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INVESTMENTS
9 Months Ended
Sep. 30, 2011
INVESTMENTS
6. INVESTMENTS

The Company’s investments (short-term and long-term) consist of the following:

   
Amortized Cost
Basis
   
Gross
Unrealized
Losses
   
Gross
Unrealized
Gains
   
Fair
Value
 
September 30, 2011
                       
Corporate debt securities
  $ 8,932     $ (154 )   $ 83     $ 8,861  
Government sponsored enterprise mortgage-backed securities
    1,134       (1 )     5       1,138  
Total investments
  $ 10,066     $ (155 )   $ 88     $ 9,999  

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

   
Fair
Value
< 1 Year
   
Unrealized
Losses
< 1 Year
   
Fair
Value
> 1 Year
   
Unrealized
Losses
> 1 Year
   
Total
Unrealized
Losses
 
September 30, 2011
                             
Corporate debt securities
  $ 1,830     $ (48 )   $ 4,527     $ (106 )   $ (154 )
Government sponsored enterprise mortgage-backed securities
    0       0       251       (1 )     (1 )
Total investments
  $ 1,830     $ (48 )   $ 4,778     $ (107 )   $ (155 )

The Company’s investments in debt securities are sensitive to interest rate fluctuations, which impact the fair value of individual securities. Unrealized losses on the Company’s investments in debt securities have occurred due to volatility and liquidity concerns within the capital markets during the quarter ended September 30, 2011.

The amortized cost and estimated fair value of debt securities at September 30, 2011, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

   
Amortized Cost
Basis
   
Fair Value
 
             
Within 1 year
  $ 927     $ 924  
After 1 year through 5 years
    4,653       4,599  
After 5 years through 10 years
    2,256       2,268  
After 10 years
    1,096       1,070  
Mortgage-backed securities
    1,134       1,138  
Total
  $ 10,066     $ 9,999  
 

A primary objective in the management of the fixed maturity portfolios is to maximize total return relative to underlying liabilities and respective liquidity needs. In achieving this goal, assets may be sold to take advantage of market conditions or other investment opportunities, as well as tax considerations. Sales will generally produce realized gains or losses. In the ordinary course of business, the Company may sell securities for a number of reasons, including, but not limited to: (i) changes to the investment environment; (ii) expectation that the fair value could deteriorate further; (iii) desire to reduce exposure to an issuer or an industry; (iv) changes in credit quality; and (v) changes in expected cash flow. Available-for-sale securities were sold as follows:

   
Three Months Ended
September 30, 2011
   
Nine Months Ended
September 30, 2011
 
             
Proceeds from sales
  $ 1,045     $ 3,575  
Gross realized gains
    2       8  
Gross realized losses
    (1 )     (66 )