|
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 |
|
|