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Investments (Tables) | 6 Months Ended
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Jun. 30, 2012
Investments [Abstract ] |
Schedule of investments aggregated by type and industry | Investments were comprised of the following:
|  | June 30, 2012 |
|  | Carrying Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Amortized Cost |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 27,203 |  |  | $ | 4,297 |  |  | $ | - |  |  | $ | 22,906 |
Obligations of states and political subdivisions |  |  | 17,694 |  |  |  | 2,434 |  |  |  | - |  |  |  | 15,260 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 17,593 |  |  |  | 2,743 |  |  |  | - |  |  |  | 14,850 |
Financial services |  |  | 40,522 |  |  |  | 1,865 |  |  |  | 553 |  |  |  | 39,210 |
Other business - diversified |  |  | 62,382 |  |  |  | 5,338 |  |  |  | 112 |  |  |  | 57,156 |
Other consumer - diversified |  |  | 50,200 |  |  |  | 7,121 |  |  |  | 64 |  |  |  | 43,143 |
Total corporate securities |  |  | 170,697 |  |  |  | 17,067 |  |  |  | 729 |  |  |  | 154,359 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 1,504 |  |  |  | 4 |  |  |  | - |  |  |  | 1,500 |
Financial services |  |  | 4,768 |  |  |  | 45 |  |  |  | 36 |  |  |  | 4,759 |
Other consumer - diversified |  |  | 193 |  |  |  | - |  |  |  | - |  |  |  | 193 |
Total redeemable preferred stocks |  |  | 6,465 |  |  |  | 49 |  |  |  | 36 |  |  |  | 6,452 |
Total fixed maturities |  |  | 222,059 |  |  |  | 23,847 |  |  |  | 765 |  |  |  | 198,977 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 1,333 |  |  |  | 369 |  |  |  | - |  |  |  | 964 |
Financial services |  |  | 6,694 |  |  |  | 908 |  |  |  | 3 |  |  |  | 5,789 |
Other business - diversified |  |  | 125 |  |  |  | 78 |  |  |  | - |  |  |  | 47 |
Other consumer - diversified |  |  | 2,003 |  |  |  | 401 |  |  |  | 75 |  |  |  | 1,677 |
Total equity securities |  |  | 10,155 |  |  |  | 1,756 |  |  |  | 78 |  |  |  | 8,477 |
Other invested assets |  |  | 572 |  |  |  | - |  |  |  | - |  |  |  | 572 |
Policy loans |  |  | 2,282 |  |  |  | - |  |  |  | - |  |  |  | 2,282 |
Real estate |  |  | 38 |  |  |  | - |  |  |  | - |  |  |  | 38 |
Investments in unconsolidated trusts |  |  | 1,238 |  |  |  | - |  |  |  | - |  |  |  | 1,238 |
Total investments |  | $ | 236,344 |  |  | $ | 25,603 |  |  | $ | 843 |  |  | $ | 211,584 |
|  | December 31, 2011 |
|  | Carrying Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Amortized Cost |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 35,922 |  |  | $ | 4,186 |  |  | $ | - |  |  | $ | 31,736 |
Obligations of states and political subdivisions |  |  | 17,030 |  |  |  | 1,757 |  |  |  | - |  |  |  | 15,273 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 18,598 |  |  |  | 2,736 |  |  |  | - |  |  |  | 15,862 |
Financial services |  |  | 34,900 |  |  |  | 725 |  |  |  | 1,346 |  |  |  | 35,521 |
Other business - diversified |  |  | 56,553 |  |  |  | 5,043 |  |  |  | 152 |  |  |  | 51,662 |
Other consumer - diversified |  |  | 46,908 |  |  |  | 6,170 |  |  |  | 12 |  |  |  | 40,750 |
Total corporate securities |  |  | 156,959 |  |  |  | 14,674 |  |  |  | 1,510 |  |  |  | 143,795 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 2,668 |  |  |  | 168 |  |  |  | - |  |  |  | 2,500 |
Financial services |  |  | 4,576 |  |  |  | 29 |  |  |  | 462 |  |  |  | 5,009 |
Other consumer - diversified |  |  | 193 |  |  |  | - |  |  |  | - |  |  |  | 193 |
Total redeemable preferred stocks |  |  | 7,437 |  |  |  | 197 |  |  |  | 462 |  |  |  | 7,702 |
Total fixed maturities |  |  | 217,348 |  |  |  | 20,814 |  |  |  | 1,972 |  |  |  | 198,506 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 1,203 |  |  |  | 239 |  |  |  | - |  |  |  | 964 |
Financial services |  |  | 5,148 |  |  |  | 558 |  |  |  | 199 |  |  |  | 4,789 |
Other business - diversified |  |  | 115 |  |  |  | 68 |  |  |  | - |  |  |  | 47 |
Other consumer - diversified |  |  | 1,882 |  |  |  | 205 |  |  |  | - |  |  |  | 1,677 |
Total equity securities |  |  | 8,348 |  |  |  | 1,070 |  |  |  | 199 |  |  |  | 7,477 |
Other invested assets |  |  | 567 |  |  |  | - |  |  |  | - |  |  |  | 567 |
Policy loans |  |  | 2,246 |  |  |  | - |  |  |  | - |  |  |  | 2,246 |
Real estate |  |  | 38 |  |  |  | - |  |  |  | - |  |  |  | 38 |
Investments in unconsolidated trusts |  |  | 1,238 |  |  |  | - |  |  |  | - |  |  |  | 1,238 |
Total investments |  | $ | 229,785 |  |  | $ | 21,884 |  |  | $ | 2,171 |  |  | $ | 210,072 |
Amortized cost and carrying value of fixed maturities by contractual maturity | The amortized cost and carrying value of the Company's investments in fixed maturities at June 30, 2012 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | June 30, 2012 |
|  | Carrying Value |  |  | Amortized Cost |
Due in one year or less |  | $ | 1,535 |  |  | $ | 1,499 |
Due after one year through five years |  |  | 4,619 |  |  |  | 4,220 |
Due after five years through ten years |  |  | 37,670 |  |  |  | 35,723 |
Due after ten years |  |  | 177,054 |  |  |  | 156,541 |
Varying maturities |  |  | 1,181 |  |  |  | 994 |
Totals |  | $ | 222,059 |  |  | $ | 198,977 |
Schedule of investments aggregated by industry | The following table sets forth the carrying value, amortized cost, and net unrealized gains or losses of the Company's investments aggregated by industry as of June 30, 2012 and December 31, 2011.
|  | June 30, 2012 |  |  | December 31, 2011 |
|  | Carrying Value |  |  | Amortized Cost |  |  | Unrealized Gains |  |  | Carrying Value |  |  | Amortized Cost |  |  | Unrealized Gains (Losses) |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 27,203 |  |  | $ | 22,906 |  |  | $ | 4,297 |  |  | $ | 35,922 |  |  | $ | 31,736 |  |  | $ | 4,186 |
Obligations of states and political subdivisions |  |  | 17,694 |  |  |  | 15,260 |  |  |  | 2,434 |  |  |  | 17,030 |  |  |  | 15,273 |  |  |  | 1,757 |
Utilities and telecom |  |  | 20,430 |  |  |  | 17,314 |  |  |  | 3,116 |  |  |  | 22,469 |  |  |  | 19,326 |  |  |  | 3,143 |
Financial services |  |  | 51,984 |  |  |  | 49,758 |  |  |  | 2,226 |  |  |  | 44,624 |  |  |  | 45,319 |  |  |  | (695 | )
Other business - diversified |  |  | 62,507 |  |  |  | 57,203 |  |  |  | 5,304 |  |  |  | 56,668 |  |  |  | 51,709 |  |  |  | 4,959 |
Other consumer - diversified |  |  | 52,396 |  |  |  | 45,013 |  |  |  | 7,383 |  |  |  | 48,983 |  |  |  | 42,620 |  |  |  | 6,363 |
Other investments |  |  | 4,130 |  |  |  | 4,130 |  |  |  | - |  |  |  | 4,089 |  |  |  | 4,089 |  |  |  | - |
Investments |  | $ | 236,344 |  |  | $ | 211,584 |  |  | $ | 24,760 |  |  | $ | 229,785 |  |  | $ | 210,072 |  |  | $ | 19,713 |
Schedule of investment securities with continuous unrealized loss position | The following tables present the Company's unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of June 30, 2012 and December 31, 2011.
|  | June 30, 2012 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Corporate securities |  | $ | 13,554 |  |  | $ | 205 |  |  | $ | 1,476 |  |  | $ | 524 |  |  | $ | 15,030 |  |  | $ | 729 |
Redeemable preferred stocks |  |  | - |  |  |  | - |  |  |  | 1,883 |  |  |  | 36 |  |  |  | 1,883 |  |  |  | 36 |
Common and non-redeemable preferred stocks |  |  | 622 |  |  |  | 75 |  |  |  | 997 |  |  |  | 3 |  |  |  | 1,619 |  |  |  | 78 |
Total temporarily impaired securities |  | $ | 14,176 |  |  | $ | 280 |  |  | $ | 4,356 |  |  | $ | 563 |  |  | $ | 18,532 |  |  | $ | 843 |
|  | December 31, 2011 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Corporate securities |  | $ | 30,675 |  |  | $ | 1,112 |  |  | $ | 1,602 |  |  | $ | 398 |  |  | $ | 32,277 |  |  | $ | 1,510 |
Redeemable preferred stocks |  |  | - |  |  |  | - |  |  |  | 2,807 |  |  |  | 462 |  |  |  | 2,807 |  |  |  | 462 |
Common and non-redeemable preferred stocks |  |  | 824 |  |  |  | 176 |  |  |  | 1,245 |  |  |  | 23 |  |  |  | 2,069 |  |  |  | 199 |
Total temporarily impaired securities |  | $ | 31,499 |  |  | $ | 1,288 |  |  | $ | 5,654 |  |  | $ | 883 |  |  | $ | 37,153 |  |  | $ | 2,171 |
Financial instruments carried at fair value measured on a recurring basis | As of June 30, 2012, financial instruments carried at fair value were measured on a recurring basis as summarized below:
|  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities |  | $ | - |  |  | $ | 219,960 |  |  | $ | 2,099 |  |  | $ | 222,059 |
Equity securities |  |  | 3,660 |  |  |  | 6,495 |  |  |  | - |  |  |  | 10,155 |
Cash equivalents |  |  | 18,598 |  |  |  | - |  |  |  | - |  |  |  | 18,598 |
Total |  | $ | 22,258 |  |  | $ | 226,455 |  |  | $ | 2,099 |  |  | $ | 250,812 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative |  | $ | - |  |  | $ | - |  |  | $ | 530 |  |  | $ | 530 |
As of December 31, 2011, financial instruments carried at fair value were measured on a recurring basis as summarized below:
|  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities |  | $ | - |  |  | $ | 215,313 |  |  | $ | 2,035 |  |  | $ | 217,348 |
Equity securities |  |  | 3,374 |  |  |  | 4,974 |  |  |  | - |  |  |  | 8,348 |
Cash equivalents |  |  | 19,519 |  |  |  | - |  |  |  | - |  |  |  | 19,519 |
Total |  | $ | 22,893 |  |  | $ | 220,287 |  |  | $ | 2,035 |  |  | $ | 245,215 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative |  | $ | - |  |  | $ | - |  |  | $ | 876 |  |  | $ | 876 |
Roll-forward of financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The following is a roll-forward of the financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month and six month periods ended June 30, 2012.
|  | Fixed Maturities |  |  | Derivative (Liability) |
Balance, December 31, 2011 |  | $ | 2,035 |  |  | $ | (876 | )
Total unrealized gains (losses) included in comprehensive income |  |  | (61 | ) |  |  | 153 |
Balance, March 31, 2012 |  |  | 1,974 |  |  |  | (723 | )
Total unrealized gains included in comprehensive income |  |  | 125 |  |  |  | 193 |
Balance, June 30, 2012 |  | $ | 2,099 |  |  | $ | (530 | )

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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