Investment Securities

3 Months Ended

Mar. 31, 2015

Investments Debt And Equity Securities [Abstract]

Investment Securities

Note 4: Investment 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 March 31, 2015, are as follows:

	March 31, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Obligations of U.S. government sponsored enterprises	$	75,474	$	6	$	(16	)	$	75,464
Corporate debt securities		28,264		331		(8	)		28,587
Commercial paper		4,998		1		—			4,999
Foreign corporate debt securities		10,899		57		(7	)		10,949
Total fixed-maturity securities		119,635		395		(31	)		119,999
Less total unrestricted fixed-maturity securities		74,041		147		(5	)		74,183
Total fixed-maturity securities held in trust	$	45,594	$	248	$	(26	)	$	45,816

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		7,895		179		(11	)		8,063
Total fixed-maturity securities held in trust	$	52,307	$	411	$	(140	)	$	52,578

Amortized cost and estimated fair value of fixed-maturity securities at March 31, 2015 by contractual maturity are as follows:

	Amortized Cost		Estimated Fair Value
Maturity in:
2015	$	85,087	$	85,122
2016-2019		34,548		34,877
Total fixed-maturity securities	$	119,635	$	119,999

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Net investment income (loss) for the periods ended March 31, 2015 and 2014, respectively, is summarized as follows:

	Three Months ended March 31, 2015			Three Months ended March 31, 2014
Investment income (loss):
Amortization of premium or discount on fixed-maturity securities	$	(179	)	$	(529	)
Investment income on fixed-maturity securities		413			1,102
Interest income on cash and equivalents		57			2
Realized net gain (loss) from sale of investments		186			27
Unrealized (losses) gains on trading securities held at period end		(76	)		66
Net investment income (loss)	$	401		$	668

The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of March 31, 2015:

	March 31, 2015
	Level 1		Level 2		Level 3		Total
Class of Securities:
Obligations of U.S. government sponsored enterprises	$	71,979	$	3,485	$	—	$	75,464
Corporate debt securities		9,071		19,516		—		28,587
Commercial paper		4,999		—		—		4,999
Foreign corporate debt securities		1,072		9,877		—		10,949
Total fixed-maturity securities		87,121		32,878		—		119,999
Money market funds		11,292		—		—		11,292
Total	$	98,413	$	32,878	$	—	$	131,291

The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of December 31, 2014:

	December 31, 2014
	Level 1		Level 2		Level 3		Total
Class of Securities:
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

A review of the fair value hierarchy classifications of the Company’s investments is conducted quarterly. Changes in the observability of valuation inputs may result in a reclassification for certain financial assets or liabilities. Reclassifications are reported as transfers in or transfers out of the applicable Level at the end of the calendar quarter in which the reclassifications occur. During the three months ended March 31, 2015 and the year ended December 31, 2014, $0.0 million and $15.8 million, respectively, of investments were transferred from Level 2 to Level 1 as a result of improving market conditions for short-term and investment grade corporate securities.

	January 1, 2015 to March 31, 2015				January 1, 2014 to December 31, 2014
	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
Foreign corporate debt securities		—		—			—		1,810
Total transfers	$	—	$	—		$	—	$	15,751