XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Investments | 9 Months Ended
--- | ---
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments At September 30, 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 | $ | 26,787 |  |  | $ | 118 |  |  | $ | (5 | ) |  | $ | 26,900 |
Corporate debt | 3,129 |  |  | 38 |  |  | — |  |  | 3,167 |
Total | $ | 29,916 |  |  | $ | 156 |  |  | $ | (5 | ) |  | $ | 30,067 |
At September 30, 2016, the Company held $26.9 million in fixed income securities composed of U.S. Treasury securities, securities issued by U.S. Government agencies and Municipalities, and $3.2 million issued by corporations with investment grade ratings. Of that total, $3.8 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 September 30, 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 | $ | 5,102 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | — |  |  | $ | 5,102 |  |  | $ | (5 | )
Corporate debt | 701 |  |  | — |  |  | 160 |  |  | — |  |  | 861 |  |  | — |
Total | $ | 5,803 |  |  | $ | (5 | ) |  | $ | 160 |  |  | $ | — |  |  | $ | 5,963 |  |  | $ | (5 | )
The unrealized losses were caused by interest rate increases. At September 30, 2016, the Company had 10 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 September 30, 2016. At December 31, 2015, 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 | $ | 11,876 |  |  | $ | 6 |  |  | $ | (26 | ) |  | $ | 11,856 |
Foreign government | 50 |  |  | — |  |  | — |  |  | 50 |
Corporate debt | 4,505 |  |  | 7 |  |  | (16 | ) |  | 4,496 |
Short-duration fixed income fund | 1,663 |  |  | 27 |  |  | — |  |  | 1,690 |
Total | $ | 18,094 |  |  | $ | 40 |  |  | $ | (42 | ) |  | $ | 18,092 |
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, 2015:
| 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 | $ | 8,998 |  |  | $ | (26 | ) |  | $ | — |  |  | $ | — |  |  | $ | 8,998 |  |  | $ | (26 | )
Foreign Government | 50 |  |  | — |  |  | — |  |  | — |  |  | 50 |  |  | — |
Corporate debt | 2,731 |  |  | (14 | ) |  | 284 |  |  | (2 | ) |  | 3,015 |  |  | (16 | )
Total | $ | 11,779 |  |  | $ | (40 | ) |  | $ | 284 |  |  | $ | (2 | ) |  | $ | 12,063 |  |  | $ | (42 | )
The unrealized losses in the Company's investments in U.S. Treasury Securities and obligations of U.S. Government agencies and bonds from corporate issuers were caused by interest rate increases. At December 31, 2015, the Company had 35 securities in an unrealized loss position. The contractual cash flows of the U.S. Treasury Securities and obligations of the U.S. Government agencies investments are either guaranteed by the U.S. Government or an agency of the U.S. Government. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the Company’s investment. 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, 2015. The amortized cost and estimated fair value of the fixed maturity securities at September 30, 2016 by contractual maturity are set forth below:
(in thousands) | Amortized Cost |  | Fair Value
Years to maturity: |  |  |
Due in one year or less | $ | 3,753 |  |  | $ | 3,760 |
Due after one year through five years | 25,833 |  |  | 25,951 |
Due after five years | 330 |  |  | 356 |
Total | $ | 29,916 |  |  | $ | 30,067 |
The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2015 by contractual maturity are set forth below:
(in thousands) | Amortized Cost |  | Fair Value
Years to maturity: |  |  |
Due in one year or less | $ | 5,726 |  |  | $ | 5,722 |
Due after one year through five years | 12,038 |  |  | 12,041 |
Due after five years | 330 |  |  | 329 |
Total | $ | 18,094 |  |  | $ | 18,092 |
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 $4.7 million. This along with maturing time deposits and the utilization of funds from a money-market investment account of $8.2 million yielded total cash proceeds from the sale of investments of $16.7 million in the period of January 1, 2016 to September 30, 2016. These proceeds were used to purchase additional fixed maturity securities. The gains and losses realized on those sales for the period from January 1, 2016 to September 30, 2016 were insignificant. Additionally, there was a sale of the short-duration fixed income fund which resulted in cash proceeds of $1.7 million, as the fund was liquidated in the third quarter of 2016. Gains on this sale were also 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 September 30, 2016, investments with a fair value of approximately $4.0 million were on deposit with state insurance departments to satisfy regulatory requirements.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Debt Security -URI http://asc.fasb.org/extlink&oid=6509901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27232-111563 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -Glossary Equity Security -URI http://asc.fasb.org/extlink&oid=6511694 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27161-111563 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27357-111563 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=73527792&loc=d3e27405-111563 + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration