Investments (Tables)

3 Months Ended

Mar. 31, 2019

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	March 31, 2019
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	26,356	$	82	$	723	$	26,997
Obligations of states and political subdivisions		8,491		415		1		8,077
Corporate securities:
Utilities and telecom		19,399		1,312		124		18,211
Financial services		52,583		1,164		1,136		52,555
Other business – diversified		44,777		822		1,381		45,336
Other consumer – diversified		65,351		479		2,279		67,151
Total corporate securities		182,110		3,777		4,920		183,253
Redeemable preferred stocks:
Other consumer – diversified		192		-		-		192
Total redeemable preferred stocks		192		-		-		192
Total fixed maturities	$	217,149	$	4,274	$	5,644	$	218,519

	December 31, 2018
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or 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

Bonds having an amortized cost of $9,477 and $10,452 and included in the tables above were on deposit with insurance regulatory authorities as of March 31, 2019 and December 31, 2018, respectively, in accordance with statutory requirements.

Equity securities were comprised of the following:

	March 31, 2019
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	4,755	$	375	$	-	$	4,380
Other business – diversified		301		254		-		47
Other consumer – diversified		20,736		16,103		-		4,633
Total equity securities	$	25,792	$	16,732	$	-	$	9,060

	December 31, 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

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 March 31, 2019 and December 31, 2018 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.

	March 31, 2019				December 31, 2018
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	1,501	$	1,500	$	3,150	$	3,150
Due after one year through five years		15,529		15,274		19,787		19,699
Due after five years through ten years		122,693		123,685		127,617		133,863
Due after ten years		61,355		61,389		43,823		46,338
Asset backed securities		16,071		16,671		16,009		16,874
Totals	$	217,149	$	218,519	$	210,386	$	219,924

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 March 31, 2019 and December 31, 2018.

	March 31, 2019
	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	$	-	$	-	$	20,998	$	723	$	20,998	$	723
Obligations of states and political subdivisions		-		-		485		1		485		1
Corporate securities		9,142		135		94,244		4,785		103,386		4,920
Total temporarily impaired securities	$	9,142	$	135	$	115,727	$	5,509	$	124,869	$	5,644

	December 31, 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

Summary of Realized Investment Gains (Losses)

The following table is a summary of realized investment gains (losses) for the three month periods ended March 31, 2019 and 2018.

	2019
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	272	$	1,113	$	-	$	1,385
Losses		-		-		-		-
Realized investment gains (losses), net	$	272	$	1,113	$	-	$	1,385

	2018
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	370	$	-	$	-	$	370
Losses		-		-		-		-
Realized investment gains (losses), net	$	370	$	-	$	-	$	370

Unrealized Gains (Losses) Related to Equity Securities

The following table presents the portion of unrealized gains (losses) related to equity securities still held for the three month periods ended March 31, 2019 and 2018.

	Three Months Ended March 31,
	2019		2018
Net gains (losses) recognized during the period on equity securities	$	7,602	$	(4,419	)
Less: Net gains (losses) recognized during the period on equity securities sold during the period		1,113		-
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date	$	6,489	$	(4,419	)