XML 34 R23.htm IDEA: XBRL DOCUMENT v3.7.0.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2017
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 March 31, 2017, are as follows:  

 

 

March 31, 2017

 

Class of securities:

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Estimated Fair Value

 

U.S. government treasury securities

$

249

 

 

$

—

 

 

$

—

 

 

$

249

 

Obligations of U.S. government sponsored enterprises

 

34,469

 

 

 

1

 

 

 

(54

)

 

 

34,416

 

Corporate debt securities

 

9,851

 

 

 

7

 

 

 

(10

)

 

 

9,848

 

Foreign corporate debt securities

 

4,770

 

 

 

2

 

 

 

(5

)

 

 

4,767

 

Total fixed-maturity securities

 

49,339

 

 

 

10

 

 

 

(69

)

 

 

49,280

 

Less total unrestricted fixed-maturity securities

 

22,128

 

 

 

—

 

 

 

(6

)

 

 

22,122

 

Total fixed-maturity securities held in trust

$

27,211

 

 

$

10

 

 

$

(63

)

 

$

27,158

 

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, 2016, are as follows:

 

 

December 31, 2016

 

Class of securities:

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Estimated Fair Value

 

U.S. government treasury securities

$

249

 

 

$

—

 

 

$

—

 

 

$

249

 

Obligations of U.S. government sponsored enterprises

 

59,450

 

 

 

1

 

 

 

(80

)

 

 

59,371

 

Corporate debt securities

 

11,415

 

 

 

9

 

 

 

(9

)

 

 

11,415

 

Foreign corporate debt securities

 

5,798

 

 

 

5

 

 

 

(7

)

 

 

5,796

 

Total fixed-maturity securities

 

76,912

 

 

 

15

 

 

 

(96

)

 

 

76,831

 

Less total unrestricted fixed-maturity securities

 

47,635

 

 

 

—

 

 

 

(10

)

 

 

47,625

 

Total fixed-maturity securities held in trust

$

29,277

 

 

$

15

 

 

$

(86

)

 

$

29,206

 

 
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 March 31, 2017 by contractual maturity are as follows:

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Maturity in:

 

 

 

 

 

 

 

2017

$

30,994

 

 

$

30,991

 

2018

 

15,319

 

 

 

15,281

 

2019

 

3,026

 

 

 

3,008

 

Total fixed-maturity securities

$

49,339

 

 

$

49,280

 

 
Summary of Net Investment Income

Net investment income for the three months ended March 31, 2017 and 2016, respectively, is summarized as follows:

 

 

Three months ended March 31, 2017

 

 

Three months ended March 31, 2016

 

Investment income:

 

 

 

 

 

 

 

Amortization of premium or discount on fixed-maturity securities

$

(31

)

 

$

(122

)

Investment income on fixed-maturity securities

 

178

 

 

 

318

 

Interest income on cash and cash equivalents

 

1,014

 

 

 

328

 

Realized net loss from sale of investments

 

(2

)

 

 

(4

)

Unrealized gain on trading securities held at period end

 

21

 

 

 

131

 

Net investment income

$

1,180

 

 

$

651

 

 
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

March 31, 2017:

 

 

March 31, 2017

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Class of securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government treasury securities

$

249

 

 

$

—

 

 

$

—

 

 

$

249

 

Obligations of U.S. government sponsored enterprises

 

24,497

 

 

 

9,919

 

 

 

—

 

 

 

34,416

 

Corporate debt securities

 

6,489

 

 

 

3,359

 

 

 

—

 

 

 

9,848

 

Foreign corporate debt securities

 

4,767

 

 

 

—

 

 

 

—

 

 

 

4,767

 

Total fixed-maturity securities

 

36,002

 

 

 

13,278

 

 

 

—

 

 

 

49,280

 

   Money market funds

 

24,437

 

 

 

—

 

 

 

—

 

 

 

24,437

 

Total

$

60,439

 

 

$

13,278

 

 

$

—

 

 

$

73,717

 

 

 

 

The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of December 31, 2016:

 

 

December 31, 2016

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Class of securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government treasury securities

$

249

 

 

$

—

 

 

$

—

 

 

$

249

 

Obligations of U.S. government sponsored enterprises

 

47,489

 

 

 

11,882

 

 

 

—

 

 

 

59,371

 

Corporate debt securities

 

7,033

 

 

 

4,382

 

 

 

—

 

 

 

11,415

 

Foreign corporate debt securities

 

5,796

 

 

 

—

 

 

 

—

 

 

 

5,796

 

Total fixed-maturity securities

 

60,567

 

 

 

16,264

 

 

 

—

 

 

 

76,831

 

Money market funds

 

4,548

 

 

 

—

 

 

 

—

 

 

 

4,548

 

Total

$

65,115

 

 

$

16,264

 

 

$

—

 

 

$

81,379

 

 
Summary of Transfers between Level 1 and Level 2

 

 

January 1, 2017 to

March 31, 2017

 

January 1, 2016 to

 December 31, 2016

 

 

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

$

—  

 

 

$

1,000 

 

 

$

—  

 

 

$

5,737

 

Foreign corporate debt securities

 

—  

 

 

 

—   

 

 

 

—  

 

 

 

5,295

 

Total transfers

$

—  

 

 

$

1,000 

 

 

$

—  

 

 

$

11,032