Investments (Tables)

3 Months Ended

Mar. 31, 2014

Investments Tables

Investment Income

A summary of total investment income is as follows:

	Three Months Ended March 31
	2014		2013
Fixed maturities	$	13,089	$	98,306
Short-term investments		18,255		23,354
Total investment income	$	31,344	$	121,660

Available for sale investments

The amortized cost and estimated fair values of investments in fixed maturities by categories are as follows:

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2014
Available for sale:
Fixed maturities
Certificates of deposit	$	6,649,000		—		—		$	6,649,000
U.S. treasury securities		5,096,157	$	641	$	(2,782	)		5,094,016
Total fixed maturities	$	11,745,157	$	641	$	(2,782	)	$	11,743,016

		Amortized Cost	Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2013
Available for sale:
Fixed maturities
Certificates of deposit	$	6,849,000	—		—		$	6,849,000
U.S. treasury securities		5,095,563	—	$	(8,757	)		5,086,806
Total fixed maturities	$	11,944,563	—	$	(8,757	)	$	11,935,806

Unrealized appreciation (depreciation) on investments

A summary of the unrealized appreciation (depreciation) on investments carried at fair value and the applicable deferred federal income taxes are shown below:

		March 31			December 31
		2014			2013
Gross unrealized appreciation of fixed maturities	$	641			—
Gross unrealized (depreciation) of fixed maturities		(2,782	)	$	(8,757	)
Net unrealized appreciation on investments		(2,141	)		(8,757	)
Deferred federal tax expense		728			2,977
Net unrealized (depreciation),net of deferred income taxes	$	(1,413	)	$	(5,780	)

Investment in short term assets

Short-term investments have an initial maturity of one year or less and consist of the following:

		March 31, 2014		December 31, 2013
U.S. treasury bills	$	91,982,143	$	91,979,877
U.S. treasury money market fund		716,721		214,574
Bank money market accounts		1,862,166		1,611,104
Bank savings accounts		1,762		1,762
Total short-term investments	$	94,562,792	$	93,807,317