Investments (Tables)

3 Months Ended

Mar. 31, 2016

Schedule of investments aggregated by type and industry

	March 31, 2016
	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	$	18,445	$	449	$	11	$	18,007
Obligations of states and political subdivisions		18,046		814		36		17,268
Corporate securities:
Utilities and telecom		17,617		1,794		613		16,436
Financial services		57,648		2,464		1,392		56,576
Other business – diversified		66,390		1,572		5,036		69,854
Other consumer – diversified		27,867		603		972		28,236
Total corporate securities		169,522		6,433		8,013		171,102
Redeemable preferred stocks:
Financial services		256		6		-		250
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		448		6		-		442
Total fixed maturities		206,461		7,702		8,060		206,819
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,622		658		-		964
Financial services		5,672		844		-		4,828
Other business – diversified		213		166		-		47
Other consumer – diversified		12,860		7,246		-		5,614
Total equity securities		20,367		8,914		-		11,453
Other invested assets		5,719		-		-		5,719
Policy loans		2,204		-		-		2,204
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	236,027	$	16,616	$	8,060	$	227,471

	December 31, 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	$	22,234	$	290	$	175	$	22,119
Obligations of states and political subdivisions		25,479		621		552		25,410
Corporate securities:
Utilities and telecom		17,589		1,357		692		16,924
Financial services		54,035		1,797		1,351		53,589
Other business – diversified		60,960		729		5,898		66,129
Other consumer – diversified		24,581		136		1,391		25,836
Total corporate securities		157,165		4,019		9,332		162,478
Redeemable preferred stocks:
Financial services		253		3		-		250
Other consumer – diversified		193		-		-		193
Total redeemable preferred stocks		446		3		-		443
Total fixed maturities		205,324		4,933		10,059		210,450
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,386		422		-		964
Financial services		5,175		847		-		4,328
Other business – diversified		198		151		-		47
Other consumer – diversified		16,372		10,758		-		5,614
Total equity securities		23,131		12,178		-		10,953
Other invested assets		6,454		-		-		6,454
Policy loans		2,200		-		-		2,200
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	238,385	$	17,111	$	10,059	$	231,333

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 March 31, 2016 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.

	March 31, 2016
	Carrying Value		Amortized Cost
Due in one year or less	$	2,465	$	2,441
Due after one year through five years		21,162		20,941
Due after five years through ten years		110,924		111,976
Due after ten years		70,751		70,465
Varying maturities		1,159		996
Totals	$	206,461	$	206,819

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 March 31, 2016 and December 31, 2015.

	March 31, 2016							December 31, 2015
	Carrying Value		Amortized Cost		Unrealized Gains (Losses)			Carrying Value		Amortized Cost		Unrealized Gains (Losses)
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	18,445	$	18,007	$	438		$	22,234	$	22,119	$	115
Obligations of states and political subdivisions		18,046		17,268		778			25,479		25,410		69
Utilities and telecom		19,239		17,400		1,839			18,975		17,888		1,087
Financial services		63,576		61,654		1,922			59,463		58,167		1,296
Other business – diversified		66,603		69,901		(3,298	)		61,158		66,176		(5,018	)
Other consumer – diversified		40,919		34,042		6,877			41,146		31,643		9,503
Other investments		9,199		9,199		-			9,930		9,930		-
Investments	$	236,027	$	227,471	$	8,556		$	238,385	$	231,333	$	7,052

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 March 31, 2016 and December 31, 2015.

	March 31, 2016
	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	$	2,626	$	10	$	501	$	1	$	3,127	$	11
Obligations of states and political subdivisions		-		-		5,010		36		5,010		36
Corporate securities		38,092		1,821		25,402		6,192		63,494		8,013
Total temporarily impaired securities	$	40,718	$	1,831	$	30,913	$	6,229	$	71,631	$	8,060

	December 31, 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	$	9,209	$	120	$	2,243	$	55	$	11,452	$	175
Obligations of states and political subdivisions		16,079		552		-		-		16,079		552
Corporate securities		79,482		4,284		16,131		5,048		95,613		9,332
Total temporarily impaired securities	$	104,770	$	4,956	$	18,374	$	5,103	$	123,144	$	10,059

Financial instruments carried at fair value measured on a recurring basis

As of March 31, 2016, 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	$	-	$	204,161		$	2,300	⁽¹⁾	$	206,461
Equity securities		14,945		5,422	⁽¹⁾		-			20,367
Cash equivalents		10,784		-			-			10,784
Total	$	25,729	$	209,583		$	2,300		$	237,612

⁽¹⁾

All underlying securities are financial service industry related.

As of December 31, 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	$	-	$	203,087		$	2,237	⁽¹⁾	$	205,324
Equity securities		18,245		4,886	⁽¹⁾		-			23,131
Cash equivalents		13,772		-			-			13,772
Total	$	32,017	$	207,973		$	2,237		$	242,227

⁽¹⁾

All underlying securities are financial service industry related.

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 period ended March 31, 2016.

	Fixed Maturities
Balance, December 31, 2015	$	2,237
Total unrealized gains included in other comprehensive income		63
Balance, March 31, 2016	$	2,300