Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

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).

	March 31, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets:
Investments, available-for-sale	$	129,234	$	129,234	$	125,085	$	125,085
Other investments		10,696		10,696		10,530		10,530
Liabilities:
Debentures payable		40,222		20,814		40,211		19,606

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
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
March 31, 2015	Total		(Level 1)		(Level 2)		(Level 3)
Fixed maturities, available-for-sale:
U.S. government and agencies	$	13,391	$	13,391	$	—	$	—
State		719		—		719		—
Political subdivisions		504		—		504		—
Revenue and assessment		16,116		—		16,116		—
Corporate bonds		74,787		—		74,787		—
Collateralized mortgage obligations:
Agency backed		4,761		—		4,761		—
Non-agency backed – residential		4,063		—		4,063		—
Non-agency backed – commercial		2,784		—		2,784		—
Total fixed maturities, available-for-sale		117,125		13,391		103,734		—
Preferred stock, available-for-sale		1,783		1,783		—		—
Mutual funds, available-for-sale		10,326		10,326		—		—
Total investments, available-for-sale		129,234		25,500		103,734		—
Other investments		10,696		—		—		10,696
Cash and cash equivalents		110,312		110,312		—		—
Total	$	250,242	$	135,812	$	103,734	$	10,696

			Fair Value Measurements Using
			Quoted Prices		Significant
			in Active		Other		Significant
			Markets for		Observable		Unobservable
			Identical Assets		Inputs		Inputs
December 31, 2014	Total		(Level 1)		(Level 2)		(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

Quantitative Disclosure for Assets Classified as Level 3

The following table represents the quantitative disclosure for those assets classified as Level 3 during the three months ended March 31, 2015 (in thousands).

	Fair Value Measurements Using
	Significant Unobservable Inputs (Level 3)
	Limited partnership interests
	carried at
	Net Asset			Equity		Common Stock
	Value			Method		at Fair Value			Total
Balance at December 31, 2014	$	5,380		$	4,203	$	947		$	10,530
Gains included in net income		42			4		—			46
Gains (losses) included in comprehensive income		—			—		(36	)		(36	)
Investments and capital calls		77			—		300			377
Distributions received		(221	)		—		-			(221	)
Transfers into and out of Level 3		—			—		—			—
Balance at March 31, 2015	$	5,278		$	4,207	$	1,211		$	10,696

- 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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