Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	2018
	Estimated Fair 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	$	27,422	$	36	$	1,061	$	28,447
Obligations of states and political subdivisions		8,364		347		72		8,089
Corporate securities:
Utilities and telecom		19,642		873		431		19,200
Financial services		49,477		747		2,942		51,672
Other business – diversified		49,196		226		2,844		51,814
Other consumer – diversified		56,093		84		4,501		60,510
Total corporate securities		174,408		1,930		10,718		183,196
Redeemable preferred stocks:
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		192		-		-		192
Total fixed maturities	$	210,386	$	2,313	$	11,851	$	219,924

	2017
	Estimated Fair 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	$	31,155	$	149	$	511	$	31,517
Obligations of states and political subdivisions		10,809		630		1		10,180
Corporate securities:
Utilities and telecom		21,882		1,709		130		20,303
Financial services		53,686		2,049		453		52,090
Other business – diversified		44,184		1,024		1,349		44,509
Other consumer – diversified		53,200		924		1,477		53,753
Total corporate securities		172,952		5,706		3,409		170,655
Redeemable preferred stocks:
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		192		-		-		192
Total fixed maturities	$	215,108	$	6,485	$	3,921	$	212,544

Bonds having an amortized cost of $10,452 and $11,178 and included in the tables above were on deposit with insurance regulatory authorities at December 31, 2018 and 2017, respectively, in accordance with statutory requirements.

	2018
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,686		722		-		964
Financial services		4,552		172		-		4,380
Other business – diversified		306		259		-		47
Other consumer – diversified		14,214		9,090		-		5,124
Total equity securities	$	20,758	$	10,243	$	-	$	10,515

	2017
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Utilities and telecom		1,588		624		-		964
Financial services		5,634		851		-		4,783
Other business – diversified		297		250		-		47
Other consumer – diversified		15,836		10,712		-		5,124
Total equity securities	$	23,355	$	12,437	$	-	$	10,918

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 December 31, 2018 and 2017 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.

	2018				2017
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	3,150	$	3,150	$	1,653	$	1,655
Due after one year through five years		19,787		19,699		13,738		14,056
Due after five years through ten years		127,617		133,863		112,847		112,116
Due after ten years		43,823		46,338		67,328		64,928
Asset backed securities		16,009		16,874		19,542		19,789
Totals	$	210,386	$	219,924	$	215,108	$	212,544

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 December 31, 2018 and 2017.

	2018
	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		$	-		$	-		$	24,786		$	1,061		$	24,786		$	1,061
Obligations of states and political subdivisions			-			-			3,980			72			3,980			72
Corporate securities			49,633			1,592			97,012			9,126			146,645			10,718
Total temporarily impaired securities		$	49,633		$	1,592		$	125,778		$	10,259		$	175,411		$	11,851

	2017
	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		$	12,175		$	162		$	12,737		$	349		$	24,912		$	511
Obligations of states and political subdivisions			999			1			-			-			999			1
Corporate securities			40,108			653			32,667			2,756			72,775			3,409
Total temporarily impaired securities		$	53,282		$	816		$	45,404		$	3,105		$	98,686		$	3,921

Investment Income Earned

Investment income was earned from the following sources:

	2018		2017
Fixed maturities	$	8,432	$	8,297
Equity securities		440		467
Other		677		(268	)
Net investment income	$	9,549	$	8,496

Summary of Realized Investment Gains (Losses)

A summary of realized investment gains (losses) follows:

	2018
	Fixed Maturities				Equity Securities			Other Invested Assets			Total
Gains		$	884			$	272		$	5,827		$	6,983
Losses			(1,829	)			-			-			(1,829	)
Realized investment gains (losses), net		$	(945	)		$	272		$	5,827		$	5,154

	2017
	Fixed Maturities				Equity Securities			Other Invested Assets			Total
Gains		$	2,226			$	1,044		$	6,040		$	9,310
Losses			(142	)			-			-			(142	)
Realized investment gains, net		$	2,084			$	1,044		$	6,040		$	9,168

Proceeds from Sales of Investments

Proceeds from the sales of investments were as follows:

	2018		2017
Fixed maturities	$	30,078	$	72,760
Equity securities		-		1,579
Other investments		10,839		9,653
Total proceeds	$	40,917	$	83,992

Unrealized Gains (Losses) Related to Equity Securities

	2018			2017
Net gains (losses) recognized during the period on equity securities	$	(1,922	)	$	-
Less: Net gains (losses) recognized during the period on equity securities sold during the period		(272	)		-
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	(2,194	)	$	-