• Filing Date: 2013-03-14
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
Investments (Tables)
12 Months Ended
Dec. 31, 2012
Investments [Abstract]  
Summary of amortized cost, gross unrealized gains and losses, and estimated fair value available-for-sale securities
                                 
    Amortized     Gross
Unrealized
    Gross
Unrealized
    Estimated
Fair
 
    Cost     Gain     Loss     Value  

As of December 31, 2012

                               

Fixed-maturity securities

                               

U.S. Treasury and U.S. government agencies

  $ 1,359       88       —         1,447  

Corporate bonds

    10,298       572       (10     10,860  

Commercial mortgage-backed securities

    10,708       936       —         11,644  

State, municipalities, and political subdivisions

    10,152       914       —         11,066  

Redeemable preferred stock

    919       18       (1     936  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 33,436       2,528       (11     35,953  
   

 

 

   

 

 

   

 

 

   

 

 

 

Equity securities

  $ 8,756       303       (183     8,876  
   

 

 

   

 

 

   

 

 

   

 

 

 
         

As of December 31, 2011

                               

Fixed-maturity securities

                               

U.S. Treasury and U.S. government agencies

  $ 509       47       —         556  

Corporate bonds

    10,199       58       (417     9,840  

Commercial mortgage-backed securities

    10,574       314       (14     10,874  

State, municipalities, and political subdivisions

    9,982       393       (3     10,372  

Redeemable preferred stock

    1,144       12       (10     1,146  

Other

    2,883       117       —         3,000  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 35,291       941       (444     35,788  
   

 

 

   

 

 

   

 

 

   

 

 

 

Equity securities

  $ 4,220       121       (280     4,061  
   

 

 

   

 

 

   

 

 

   

 

 

 
Scheduled maturities of fixed-maturity securities
                                 
    December 31,  
    2012     2011  
          Estimated           Estimated  
    Amortized     Fair     Amortized     Fair  
    Cost     Value     Cost     Value  

Available-for-sale

                               

Due in one year or less

  $ 1,258       1,264       1,009       1,010  

Due after one year through five years

    8,387       8,728       10,523       10,169  

Due after five years through ten years

    8,045       8,612       6,835       7,075  

Due after ten years

    5,038       5,705       6,350       6,660  

Commercial mortgage-backed securities

    10,708       11,644       10,574       10,874  
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 33,436       35,953       35,291       35,788  
   

 

 

   

 

 

   

 

 

   

 

 

 
Summary of proceeds received and gross realized gains and losses from sales of available for sale securities
                         
          Gross
Realized
    Gross
Realized
 
    Proceeds     Gains     Losses  

Year ended December 31, 2012

                       

Fixed-maturity securities

  $ 8,991       421       (6
   

 

 

   

 

 

   

 

 

 

Equity securities

  $ 1,735       91       (230
   

 

 

   

 

 

   

 

 

 
       

Year ended December 31, 2011

                       

Fixed-maturity securities

  $ 24,904       545       (96
   

 

 

   

 

 

   

 

 

 

Equity securities*

  $ 1,665       121       (280
   

 

 

   

 

 

   

 

 

 
       

Year ended December 31, 2010

                       

Fixed-maturity securities

  $ 29,116       1,828       (17
   

 

 

   

 

 

   

 

 

 

Equity securities*

  $ 4,515       369       (177
   

 

 

   

 

 

   

 

 

 

 

* Amounts reported for the year ended December 31, 2011 and 2010 include the gross realized gains and losses from equity option contracts. During the years ended December 31, 2011 and 2010, the Company entered into equity contracts for exchange traded call and put options to meet certain investment objectives. With respect to these option contracts, the Company received net proceeds of $89,000 and $391,000, respectively, and realized gains of $49,000 and $327,000, respectively, during the years ended December 31, 2011 and 2010. Such gains are included in the realized investment gains in the Consolidated Statements of Income. There were no open option contracts at December 31, 2011 and 2010.
Summary of securities with gross unrealized loss positions aggregated by investment category
                                                 
    Less Than Twelve Months     Twelve Months or
Greater
    Total  
As of December 31, 2012   Gross
Unrealized
Loss
    Estimated
Fair

Value
    Gross
Unrealized
Loss
    Estimated
Fair
Value
    Gross
Unrealized
Loss
    Estimated
Fair
Value
 
             

Fixed-maturity securities

                                               

Corporate bonds

  $ (2     444       (8     981       (10     1,425  

Redeemable preferred stock

    (1     66       —         —         (1     66  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed-maturity securities

    (3     510       (8     981       (11     1,491  

Equity securities

    (136     3,019       (47     201       (183     3,220  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total available-for-sale securities

  $ (139     3,529       (55     1,182       (194     4,711  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                                 
    Less Than Twelve Months     Twelve Months or
Greater
    Total  
As of December 31, 2011   Gross
Unrealized
Loss
    Estimated
Fair

Value
    Gross
Unrealized
Loss
    Estimated
Fair
Value
    Gross
Unrealized
Loss
    Estimated
Fair
Value
 
             

Fixed-maturity securities

                                               

Corporate bonds

  $ (417     5,112       —         —         (417     5,112  

States, municipalities and political subdivisions

    (3     2,449       —         —         (3     2,449  

Commercial mortgage-backed securities

    (14     612       —         —         (14     612  

Redeemable preferred stock

    (10     232       —         —         (10     232  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed-maturity securities

    (444     8,405       —         —         (444     8,405  

Equity securities

    (191     2,464       (89     87       (280     2,551  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total available-for-sale securities

  $ (635     10,869       (89     87       (724     10,956  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Summary of other invested assets
                 
    December 31,  
    2012     2011  

Land

  $ 10,993       4,438  

Land improvements

    1,326       283  

Building

    2,869       1,418  

Other

    1,238       404  
   

 

 

   

 

 

 

Total, at cost

    16,426       6,543  

Less: accumulated depreciation and amortization

    (339     (60
   

 

 

   

 

 

 

Other investments

  $ 16,087       6,483  
   

 

 

   

 

 

 
Investment income summarized
                         
    Years Ended December 31,  
    2012     2011     2010  

Available-for-sale securities

  $ 1,806       1,494       1,112  

Time deposits

    357       538       530  

Other investments

    (1,334     (96     —    

Cash and cash equivalents

    151       125       226  

Short-term investments

    —         —         94  
   

 

 

   

 

 

   

 

 

 
    $ 980       2,061       1,962