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Investments | 12 Months Ended
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Dec. 31, 2012
Investments [Abstract ] |
Investments | Note 2. Investments The following tables set forth the carrying value, gross unrealized gains, gross unrealized losses and amortized cost of the Company's investments, aggregated by type and industry, as of December 31, 2012 and December 31, 2011. Investments were comprised of the following:
|  | 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 |  | $ | 27,512 |  |  | $ | 4,618 |  |  | $ | - |  |  | $ | 22,894 |
Obligations of states and political subdivisions |  |  | 17,761 |  |  |  | 2,514 |  |  |  | - |  |  |  | 15,247 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 17,921 |  |  |  | 3,128 |  |  |  | - |  |  |  | 14,793 |
Financial services |  |  | 43,695 |  |  |  | 3,957 |  |  |  | 415 |  |  |  | 40,153 |
Other business – diversified |  |  | 66,741 |  |  |  | 7,172 |  |  |  | 12 |  |  |  | 59,581 |
Other consumer – diversified |  |  | 52,910 |  |  |  | 7,665 |  |  |  | 120 |  |  |  | 45,365 |
Total corporate securities |  |  | 181,267 |  |  |  | 21,922 |  |  |  | 547 |  |  |  | 159,892 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial services |  |  | 3,775 |  |  |  | 18 |  |  |  | 3 |  |  |  | 3,760 |
Other consumer – diversified |  |  | 193 |  |  |  | - |  |  |  | - |  |  |  | 193 |
Total redeemable preferred stocks |  |  | 3,968 |  |  |  | 18 |  |  |  | 3 |  |  |  | 3,953 |
Total fixed maturities |  |  | 230,508 |  |  |  | 29,072 |  |  |  | 550 |  |  |  | 201,986 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 1,298 |  |  |  | 334 |  |  |  | - |  |  |  | 964 |
Financial services |  |  | 8,607 |  |  |  | 857 |  |  |  | 39 |  |  |  | 7,789 |
Other business – diversified |  |  | 134 |  |  |  | 87 |  |  |  | - |  |  |  | 47 |
Other consumer – diversified |  |  | 2,166 |  |  |  | 489 |  |  |  | - |  |  |  | 1,677 |
Total equity securities |  |  | 12,205 |  |  |  | 1,767 |  |  |  | 39 |  |  |  | 10,477 |
Other invested assets |  |  | 565 |  |  |  | - |  |  |  | - |  |  |  | 565 |
Policy loans |  |  | 2,338 |  |  |  | - |  |  |  | - |  |  |  | 2,338 |
Real estate |  |  | 38 |  |  |  | - |  |  |  | - |  |  |  | 38 |
Investments in unconsolidated trusts |  |  | 1,238 |  |  |  | - |  |  |  | - |  |  |  | 1,238 |
Total investments |  | $ | 246,892 |  |  | $ | 30,839 |  |  | $ | 589 |  |  | $ | 216,642 |
|  | 2011 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Carrying |  |  | Unrealized |  |  | Unrealized |  |  | Amortized |
|  | Value |  |  | Gains |  |  | Losses |  |  | 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 |
Bonds having an amortized cost of $7,170 and $6,107 were on deposit with insurance regulatory authorities at December 31, 2012 and 2011, respectively, in accordance with statutory requirements. 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 December 31, 2012 and 2011.
|  | 2012 |  |  | 2011 |
|  | Carrying Value |  |  | Amortized Cost |  |  | Unrealized Gains (Losses) |  |  | Carrying Value |  |  | Amortized Cost |  |  | Unrealized Gains (Losses) |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 27,512 |  |  | $ | 22,894 |  |  | $ | 4,618 |  |  | $ | 35,922 |  |  | $ | 31,736 |  |  | $ | 4,186 |
Obligations of states and political subdivisions |  |  | 17,761 |  |  |  | 15,247 |  |  |  | 2,514 |  |  |  | 17,030 |  |  |  | 15,273 |  |  |  | 1,757 |
Utilities and telecom |  |  | 19,219 |  |  |  | 15,757 |  |  |  | 3,462 |  |  |  | 22,469 |  |  |  | 19,326 |  |  |  | 3,143 |
Financial services |  |  | 56,077 |  |  |  | 51,702 |  |  |  | 4,375 |  |  |  | 44,624 |  |  |  | 45,319 |  |  |  | (695 | )
Other business – diversified |  |  | 66,875 |  |  |  | 59,628 |  |  |  | 7,247 |  |  |  | 56,668 |  |  |  | 51,709 |  |  |  | 4,959 |
Other consumer – diversified |  |  | 55,269 |  |  |  | 47,235 |  |  |  | 8,034 |  |  |  | 48,983 |  |  |  | 42,620 |  |  |  | 6,363 |
Other investments |  |  | 4,179 |  |  |  | 4,179 |  |  |  | - |  |  |  | 4,089 |  |  |  | 4,089 |  |  |  | - |
Investments |  | $ | 246,892 |  |  | $ | 216,642 |  |  | $ | 30,250 |  |  | $ | 229,785 |  |  | $ | 210,072 |  |  | $ | 19,713 |
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 December 31, 2012 and 2011.
|  | 2012 |
|  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
Corporate securities |  | $ | 8,806 |  |  | $ | 147 |  |  | $ | 1,600 |  |  | $ | 400 |  |  | $ | 10,406 |  |  | $ | 547 |
Redeemable preferred stocks |  |  | 1,216 |  |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 1,216 |  |  |  | 3 |
Common and non-redeemable preferred stocks |  |  | 3,494 |  |  |  | 39 |  |  |  | - |  |  |  | - |  |  |  | 3,494 |  |  |  | 39 |
Total temporarily impaired securities |  | $ | 13,516 |  |  | $ | 189 |  |  | $ | 1,600 |  |  | $ | 400 |  |  | $ | 15,116 |  |  | $ | 589 |
|  | 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 |
The following is a summary of investment impairments the Company recorded due to other than temporary declines in values for the years ended December 31, 2012 and 2011.
|  | 2012 |  |  | 2011 |
Corporate securities |  | $ | - |  |  | $ | 965 |
Related party common stocks |  |  | - |  |  |  | 190 |
Total |  | $ | - |  |  | $ | 1,155 |
The evaluation for an other than temporary impairment is a quantitative and qualitative process, which is subject to risks and uncertainties in the determination of whether declines in the fair value of investments are other than temporary. Potential risks and uncertainties include, among other things, changes in general economic conditions, an issuer's financial condition or near term recovery prospects and the effects of changes in interest rates. In evaluating a potential impairment, the Company considers, among other factors, management's intent and ability to hold these securities until price recovery, the nature of the investment and the expectation of prospects for the issuer and its industry, the status of an issuer's continued satisfaction of its obligations in accordance with their contractual terms, and management's expectation as to the issuer's ability and intent to continue to do so, as well as ratings actions that may affect the issuer's credit status. As of December 31, 2012, securities in an unrealized loss position primarily included certain of the Company's investments in fixed maturities within the financial services sector. The Company does not currently intend to sell nor does it expect to be required to sell any of the securities in an unrealized loss position. Based upon the Company's expected continuation of receipt of contractually required principal and interest payments and its intent and ability to retain the securities until price recovery, as well as the Company's evaluation of other relevant factors, including those described above, the Company has deemed these securities to be temporarily impaired as of December 31, 2012. The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three broad levels. The following describes the fair value hierarchy and provides information as to the extent to which the Company uses fair value to measure the value of its financial instruments and information about the inputs used to value those financial instruments.
Level 1 | Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. The Company's financial instruments valued using Level 1 criteria include cash equivalents and exchange traded common stocks.
Level 2 | Observable inputs, other than quoted prices included in Level 1, for an asset or liability or prices for similar assets or liabilities. The Company's financial instruments valued using Level 2 criteria include significantly all of its fixed maturities, which consist of U.S. Treasury securities and U.S. Government securities, obligations of states and political subdivisions, and certain corporate fixed maturities, as well as its non-redeemable preferred stocks. In determining fair value measurements using Level 2 criteria, the Company utilizes various external pricing sources.
Level 3 | Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). The Company's financial instruments valued using Level 3 criteria consisted of a limited number of fixed maturities and a zero cost interest rate collar. Fair value is based on criteria that use assumptions or other data that are not readily observable from objective sources. As of December 31, 2012, the value of the Company's fixed maturities valued using Level 3 criteria was $2,124 and the value of the zero cost interest rate collar was a liability of $141 (See Note 15). The use of different criteria or assumptions regarding data may have yielded materially different valuations.
As of December 31, 2012, financial instruments carried at fair value were measured on a recurring basis as summarized below:
Assets: |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
Fixed maturities |  | $ | - |  |  | $ | 228,384 |  |  | $ | 2,124 |  |  | $ | 230,508 |
Equity securities |  |  | 3,805 |  |  |  | 8,400 |  |  |  | - |  |  |  | 12,205 |
Cash equivalents |  |  | 15,326 |  |  |  | - |  |  |  | - |  |  |  | 15,326 |
Total |  | $ | 19,131 |  |  | $ | 236,784 |  |  | $ | 2,124 |  |  | $ | 258,039 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instrument (Note 7) |  | $ | - |  |  | $ | - |  |  | $ | 141 |  |  | $ | 141 |
As of December 31, 2011, financial instruments carried at fair value were measured on a recurring basis as summarized below:
Assets: |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |
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 financial instrument (Note 7) |  | $ | - |  |  | $ | - |  |  | $ | 876 |  |  | $ | 876 |
The following is a roll-forward of the Company's financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) from January 1, 2011 to December 31, 2012.
|  | Fixed Maturities |  |  | Derivative (Liability) |
Balance, January 1, 2011 |  | $ | 1,943 |  |  | $ | (1,553 | )
Realized impairment losses included in net income |  |  | (965 | ) |  |  | - |
Total unrealized gains included in comprehensive income |  |  | 1,057 |  |  |  | 677 |
Balance, December 31, 2011 |  |  | 2,035 |  |  |  | (876 | )
Total unrealized gains included in comprehensive income |  |  | 89 |  |  |  | 735 |
Balance, December 31, 2012 |  | $ | 2,124 |  |  | $ | (141 | )
The Company's fixed maturities valued using Level 3 inputs consist solely of issuances of pooled debt obligations of multiple, smaller financial services companies. They are not actively traded and valuation techniques used to measure fair value are based on future estimated cash flows (based on current cash flows) discounted at reasonable estimated rates of interest. There are no assumed prepayments and/or default probability assumptions as a majority of these instruments contain certain U.S. government agency strips to support repayment of the principal. Other qualitative and quantitative information received from the original underwriter of the pooled offerings is also considered, as applicable. As the derivative financial instrument is an interest rate collar, changes in valuation are more closely correlated with changes in interest rates and contract maturity date and, accordingly, values are estimated using projected cash flows at current interest rates discounted at a reasonably estimated rate of interest. At December 31, 2012, the value of the derivative financial instrument was determined based on the difference between the contractual interest rate of 4.77% and the current 3-month London Interbank Offered Rate ("LIBOR") of 0.31%. Fair value quotations are also obtained and considered, as applicable, from the contractual counterparty. The amortized cost and carrying value of fixed maturities at December 31, 2012 and 2011 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.
|  | 2012 |  |  | 2011 |
|  | Carrying Value |  |  | Amortized Cost |  |  | Carrying Value |  |  | Amortized Cost |
Due in one year or less |  | $ | 1,510 |  |  | $ | 1,500 |  |  | $ | 1,263 |  |  | $ | 1,250 |
Due after one year through five years |  |  | 5,799 |  |  |  | 5,213 |  |  |  | 7,207 |  |  |  | 6,742 |
Due after five years through ten years |  |  | 40,416 |  |  |  | 37,013 |  |  |  | 32,052 |  |  |  | 31,008 |
Due after ten years |  |  | 181,608 |  |  |  | 157,266 |  |  |  | 175,676 |  |  |  | 158,512 |
Varying maturities |  |  | 1,175 |  |  |  | 994 |  |  |  | 1,150 |  |  |  | 994 |
Totals |  | $ | 230,508 |  |  | $ | 201,986 |  |  | $ | 217,348 |  |  | $ | 198,506 |
Investment income was earned from the following sources:
|  | 2012 |  |  | 2011 |
Fixed maturities |  | $ | 10,626 |  |  | $ | 9,874 |
Equity securities |  |  | 571 |  |  |  | 509 |
Other |  |  | 307 |  |  |  | 204 |
Total investment income |  |  | 11,504 |  |  |  | 10,587 |
Less investment expenses |  |  | (194 | ) |  |  | (177 | )
Net investment income |  | $ | 11,310 |  |  | $ | 10,410 |
A summary of realized investment gains (losses) follows:
| 2012 |
|  | Equity Securities |  |  | Fixed Maturities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | - |  |  | $ | 1,434 |  |  | $ | - |  |  | $ | 1,434 |
Losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Realized investment gains, net |  | $ | - |  |  | $ | 1,434 |  |  | $ | - |  |  | $ | 1,434 |
| 2011 |
|  | Equity Securities |  |  | Fixed Maturities |  |  | Other Invested Assets |  |  | Total |
Gains |  | $ | - |  |  | $ | 860 |  |  | $ | 335 |  |  | $ | 1,195 |
Losses |  |  | (190 | ) |  |  | (978 | ) |  |  | - |  |  |  | (1,168 | )
Realized investment gains (losses), net |  | $ | (190 | ) |  | $ | (118 | ) |  | $ | 335 |  |  | $ | 27 |
Proceeds from the sales of investments were as follows:
|  | 2012 |  |  | 2011 |
Equity securities |  | $ | - |  |  | $ | 813 |
Fixed maturities |  |  | 24,433 |  |  |  | 37,910 |
Other investments |  |  | 46 |  |  |  | 729 |
Total proceeds |  | $ | 24,479 |  |  | $ | 39,452 |
The Company's bond portfolio included 98% investment grade securities, as defined by the NAIC, at December 31, 2012.

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