| Fair value hierarchy of financial assets and financial liabilities measured on a recurring basis |
At June 30, 2020 and December 31, 2019, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy: | | | | | | | | | | | | | | | | | | | | | | June 30, 2020 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Fair Value Based on NAV Practical Expedient | | Total Fair Value | Fixed maturities | | | | | | | | | | | U.S. treasury bonds | | $ | 211,183 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 211,183 |
| U.S. agency bonds – mortgage-backed | | — |
| | 435,383 |
| | — |
| | — |
| | 435,383 |
| Non-U.S. government and supranational bonds | | — |
| | 7,565 |
| | — |
| | — |
| | 7,565 |
| Asset-backed securities | | — |
| | 184,010 |
| | — |
| | — |
| | 184,010 |
| Corporate bonds | | — |
| | 601,422 |
| | — |
| | — |
| | 601,422 |
| Other investments | | — |
| | — |
| | 2,800 |
| | 2,908 |
| | 5,708 |
| Total | | $ | 211,183 |
| | $ | 1,228,380 |
| | $ | 2,800 |
| | $ | 2,908 |
| | $ | 1,445,271 |
| As a percentage of total assets | | 6.6 | % | | 38.2 | % | | 0.1 | % | | 0.1 | % | | 45.0 | % |
| | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Fair Value Based on NAV Practical Expedient | | Total Fair Value | Fixed maturities | | | | | | | | | | | U.S. treasury bonds | | $ | 95,625 |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 95,625 |
| U.S. agency bonds – mortgage-backed | | — |
| | 538,722 |
| | — |
| | — |
| | 538,722 |
| Non-U.S. government and supranational bonds | | — |
| | 11,999 |
| | — |
| | — |
| | 11,999 |
| Asset-backed securities | | — |
| | 188,170 |
| | — |
| | — |
| | 188,170 |
| Corporate bonds | | — |
| | 996,856 |
| | — |
| | — |
| | 996,856 |
| Municipal bonds | | — |
| | 4,146 |
| | — |
| | — |
| | 4,146 |
| Other investments | | — |
| | — |
| | 1,800 |
| | 3,077 |
| | 4,877 |
| Total | | $ | 95,625 |
| | $ | 1,739,893 |
| | $ | 1,800 |
| | $ | 3,077 |
| | $ | 1,840,395 |
| As a percentage of total assets | | 2.7 | % | | 48.8 | % | | 0.1 | % | | 0.1 | % | | 51.7 | % |
|
| Carrying values and fair values of financial instruments not measured at fair value |
The following table presents the respective carrying value and fair value for the financial instruments not measured at fair value on the Condensed Consolidated Balance Sheets as at June 30, 2020 and December 31, 2019, respectively: | | | | | | | | | | | | | | | | | | | | June 30, 2020 | | December 31, 2019 | | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | Financial Assets | | | | | | | | | Other investments in SPV related to lending activities | | $ | 30,346 |
| | $ | 42,382 |
| | $ | 26,871 |
| | $ | 42,156 |
| | | | | | | | | | Financial Liabilities | | | | | | | | | Senior Notes - MHLA – 6.625% | | $ | 110,000 |
| | $ | 84,700 |
| | $ | 110,000 |
| | $ | 86,460 |
| Senior Notes - MHNC – 7.75% | | 152,500 |
| | 134,810 |
| | 152,500 |
| | 137,067 |
| Total financial liabilities | | $ | 262,500 |
| | $ | 219,510 |
| | $ | 262,500 |
| | $ | 223,527 |
|
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