Investments (Tables)

12 Months Ended

Dec. 31, 2015

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