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Investment Securities | 6 Months Ended
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Jun. 30, 2013
Text Block [Abstract] |
Investment Securities | Note 5: Investment Securities The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of fixed-maturity securities held in trust at June 30, 2013, are as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Obligations of U.S. government sponsored enterprises |  | $ | 72,849 |  |  | $ | 562 |  |  | $ | (1,661 | ) |  | $ | 71,750 |
Corporate debt securities |  |  | 102,209 |  |  |  | 1,955 |  |  |  | (557 | ) |  |  | 103,607 |
Commercial paper |  |  | 62,989 |  |  |  | 1 |  |  |  | — |  |  |  | 62,990 |
Foreign corporate debt securities |  |  | 28,970 |  |  |  | 174 |  |  |  | (288 | ) |  |  | 28,856 |
Commercial mortgage-backed securities |  |  | 3,469 |  |  |  | 5 |  |  |  | (73 | ) |  |  | 3,401 |
Total fixed-maturity securities |  |  | 270,486 |  |  |  | 2,697 |  |  |  | (2,579 | ) |  |  | 270,604 |
Less total unrestricted fixed-maturity securities – trading |  |  | 20,405 |  |  |  | 254 |  |  |  | (172 | ) |  |  | 20,487 |
Less total unrestricted fixed-maturity securities – held to maturity |  |  | 72,710 |  |  |  | — |  |  |  | — |  |  |  | 72,710 |
Total fixed-maturity securities held in trust |  | $ | 177,371 |  |  | $ | 2,443 |  |  | $ | (2,407 | ) |  | $ | 177,407 |
The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of fixed-maturity securities held in trust at December 31, 2012, are as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Obligations of U.S. government sponsored enterprises |  | $ | 97,104 |  |  | $ | 1,415 |  |  | $ | (156 | ) |  | $ | 98,363 |
Corporate debt securities |  |  | 91,997 |  |  |  | 3,011 |  |  |  | (34 | ) |  |  | 94,974 |
Commercial paper |  |  | 54,948 |  |  |  | — |  |  |  | — |  |  |  | 54,948 |
Foreign corporate debt securities |  |  | 18,305 |  |  |  | 379 |  |  |  | (18 | ) |  |  | 18,666 |
Commercial mortgage-backed securities |  |  | 10,541 |  |  |  | 64 |  |  |  | (87 | ) |  |  | 10,518 |
Total fixed-maturity securities |  |  | 272,895 |  |  |  | 4,869 |  |  |  | (295 | ) |  |  | 277,469 |
Less total unrestricted fixed-maturity securities – trading |  |  | 14,246 |  |  |  | 168 |  |  |  | (18 | ) |  |  | 14,396 |
Less total unrestricted fixed-maturity securities – held to maturity |  |  | 61,413 |  |  |  | — |  |  |  | — |  |  |  | 61,413 |
Total fixed-maturity securities held in trust |  | $ | 197,236 |  |  | $ | 4,701 |  |  | $ | (277 | ) |  | $ | 201,660 |
Amortized cost and estimated fair value of fixed-maturity securities at June 30, 2013 by contractual maturity are as follows:
|  | Amortized Cost |  |  | Estimated Fair Value |
Maturity in: |  |  |  |  |  |  |  |
2013 |  | $ | 73,148 |  |  | $ | 73,167 |
2014-2017 |  |  | 124,916 |  |  |  | 126,578 |
2018-2022 |  |  | 42,272 |  |  |  | 40,983 |
Thereafter |  |  | 26,681 |  |  |  | 26,475 |
Mortgage-backed securities |  |  | 3,469 |  |  |  | 3,401 |
Total fixed-maturity securities |  | $ | 270,486 |  |  | $ | 270,604 |
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 for the periods ending June 30, 2013 and 2012 is summarized as follows:
|  | Successor |  |  | Successor |  |  | Successor |  |  | Successor |  |  |  |  | Predecessor |
|  | Three Months Ended June 30, 2013 |  |  | Three Months Ended June 30, 2012 |  |  | Six Months Ended June 30, 2013 |  |  | Period from March 20, 2012 through June 30, 2012 |  |  |  |  | Period from January 1, 2012 through March 19, 2012 |
Investment income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of premium or discount on fixed-maturity securities |  | $ | (596 | ) |  | $ | (669 | ) |  | $ | (1,084 | ) |  | $ | (756 | ) |  |  |  | $ | (523 | )
Investment income on fixed-maturity securities |  |  | 1,779 |  |  |  | 2,878 |  |  |  | 3,637 |  |  |  | 3,279 |  |  |  |  |  | 2,467 |
Interest income on cash and equivalents |  |  | 5 |  |  |  | 15 |  |  |  | 9 |  |  |  | 15 |  |  |  |  |  | 3 |
Realized net gain (loss) from sale of investment |  |  | (121 | ) |  |  | 278 |  |  |  | 13 |  |  |  | 271 |  |  |  |  |  | 176 |
Unrealized (losses) gains on trading securities held at period end |  |  | (3,775 | ) |  |  | (323 | ) |  |  | (4,587 | ) |  |  | 273 |  |  |  |  |  | 1,049 |
Net investment income |  | $ | (2,708 | ) |  | $ | 2,179 |  |  | $ | (2,012 | ) |  | $ | 3,082 |  |  |  |  | $ | 3,172 |
The following tables show how the Company’s investments are categorized in accordance with fair value measurement as of June 30, 2013 and December 31, 2012:
|  | June 30, 2013 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Class of Security: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government sponsored enterprises |  | $ | 11,211 |  |  | $ | 60,539 |  |  | $ | — |  |  | $ | 71,750 |
Corporate debt securities |  |  | 21,302 |  |  |  | 82,305 |  |  |  | — |  |  |  | 103,607 |
Commercial paper |  |  | 62,990 |  |  |  | — |  |  |  | — |  |  |  | 62,990 |
Foreign corporate debt securities |  |  | 1,537 |  |  |  | 27,319 |  |  |  | — |  |  |  | 28,856 |
Commercial mortgage-backed securities |  |  | — |  |  |  | 3,401 |  |  |  | — |  |  |  | 3,401 |
Total fixed maturity securities |  |  | 97,040 |  |  |  | 173,564 |  |  |  | — |  |  |  | 270,604 |
Money market funds |  |  | 19,784 |  |  |  | — |  |  |  | — |  |  |  | 19,784 |
Total |  | $ | 116,824 |  |  | $ | 173,564 |  |  | $ | — |  |  | $ | 290,388 |
|  | December 31, 2012 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Class of Security: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government sponsored enterprises |  | $ | 11,362 |  |  | $ | 87,001 |  |  | $ | — |  |  | $ | 98,363 |
Corporate debt securities |  |  | 22,833 |  |  |  | 72,141 |  |  |  | — |  |  |  | 94,974 |
Commercial paper |  |  | 54,948 |  |  |  | — |  |  |  | — |  |  |  | 54,948 |
Foreign corporate debt securities |  |  | 1,001 |  |  |  | 17,665 |  |  |  | — |  |  |  | 18,666 |
Commercial mortgage-backed securities |  |  | — |  |  |  | 10,518 |  |  |  | — |  |  |  | 10,518 |
Total fixed maturity securities |  |  | 90,144 |  |  |  | 187,325 |  |  |  | — |  |  |  | 277,469 |
Money market funds |  |  | 33,628 |  |  |  | — |  |  |  | — |  |  |  | 33,628 |
Total |  | $ | 123,772 |  |  | $ | 187,325 |  |  | $ | — |  |  | $ | 311,097 |
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 end of the calendar quarter in which the reclassifications occur. During the six months ended June 30, 2013 and the year ended December 31, 2012, $6.3 million and $17.7 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.
|  | Six months ended June 30, 2013 |  |  | Year ended December 31, 2012 |
|  | 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 |  | $ | — |  |  | $ | 6,261 |  |  | $ | — |  |  | $ | 16,745 |
Foreign corporate debt securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,001 |
Total Transfers |  | $ | — |  |  | $ | 6,261 |  |  | $ | — |  |  | $ | 17,746 |

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