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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value
The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis, classified by the valuation hierarchy as of September 30, 2019 and December 31, 2018 (dollars in thousands):
 
 
September 30, 2019
 
Fair Value Measurements Using
 
Total
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Debt Securities:
 
 
 
 
 
 
 
U.S. Government
$
13,979

 
$

 
$
13,979

 
$

State and local government
14,673

 

 
14,673

 

Corporate debt
38,149

 

 
38,149

 

Asset-backed securities
20,194

 

 
20,194

 

Mortgage-backed securities
30,132

 

 
30,132

 

Commercial mortgage-backed securities
4,464

 

 
4,464

 

Collateralized mortgage obligations
4,113

 

 
4,113

 

Total debt securities
125,704

 

 
125,704

 

Equity Securities
6,414

 
6,150

 
264

 

Short-term investments
3,508

 
3,508

 

 

Total marketable investments measured at fair value
$
135,626

 
$
9,658

 
$
125,968

 
$

 
 
 
 
 
 
 
 
Investments measured at NAV:
 
 
 
 
 
 
 
Investment in limited partnership
$
586

 
 
 
 
 
 
Total investments measured at NAV
$
586

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets measured at fair value
$
136,212

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Senior Unsecured Notes *
$
23,276

 
$

 
$
23,276

 
$

Subordinated Notes *
11,133

 

 

 
11,133

Total Liabilities measured at fair value
$
34,409

 
$

 
$
23,276

 
$
11,133

* Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheet
** Carried at cost on the consolidated balance sheet


 
December 31, 2018
 
Fair Value Measurements Using
 
Total
 
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Debt Securities:
 
 
 
 
 
 
 
U.S. Government
$
15,185

 
$

 
$
15,185

 
$

State and local government
15,788

 

 
15,788

 

Corporate debt
29,846

 

 
29,846

 

Asset-backed securities
24,284

 

 
24,284

 

Mortgage-backed securities
29,240

 

 
29,240

 

Commercial mortgage-backed securities
3,953

 

 
3,953

 

Collateralized mortgage obligations
2,144

 

 
2,144

 

Total debt securities
120,440

 

 
120,440

 

Equity securities
6,587

 
6,323

 
264

 

Short-term investments
8,925

 
8,925

 

 

Total marketable investments measured at fair value
$
135,952

 
$
15,248

 
$
120,704

 
$

 
 
 
 
 
 
 
 
Investments measured at NAV:
 
 
 
 
 
 
 
Investment in limited partnership
$
4,150

 
 
 
 
 
 
Total investments measured at NAV
$
4,150

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets measured at fair value
$
140,102

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Senior Unsecured Notes *
$
21,252

 
$

 
$
21,252

 
$

Subordinated Notes *
10,640

 

 

 
10,640

Total Liabilities measured at fair value
$
31,892

 
$

 
$
21,252

 
$
10,640

* Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheet