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
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