Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 (dollars in thousands):

	March 31, 2021
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Debt Securities:
U.S. Government	$	22,160	$	—	$	22,160	$	—
State and local government		31,879		—		31,879		—
Corporate debt		16,141		—		16,141		—
Asset-backed securities		31,823		—		31,823		—
Mortgage-backed securities		36,047		—		36,047		—
Commercial mortgage-backed securities		1,857		—		1,857		—
Collateralized mortgage obligations		7,722		—		7,722		—
Total debt securities		147,629		—		147,629		—
Equity Securities		19,086		18,803		283		—
Short-term investments		12,710		12,710		—		—
Total marketable investments measured at fair value	$	179,425	$	31,513	$	147,912	$	—
Investments measured at NAV:
Investment in limited partnership		552
Total assets measured at fair value	$	179,977
Liabilities:
Senior Unsecured Notes *	$	24,381	$	—	$	24,381	$	—
Subordinated Notes *		11,593		—		—		11,593
Line of credit *		3,000		—		3,000		—
Paycheck Protection Program loan *		2,745		—		2,745		—
Total Liabilities measured at fair value	$	41,719	$	—	$	30,126	$	11,593

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

	December 31, 2020
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Debt Securities:
U.S. Government	$	30,967	$	—	$	30,967	$	—
State and local government		33,265		—		33,265		—
Corporate debt		19,303		—		19,303		—
Asset-backed securities		20,963		—		20,963		—
Mortgage-backed securities		38,854		—		38,854		—
Commercial mortgage-backed securities		2,126		—		2,126		—
Collateralized mortgage obligations		6,521		—		6,521		—
Total debt securities		151,999		—		151,999		—
Equity securities		17,336		17,053		283		—
Short-term investments		13,317		13,317		—		—
Total marketable investments measured at fair value	$	182,652	$	30,370	$	152,282	$	—
Investments measured at NAV:
Investment in limited partnership		555
Total assets measured at fair value	$	183,207
Liabilities:
Senior Unsecured Notes *	$	20,675	$	—	$	20,675	$	—
Subordinated Notes *		11,616		—		—		11,616
Line of Credit *		5,000		—		5,000		—
Paycheck Protection Program loan *		2,745		—		2,745		—
Total Liabilities measured at fair value	$	40,036	$	—	$	28,420	$	11,616

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