Investments (Tables)

3 Months Ended

Mar. 31, 2016

Investments Tables

Investment income

A summary of total investment income and net realized losses is as follows:

	Three Months Ended March 31
	2016			2015
Fixed maturities	$	177,837		$	71,936
Short-term investments		34,254			15,472
Total investment income		212,091			87,408
Net realized losses		(1,278	)		—
Investment income and net realized losses	$	210,813		$	87,408

Available for sale investments

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

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
March 31, 2016
Available-for-sale:
Fixed maturities
Certificates of deposit	$	57,281,000	$	—	$	—		$	57,281,000
U.S. treasury securities		24,080,011		56,215		(4,814	)		24,131,412
Total fixed maturities	$	81,361,011	$	56,215	$	(4,814	)	$	81,412,412

		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
December 31, 2015
Available-for-sale:
Fixed maturities
Certificates of deposit	$	58,127,000	$	—	$	—		$	58,127,000
U.S. treasury securities		24,075,727		3,188		(44,624	)		24,034,291
Total fixed maturities	$	82,202,727	$	3,188	$	(44,624	)	$	82,161,291

Unrealized gains (losses) on investments

A summary of the unrealized gains (losses) on investments in fixed maturities carried at fair value and the applicable deferred federal income taxes are shown below:

	March 31			December 31
	2016			2015
Gross unrealized gains on fixed maturities	$	56,215		$	3,188
Gross unrealized (losses) on fixed maturities		(4,814	)		(44,624	)
Net unrealized gains (losses) on fixed maturities		51,401			(41,436	)
Deferred federal tax (expense) benefit		(17,476	)		14,088
Net unrealized gains (losses), net of deferred income taxes	$	33,925		$	(27,348	)

Investment in short term assets

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

		March 31		December 31
		2016		2015
U.S. treasury bills	$	4,994,799	$	9,987,804
U.S. treasury money market fund		4,720,402		3,357,841
Certificates of deposit		450,000		1,346,000
Bank money market accounts		1,122,427		947,395
Bank savings accounts		1,763		1,763
Total short-term investments	$	11,289,391	$	15,640,803