Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Presentation of Carrying Values and Fair Values of Certain of Company's Financial Instruments

The carrying values and fair values of certain of the Company’s financial instruments were as follows (in thousands).

	December 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Assets:
Investments, available-for-sale	$	125,085	$	125,085	$	130,248	$	130,248
Other investments		10,530		10,530		7,513		7,513
Liabilities:
Debentures payable		40,341		19,606		40,301		15,006

Presentation of Fair-Value Measurements for Each Major Category of Assets Measured on Recurring Basis

The following tables present the fair-value measurements for each major category of assets that are measured on a recurring basis (in thousands).

			Fair Value Measurements Using
December 31, 2014	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	8,290	$	8,290	$	—	$	—
State		725		—		725		—
Political subdivisions		506		—		506		—
Revenue and assessment		16,360		—		16,360		—
Corporate bonds		75,119		—		75,119		—
Collateralized mortgage obligations:
Agency backed		4,807		—		4,807		—
Non-agency backed – residential		4,137		—		4,137		—
Non-agency backed – commercial		3,078		—		3,078		—
Total fixed maturities, available-for-sale		113,022		8,290		104,732		—
Preferred stock, available-for-sale		1,767		1,767		—		—
Mutual funds, available-for-sale		10,296		10,296		—		—
Total investments, available-for-sale		125,085		20,353		104,732		—
Other investments		10,530		—		—		10,530
Cash and cash equivalents		102,429		102,429		—		—
Total	$	238,044	$	122,782	$	104,732	$	10,530

			Fair Value Measurements Using
December 31, 2013	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	12,485	$	12,485	$	—	$	—
State		736		—		736		—
Political subdivisions		1,652		—		1,652		—
Revenue and assessment		13,618		—		13,618		—
Corporate bonds		73,325		—		73,325		—
Collateralized mortgage obligations:
Agency backed		7,514		—		7,514		—
Non-agency backed – residential		4,660		—		4,660		—
Non-agency backed – commercial		3,943		—		3,943		—
Total fixed maturities, available-for-sale		117,933		12,485		105,448		—
Preferred stock, available-for-sale		1,578		1,578		—		—
Mutual funds, available-for-sale		10,737		10,737		—		—
Total investments, available-for-sale		130,248		24,800		105,448		—
Other investments		7,513		—		—		7,513
Cash and cash equivalents		72,033		72,033		—		—
Total	$	209,794	$	96,833	$	105,448	$	7,513

Quantitative Disclosure for Assets Classified as Level 3

The following table represents the quantitative disclosure for those assets classified as Level 3 during the year ended December 31, 2014 (in thousands).

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Limited partnership interests carried at
	Net Asset Value			Equity Method		Common Stock at Fair Value		Total
Balance at December 31, 2013	$	3,314		$	4,199	$	—	$	7,513
Gains included in net income		81			4		—		85
Gains included in comprehensive income		—			—		47		47
Investments and capital calls		2,180			—		900		3,080
Distributions received		(195	)		—		—		(195	)
Transfers into and out of Level 3		—			—		—		—
Balance at December 31, 2014	$	5,380		$	4,203	$	947	$	10,530

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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