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Investments (Tables) | 9 Months Ended
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Sep. 30, 2017
Investments [Abstract] |
Investments aggregated by type and industry | The following tables set forth the carrying value, gross unrealized gains, gross unrealized losses and cost or amortized cost of the Company’s investments, aggregated by type and industry, as of September 30, 2017 and December 31, 2016.
|  | September 30, 2017 |
|  | Carrying Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost or Amortized Cost |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 32,426 |  |  | $ | 189 |  |  | $ | 414 |  |  | $ | 32,651 |
Obligations of states and political subdivisions |  |  | 17,882 |  |  |  | 696 |  |  |  | 54 |  |  |  | 17,240 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 20,463 |  |  |  | 1,636 |  |  |  | 76 |  |  |  | 18,903 |
Financial services |  |  | 51,927 |  |  |  | 2,161 |  |  |  | 411 |  |  |  | 50,177 |
Other business – diversified |  |  | 41,339 |  |  |  | 941 |  |  |  | 1,499 |  |  |  | 41,897 |
Other consumer – diversified |  |  | 53,770 |  |  |  | 910 |  |  |  | 1,321 |  |  |  | 54,181 |
Total corporate securities |  |  | 167,499 |  |  |  | 5,648 |  |  |  | 3,307 |  |  |  | 165,158 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other consumer – diversified |  |  | 192 |  |  |  | - |  |  |  | - |  |  |  | 192 |
Total redeemable preferred stocks |  |  | 192 |  |  |  | - |  |  |  | - |  |  |  | 192 |
Total fixed maturities |  |  | 217,999 |  |  |  | 6,533 |  |  |  | 3,775 |  |  |  | 215,241 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 1,484 |  |  |  | 520 |  |  |  | - |  |  |  | 964 |
Financial services |  |  | 5,579 |  |  |  | 796 |  |  |  | - |  |  |  | 4,783 |
Other business – diversified |  |  | 275 |  |  |  | 228 |  |  |  | - |  |  |  | 47 |
Other consumer – diversified |  |  | 14,244 |  |  |  | 9,120 |  |  |  | - |  |  |  | 5,124 |
Total equity securities |  |  | 21,582 |  |  |  | 10,664 |  |  |  | - |  |  |  | 10,918 |
Other invested assets |  |  | 9,167 |  |  |  | - |  |  |  | - |  |  |  | 9,167 |
Policy loans |  |  | 2,113 |  |  |  | - |  |  |  | - |  |  |  | 2,113 |
Real estate |  |  | 38 |  |  |  | - |  |  |  | - |  |  |  | 38 |
Investments in unconsolidated trusts |  |  | 1,238 |  |  |  | - |  |  |  | - |  |  |  | 1,238 |
Total investments |  | $ | 252,137 |  |  | $ | 17,197 |  |  | $ | 3,775 |  |  | $ | 238,715 |
|  | December 31, 2016 |
|  | Carrying Value |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Cost or Amortized Cost |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
Bonds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 31,102 |  |  | $ | 197 |  |  | $ | 553 |  |  | $ | 31,458 |
Obligations of states and political subdivisions |  |  | 17,572 |  |  |  | 625 |  |  |  | 308 |  |  |  | 17,255 |
Corporate securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 18,034 |  |  |  | 1,462 |  |  |  | 88 |  |  |  | 16,660 |
Financial services |  |  | 57,282 |  |  |  | 1,880 |  |  |  | 911 |  |  |  | 56,313 |
Other business – diversified |  |  | 57,419 |  |  |  | 1,071 |  |  |  | 2,337 |  |  |  | 58,685 |
Other consumer – diversified |  |  | 29,069 |  |  |  | 471 |  |  |  | 1,344 |  |  |  | 29,942 |
Total corporate securities |  |  | 161,804 |  |  |  | 4,884 |  |  |  | 4,680 |  |  |  | 161,600 |
Redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other consumer – diversified |  |  | 192 |  |  |  | - |  |  |  | - |  |  |  | 192 |
Total redeemable preferred stocks |  |  | 192 |  |  |  | - |  |  |  | - |  |  |  | 192 |
Total fixed maturities |  |  | 210,670 |  |  |  | 5,706 |  |  |  | 5,541 |  |  |  | 210,505 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common and non-redeemable preferred stocks: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utilities and telecom |  |  | 1,601 |  |  |  | 637 |  |  |  | - |  |  |  | 964 |
Financial services |  |  | 5,402 |  |  |  | 574 |  |  |  | - |  |  |  | 4,828 |
Other business – diversified |  |  | 244 |  |  |  | 197 |  |  |  | - |  |  |  | 47 |
Other consumer – diversified |  |  | 13,010 |  |  |  | 7,396 |  |  |  | - |  |  |  | 5,614 |
Total equity securities |  |  | 20,257 |  |  |  | 8,804 |  |  |  | - |  |  |  | 11,453 |
Other invested assets |  |  | 9,709 |  |  |  | - |  |  |  | - |  |  |  | 9,709 |
Policy loans |  |  | 2,265 |  |  |  | - |  |  |  | - |  |  |  | 2,265 |
Real estate |  |  | 38 |  |  |  | - |  |  |  | - |  |  |  | 38 |
Investments in unconsolidated trusts |  |  | 1,238 |  |  |  | - |  |  |  | - |  |  |  | 1,238 |
Total investments |  | $ | 244,177 |  |  | $ | 14,510 |  |  | $ | 5,541 |  |  | $ | 235,208 |
Amortized cost and carrying value of fixed maturities by contractual maturity | The carrying value and amortized cost of the Company’s investments in fixed maturities at September 30, 2017 and December 31, 2016 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.
|  | September 30, 2017 |  |  | December 31, 2016 |
|  | Carrying Value |  |  | Amortized Cost |  |  | Carrying Value |  |  | Amortized Cost |
Due in one year or less |  | $ | 1,415 |  |  | $ | 1,411 |  |  | $ | 2,544 |  |  | $ | 2,507 |
Due after one year through five years |  |  | 16,612 |  |  |  | 16,795 |  |  |  | 20,278 |  |  |  | 20,038 |
Due after five years through ten years |  |  | 104,519 |  |  |  | 103,571 |  |  |  | 90,667 |  |  |  | 90,926 |
Due after ten years |  |  | 75,117 |  |  |  | 72,923 |  |  |  | 80,099 |  |  |  | 79,627 |
Varying maturities |  |  | 20,336 |  |  |  | 20,541 |  |  |  | 17,082 |  |  |  | 17,407 |
Totals |  | $ | 217,999 |  |  | $ | 215,241 |  |  | $ | 210,670 |  |  | $ | 210,505 |
Investments aggregated by industry | The following table sets forth the carrying value, cost or amortized cost, and net unrealized gains (losses) of the Company’s investments aggregated by industry as of September 30, 2017 and December 31, 2016.
|  | September 30, 2017 |  |  | December 31, 2016 |
|  | Carrying Value |  |  | Cost or Amortized Cost |  |  | Unrealized Gains (Losses) |  |  | Carrying Value |  |  | Cost or Amortized Cost |  |  | Unrealized Gains (Losses) |
U.S. Treasury securities and obligations of U.S. Government agencies and authorities |  | $ | 32,426 |  |  | $ | 32,651 |  |  | $ | (225 | ) |  | $ | 31,102 |  |  | $ | 31,458 |  |  | $ | (356 | )
Obligations of states and political subdivisions |  |  | 17,882 |  |  |  | 17,240 |  |  |  | 642 |  |  |  | 17,572 |  |  |  | 17,255 |  |  |  | 317 |
Utilities and telecom |  |  | 21,947 |  |  |  | 19,867 |  |  |  | 2,080 |  |  |  | 19,635 |  |  |  | 17,624 |  |  |  | 2,011 |
Financial services |  |  | 57,506 |  |  |  | 54,960 |  |  |  | 2,546 |  |  |  | 62,684 |  |  |  | 61,141 |  |  |  | 1,543 |
Other business – diversified |  |  | 41,614 |  |  |  | 41,944 |  |  |  | (330 | ) |  |  | 57,663 |  |  |  | 58,732 |  |  |  | (1,069 | )
Other consumer – diversified |  |  | 68,206 |  |  |  | 59,497 |  |  |  | 8,709 |  |  |  | 42,271 |  |  |  | 35,748 |  |  |  | 6,523 |
Other investments |  |  | 12,556 |  |  |  | 12,556 |  |  |  | - |  |  |  | 13,250 |  |  |  | 13,250 |  |  |  | - |
Investments |  | $ | 252,137 |  |  | $ | 238,715 |  |  | $ | 13,422 |  |  | $ | 244,177 |  |  | $ | 235,208 |  |  | $ | 8,969 |
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 September 30, 2017 and December 31, 2016.
|  | September 30, 2017 |
|  | 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 |  | $ | 15,900 |  |  | $ | 188 |  |  | $ | 9,016 |  |  | $ | 226 |  |  | $ | 24,916 |  |  | $ | 414 |
Obligations of states and political subdivisions |  |  | 2,994 |  |  |  | 17 |  |  |  | 1,978 |  |  |  | 37 |  |  |  | 4,972 |  |  |  | 54 |
Corporate securities |  |  | 30,340 |  |  |  | 451 |  |  |  | 33,204 |  |  |  | 2,856 |  |  |  | 63,544 |  |  |  | 3,307 |
Total temporarily impaired securities |  | $ | 49,234 |  |  | $ | 656 |  |  | $ | 44,198 |  |  | $ | 3,119 |  |  | $ | 93,432 |  |  | $ | 3,775 |
|  | December 31, 2016 |
|  | 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 |  | $ | 23,494 |  |  | $ | 553 |  |  | $ | - |  |  | $ | - |  |  | $ | 23,494 |  |  | $ | 553 |
Obligations of states and political subdivisions |  |  | 8,747 |  |  |  | 308 |  |  |  | - |  |  |  | - |  |  |  | 8,747 |  |  |  | 308 |
Corporate securities |  |  | 59,404 |  |  |  | 2,124 |  |  |  | 20,587 |  |  |  | 2,556 |  |  |  | 79,991 |  |  |  | 4,680 |
Total temporarily impaired securities |  | $ | 91,645 |  |  | $ | 2,985 |  |  | $ | 20,587 |  |  | $ | 2,556 |  |  | $ | 112,232 |  |  | $ | 5,541 |
Financial instruments carried at fair value measured on a recurring basis | As of September 30, 2017, 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 |  | $ | - |  |  | $ | 216,648 |  |  | $ | 1,351 | (1) |  | $ | 217,999 |
Equity securities |  |  | 16,233 |  |  |  | 5,349 | (1) |  |  | - |  |  |  | 21,582 |
Cash equivalents |  |  | 8,884 |  |  |  | - |  |  |  | - |  |  |  | 8,884 |
Total |  | $ | 25,117 |  |  | $ | 221,997 |  |  | $ | 1,351 |  |  | $ | 248,465 |
| (1) | All underlying securities are financial service industry related.
As of December 31, 2016, 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 |  | $ | - |  |  | $ | 209,406 |  |  | $ | 1,264 | (1) |  | $ | 210,670 |
Equity securities |  |  | 15,153 |  |  |  | 5,104 | (1) |  |  | - |  |  |  | 20,257 |
Cash equivalents |  |  | 9,811 |  |  |  | - |  |  |  | - |  |  |  | 9,811 |
Total |  | $ | 24,964 |  |  | $ | 214,510 |  |  | $ | 1,264 |  |  | $ | 240,738 |
| (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 tables provide a roll-forward of the Company’s financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month and nine month periods ended September 30, 2017 and 2016.
|  | Fixed Maturities |
Balance, December 31, 2016 |  | $ | 1,264 |
Total unrealized gains included in other comprehensive income |  |  | 38 |
Balance, March 31, 2017 |  |  | 1,302 |
Total unrealized gains included in other comprehensive income |  |  | 30 |
Balance, June 30, 2017 |  |  | 1,332 |
Total unrealized gains included in other comprehensive income |  |  | 19 |
Balance, September 30, 2017 |  | $ | 1,351 |
|  | Fixed Maturities |
Balance, December 31, 2015 |  | $ | 2,237 |
Total unrealized gains included in other comprehensive income |  |  | 63 |
Balance, March 31, 2016 |  |  | 2,300 |
Total unrealized gains included in other comprehensive income |  |  | 68 |
Balance, June 30, 2016 |  |  | 2,368 |
Total realized gains included in earnings |  |  | 57 |
Total unrealized losses included in other comprehensive income |  |  | (61 | )
Settlements |  |  | (1,000 | )
Balance, September 30, 2016 |  | $ | 1,364 |
Summary of realized investment gains (losses) | The following table is a summary of realized investment gains (losses) for the three month and nine month periods ended September 30, 2017 and 2016.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Gross gains |  | $ | 539 |  |  | $ | 543 |  |  | $ | 2,879 |  |  | $ | 1,497 |
Gross losses |  |  | - |  |  |  | (16 | ) |  |  | (61 | ) |  |  | (86 | )
Realized investment gains, net |  | $ | 539 |  |  | $ | 527 |  |  | $ | 2,818 |  |  | $ | 1,411 |

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