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Investments | 3 Months Ended
--- | ---
Mar. 31, 2017
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments At March 31, 2017, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:
(in thousands) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities, obligations of U.S. Government agencies and municipals | $ | 26,648 |  |  | $ | 6 |  |  | $ | (64 | ) |  | $ | 26,590 |
Corporate debt | 1,982 |  |  | 14 |  |  | — |  |  | 1,996 |
Total | $ | 28,630 |  |  | $ | 20 |  |  | $ | (64 | ) |  | $ | 28,586 |
At March 31, 2017, the Company held $26.6 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipals, and $2.0 million issued by corporations with investment grade ratings. Of that total, $11.4 million is classified as short-term investments on the Consolidated Balance Sheet as maturities are less than one-year. Additionally, the Company holds $9.2 million in short-term investments, which are related to time deposits held with various financial institutions. For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2017:
| Less than 12 Months |  | 12 Months or More |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipals | $ | 23,601 |  |  | $ | (64 | ) |  | $ | — |  |  | $ | — |  |  | $ | 23,601 |  |  | $ | (64 | )
Corporate debt | 276 |  |  | — |  |  | — |  |  | — |  |  | 276 |  |  | — |
Total | $ | 23,877 |  |  | $ | (64 | ) |  | $ | — |  |  | $ | — |  |  | $ | 23,877 |  |  | $ | (64 | )
The unrealized losses were caused by interest rate increases. At March 31, 2017, the Company had 19 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at March 31, 2017. At December 31, 2016, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:
(in thousands) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. Treasury securities, obligations of U.S. Government agencies and municipals | $ | 26,280 |  |  | $ | 11 |  |  | $ | (59 | ) |  | $ | 26,232 |
Corporate debt | 2,358 |  |  | 13 |  |  | (1 | ) |  | 2,370 |
Total | $ | 28,638 |  |  | $ | 24 |  |  | $ | (60 | ) |  | $ | 28,602 |
At December 31, 2016, the Company held $26.2 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and municipals, and 2.4 million issued by corporations with investment grade ratings. Of that total, $5.6 million is classified as short-term investments on the Consolidated Balance Sheet as maturities are less than one-year. Additionally, the Company holds 9.5 million in short-term investments which are related to time deposits held with various financial institutions. For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2016:
| Less than 12 Months |  | 12 Months or More |  | Total
(in thousands) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Treasury securities, obligations of U.S. Government agencies and municipals | $ | 14,663 |  |  | $ | (59 | ) |  | $ | — |  |  | $ | — |  |  | $ | 14,663 |  |  | $ | (59 | )
Foreign Government | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate debt | 1,001 |  |  | (1 | ) |  | — |  |  | — |  |  | 1,001 |  |  | (1 | )
Total | $ | 15,664 |  |  | $ | (60 | ) |  | $ | — |  |  | $ | — |  |  | $ | 15,664 |  |  | $ | (60 | )
The unrealized losses from corporate issuers were caused by interest rate increases. At December 31, 2016, the Company had 20 securities in an unrealized loss position. The corporate securities are highly rated securities with no indicators of potential impairment. Based on the ability and intent of the Company to hold these investments until recovery of fair value, which may be maturity, the bonds were not considered to be other-than-temporarily impaired at December 31, 2016. The amortized cost and estimated fair value of the fixed maturity securities at March 31, 2017 by contractual maturity are set forth below:
(in thousands) | Amortized Cost |  | Fair Value
Years to maturity: |  |  |
Due in one year or less | $ | 11,441 |  |  | $ | 11,432 |
Due after one year through five years | 16,859 |  |  | 16,813 |
Due after five years | 330 |  |  | 341 |
Total | $ | 28,630 |  |  | $ | 28,586 |
The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2016 by contractual maturity are set forth below:
(in thousands) | Amortized Cost |  | Fair Value
Years to maturity: |  |  |
Due in one year or less | $ | 5,551 |  |  | $ | 5,554 |
Due after one year through five years | 22,757 |  |  | 22,708 |
Due after five years | 330 |  |  | 340 |
Total | $ | 28,638 |  |  | $ | 28,602 |
The expected maturities in the foregoing table may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without penalty. Proceeds from the sales and maturity of the Company’s investment in fixed maturity securities were $0.4 million. This along with maturing time deposits yielded total cash proceeds from the sale of investments of $0.7 million in the period of January 1, 2017 to March 31, 2017. These proceeds were used to purchase additional fixed maturity securities. The gains and losses realized on those sales for the period from January 1, 2017 to March 31, 2017 were insignificant. Realized gains and losses are reported on the Condensed Consolidated Statements of Income, with the cost of securities sold determined on a specific identification basis. At March 31, 2017, investments with a fair value of approximately $4.0 million were on deposit with state insurance departments to satisfy regulatory requirements.

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