Note 7 - Investments, Debt and Equity Securities

12 Months Ended

Dec. 31, 2011

Investments, Debt and Equity Securities

Gain (Loss) on Investments [Table Text Block]

7.         Net Realized Investment Gains (Losses)

Net realized investment gains (losses) for years 2011, 2010 and 2009 are as follows (in thousands):

			Year Ended
			December 31,
			2011		2010		2009
Net realized investment gains (losses):
	Fixed maturities	$	737	$	919	$	244
	Common stock		(146)		127		11
	Preferred stock		(71)		(24)		20
			520		1,022		275
Trading account write-off			-		(1,266)		-
Net realized investment gains (losses)		$	520	$	(244)	$	275

For the twelve months ended December 31, 2011, the Company recorded realized gross gains of $1,042,000 and gross losses of $522,000 on sales of available-for-sale securities.  For the twelve months ended December 31, 2010, the Company recorded realized gross gains of $1,312,000 and gross losses of $290,000 on sales of available-for-sale securities.  For the twelve months ended December 31, 2009, the Company recorded realized gross gains of $581,000 and gross losses of $306,000 on sales of available-for-sale securities.

In the fourth quarter of 2008, the Company became aware of certain activities engaged in by the non-affiliate broker-dealer that managed a trading account of the Company.  Net realized investment losses reported in the accompanying Consolidated Statement of Operations for 2010 includes a loss of $1,266,000 consisting of the reversal of $500,000 of anticipated Securities Investor Protection Corporation (“SIPC”) recoveries initially recorded in 2008 and $766,000 of withdrawals by AMIC deemed subject to return.  A settlement agreement was entered into with the trustee in the first quarter of 2011 and payment by the Company was made in the third quarter of 2011.