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Investments (Tables) | 12 Months Ended
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Dec. 31, 2015
Investments [Abstract ] |
Schedule of investments aggregated by type and industry | Investments were comprised of the following:
| 2015
| 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 | $ | 22,234 |  | $ | 290 |  | $ | 175 |  | $ | 22,119 |
Obligations of states and political subdivisions |  | 25,479 |  |  | 621 |  |  | 552 |  |  | 25,410 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  | 17,589 |  |  | 1,357 |  |  | 692 |  |  | 16,924 |
Financial services |  | 54,035 |  |  | 1,797 |  |  | 1,351 |  |  | 53,589 |
Other business – diversified |  | 60,960 |  |  | 729 |  |  | 5,898 |  |  | 66,129 |
Other consumer – diversified |  | 24,581 |  |  | 136 |  |  | 1,391 |  |  | 25,836 |
Total corporate securities |  | 157,165 |  |  | 4,019 |  |  | 9,332 |  |  | 162,478 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Financial services |  | 253 |  |  | 3 |  |  | — |  |  | 250 |
Other consumer – diversified |  | 193 |  |  | — |  |  | — |  |  | 193 |
Total redeemable preferred stocks |  | 446 |  |  | 3 |  |  | — |  |  | 443 |
Total fixed maturities |  | 205,324 |  |  | 4,933 |  |  | 10,059 |  |  | 210,450 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  | 1,386 |  |  | 422 |  |  | — |  |  | 964 |
Financial services |  | 5,175 |  |  | 847 |  |  | — |  |  | 4,328 |
Other business – diversified |  | 198 |  |  | 151 |  |  | — |  |  | 47 |
Other consumer – diversified |  | 16,372 |  |  | 10,758 |  |  | — |  |  | 5,614 |
Total equity securities |  | 23,131 |  |  | 12,178 |  |  | — |  |  | 10,953 |
Other invested assets |  | 6,454 |  |  | — |  |  | — |  |  | 6,454 |
Policy loans |  | 2,200 |  |  | — |  |  | — |  |  | 2,200 |
Real estate |  | 38 |  |  | — |  |  | — |  |  | 38 |
Investments in unconsolidated trusts |  | 1,238 |  |  | — |  |  | — |  |  | 1,238 |
Total investments | $ | 238,385 |  | $ | 17,111 |  | $ | 10,059 |  | $ | 231,333 |
| 2014
| 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 | $ | 33,898 |  | $ | 1,459 |  | $ | 30 |  | $ | 32,469 |
Obligations of states and political subdivisions |  | 11,459 |  |  | 681 |  |  | — |  |  | 10,778 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  | 13,980 |  |  | 2,355 |  |  | — |  |  | 11,625 |
Financial services |  | 59,224 |  |  | 3,404 |  |  | 588 |  |  | 56,408 |
Other business – diversified |  | 70,139 |  |  | 2,076 |  |  | 1,830 |  |  | 69,893 |
Other consumer – diversified |  | 25,388 |  |  | 332 |  |  | 547 |  |  | 25,603 |
Total corporate securities |  | 168,731 |  |  | 8,167 |  |  | 2,965 |  |  | 163,529 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Financial services |  | 608 |  |  | 8 |  |  | — |  |  | 600 |
Other consumer – diversified |  | 192 |  |  | — |  |  | — |  |  | 192 |
Total redeemable preferred stocks |  | 800 |  |  | 8 |  |  | — |  |  | 792 |
Total fixed maturities |  | 214,888 |  |  | 10,315 |  |  | 2,995 |  |  | 207,568 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  | 1,403 |  |  | 439 |  |  | — |  |  | 964 |
Financial services |  | 6,083 |  |  | 739 |  |  | — |  |  | 5,344 |
Other business – diversified |  | 226 |  |  | 179 |  |  | — |  |  | 47 |
Other consumer – diversified |  | 11,212 |  |  | 5,598 |  |  | — |  |  | 5,614 |
Total equity securities |  | 18,924 |  |  | 6,955 |  |  | — |  |  | 11,969 |
Other invested assets |  | 2,995 |  |  | — |  |  | — |  |  | 2,995 |
Policy loans |  | 2,202 |  |  | — |  |  | — |  |  | 2,202 |
Real estate |  | 38 |  |  | — |  |  | — |  |  | 38 |
Investments in unconsolidated trusts |  | 1,238 |  |  | — |  |  | — |  |  | 1,238 |
Total investments | $ | 240,285 |  | $ | 17,270 |  | $ | 2,995 |  | $ | 226,010 |
Schedule of investments aggregated by industry | The following table sets forth the carrying value, amortized cost, and net unrealized gains (losses) of the Company’s investments aggregated by industry as of December 31, 2015 and 2014.
| 2015 | 2014
| Carrying Value | Amortized Cost | Unrealized Gains (Losses) | Carrying Value | Amortized Cost | Unrealized Gains
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 22,234 |  | $ | 22,119 |  | $ | 115 |  | $ | 33,898 |  | $ | 32,469 |  | $ | 1,429 |
Obligations of states and political subdivisions |  | 25,479 |  |  | 25,410 |  |  | 69 |  |  | 11,459 |  |  | 10,778 |  |  | 681 |
Utilities and telecom |  | 18,975 |  |  | 17,888 |  |  | 1,087 |  |  | 15,383 |  |  | 12,589 |  |  | 2,794 |
Financial services |  | 59,463 |  |  | 58,167 |  |  | 1,296 |  |  | 65,915 |  |  | 62,352 |  |  | 3,563 |
Other business – diversified |  | 61,158 |  |  | 66,176 |  |  | (5,018 | ) |  | 70,365 |  |  | 69,940 |  |  | 425 |
Other consumer – diversified |  | 41,146 |  |  | 31,643 |  |  | 9,503 |  |  | 36,792 |  |  | 31,409 |  |  | 5,383 |
Other investments |  | 9,930 |  |  | 9,930 |  |  | — |  |  | 6,473 |  |  | 6,473 |  |  | — |
Investments | $ | 238,385 |  | $ | 231,333 |  | $ | 7,052 |  | $ | 240,285 |  | $ | 226,010 |  | $ | 14,275 |
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 December 31, 2015 and 2014.
| 2015
| Less than 12 months | 12 months or longer | Total
| Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 9,209 |  | $ | 120 |  | $ | 2,243 |  | $ | 55 |  | $ | 11,452 |  | $ | 175 |
Obligations of states and political subdivisions |  | 16,079 |  |  | 552 |  |  | — |  |  | — |  |  | 16,079 |  |  | 552 |
Corporate securities |  | 79,482 |  |  | 4,284 |  |  | 16,131 |  |  | 5,048 |  |  | 95,613 |  |  | 9,332 |
Total temporarily impaired securities | $ | 104,770 |  | $ | 4,956 |  | $ | 18,374 |  | $ | 5,103 |  | $ | 123,144 |  | $ | 10,059 |
| 2014
| Less than 12 months | 12 months or longer | Total
| Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 3,695 |  | $ | 7 |  | $ | 2,692 |  | $ | 23 |  | $ | 6,387 |  | $ | 30 |
Corporate securities |  | 43,996 |  |  | 1,604 |  |  | 9,293 |  |  | 1,361 |  |  | 53,289 |  |  | 2,965 |
Total temporarily impaired securities | $ | 47,691 |  | $ | 1,611 |  | $ | 11,985 |  | $ | 1,384 |  | $ | 59,676 |  | $ | 2,995 |
Schedule of other than temporary impairments | During the years ended December 31, 2015 and 2014, the Company recorded other than temporary impairments related to the following investments.
| 2015 | 2014
Common and non-redeemable preferred stocks | $ | — |  | $ | 196 |
Financial instruments carried at fair value measured on a recurring basis | As of December 31, 2015, 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 | $ | — |  | $ | 203,087 |  | $ | 2,237 | (1) | $ | 205,324 |
Equity securities |  | 18,245 |  |  | 4,886 | (1) |  | — |  |  | 23,131 |
Cash equivalents |  | 13,772 |  |  | — |  |  | — |  |  | 13,772 |
Total | $ | 32,017 |  | $ | 207,973 |  | $ | 2,237 |  | $ | 242,227 |
| (1) | All underlying securities are financial service industry related.
As of December 31, 2014, 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 | $ | — |  | $ | 212,674 |  | $ | 2,214 | (1) | $ | 214,888 |
Equity securities |  | 13,148 |  |  | 5,776 | (1) |  | — |  |  | 18,924 |
Cash equivalents |  | 15,009 |  |  | — |  |  | — |  |  | 15,009 |
Total | $ | 28,157 |  | $ | 218,450 |  | $ | 2,214 |  | $ | 248,821 |
| (1) | All underlying securities are financial service industry related.
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 Company’s financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) from January 1, 2014 to December 31, 2015.
| Fixed Maturities
Balance, January 1, 2014 | $ | 1,991 |
Total unrealized gains included in other comprehensive income |  | 223 |
Balance, December 31, 2014 |  | 2,214 |
Total unrealized gains included in other comprehensive loss |  | 23 |
Balance, December 31, 2015 | $ | 2,237 |
Amortized cost and carrying value of fixed maturities by contractual maturity | The amortized cost and carrying value of fixed maturities at December 31, 2015 and 2014 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
| 2015 | 2014
| Carrying Value | Amortized Cost | Carrying Value | Amortized Cost
Due in one year or less | $ | 4,143 |  | $ | 4,113 |  | $ | 1,000 |  | $ | 1,000 |
Due after one year through five years |  | 20,557 |  |  | 20,591 |  |  | 16,523 |  |  | 15,891 |
Due after five years through ten years |  | 99,614 |  |  | 103,066 |  |  | 114,620 |  |  | 112,381 |
Due after ten years |  | 79,882 |  |  | 81,684 |  |  | 64,990 |  |  | 61,704 |
Varying maturities |  | 1,128 |  |  | 996 |  |  | 17,755 |  |  | 16,592 |
Totals | $ | 205,324 |  | $ | 210,450 |  | $ | 214,888 |  | $ | 207,568 |
Investment income earned | Investment income was earned from the following sources:
| 2015 | 2014
Fixed maturities | $ | 9,327 |  | $ | 9,720 |
Equity securities |  | 488 |  |  | 510 |
Other |  | 270 |  |  | 137 |
Total investment income |  | 10,085 |  |  | 10,367 |
Less investment expenses, included in other expenses |  | (552 | ) |  | (536 | )
Net investment income | $ | 9,533 |  | $ | 9,831 |
Summary of realized investment gains (losses) | A summary of realized investment gains (losses) follows:
| 2015
| Fixed Maturities | Equity Securities | Other Invested Assets | Total
Gains | $ | 2,347 |  | $ | — |  | $ | 3,154 |  | $ | 5,501 |
Losses |  | (628 | ) |  | (16 | ) |  | — |  |  | (644 | )
Realized investment gains, net | $ | 1,719 |  | $ | (16 | ) | $ | 3,154 |  | $ | 4,857 |
| 2014
| Fixed Maturities | Equity Securities | Other Invested Assets | Total
Gains | $ | 2,449 |  | $ | — |  | $ | — |  | $ | 2,449 |
Losses |  | (665 | ) |  | (213 | ) |  | — |  |  | (878 | )
Realized investment gains, net | $ | 1,784 |  | $ | (213 | ) | $ | — |  | $ | 1,571 |
Proceeds from sales of investments | Proceeds from the sales of investments were as follows:
| 2015 | 2014
Fixed maturities | $ | 80,995 |  | $ | 75,244 |
Other investments |  | 3,878 |  |  | 197 |
Total proceeds | $ | 84,873 |  | $ | 75,441 |

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