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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2014
Investments Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses and Estimated Fair Values of Fixed-Maturity Securities

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of total fixed-maturity securities and total fixed-maturity securities held in trust at December 31, 2014, are as follows:

 

 

December 31, 2014

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Estimated Fair Value

 

Obligations of U.S. government sponsored enterprises

$

6,491

 

 

$

12

 

 

$

(28

)

 

$

6,475

 

Corporate debt securities

 

41,018

 

 

 

531

 

 

 

(65

)

 

 

41,484

 

Commercial paper

 

 

 

 

 

 

 

 

 

 

 

Foreign corporate debt securities

 

12,693

 

 

 

47

 

 

 

(58

)

 

 

12,682

 

Total fixed-maturity securities

 

60,202

 

 

 

590

 

 

 

(151

)

 

 

60,641

 

Less total unrestricted fixed-maturity securities – trading

 

7,895

 

 

 

179

 

 

 

(11

)

 

 

8,063

 

Less total unrestricted fixed-maturity securities – held to

   maturity

 

 

 

 

 

 

 

 

 

 

 

Total fixed-maturity securities held in trust

$

52,307

 

 

$

411

 

 

$

(140

)

 

$

52,578

 

 

The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of total fixed-maturity securities and total fixed-maturity securities held in trust at December 31, 2013, are as follows:

 

 

December 31, 2013

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

Obligations of U.S. government sponsored enterprises

$

15,868

 

 

$

127

 

 

$

(163

)

 

$

15,832

 

Corporate debt securities

 

80,624

 

 

 

1,450

 

 

 

(182

)

 

 

81,892

 

Commercial paper

 

98,929

 

 

 

4

 

 

 

(1

)

 

 

98,932

 

Foreign corporate debt securities

 

22,166

 

 

 

149

 

 

 

(170

)

 

 

22,145

 

Total fixed-maturity securities

 

217,587

 

 

 

1,730

 

 

 

(516

)

 

 

218,801

 

Less total unrestricted fixed-maturity securities – trading

 

7,326

 

 

 

232

 

 

 

(13

)

 

 

7,545

 

Less total unrestricted fixed-maturity securities – held to

   maturity

 

65,352

 

 

 

 

 

 

 

 

 

65,352

 

Total fixed-maturity securities held in trust

$

144,909

 

 

$

1,498

 

 

$

(503

)

 

$

145,904

 

 

Schedule of Amortized Cost and Estimated Fair Value of Fixed-Maturity Securities by Contractual Maturity

Amortized cost and estimated fair value of fixed-maturity securities at December 31, 2014 by contractual maturity are as follows:

 

Maturity in:

 

 

 

 

 

 

 

2015

$

18,698

 

 

$

18,775

 

2016-2019

 

41,504

 

 

 

41,866

 

Total fixed-maturity securities

$

60,202

 

 

$

60,641

 

 

Summary of Net Investment Income (Loss)

Net investment income (loss) for the periods ending December 31, 2014, 2013 and 2012, respectively, is summarized as follows:

 

 

 

Successor

 

 

 

Predecessor

 

 

 

Year ended

 

 

Year ended

 

 

Period from March 20, 2012 through

 

 

 

Period from January 1 through

 

 

 

December 31, 2014

 

 

December 31, 2013

 

 

December 31, 2012

 

 

 

March 19, 2012

 

Investment income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of premium or discount on fixed-maturity securities

 

$

(1,663

)

 

$

(2,309

)

 

$

(1,837

)

 

 

$

(523

)

Investment income on fixed-maturity securities

 

 

3,369

 

 

 

6,588

 

 

 

7,232

 

 

 

 

2,467

 

Interest income on cash and equivalents

 

 

11

 

 

 

10

 

 

 

161

 

 

 

 

3

 

Realized net gain (loss) from sale of investments

 

 

436

 

 

 

(1,575

)

 

 

2,747

 

 

 

 

176

 

Unrealized (losses) gains on trading securities held at period end

 

 

(774

)

 

 

(3,492

)

 

 

(1,410

)

 

 

 

1,049

 

Net investment income (loss)

 

$

1,379

 

 

$

(778

)

 

$

6,893

 

 

 

$

3,172

 

 

Schedule of Investments in Accordance with Fair Value Measurement

The following tables show how the Company’s investments are categorized in accordance with fair value measurement, as of December 31, 2014 and 2013, respectively:

 

 

December 31, 2014

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Class of Security:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of U.S. government sponsored enterprises

$

3,009

 

 

$

3,466

 

 

$

 

 

$

6,475

 

Corporate debt securities

 

14,939

 

 

 

26,545

 

 

 

 

 

 

 

41,484

 

Commercial paper

 

 

 

 

 

 

 

 

 

 

 

Foreign corporate debt securities

 

2,822

 

 

 

9,860

 

 

 

 

 

 

12,682

 

Total fixed-maturity securities

 

20,770

 

 

 

39,871

 

 

 

 

 

 

60,641

 

Money market funds

 

88,851

 

 

 

 

 

 

 

 

 

88,851

 

Total

$

109,621

 

 

$

39,871

 

 

$

 

 

$

149,492

 

 

 

December 31, 2013

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Class of Security:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Obligations of U.S. government sponsored enterprises

$

6,299

 

 

$

9,533

 

 

$

 

 

$

15,832

 

Corporate debt securities

 

11,891

 

 

 

70,001

 

 

 

 

 

 

81,892

 

Commercial paper

 

98,932

 

 

 

 

 

 

 

 

 

98,932

 

Foreign corporate debt securities

 

7,652

 

 

 

14,493

 

 

 

 

 

 

22,145

 

Total fixed-maturity securities

 

124,774

 

 

 

94,027

 

 

 

 

 

 

218,801

 

Money market funds

 

44,863

 

 

 

 

 

 

 

 

 

44,863

 

Total

$

169,637

 

 

$

94,027

 

 

$

 

 

$

263,664

 

 

Summary of Transfers between Level 1 and Level 2

 

 

  

2014

 

  

2013

 

 

  

Transfers from
Level 1 to
Level 2

 

  

Transfers from
Level 2 to
Level 1

 

  

Transfers from
Level 1 to
Level 2

 

  

Transfers from
Level 2 to
Level 1

 

Class of securities:

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Corporate securities

  

$

 —

 

  

$

13,941

  

  

$

 —

 

  

$

4,598

  

Foreign corporate debt securities

  

 

 

  

 

1,810

  

  

 

 

  

 

2,537

  

Total Transfers

  

$

 

  

$

15,751

  

  

$

 

  

$

7,135