity securities		15,228		4,760		-		19,988
Cash equivalents		13,731		-		-		13,731
Total	$	28,959	$	214,329	$	2,241	$	245,529

As of December 31, 2014, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Fixed maturities	$	-	$	212,674	$	2,214	$	214,888
Equity securities		13,148		5,776		-		18,924
Cash equivalents		15,009		-		-		15,009
Total	$	28,157	$	218,450	$	2,214	$	248,821

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, 2015.

	Fixed Maturities
Balance, December 31, 2014	$	2,214
Total unrealized gains included in other comprehensive income		50
Balance, March 31, 2015		2,264
Total unrealized losses included in other comprehensive loss		(57	)
Balance, June 30, 2015		2,207
Total unrealized gains included in other comprehensive loss		34
Balance, September 30, 2015	$	2,241