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Investments | 3 Months Ended
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Mar. 31, 2014
Investments Debt And Equity Securities [Abstract] |
Investments | Note 3 — Investments The Company holds investments in both fixed-maturity securities and equity securities classified as available-for-sale. At March 31, 2014 and December 31, 2013, 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:
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Estimated Fair Value |
As of March 31, 2014 |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  | $ | 4,351 |  |  | $ | 103 |  |  | $ | (1 | ) |  | $ | 4,453 |
Corporate bonds |  |  | 30,062 |  |  |  | 781 |  |  |  | (71 | ) |  |  | 30,772 |
Commercial mortgage-backed securities |  |  | 10,867 |  |  |  | 470 |  |  |  | (59 | ) |  |  | 11,278 |
State, municipalities, and political subdivisions |  |  | 80,877 |  |  |  | 2,234 |  |  |  | (66 | ) |  |  | 83,045 |
Redeemable preferred stock |  |  | 3,523 |  |  |  | 46 |  |  |  | (4 | ) |  |  | 3,565 |
Total |  |  | 129,680 |  |  |  | 3,634 |  |  |  | (201 | ) |  |  | 133,113 |
Equity securities |  |  | 22,174 |  |  |  | 1,113 |  |  |  | (415 | ) |  |  | 22,872 |
Total available-for-sale securities |  | $ | 151,854 |  |  | $ | 4,747 |  |  | $ | (616 | ) |  | $ | 155,985 |
As of December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government agencies |  | $ | 4,549 |  |  | $ | 37 |  |  | $ | (22 | ) |  | $ | 4,564 |
Corporate bonds |  |  | 25,139 |  |  |  | 484 |  |  |  | (219 | ) |  |  | 25,404 |
Commercial mortgage-backed securities |  |  | 10,929 |  |  |  | 499 |  |  |  | (96 | ) |  |  | 11,332 |
State, municipalities, and political subdivisions |  |  | 69,715 |  |  |  | 917 |  |  |  | (181 | ) |  |  | 70,451 |
Redeemable preferred stock |  |  | 406 |  |  |  | 5 |  |  |  | (11 | ) |  |  | 400 |
Total |  |  | 110,738 |  |  |  | 1,942 |  |  |  | (529 | ) |  |  | 112,151 |
Equity securities |  |  | 17,248 |  |  |  | 920 |  |  |  | (519 | ) |  |  | 17,649 |
Total available-for-sale securities |  | $ | 127,986 |  |  | $ | 2,862 |  |  | $ | (1,048 | ) |  | $ | 129,800 |
At March 31, 2014 and December 31, 2013, $108 and $105, respectively, of U.S. Treasury securities relate to a statutory deposit held in trust with the Treasurer of Alabama. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities at March 31, 2014 and December 31, 2013 are as follows:
|  | Amortized Cost |  |  | Estimated Fair Value |
As of March 31, 2014 |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 3,347 |  |  | $ | 3,402 |
Due after one year through five years |  |  | 31,570 |  |  |  | 32,140 |
Due after five years through ten years |  |  | 69,097 |  |  |  | 70,901 |
Due after ten years |  |  | 14,799 |  |  |  | 15,392 |
Commercial mortgage-backed securities |  |  | 10,867 |  |  |  | 11,278 |
|  | $ | 129,680 |  |  | $ | 133,113 |
As of December 31, 2013 |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 2,366 |  |  | $ | 2,381 |
Due after one year through five years |  |  | 24,829 |  |  |  | 25,145 |
Due after five years through ten years |  |  | 59,083 |  |  |  | 59,582 |
Due after ten years |  |  | 13,531 |  |  |  | 13,711 |
Commercial mortgage-backed securities |  |  | 10,929 |  |  |  | 11,332 |
|  | $ | 110,738 |  |  | $ | 112,151 |
Investment Sales Proceeds received, and the gross realized gains and losses, from sales of available-for-sale securities for the three months ended March 31, 2014 and 2013 were as follows:
|  | Proceeds |  |  | Gross Realized Gains |  |  | Gross Realized Losses |
Three months ended March 31, 2014 |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  | $ | 1,691 |  |  | $ | 65 |  |  | $ | (9 | )
Equity securities |  | $ | 2,764 |  |  | $ | 75 |  |  | $ | (127 | )
Three months ended March 31, 2013 |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  | $ | 1,037 |  |  | $ | 32 |  |  | $ | — |
Equity securities |  | $ | 361 |  |  | $ | 20 |  |  | $ | (32 | )
Other-than-temporary Impairment (“OTTI”) The Company regularly reviews its individual investment securities for OTTI. 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 March 31, 2014 and December 31, 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 |
As of March 31, 2014 |  | Gross Unrealized Loss |  |  | Estimated Fair Value |  |  | Gross Unrealized Loss |  |  | Estimated Fair Value |  |  | Gross Unrealized Loss |  |  | Estimated Fair Value |
Fixed-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and U.S. government agencies |  | $ | (1 | ) |  | $ | 310 |  |  | $ | — |  |  | $ | — |  |  | $ | (1 | ) |  | $ | 310 |
Corporate bonds |  |  | (67 | ) |  |  | 3,232 |  |  |  | (4 | ) |  |  | 230 |  |  |  | (71 | ) |  |  | 3,462 |
Commercial mortgage-backed securities |  |  | (37 | ) |  |  | 1,957 |  |  |  | (22 | ) |  |  | 338 |  |  |  | (59 | ) |  |  | 2,295 |
State, municipalities, and political subdivisions |  |  | (36 | ) |  |  | 6,071 |  |  |  | (30 | ) |  |  | 193 |  |  |  | (66 | ) |  |  | 6,264 |
Redeemable preferred stock |  |  | (4 | ) |  |  | 483 |  |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | 483 |
Total fixed-maturity securities |  |  | (145 | ) |  |  | 12,053 |  |  |  | (56 | ) |  |  | 761 |  |  |  | (201 | ) |  |  | 12,814 |
Equity securities |  |  | (202 | ) |  |  | 10,266 |  |  |  | (213 | ) |  |  | 1,090 |  |  |  | (415 | ) |  |  | 11,356 |
Total available-for-sale securities |  | $ | (347 | ) |  | $ | 22,319 |  |  | $ | (269 | ) |  | $ | 1,851 |  |  | $ | (616 | ) |  | $ | 24,170 |
|  | Less Than Twelve Months |  |  | Twelve Months or Greater |  |  | Total |
As of December 31, 2013 |  | Gross Unrealized Loss |  |  | Estimated Fair Value |  |  | Gross Unrealized Loss |  |  | Estimated Fair Value |  |  | Gross Unrealized Loss |  |  | Estimated Fair Value |
Fixed-maturity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury and U.S. government agencies |  | $ | (22 | ) |  | $ | 3,291 |  |  | $ | — |  |  | $ | — |  |  | $ | (22 | ) |  | $ | 3,291 |
Corporate bonds |  |  | (212 | ) |  |  | 9,502 |  |  |  | (7 | ) |  |  | 230 |  |  |  | (219 | ) |  |  | 9,732 |
Commercial mortgage-backed securities |  |  | (96 | ) |  |  | 2,179 |  |  |  | — |  |  |  | — |  |  |  | (96 | ) |  |  | 2,179 |
State, municipalities, and political subdivisions |  |  | (181 | ) |  |  | 20,233 |  |  |  | — |  |  |  | — |  |  |  | (181 | ) |  |  | 20,233 |
Redeemable preferred stock |  |  | (11 | ) |  |  | 239 |  |  |  | — |  |  |  | — |  |  |  | (11 | ) |  |  | 239 |
Total fixed-maturity securities |  |  | (522 | ) |  |  | 35,444 |  |  |  | (7 | ) |  |  | 230 |  |  |  | (529 | ) |  |  | 35,674 |
Equity securities |  |  | (273 | ) |  |  | 10,742 |  |  |  | (246 | ) |  |  | 1,069 |  |  |  | (519 | ) |  |  | 11,811 |
Total available-for-sale securities |  | $ | (795 | ) |  | $ | 46,186 |  |  | $ | (253 | ) |  | $ | 1,299 |  |  | $ | (1,048 | ) |  | $ | 47,485 |
The Company believes there were 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 would 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 March 31, 2014. Other Investments Other investments consist of the following as of March 31, 2014 and December 31, 2013:
|  | March 31, 2014 |  |  | December 31, 2013 |
Land |  | $ | 11,476 |  |  | $ | 11,299 |
Land improvements |  |  | 1,399 |  |  |  | 1,351 |
Buildings |  |  | 3,097 |  |  |  | 3,022 |
Other |  |  | 1,281 |  |  |  | 1,262 |
Total, at cost |  |  | 17,253 |  |  |  | 16,934 |
Less: accumulated depreciation and amortization |  |  | (803 | ) |  |  | (706 | )
Other investments |  | $ | 16,450 |  |  | $ | 16,228 |
Depreciation and amortization expense related to other investments was $98 and $95, respectively, for the three months ended March 31, 2014 and 2013.

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