Investments (Tables)

6 Months Ended

Jun. 30, 2013

Investments [Abstract ]

Schedule of investments aggregated by type and industry

Investments were comprised of the following:

	June 30, 2013
	Carrying Value		Gross Unrealized  Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	13,659	$	1,093	$	52	$	12,618
Obligations of states and political subdivisions		11,363		1,079		-		10,284
Corporate securities:
Utilities and telecom		17,468		1,889		103		15,682
Financial services		42,645		1,894		416		41,167
Other business – diversified		54,397		1,868		1,387		53,916
Other consumer – diversified		42,832		2,089		1,120		41,863
Total corporate securities		157,342		7,740		3,026		152,628
Redeemable preferred stocks:
Financial services		2,194		2		4		2,196
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		2,386		2		4		2,388
Total fixed maturities		184,750		9,914		3,082		177,918
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,510		546		-		964
Financial services		7,228		517		96		6,807
Other business – diversified		169		122		-		47
Other consumer – diversified		4,865		3,188		-		1,677
Total equity securities		13,772		4,373		96		9,495
Other invested assets		641		-		-		641
Policy loans		2,295		-		-		2,295
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	202,734	$	14,287	$	3,178	$	191,625

	December 31, 2012
	Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	27,512	$	4,618	$	-	$	22,894
Obligations of states and political subdivisions		17,761		2,514		-		15,247
Corporate securities:
Utilities and telecom		17,921		3,128		-		14,793
Financial services		43,695		3,957		415		40,153
Other business – diversified		66,741		7,172		12		59,581
Other consumer – diversified		52,910		7,665		120		45,365
Total corporate securities		181,267		21,922		547		159,892
Redeemable preferred stocks:
Financial services		3,775		18		3		3,760
Other consumer – diversified		193		-		-		193
Total redeemable preferred stocks		3,968		18		3		3,953
Total fixed maturities		230,508		29,072		550		201,986
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,298		334		-		964
Financial services		8,607		857		39		7,789
Other business – diversified		134		87		-		47
Other consumer – diversified		2,166		489		-		1,677
Total equity securities		12,205		1,767		39		10,477
Other invested assets		565		-		-		565
Policy loans		2,338		-		-		2,338
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	246,892	$	30,839	$	589	$	216,642

Amortized cost and carrying value of fixed maturities by contractual maturity

The amortized cost and carrying value of the Company’s investments in fixed maturities at June 30, 2013 by contractual maturity were as follows.  Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	June 30, 2013
	Carrying Value		Amortized Cost
Due in one year or less	$	-	$	-
Due after one year through five years		8,892		8,241
Due after five years through ten years		52,685		51,519
Due after ten years		122,054		117,164
Varying maturities		1,119		994
Totals	$	184,750	$	177,918

Schedule of investments aggregated by industry

The following table sets forth the carrying value, amortized cost, and net unrealized gains of the Company’s investments, aggregated by industry, as of June 30, 2013 and December 31, 2012.

	June 30, 2013						December 31, 2012
	Carrying Value		Amortized Cost		Unrealized Gains		Carrying Value		Amortized Cost		Unrealized Gains
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	13,659	$	12,618	$	1,041	$	27,512	$	22,894	$	4,618
Obligations of states and political subdivisions		11,363		10,284		1,079		17,761		15,247		2,514
Utilities and telecom		18,978		16,646		2,332		19,219		15,757		3,462
Financial services		52,067		50,170		1,897		56,077		51,702		4,375
Other business – diversified		54,566		53,963		603		66,875		59,628		7,247
Other consumer – diversified		47,889		43,732		4,157		55,269		47,235		8,034
Other investments		4,212		4,212		-		4,179		4,179		-
Investments	$	202,734	$	191,625	$	11,109	$	246,892	$	216,642	$	30,250

Schedule of investment securities with continuous unrealized loss position

The following tables present the Company’s unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of June 30, 2013 and December 31, 2012.

	June 30, 2013
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	3,229	$	52	$	-	$	-	$	3,229	$	52
Corporate securities		52,021		2,953		1,927		73		53,948		3,026
Redeemable preferred stocks		1,142		4		-		-		1,142		4
Common and non-redeemable preferred stocks		2,945		71		975		25		3,920		96
Total temporarily impaired securities	$	59,337	$	3,080	$	2,902	$	98	$	62,239	$	3,178

	December 31, 2012
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate securities	$	8,806	$	147	$	1,600	$	400	$	10,406	$	547
Redeemable preferred stocks		1,216		3		-		-		1,216		3
Common and non-redeemable preferred stocks		3,494		39		-		-		3,494		39
Total temporarily impaired securities	$	13,516	$	189	$	1,600	$	400	$	15,116	$	589

Financial instruments carried at fair value measured on a recurring basis

As of June 30, 2013, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Fixed maturities	$	-	$	182,716	$	2,034	$	184,750
Equity securities		6,793		6,979		-		13,772
Cash equivalents		45,438		-		-		45,438
Total	$	52,231	$	189,695	$	2,034	$	243,960

As of December 31, 2012, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Fixed maturities	$	-	$	228,384	$	2,124	$	230,508
Equity securities		3,805		8,400		-		12,205
Cash equivalents		15,326		-		-		15,326
Total	$	19,131	$	236,784	$	2,124	$	258,039
Liabilities:
Derivative financial instrument	$	-	$	-	$	141	$	141

Roll-forward of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

The following is a roll-forward of the financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month and six month periods ended June 30, 2013.

	Fixed Maturities			Derivative (Liability)
Balance, December 31, 2012	$	2,124		$	(141	)
Total unrealized gains (losses) included in other comprehensive income		(32	)		141
Balance, March 31, 2013		2,092			-
Total unrealized losses included in other comprehensive income		(58	)		-
Balance, June 30, 2013	$	2,034		$	-