| 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 June 30, 2022 and December 31, 2021 (dollars in thousands):
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|
|
June 30, 2022 |
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|
Fair Value Measurements |
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|
|
|
Total |
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|
Level 1 |
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|
Level 2 |
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|
Level 3 |
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|
Assets: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government |
|
$ |
7,574 |
|
|
$ |
— |
|
|
$ |
7,574 |
|
|
$ |
— |
|
|
State and local government |
|
|
23,172 |
|
|
|
— |
|
|
|
23,172 |
|
|
|
— |
|
|
Corporate debt |
|
|
31,484 |
|
|
|
— |
|
|
|
31,484 |
|
|
|
— |
|
|
Asset-backed securities |
|
|
22,845 |
|
|
|
— |
|
|
|
22,845 |
|
|
|
— |
|
|
Mortgage-backed securities |
|
|
26,706 |
|
|
|
— |
|
|
|
26,706 |
|
|
|
— |
|
|
Commercial mortgage-backed securities |
|
|
3,269 |
|
|
|
— |
|
|
|
3,269 |
|
|
|
— |
|
|
Collateralized mortgage obligations |
|
|
4,157 |
|
|
|
— |
|
|
|
4,157 |
|
|
|
— |
|
|
Total debt securities |
|
|
119,207 |
|
|
|
— |
|
|
|
119,207 |
|
|
|
— |
|
|
Equity Securities |
|
|
537 |
|
|
|
255 |
|
|
|
282 |
|
|
|
— |
|
|
Short-term investments |
|
|
28,001 |
|
|
|
28,001 |
|
|
|
— |
|
|
|
— |
|
|
Total marketable investments measured at fair value |
|
$ |
147,745 |
|
|
$ |
28,256 |
|
|
$ |
119,489 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments measured at NAV: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in limited partnership |
|
|
453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets measured at fair value |
|
$ |
148,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Unsecured Notes * |
|
$ |
20,821 |
|
|
$ |
— |
|
|
$ |
20,821 |
|
|
$ |
— |
|
|
Subordinated Notes * |
|
|
11,517 |
|
|
|
— |
|
|
|
— |
|
|
|
11,517 |
|
|
Total Liabilities measured at fair value |
|
$ |
32,338 |
|
|
$ |
— |
|
|
$ |
20,821 |
|
|
$ |
11,517 |
|
|
* |
Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets |
|
|
|
December 31, 2021 |
|
|
|
|
Fair Value Measurements |
|
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government |
|
$ |
20,720 |
|
|
$ |
— |
|
|
$ |
20,720 |
|
|
$ |
— |
|
|
State and local government |
|
|
30,429 |
|
|
|
— |
|
|
|
30,429 |
|
|
|
— |
|
|
Corporate debt |
|
|
30,346 |
|
|
|
— |
|
|
|
30,346 |
|
|
|
— |
|
|
Asset-backed securities |
|
|
28,438 |
|
|
|
— |
|
|
|
28,438 |
|
|
|
— |
|
|
Mortgage-backed securities |
|
|
32,521 |
|
|
|
— |
|
|
|
32,521 |
|
|
|
— |
|
|
Commercial mortgage-backed securities |
|
|
1,690 |
|
|
|
— |
|
|
|
1,690 |
|
|
|
— |
|
|
Collateralized mortgage obligations |
|
|
5,639 |
|
|
|
— |
|
|
|
5,639 |
|
|
|
— |
|
|
Total debt securities |
|
|
149,783 |
|
|
|
— |
|
|
|
149,783 |
|
|
|
— |
|
|
Equity securities |
|
|
9,437 |
|
|
|
9,154 |
|
|
|
283 |
|
|
|
— |
|
|
Short-term investments |
|
|
23,013 |
|
|
|
23,013 |
|
|
|
— |
|
|
|
— |
|
|
Total marketable investments measured at fair value |
|
$ |
182,233 |
|
|
$ |
32,167 |
|
|
$ |
150,066 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments measured at NAV: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in limited partnership |
|
|
494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets measured at fair value |
|
$ |
182,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Unsecured Notes * |
|
$ |
24,118 |
|
|
$ |
— |
|
|
$ |
24,118 |
|
|
$ |
— |
|
|
Subordinated Notes * |
|
|
11,704 |
|
|
|
— |
|
|
|
— |
|
|
|
11,704 |
|
|
Total Liabilities measured at fair value |
|
$ |
35,822 |
|
|
$ |
— |
|
|
$ |
24,118 |
|
|
$ |
11,704 |
|
|
* |
Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets |
|