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Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair value Hierarchy of Financial Assets and Financial Liabilities Measured on a Recurring Basis
At March 31, 2024 and December 31, 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:
March 31, 2024Quoted 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 ExpedientTotal Fair Value
Fixed maturities
U.S. treasury bonds$66,444 $— $— $— $66,444 
U.S. agency bonds – mortgage-backed— 25,618 — — 25,618 
Non-U.S. government bonds— 41,573 — — 41,573 
Collateralized loan obligations— 63,195 — — 63,195 
Corporate bonds— 57,307 5,314 — 62,621 
Equity securities82 — 18,333 26,013 44,428 
Other investments
— — 34,347 93,398 127,745 
Total investments$66,526 $187,693 $57,994 $119,411 $431,624 
As a percentage of total assets4.5%12.8%3.9%8.1%29.3%
Underwriting-related derivative liability$— $— $3,984 $— $3,984 
December 31, 2023Quoted 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 ExpedientTotal Fair Value
Fixed maturities
U.S. treasury bonds$55,052 $— $— $— $55,052 
U.S. agency bonds – mortgage-backed— 26,651 — — 26,651 
Non-U.S. government bonds— 20,751 — — 20,751 
Collateralized loan obligations— 78,803 — — 78,803 
Corporate bonds— 63,962 5,382 — 69,344 
Equity securities81 — 19,351 25,867 45,299 
Other investments
— — 27,750 86,056 113,806 
Total investments$55,133 $190,167 $52,483 $111,923 $409,706 
As a percentage of total assets
3.6%12.5%3.5%7.4%27.0%
Underwriting-related derivative liability$— $— $3,984 $— $3,984 
Schedule of Significant Unobservable Inputs for Determining Fair Value of Other Investments
The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at March 31, 2024:
 Fair ValueValuation TechniqueUnobservable InputsRange
Privately held equity securities - common shares$39,749 Quarterly financial statementsPrice/book ratios of comparable public companies   
Privately held equity securities - preferred shares11,331 Quarterly financial statementsPrivately calculated enterprise valuations
Other investments - Private credit funds1,600 Quarterly financial statementsPrice/book ratios of comparable public companies
Corporate bonds5,314 Non-binding broker dealer quotation
Total Level 3 investments$57,994  
Underwriting-related derivative liability$3,984 Discounted cash flowsDuration matched discount rates5.0%to6.0%
Schedule of Reconciliation of Other Investments Measured at Fair value on a Recurring Basis Using Level 3 Inputs
The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three months ended March 31, 2024 and 2023. The Company includes any related interest and dividend income in net investment income and are excluded from the reconciliation in the table below:
For the Three Months Ended March 31,
 20242023
Balance - beginning of period$52,483 $18,806 
Net realized and unrealized gains recognized in the statement of income5,511 1,392 
Purchases— 1,000 
Total Level 3 investments - end of period$57,994 $21,198 
Schedule of 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 Senior Notes as at March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
 
Carrying ValueFair ValueCarrying ValueFair Value
Senior Notes - MHLA – 6.625%
$110,000 $73,392 $110,000 $73,744 
Senior Notes - MHNC – 7.75%
152,361 111,772 152,361 115,855 
Total Senior Notes$262,361 $185,164 $262,361 $189,599