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Investment Securities | 6 Months Ended
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Jun. 30, 2015
Investments Debt And Equity Securities [Abstract] |
Investment Securities | Note 4: Investment Securities 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 June 30, 2015, are as follows:
| June 30, 2015 |
| Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Obligations of U.S. government sponsored enterprises | $ | 70,483 |  |  | $ | 9 |  |  | $ | (9 | ) |  | $ | 70,483 |
Corporate debt securities |  | 25,564 |  |  |  | 171 |  |  |  | (35 | ) |  |  | 25,700 |
Foreign corporate debt securities |  | 11,141 |  |  |  | 32 |  |  |  | (12 | ) |  |  | 11,161 |
Total fixed-maturity securities |  | 107,188 |  |  |  | 212 |  |  |  | (56 | ) |  |  | 107,344 |
Less total unrestricted fixed-maturity securities |  | 68,046 |  |  |  | 60 |  |  |  | (3 | ) |  |  | 68,103 |
Total fixed-maturity securities held in trust | $ | 39,142 |  |  | $ | 152 |  |  | $ | (53 | ) |  | $ | 39,241 |
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 December 31, 2014, are as follows:
| December 31, 2014 |
| Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
Obligations of U.S. government sponsored enterprises | $ | 6,491 |  |  | $ | 12 |  |  | $ | (28 | ) |  | $ | 6,475 |
Corporate debt securities |  | 41,018 |  |  |  | 531 |  |  |  | (65 | ) |  |  | 41,484 |
Foreign corporate debt securities |  | 12,693 |  |  |  | 47 |  |  |  | (58 | ) |  |  | 12,682 |
Total fixed-maturity securities |  | 60,202 |  |  |  | 590 |  |  |  | (151 | ) |  |  | 60,641 |
Less total unrestricted fixed-maturity securities |  | 7,895 |  |  |  | 179 |  |  |  | (11 | ) |  |  | 8,063 |
Total fixed-maturity securities held in trust | $ | 52,307 |  |  | $ | 411 |  |  | $ | (140 | ) |  | $ | 52,578 |
Amortized cost and estimated fair value of fixed-maturity securities at June 30, 2015 by contractual maturity are as follows:
| Amortized Cost |  |  | Estimated Fair Value |
Maturity in: |  |  |  |  |  |  |
2015 | $ | 71,576 |  |  | $ | 71,595 |
2016-2019 |  | 35,612 |  |  |  | 35,749 |
Total fixed-maturity securities | $ | 107,188 |  |  | $ | 107,344 |
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 ended June 30, 2015 and 2014, respectively, is summarized as follows:
| Three Months ended June 30, 2015 |  |  | Three Months ended June 30, 2014 |  |  | Six Months ended June 30, 2015 |  |  | Six Months ended June 30, 2014 |
Investment income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of premium or discount on fixed-maturity securities | $ | (144 | ) |  | $ | (429 | ) |  | $ | (323 | ) |  | $ | (958 | )
Investment income on fixed-maturity securities |  | 326 |  |  |  | 907 |  |  |  | 739 |  |  |  | 2,009 |
Interest income on cash and equivalents |  | 62 |  |  |  | 5 |  |  |  | 119 |  |  |  | 7 |
Realized net gain from sale of investments |  | 81 |  |  |  | 388 |  |  |  | 267 |  |  |  | 415 |
Unrealized (losses) on trading securities held at period end |  | (197 | ) |  |  | (434 | ) |  |  | (273 | ) |  |  | (368 | )
Net investment income | $ | 128 |  |  | $ | 437 |  |  | $ | 529 |  |  | $ | 1,105 |
The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of June 30, 2015:
| June 30, 2015 |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Class of Security: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government sponsored enterprises | $ | 65,993 |  |  | $ | 4,490 |  |  | $ | — |  |  | $ | 70,483 |
Corporate debt securities |  | 10,099 |  |  |  | 15,601 |  |  |  | — |  |  |  | 25,700 |
Foreign corporate debt securities |  | 1,071 |  |  |  | 10,090 |  |  |  | — |  |  |  | 11,161 |
Total fixed-maturity securities |  | 77,163 |  |  |  | 30,181 |  |  |  | — |  |  |  | 107,344 |
Money market funds |  | 20,971 |  |  |  | — |  |  |  | — |  |  |  | 20,971 |
Total | $ | 98,134 |  |  | $ | 30,181 |  |  | $ | — |  |  | $ | 128,315 |
The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of December 31, 2014:
| December 31, 2014 |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Class of Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government sponsored enterprises | $ | 3,009 |  |  | $ | 3,466 |  |  | $ | — |  |  | $ | 6,475 |
Corporate debt securities |  | 14,939 |  |  |  | 26,545 |  |  |  | — |  |  |  | 41,484 |
Foreign corporate debt securities |  | 2,822 |  |  |  | 9,860 |  |  |  | — |  |  |  | 12,682 |
Total fixed-maturity securities |  | 20,770 |  |  |  | 39,871 |  |  |  | — |  |  |  | 60,641 |
Money market funds |  | 88,851 |  |  |  | — |  |  |  | — |  |  |  | 88,851 |
Total | $ | 109,621 |  |  | $ | 39,871 |  |  | $ | — |  |  | $ | 149,492 |
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 six months ended June 30, 2015 and the year ended December 31, 2014, $3.6 million and $15.8 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, 2015 to June 30, 2015 |  |  | January 1, 2014 to December 31, 2014 |
| 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 debt securities | $ | — |  |  | $ | 3,570 |  |  | $ | — |  |  | $ | 13,941 |
Foreign corporate debt securities |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,810 |
Total transfers | $ | — |  |  | $ | 3,570 |  |  | $ | — |  |  | $ | 15,751 |

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