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Investment Securities | 9 Months Ended
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Sep. 30, 2014
Investments Debt And Equity Securities [Abstract] |
Investment Securities | Note 4: Investment Securities The following tables show 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 September 30, 2014 and December 31, 2013, respectively:
| September 30, 2014 |
| Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Obligations of U.S. government sponsored enterprises | $ | 6,491 |  |  | $ | 23 |  |  | $ | (34 | ) |  | $ | 6,480 |
Corporate debt securities |  | 62,232 |  |  |  | 665 |  |  |  | (94 | ) |  |  | 62,803 |
Commercial paper |  | 54,997 |  |  |  | — |  |  |  | — |  |  |  | 54,997 |
Foreign corporate debt securities |  | 12,734 |  |  |  | 46 |  |  |  | (44 | ) |  |  | 12,736 |
Total fixed-maturity securities |  | 136,454 |  |  |  | 734 |  |  |  | (172 | ) |  |  | 137,016 |
Less total unrestricted fixed-maturity securities – trading |  | 7,944 |  |  |  | 207 |  |  |  | (18 | ) |  |  | 8,133 |
Less total unrestricted fixed-maturity securities – held to maturity |  | 73,173 |  |  |  | — |  |  |  | — |  |  |  | 73,173 |
Total fixed-maturity securities held in trust | $ | 55,337 |  |  | $ | 527 |  |  | $ | (154 | ) |  | $ | 55,710 |
| December 31, 2013 |
| 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 |
Amortized cost and estimated fair value of fixed-maturity securities at September 30, 2014 by contractual maturity are as follows:
| Amortized Cost |  |  | Estimated Fair Value |
Maturity in: |  |  |  |  |  |  |
2014 | $ | 63,371 |  |  | $ | 63,368 |
2015-2019 |  | 73,083 |  |  |  | 73,648 |
Total fixed-maturity securities | $ | 136,454 |  |  | $ | 137,016 |
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 (loss) for the periods ended September 30, 2014 and 2013, respectively, is summarized as follows:
| Three Months |  |  | Three Months |  |  | Nine Months |  |  | Nine Months |
| ended September 30, |  |  | ended September 30, |  |  | ended September 30, |  |  | ended September 30, |
| 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Investment income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of premium or discount on fixed-maturity securities | $ | (392 | ) |  | $ | (631 | ) |  | $ | (1,350 | ) |  | $ | (1,715 | )
Investment income on fixed-maturity securities |  | 740 |  |  |  | 1,621 |  |  |  | 2,748 |  |  |  | 5,258 |
Interest income on cash and equivalents |  | 2 |  |  |  | 2 |  |  |  | 9 |  |  |  | 11 |
Realized net gain (loss) from sale of investments |  | 19 |  |  |  | (767 | ) |  |  | 435 |  |  |  | (754 | )
Unrealized (losses) gains on trading securities held at period end |  | (283 | ) |  |  | 565 |  |  |  | (651 | ) |  |  | (4,022 | )
Net investment income (loss) | $ | 86 |  |  | $ | 790 |  |  | $ | 1,191 |  |  | $ | (1,222 | )
The following tables show how the Company’s investments are categorized in accordance with fair value measurement, as of September 30, 2014 and December 31, 2013, respectively:
| September 30, 2014 |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Class of Security: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government sponsored enterprises | $ | 3,021 |  |  | $ | 3,459 |  |  | $ | — |  |  | $ | 6,480 |
Corporate debt securities |  | 30,474 |  |  |  | 32,329 |  |  |  | — |  |  |  | 62,803 |
Commercial paper |  | 54,997 |  |  |  | — |  |  |  | — |  |  |  | 54,997 |
Foreign corporate debt securities |  | 1,777 |  |  |  | 10,959 |  |  |  | — |  |  |  | 12,736 |
Total fixed-maturity securities |  | 90,269 |  |  |  | 46,747 |  |  |  | — |  |  |  | 137,016 |
Money market funds |  | 16,517 |  |  |  | — |  |  |  | — |  |  |  | 16,517 |
Total | $ | 106,786 |  |  | $ | 46,747 |  |  | $ | — |  |  | $ | 153,533 |
| 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 |
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 the end of the calendar quarter in which the reclassifications occur. During the nine months ended September 30, 2014 and the year ended December 31, 2013, $17.0 million and $7.1 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.
| January 1, 2014 to September 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 | $ | — |  |  | $ | 15,503 |  |  | $ | — |  |  | $ | 4,598 |
Foreign corporate debt securities |  | — |  |  |  | 1,525 |  |  |  | — |  |  |  | 2,537 |
Total transfers | $ | — |  |  | $ | 17,028 |  |  | $ | — |  |  | $ | 7,135 |

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