Investments (Tables)

6 Months Ended

Jun. 30, 2015

Schedule of investments aggregated by type and industry

Investments were comprised of the following:

	June 30, 2015
	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	$	26,506	$	334	$	538	$	26,710
Obligations of states and political subdivisions		24,642		544		848		24,946
Corporate securities:
Utilities and telecom		17,655		1,575		317		16,397
Financial services		48,434		1,995		930		47,369
Other business – diversified		59,255		917		1,728		60,066
Other consumer – diversified		21,282		160		780		21,902
Total corporate securities		146,626		4,647		3,755		145,734
Redeemable preferred stocks:
Financial services		253		3		-		250
Other consumer – diversified		193		-		-		193
Total redeemable preferred stocks		446		3		-		443
Total fixed maturities		198,220		5,528		5,141		197,833
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,398		434		-		964
Financial services		6,020		692		16		5,344
Other business – diversified		205		158		-		47
Other consumer – diversified		15,090		9,476		-		5,614
Total equity securities		22,713		10,760		16		11,969
Other invested assets		2,382		-		-		2,382
Policy loans		2,161		-		-		2,161
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	226,752	$	16,288	$	5,157	$	215,621

	December 31, 2014
	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	$	33,898	$	1,459	$	30	$	32,469
Obligations of states and political subdivisions		11,459		681		-		10,778
Corporate securities:
Utilities and telecom		13,980		2,355		-		11,625
Financial services		59,224		3,404		588		56,408
Other business – diversified		70,139		2,076		1,830		69,893
Other consumer – diversified		25,388		332		547		25,603
Total corporate securities		168,731		8,167		2,965		163,529
Redeemable preferred stocks:
Financial services		608		8		-		600
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		800		8		-		792
Total fixed maturities		214,888		10,315		2,995		207,568
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,403		439		-		964
Financial services		6,083		739		-		5,344
Other business – diversified		226		179		-		47
Other consumer – diversified		11,212		5,598		-		5,614
Total equity securities		18,924		6,955		-		11,969
Other invested assets		2,995		-		-		2,995
Policy loans		2,202		-		-		2,202
Real estate		38		-		-		38
Investments in unconsolidated trusts		1,238		-		-		1,238
Total investments	$	240,285	$	17,270	$	2,995	$	226,010

Amortized cost and carrying value of fixed maturities by contractual maturity

The carrying value and amortized cost of the Company’s investments in fixed maturities at June 30, 2015 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, 2015
	Carrying Value		Amortized Cost
Due in one year or less	$	3,190	$	3,119
Due after one year through five years		19,258		18,616
Due after five years through ten years		86,031		86,435
Due after ten years		88,632		88,668
Varying maturities		1,109		995
Totals	$	198,220	$	197,833

Schedule of investments aggregated by industry

The following table sets forth the carrying value, amortized cost, and net unrealized gains (losses) of the Company’s investments aggregated by industry as of June 30, 2015 and December 31, 2014.

	June 30, 2015							December 31, 2014
	Carrying Value		Amortized Cost		Unrealized Gains (Losses)			Carrying Value		Amortized Cost		Unrealized Gains
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	26,506	$	26,710	$	(204	)	$	33,898	$	32,469	$	1,429
Obligations of states and political subdivisions		24,642		24,946		(304	)		11,459		10,778		681
Utilities and telecom		19,053		17,361		1,692			15,383		12,589		2,794
Financial services		54,707		52,963		1,744			65,915		62,352		3,563
Other business – diversified		59,460		60,113		(653	)		70,365		69,940		425
Other consumer – diversified		36,565		27,709		8,856			36,792		31,409		5,383
Other investments		5,819		5,819		-			6,473		6,473		-
Investments	$	226,752	$	215,621	$	11,131		$	240,285	$	226,010	$	14,275

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, 2015 and December 31, 2014.

	June 30, 2015
	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	$	15,390	$	537	$	503	$	1	$	15,893	$	538
Obligations of states and political subdivisions		19,491		848		-		-		19,491		848
Corporate securities		70,215		2,065		11,923		1,690		82,138		3,755
Common and non-redeemable preferred stocks		1,000		16		-		-		1,000		16
Total temporarily impaired securities	$	106,096	$	3,466	$	12,426	$	1,691	$	118,522	$	5,157

	December 31, 2014
	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	$	3,695	$	7	$	2,692	$	23	$	6,387	$	30
Corporate securities		43,996		1,604		9,293		1,361		53,289		2,965
Total temporarily impaired securities	$	47,691	$	1,611	$	11,985	$	1,384	$	59,676	$	2,995

Financial instruments carried at fair value measured on a recurring basis

As of June 30, 2015, 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	$	-	$	196,013	$	2,207	$	198,220
Equity securities		17,003		5,710		-		22,713
Cash equivalents		29,558		-		-		29,558
Total	$	46,561	$	201,723	$	2,207	$	250,491

As of December 31, 2014, 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	$	-	$	212,674	$	2,214	$	214,888
Equity securities		13,148		5,776		-		18,924
Cash equivalents		15,009		-		-		15,009
Total	$	28,157	$	218,450	$	2,214	$	248,821

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 Company’s 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, 2015.

	Fixed Maturities
Balance, December 31, 2014	$	2,214
Total unrealized gains included in other comprehensive income		50
Balance, March 31, 2015		2,264
Total unrealized losses included in other comprehensive income		(57	)
Balance, June 30, 2015	$	2,207