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Investment Securities | 9 Months Ended
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Sep. 30, 2017
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 September 30, 2017, are as follows:
| September 30, 2017 |
Class of securities: | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. government treasury securities | $ | 250 |  |  | $ | — |  |  | $ | — |  |  | $ | 250 |
Obligations of U.S. government sponsored enterprises |  | 2,749 |  |  |  | — |  |  |  | (7 | ) |  |  | 2,742 |
Corporate debt securities |  | 3,683 |  |  |  | — |  |  |  | (2 | ) |  |  | 3,681 |
Foreign corporate debt securities |  | 3,750 |  |  |  | — |  |  |  | (1 | ) |  |  | 3,749 |
Total fixed-maturity securities |  | 10,432 |  |  |  | — |  |  |  | (10 | ) |  |  | 10,422 |
Less total unrestricted fixed-maturity securities |  | 1,402 |  |  |  | — |  |  |  | (2 | ) |  |  | 1,400 |
Total fixed-maturity securities held in trust | $ | 9,030 |  |  | $ | — |  |  | $ | (8 | ) |  | $ | 9,022 |
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, 2016, are as follows:
| December 31, 2016 |
Class of securities: | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. government treasury securities | $ | 249 |  |  | $ | — |  |  | $ | — |  |  | $ | 249 |
Obligations of U.S. government sponsored enterprises |  | 59,450 |  |  |  | 1 |  |  |  | (80 | ) |  |  | 59,371 |
Corporate debt securities |  | 11,415 |  |  |  | 9 |  |  |  | (9 | ) |  |  | 11,415 |
Foreign corporate debt securities |  | 5,798 |  |  |  | 5 |  |  |  | (7 | ) |  |  | 5,796 |
Total fixed-maturity securities |  | 76,912 |  |  |  | 15 |  |  |  | (96 | ) |  |  | 76,831 |
Less total unrestricted fixed-maturity securities |  | 47,635 |  |  |  | — |  |  |  | (10 | ) |  |  | 47,625 |
Total fixed-maturity securities held in trust | $ | 29,277 |  |  | $ | 15 |  |  | $ | (86 | ) |  | $ | 29,206 |
Amortized cost and estimated fair value of fixed-maturity securities at September 30, 2017 by contractual maturity are as follows:
| Amortized Cost |  |  | Estimated Fair Value |
Maturity in: |  |  |  |  |  |  |
2017 | $ | 6,750 |  |  | $ | 6,749 |
2018 |  | 3,682 |  |  |  | 3,673 |
Total fixed-maturity securities | $ | 10,432 |  |  | $ | 10,422 |
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 three and nine months ended September 30, 2017 and 2016, respectively, is summarized as follows:
| Three months ended September 30, 2017 |  |  | Three months ended September 30, 2016 |  |  | Nine months ended September 30, 2017 |  |  | Nine months ended September 30, 2016 |
Investment income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of premium or discount on fixed-maturity securities | $ | (32 | ) |  | $ | (74 | ) |  | $ | (108 | ) |  | $ | (247 | )
Investment income on fixed-maturity securities |  | 72 |  |  |  | 233 |  |  |  | 403 |  |  |  | 792 |
Interest income on cash and cash equivalents |  | 1,895 |  |  |  | 405 |  |  |  | 4,527 |  |  |  | 1,100 |
Realized net (loss) gain from sale of investments |  | (36 | ) |  |  | 18 |  |  |  | (63 | ) |  |  | 19 |
Unrealized gain (loss) on trading securities held at period end |  | 44 |  |  |  | (84 | ) |  |  | 67 |  |  |  | 83 |
Net investment income | $ | 1,943 |  |  | $ | 498 |  |  | $ | 4,826 |  |  | $ | 1,747 |
The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of September 30, 2017:
| September 30, 2017 |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Class of securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasury securities | $ | 250 |  |  | $ | — |  |  | $ | — |  |  | $ | 250 |
Obligations of U.S. government sponsored enterprises |  | 1,497 |  |  |  | 1,245 |  |  |  | — |  |  |  | 2,742 |
Corporate debt securities |  | 3,151 |  |  |  | 530 |  |  |  | — |  |  |  | 3,681 |
Foreign corporate debt securities |  | 3,749 |  |  |  | — |  |  |  | — |  |  |  | 3,749 |
Total fixed-maturity securities |  | 8,647 |  |  |  | 1,775 |  |  |  | — |  |  |  | 10,422 |
Money market funds |  | 32,007 |  |  |  | — |  |  |  | — |  |  |  | 32,007 |
Total | $ | 40,654 |  |  | $ | 1,775 |  |  | $ | — |  |  | $ | 42,429 |
The following table shows how the Company’s investments are categorized in accordance with fair value measurement, as of December 31, 2016:
| December 31, 2016 |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Class of securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government treasury securities | $ | 249 |  |  | $ | — |  |  | $ | — |  |  | $ | 249 |
Obligations of U.S. government sponsored enterprises |  | 47,489 |  |  |  | 11,882 |  |  |  | — |  |  |  | 59,371 |
Corporate debt securities |  | 7,033 |  |  |  | 4,382 |  |  |  | — |  |  |  | 11,415 |
Foreign corporate debt securities |  | 5,796 |  |  |  | — |  |  |  | — |  |  |  | 5,796 |
Total fixed-maturity securities |  | 60,567 |  |  |  | 16,264 |  |  |  | — |  |  |  | 76,831 |
Money market funds |  | 4,548 |  |  |  | — |  |  |  | — |  |  |  | 4,548 |
Total | $ | 65,115 |  |  | $ | 16,264 |  |  | $ | — |  |  | $ | 81,379 |
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, 2017 and the year ended December 31, 2016, $0.9 million and $11.0 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, 2017 to September 30, 2017 |  | January 1, 2016 to December 31, 2016 |
| 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 | $ | — |  |  | $ | 901 |  |  | $ | — |  |  | $ | 5,737 |
Foreign corporate debt securities |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,295 |
Total transfers | $ | — |  |  | $ | 901 |  |  | $ | — |  |  | $ | 11,032 |

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- 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 -URI http://asc.fasb.org/topic&trid=2196928 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=4738149 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2289146 + Details
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