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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2014
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 fixed-maturity securities held in trust at June 30, 2014, are as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Obligations of U.S. government sponsored enterprises |  | $ | 8,491 |  |  | $ | 36 |  |  | $ | (20 | ) |  | $ | 8,507 |
Corporate debt securities |  |  | 67,432 |  |  |  | 829 |  |  |  | (60 | ) |  |  | 68,201 |
Commercial paper |  |  | 51,481 |  |  |  | — |  |  |  | — |  |  |  | 51,481 |
Foreign corporate debt securities |  |  | 18,790 |  |  |  | 78 |  |  |  | (17 | ) |  |  | 18,851 |
Total fixed-maturity securities |  |  | 146,194 |  |  |  | 943 |  |  |  | (97 | ) |  |  | 147,040 |
Less total unrestricted fixed-maturity securities – trading |  |  | 8,481 |  |  |  | 252 |  |  |  | (14 | ) |  |  | 8,719 |
Less total unrestricted fixed-maturity securities – held to maturity |  |  | 77,825 |  |  |  | — |  |  |  | — |  |  |  | 77,825 |
Total fixed-maturity securities held in trust |  | $ | 59,888 |  |  | $ | 691 |  |  | $ | (83 | ) |  | $ | 60,496 |
The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair values of fixed-maturity securities held in trust at December 31, 2013, are as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Obligations of U.S. government sponsored enterprises |  | $ | 15,868 |  |  | $ | 127 |  |  | $ | (163 | ) |  | $ | 15,832 |
Corporate debt securities |  |  | 80,624 |  |  |  | 1,450 |  |  |  | (182 | ) |  |  | 81,892 |
Commercial paper |  |  | 98,929 |  |  |  | 4 |  |  |  | (1 | ) |  |  | 98,932 |
Foreign corporate debt securities |  |  | 22,166 |  |  |  | 149 |  |  |  | (170 | ) |  |  | 22,145 |
Total fixed-maturity securities |  |  | 217,587 |  |  |  | 1,730 |  |  |  | (516 | ) |  |  | 218,801 |
Less total unrestricted fixed-maturity securities – trading |  |  | 7,326 |  |  |  | 232 |  |  |  | (13 | ) |  |  | 7,545 |
Less total unrestricted fixed-maturity securities – held to maturity |  |  | 65,352 |  |  |  | — |  |  |  | — |  |  |  | 65,352 |
Total fixed-maturity securities held in trust |  | $ | 144,909 |  |  | $ | 1,498 |  |  | $ | (503 | ) |  | $ | 145,904 |
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 June 30, 2014 by contractual maturity are as follows:
|  | Amortized Cost |  |  | Estimated Fair Value |
Maturity in: |  |  |  |  |  |  |  |
2014 |  | $ | 70,301 |  |  | $ | 70,307 |
2015-2019 |  |  | 75,893 |  |  |  | 76,733 |
Total fixed-maturity securities |  | $ | 146,194 |  |  | $ | 147,040 |
Summary of Net Investment Income (Loss) | Net investment income (loss) for the periods ended June 30, 2014 and 2013, respectively, is summarized as follows:
|  | Three Months Ended June 30, 2014 |  |  | Three Months Ended June 30, 2013 |  |  | Six Months Ended June 30, 2014 |  |  | Six Months Ended June 30, 2013 |
Investment income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of premium or discount on fixed-maturity securities |  | $ | (429 | ) |  | $ | (596 | ) |  | $ | (958 | ) |  | $ | (1,084 | )
Investment income on fixed-maturity securities |  |  | 906 |  |  |  | 1,779 |  |  |  | 2,008 |  |  |  | 3,637 |
Interest income on cash and equivalents |  |  | 5 |  |  |  | 5 |  |  |  | 7 |  |  |  | 9 |
Realized net gain (loss) from sale of investments |  |  | 389 |  |  |  | (121 | ) |  |  | 416 |  |  |  | 13 |
Unrealized (losses) on trading securities held at period end |  |  | (434 | ) |  |  | (3,775 | ) |  |  | (368 | ) |  |  | (4,587 | )
Net investment income (loss) |  | $ | 437 |  |  | $ | (2,708 | ) |  | $ | 1,105 |  |  | $ | (2,012 | )
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 June 30, 2014 and December 31, 2013, respectively:
|  | June 30, 2014 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Class of Security: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government sponsored enterprises |  | $ | 3,029 |  |  | $ | 5,478 |  |  | $ | — |  |  | $ | 8,507 |
Corporate debt securities |  |  | 29,957 |  |  |  | 38,244 |  |  |  | — |  |  |  | 68,201 |
Commercial paper |  |  | 51,481 |  |  |  | — |  |  |  | — |  |  |  | 51,481 |
Foreign corporate debt securities |  |  | 7,796 |  |  |  | 11,055 |  |  |  | — |  |  |  | 18,851 |
Total fixed-maturity securities |  |  | 92,263 |  |  |  | 54,777 |  |  |  | — |  |  |  | 147,040 |
Money market funds |  |  | 7,964 |  |  |  | — |  |  |  | — |  |  |  | 7,964 |
Total |  | $ | 100,227 |  |  | $ | 54,777 |  |  | $ | — |  |  | $ | 155,004 |
|  | December 31, 2013 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Class of Security: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government sponsored enterprises |  | $ | 6,299 |  |  | $ | 9,533 |  |  | $ | — |  |  | $ | 15,832 |
Corporate debt securities |  |  | 11,891 |  |  |  | 70,001 |  |  |  | — |  |  |  | 81,892 |
Commercial paper |  |  | 98,932 |  |  |  | — |  |  |  | — |  |  |  | 98,932 |
Foreign corporate debt securities |  |  | 7,652 |  |  |  | 14,493 |  |  |  | — |  |  |  | 22,145 |
Total fixed-maturity securities |  |  | 124,774 |  |  |  | 94,027 |  |  |  | — |  |  |  | 218,801 |
Money market funds |  |  | 44,863 |  |  |  | — |  |  |  | — |  |  |  | 44,863 |
Total |  | $ | 169,637 |  |  | $ | 94,027 |  |  | $ | — |  |  | $ | 263,664 |
Summary of Transfers between Level 1 and Level 2 |
|  | January 1, 2014 to June 30, 2014 |  |  | January 1, 2013 to December 31, 2013 |
|  | 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 |  | $ | — |  |  | $ | 4,388 |  |  | $ | — |  |  | $ | 4,598 |
Foreign corporate debt securities |  |  | — |  |  |  | 1,026 |  |  |  | — |  |  |  | 2,537 |
Total transfers |  | $ | — |  |  | $ | 5,414 |  |  | $ | — |  |  | $ | 7,135 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=25499696&loc=SL7498348-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 225 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04.2) -URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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