XML 55 R23.htm IDEA: XBRL DOCUMENT v3.2.0.727
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2015
Investments Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Estimated Fair Values of Fixed-Maturity Securities

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of total fixed-maturity securities and total fixed-maturity securities held in trust at June 30, 2015, are as follows:  

 

June 30, 2015

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Estimated Fair Value

 

Obligations of U.S. government sponsored enterprises

$

70,483

 

 

$

9

 

 

$

(9

)

 

$

70,483

 

Corporate debt securities

 

25,564

 

 

 

171

 

 

 

(35

)

 

 

25,700

 

Foreign corporate debt securities

 

11,141

 

 

 

32

 

 

 

(12

)

 

 

11,161

 

Total fixed-maturity securities

 

107,188

 

 

 

212

 

 

 

(56

)

 

 

107,344

 

Less total unrestricted fixed-maturity securities

 

68,046

 

 

 

60

 

 

 

(3

)

 

 

68,103

 

Total fixed-maturity securities held in trust

$

39,142

 

 

$

152

 

 

$

(53

)

 

$

39,241

 

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of total fixed-maturity securities and total fixed-maturity securities held in trust at December 31, 2014, are as follows:

 

 

December 31, 2014

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Estimated Fair Value

 

Obligations of U.S. government sponsored enterprises

$

6,491

 

 

$

12

 

 

$

(28

)

 

$

6,475

 

Corporate debt securities

 

41,018

 

 

 

531

 

 

 

(65

)

 

 

41,484

 

Foreign corporate debt securities

 

12,693

 

 

 

47

 

 

 

(58

)

 

 

12,682

 

Total fixed-maturity securities

 

60,202

 

 

 

590

 

 

 

(151

)

 

 

60,641

 

Less total unrestricted fixed-maturity securities

 

7,895

 

 

 

179

 

 

 

(11

)

 

 

8,063

 

Total fixed-maturity securities held in trust

$

52,307

 

 

$

411

 

 

$

(140

)

 

$

52,578

 

 
Schedule of Amortized Cost and Estimated Fair Value of Fixed-Maturity Securities by Contractual Maturity

Amortized cost and estimated fair value of fixed-maturity securities at June 30, 2015 by contractual maturity are as follows:

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Maturity in:

 

 

 

 

 

 

 

2015

$

71,576

 

 

$

71,595

 

2016-2019

 

35,612

 

 

 

35,749

 

Total fixed-maturity securities

$

107,188

 

 

$

107,344

 

 
Summary of Net Investment Income

Net investment income for the periods ended June 30, 2015 and 2014, respectively, is summarized as follows:

 

 

Three Months ended June 30, 2015

 

 

Three Months ended June 30, 2014

 

 

Six Months ended June 30, 2015

 

 

Six Months ended June 30, 2014

 

Investment income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of premium or discount on fixed-maturity securities

$

(144

)

 

$

(429

)

 

$

(323

)

 

$

(958

)

Investment income on fixed-maturity securities

 

326

 

 

 

907

 

 

 

739

 

 

 

2,009

 

Interest income on cash and equivalents

 

62

 

 

 

5

 

 

 

119

 

 

 

7

 

Realized net gain from sale of investments

 

81

 

 

 

388

 

 

 

267

 

 

 

415

 

Unrealized (losses) on trading securities held at period end

 

(197

)

 

 

(434

)

 

 

(273

)

 

 

(368

)

Net investment income

$

128

 

 

$

437

 

 

$

529

 

 

$

1,105

 

 
Schedule of Investments in Accordance with Fair Value Measurement

The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of June 30, 2015:

 

June 30, 2015

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Class of Security:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of U.S. government sponsored enterprises

$

65,993

 

 

$

4,490

 

 

$

—

 

 

$

70,483

 

Corporate debt securities

 

10,099

 

 

 

15,601

 

 

 

—

 

 

 

25,700

 

Foreign corporate debt securities

 

1,071

 

 

 

10,090

 

 

 

—

 

 

 

11,161

 

Total fixed-maturity securities

 

77,163

 

 

 

30,181

 

 

 

—

 

 

 

107,344

 

Money market funds

 

20,971

 

 

 

—

 

 

 

—

 

 

 

20,971

 

Total

$

98,134

 

 

$

30,181

 

 

$

—

 

 

$

128,315

 

 

The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of December 31, 2014:

 

December 31, 2014

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Class of Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of U.S. government sponsored enterprises

$

3,009

 

 

$

3,466

 

 

$

—

 

 

$

6,475

 

Corporate debt securities

 

14,939

 

 

 

26,545

 

 

 

—

 

 

 

41,484

 

Foreign corporate debt securities

 

2,822

 

 

 

9,860

 

 

 

—

 

 

 

12,682

 

Total fixed-maturity securities

 

20,770

 

 

 

39,871

 

 

 

—

 

 

 

60,641

 

Money market funds

 

88,851

 

 

 

—

 

 

 

—

 

 

 

88,851

 

Total

$

109,621

 

 

$

39,871

 

 

$

—

 

 

$

149,492

 

 
Summary of Transfers between Level 1 and Level 2

 

 

January 1, 2015 to June 30, 2015

 

 

January 1, 2014 to December 31, 2014

 

 

Transfers
from Level 1 to
Level 2

 

 

Transfers
from Level 2
to Level 1

 

 

Transfers
from Level 1 to
Level 2

 

 

Transfers
from Level 2
to Level 1

 

Class of Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate debt securities

$

—  

 

 

$

3,570 

 

 

$

—  

 

 

$

13,941

 

Foreign corporate debt securities

 

—  

 

 

 

—  

 

 

 

—  

 

 

 

1,810

 

Total transfers

$

—  

 

 

$

3,570 

 

 

$

—  

 

 

$

15,751