Investment Securities

3 Months Ended

Mar. 31, 2018

Investments Debt And Equity Securities [Abstract]

Investment Securities

Note 4: Investment 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, 2018, are as follows:

	March 31, 2018
Class of securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of U.S. government sponsored enterprises	$	2,250	$	—	$	(8	)	$	2,242
Corporate debt securities		917		—		(6	)		911
Total fixed-maturity securities		3,167		—		(14	)		3,153
Less total unrestricted fixed-maturity securities		2,917		—		(13	)		2,904
Total fixed-maturity securities held in trust	$	250	$	—	$	(1	)	$	249

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, 2017, are as follows:

	December 31, 2017
Class of securities:	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of U.S. government sponsored enterprises	$	2,249	$	—	$	(10	)	$	2,239
Corporate debt securities		1,425		—		(4	)		1,421
Total fixed-maturity securities		3,674		—		(14	)		3,660
Less total unrestricted fixed-maturity securities		2,151		—		(9	)		2,142
Total fixed-maturity securities held in trust	$	1,523	$	—	$	(5	)	$	1,518

Amortized cost and estimated fair value of fixed-maturity securities at March 31, 2018 by contractual maturity are as follows:

	Amortized Cost		Estimated Fair Value
Maturity in:
2018	$	3,167	$	3,153
Total fixed-maturity securities	$	3,167	$	3,153

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Net investment income for the three months ended March 31, 2018 and 2017, respectively, is summarized as follows:

	Three months ended March 31, 2018			Three months ended March 31, 2017
Investment income:
Amortization of premium or discount on fixed-maturity securities	$	(7	)	$	(31	)
Investment income on fixed-maturity securities		17			178
Interest income on cash and cash equivalents		2,271			1,014
Realized net (loss) from sale of investments		(4	)		(2	)
Unrealized (loss) on cash equivalents held at period end		(105	)		—
Unrealized (loss) gain on trading securities held at period end		(2	)		21
Net investment income	$	2,170		$	1,180

The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of March 31, 2018:

	March 31, 2018
	Level 1		Level 2		Level 3		Total
Class of securities:
Obligations of U.S. government sponsored enterprises		997		1,245		—		2,242
Corporate debt securities		911		—		—		911
Total fixed-maturity securities		1,908		1,245		—		3,153
Money market funds		28,684		—		—		28,684
Total	$	30,592	$	1,245	$	—	$	31,837

The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of December 31, 2017:

	December 31, 2017
	Level 1		Level 2		Level 3		Total
Class of securities:
Obligations of U.S. government sponsored enterprises		995		1,244		—		2,239
Corporate debt securities		1,421		—		—		1,421
Total fixed-maturity securities		2,416		1,244		—		3,660
Money market funds		30,780		—		—		30,780
Total	$	33,196	$	1,244	$	—	$	34,440

A review of the fair value hierarchy classifications of the Company’s investments is conducted quarterly. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Reclassifications are reported as transfers in or transfers out of the applicable Level at the end of the calendar quarter in which the reclassifications occur. During the three months ended March 31, 2018 and the year ended December 31, 2017, zero and $2.4 million, respectively, of investments were transferred from Level 2 to Level 1 as a result of improving market conditions for short-term and investment grade corporate securities.

	January 1, 2018 to March 31, 2018				January 1, 2017 to  December 31, 2017
	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:
Obligations of US government sponsored enterprises	$	—	$	—		$	—	$	995
Corporate debt securities		—		—			—		1,421
Total transfers	$	—	$	—		$	—	$	2,416