Note 3 — Investments

The Company holds investments in fixed-maturity securities and equity securities that are classified as available-for-sale. At June 30, 2013 and December 31, 2012, the amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows:


	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Estimated Fair Value
*As of June 30, 2013*
Fixed-maturity securities
U.S. Treasury and U.S. government agencies	$	1,671		45		(3	)		1,713
Corporate bonds		15,017		375		(86	)		15,306
Commercial mortgage-backed securities		11,133		589		(82	)		11,640
State, municipalities, and political subdivisions		10,251		489		(56	)		10,684
Redeemable preferred stock		766		12		(2	)		776

Total		38,838		1,510		(229	)		40,119

Equity securities		10,156		566		(387	)		10,335

Total available-for-sale securities	$	48,994		2,076		(616	)		50,454


*As of December 31, 2012*
Fixed-maturity securities
U.S. Treasury and U.S. government agencies	$	1,359		88		—			1,447
Corporate bonds		10,298		572		(10	)		10,860
Commercial mortgage-backed securities		10,708		936		—			11,644
State, municipalities, and political subdivisions		10,152		914		—			11,066
Redeemable preferred stock		919		18		(1	)		936

Total		33,436		2,528		(11	)		35,953

Equity securities		8,756		303		(183	)		8,876

Total available-for-sale securities	$	42,192		2,831		(194	)		44,829

The scheduled maturities of fixed-maturity securities at June 30, 2013 are as follows:


	Amortized Cost		Estimated Fair Value
Available-for-sale
Due in one year or less	$	1,376		1,380
Due after one year through five years		9,824		10,103
Due after five years through ten years		10,783		10,969
Due after ten years		5,722		6,026
Commercial mortgage-backed securities		11,133		11,641

	$	38,838		40,119

Investment Sales

Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three and six months ended June 30, 2013 and 2012 were as follows:


	Proceeds		Gross Realized Gains		Gross Realized Losses
Three months ended June 30, 2013
Fixed-maturity securities	$	322		2		(3	)

Equity securities	$	952		44		(51	)


Three months ended June 30, 2012
Fixed-maturity securities	$	1,197		11		—

Equity securities	$	1,412		8		(10	)


Six months ended June 30, 2013
Fixed-maturity securities	$	1,359		34		(3	)

Equity securities	$	1,313		64		(83	)


Six months ended June 30, 2012
Fixed-maturity securities	$	2,419		40		(3	)

Equity securities	$	1,512		8		(15	)

Other-than-temporary Impairment

The Company regularly reviews its individual investment securities for other-than-temporary impairment. The Company considers various factors in determining whether each individual security is other-than-temporarily impaired, including:

•

the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or earnings;

•

the length of time and the extent to which the market value of the security has been below its cost or amortized cost;

•

general market conditions and industry or sector specific factors;

•

nonpayment by the issuer of its contractually obligated interest and principal payments; and

•

the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs.

Securities with gross unrealized loss positions at June 30, 2013, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:


	Less Than Twelve Months					Twelve Months or Greater					Total
	Gross			Estimated		Gross			Estimated		Gross			Estimated
	Unrealized			Fair		Unrealized			Fair		Unrealized			Fair
As of June 30, 2013	Loss			Value		Loss			Value		Loss			Value

Fixed-maturity securities
U.S. Treasury and U.S. government agencies	$	(3	)		510		—			—		(3	)		510
Corporate bonds		(86	)		3,656		—			—		(86	)		3,656
Commercial mortgage-backed securities		(82	)		1,949		—			—		(82	)		1,949
State, municipalities, and political subdivisions		(56	)		1,571		—			—		(56	)		1,571
Redeemable preferred stock		(2	)		197		—			—		(2	)		197

Total fixed-maturity securities		(229	)		7,883		—			—		(229	)		7,883
Equity securities		(328	)		6,266		(59	)		181		(387	)		6,447

Total available-for-sale securities	$	(557	)		14,149		(59	)		181		(616	)		14,330

The Company believes there are no fundamental issues such as credit losses or other factors with respect to any of its available-for-sale securities. The unrealized losses on investments in fixed-maturity securities were caused primarily by interest-rate changes. It is expected that the securities will not be settled at a price less than the par value of the investments. In determining whether equity securities are other-than-temporarily impaired, the Company considers its intent and ability to hold a security for a period of time sufficient to allow for the recovery of cost. Because the declines in fair value are attributable to changes in interest rates or market conditions and not credit quality, and because the Company has the ability and intent to hold its available-for-sale investments until a market price recovery or maturity, the Company does not consider any of its investments to be other-than-temporarily impaired at June 30, 2013.

Other Investments

Other investments consist of the following as of June 30, 2013 and December 31, 2012:


	June 30,			December 31,
	2013			2012
Land	$	11,009			10,993
Land improvements		1,351			1,326
Buildings		2,873			2,869
Other		1,311			1,238

Total, at cost		16,544			16,426
Less: accumulated depreciation and amortization		(530	)		(339	)

Other investments	$	16,014			16,087

Depreciation and amortization expense related to other investments was $96 and $66, respectively, for the three months ended June 30, 2013 and 2012 and $191 and $95, respectively, for the six months ended June 30, 2013 and 2012.