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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2015
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, 2015, are as follows:

 

 

December 31, 2015

 

Class of securities:

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Estimated Fair Value

 

U.S. government treasury securities

$

249

 

 

$

—

 

 

$

(1

)

 

$

248

 

Obligations of U.S. government sponsored enterprises

 

69,392

 

 

 

13

 

 

 

(23

)

 

 

69,382

 

Corporate debt securities

 

21,048

 

 

 

62

 

 

 

(49

)

 

 

21,061

 

Foreign corporate debt securities

 

8,399

 

 

 

3

 

 

 

(38

)

 

 

8,364

 

Total fixed-maturity securities

 

99,088

 

 

 

78

 

 

 

(111

)

 

 

99,055

 

Less total unrestricted fixed-maturity securities

 

66,481

 

 

 

14

 

 

 

(11

)

 

 

66,484

 

Total fixed-maturity securities held in trust

$

32,607

 

 

$

64

 

 

$

(100

)

 

$

32,571

 

 

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

 

Class of securities:

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

 

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

 

 
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, 2015 by contractual maturity are as follows:

 

 

Amortized

Cost

 

 

Estimated

Fair Value

 

Maturity in:

 

 

 

 

 

 

 

2016

$

74,767

 

 

$

74,789

 

2017-2019

 

24,321

 

 

 

24,266

 

Total fixed-maturity securities

$

99,088

 

 

$

99,055

 

 
Summary of Net Investment Income (Loss)

Net investment income (loss) for the periods ended December 31, 2015, 2014 and 2013, respectively, is summarized as follows:

 

 

Year ended

December 31, 2015

 

 

Year ended

December 31, 2014

 

 

Year ended

December 31, 2013

 

Investment income (loss):

 

 

 

 

 

 

 

 

 

 

 

Amortization of premium or discount on fixed-maturity securities

$

(574

)

 

$

(1,663

)

 

$

(2,309

)

Investment income on fixed-maturity securities

 

1,324

 

 

 

3,369

 

 

 

6,588

 

Interest income on cash and cash equivalents

 

268

 

 

 

11

 

 

 

10

 

Realized net gain (loss) from sale of investments

 

324

 

 

 

436

 

 

 

(1,575

)

Unrealized (losses) on trading securities held at period end

 

(463

)

 

 

(774

)

 

 

(3,492

)

Net investment income (loss)

$

879

 

 

$

1,379

 

 

$

(778

)

 
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, 2015 and 2014, respectively:

 

 

December 31, 2015

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Class of securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government treasury securities

$

248

 

 

$

—

 

 

$

—

 

 

$

248

 

Obligations of U.S. government sponsored enterprises

 

63,909

 

 

 

5,473

 

 

 

—

 

 

 

69,382

 

Corporate debt securities

 

8,873

 

 

 

12,188

 

 

 

—

 

 

 

21,061

 

Foreign corporate debt securities

 

2,007

 

 

 

6,357

 

 

 

—

 

 

 

8,364

 

Total fixed-maturity securities

 

75,037

 

 

 

24,018

 

 

 

—

 

 

 

99,055

 

Money market funds

 

7,301

 

 

 

—

 

 

 

—

 

 

 

7,301

 

Total

$

82,338

 

 

$

24,018

 

 

$

—

 

 

$

106,356

 

 

 

 

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

 

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

 

 
Summary of Transfers between Level 1 and Level 2

 

 

  

2015

 

  

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

  

$

 —

 

  

$

7,860

  

  

$

 —

 

  

$

13,941

  

Foreign corporate debt securities

  

 

—

 

  

 

2,007

  

  

 

—

 

  

 

1,810

  

Total Transfers

  

$

—

 

  

$

9,867

  

  

$

—

 

  

$

15,751