Investments

The following table summarizes the Company's available-for-sale fixed maturity and equity securities:



	December 31, 2011
Description of Security	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Obligations of the U.S. Treasury and U.S. Government agencies	$	26,236	$	636	$	(2	)	$	26,870
Municipal securities	17,124		363		(5		)	17,482
Corporate securities	47,304		594		(426		)	47,472
Mortgage-backed securities	1,272		26		—			1,298
Asset-backed securities	375		12		—			387
Total fixed maturity securities	$	92,311	$	1,631	$	(433	)	$	93,509

Common stock - publicly traded	$	40	$	—	$	(1	)	$	39
Preferred stock - publicly traded	50		2		—			52
Common stock - non-publicly traded	104		26		(16		)	114
Preferred stock - non-publicly traded	1,009		5		—			1,014
Total equity securities	$	1,203	$	33	$	(17	)	$	1,219



	December 31, 2010
Description of Security	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Obligations of the U.S. Treasury and U.S. Government agencies	$	24,220	$	887	$	(61	)	$	25,046
Municipal securities	10,416		212		(12		)	10,616
Corporate securities	41,906		2,488		(172		)	44,222
Mortgage-backed securities	3,619		117		—			3,736
Asset-backed securities	1,963		203		—			2,166
Total fixed maturity securities	$	82,124	$	3,907	$	(245	)	$	85,786

Common stock - publicly traded	$	475	$	12	$	(173	)	$	314
Preferred stock - publicly traded	199		3		(6		)	196
Common stock - non-publicly traded	280		153		(9		)	424
Preferred stock - non-publicly traded	1,001		—		—			1,001
Total equity securities	$	1,955	$	168	$	(188	)	$	1,935

Pursuant to certain reinsurance agreements and statutory licensing requirements, the Company has deposited invested assets in custody accounts or insurance department safekeeping accounts. The Company is not permitted to remove invested assets from these accounts without prior approval of the contractual party or regulatory authority.



The following table details the Company's restricted investments:	At December 31,
	2011		2010
Fair value of restricted investments	$	15,886	$	17,522

Fair value of restricted investments for special deposits required by state insurance departments	$	9,185	$	9,940

The amortized cost and fair value of fixed maturity securities by contractual maturity are shown below. Expected maturities will differ from contractual maturities as borrowers have the right to call or prepay obligations with or without call or prepayment penalties.



	December 31, 2011				December 31, 2010
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	3,890	$	3,923	$	4,357	$	4,397
Due after one year through five years	51,210		51,839		30,825		31,944
Due after five years through ten years	23,623		23,973		25,546		27,109
Due after ten years through twenty years	3,216		3,281		4,223		4,296
Due after twenty years	8,725		8,807		11,591		12,137
Mortgage-backed securities	1,272		1,298		3,619		3,737
Asset-backed securities	375		388		1,963		2,166
Total fixed maturity securities	$	92,311	$	93,509	$	82,124	$	85,786

The following table provides information on unrealized losses on investment securities that have been in an unrealized loss position for less than twelve months and twelve months or more as of:



	December 31, 2011
	Less than Twelve Months						Twelve Months or Greater						Total
Description of Security	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities
Obligations of the U.S. Treasury
and U.S. government agencies	$	1,902	$	(2	)	7	$	—	$	—		—	$	1,902	$	(2	)	7
Municipal securities	486		(1		)	1	478		(4		)	1	964		(5		)	2
Corporate securities	16,861		(426		)	26	—		—			—	16,861		(426		)	26
Mortgage-backed securities	—		—			—	—		—			—	—		—			—
Asset-backed securities	—		—			—	—		—			—	—		—			—
Total fixed maturity securities	$	19,249	$	(429	)	34	$	478	$	(4	)	1	$	19,727	$	(433	)	35

Common stock - publicly traded	$	38	$	(1	)	2	$	—	$	—		—	$	38	$	(1	)	2
Preferred stock - publicly traded	—		—			—	—		—			—	—		—			—
Common stock - non-publicly traded	45		(16		)	3	—		—			—	45		(16		)	3
Preferred stock - non-publicly traded	—		—			—	—		—			—	—		—			—
Total equity securities	$	83	$	(17	)	5	$	—	$	—		—	$	83	$	(17	)	5



	December 31, 2010
	Less than Twelve Months						Twelve Months or Greater						Total
Description of Security	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities	Fair Value		Unrealized Losses			# of Securities
Obligations of the U.S. Treasury
and U.S. government agencies	$	5,988	$	(61	)	6	$	—	$	—		—	$	5,988	$	(61	)	6
Municipal securities	472		(12		)	1	—		—			—	472		(12		)	1
Corporate securities	8,174		(172		)	14	—		—			—	8,174		(172		)	14
Mortgage-backed securities	—		—			—	—		—			—	—		—			—
Asset-backed securities	—		—			—	—		—			—	—		—			—
Total fixed maturity securities	$	14,634	$	(245	)	21	$	—	$	—		—	$	14,634	$	(245	)	21

Common stock - publicly traded	$	—	$	—		—	$	197	$	(173	)	11	$	197	$	(173	)	11
Preferred stock - publicly traded	142		(6		)	1	—		—				142		(6		)	1
Common stock - non-publicly traded	12		(9		)	1	—		—				12		(9		)	1
Preferred stock - non-publicly traded	—		—				—		—				—		—			—
Total equity securities	$	154	$	(15	)	2	$	197	$	(173	)	11	$	351	$	(188	)	13

As of December 31, 2011, there were 35 fixed maturity and 5 equity securities in unrealized loss positions. The Company does not intend to sell these investments and it is more likely than not that the Company will be able to hold these securities until full recovery of their amortized cost basis for fixed maturity securities or cost for equity securities. For the year ended December 31, 2011 the Company deemed that 10 equity securities were other than temporarily impaired and recorded an impairment charge of $0.2 million. As of December 31, 2010, there were 21 fixed maturity and 13 equity securities in unrealized loss positions. During 2010, based on its quarterly review, management deemed 8 equity securities to be other-than-temporarily impaired and recorded an impairment charge of $0.1 million.

The following table summarizes the proceeds from the sale of available-for-sale investment securities, the gross realized gains and gross realized losses for both fixed maturity and equity securities and realized losses for other-than-temporary impairments:



	Years Ended December 31,
	2011			2010			2009
Gross proceeds from sales	$	62,300		$	8,769		$	14,376

Gross realized gains	$	4,456		$	831		$	894
Gross realized losses	(91		)	(116		)	(840		)
Total net gains from sales	$	4,365		$	715		$	54
Impairment write-downs (other-than-temporary impairments)	(172		)	(65		)	—
Total realized investment gains	$	4,193		$	650		$	54



The following schedule details the components of net investment income:	Years Ended December 31,
	2011			2010			2009
Fixed income securities	$	3,188		$	3,666		$	4,520
Cash on hand and on deposit	333			738			557
Common and preferred stock dividends	59			60			28
Notes receivable	155			157			162
Other income	141			(46		)	2
Investment expenses	(508		)	(502		)	(510		)
Net investment income	$	3,368		$	4,073		$	4,759