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Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments

The table below presents the balances of our invested assets measured at fair value on a recurring basis:

 

June 30, 2020

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Invested Assets:

 

(in thousands)

 

Debt Securities Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

63,479

 

 

$

374

 

 

$

63,105

 

 

$

—

 

States, municipalities and political subdivisions

 

 

107,367

 

 

 

—

 

 

 

107,367

 

 

 

—

 

Special revenue

 

 

274,742

 

 

 

—

 

 

 

274,742

 

 

 

—

 

Hybrid securities

 

 

95

 

 

 

—

 

 

 

95

 

 

 

—

 

Industrial and miscellaneous

 

 

252,594

 

 

 

—

 

 

 

252,594

 

 

 

—

 

Total debt securities

 

 

698,277

 

 

 

374

 

 

 

697,903

 

 

 

—

 

Investments reported at NAV(1)

 

 

7,973

 

 

 

—

 

 

 

—

 

 

 

—

 

Total investments

 

$

706,250

 

 

$

374

 

 

$

697,903

 

 

$

—

 

 

December 31, 2019

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Invested Assets:

 

(in thousands)

 

Debt Securities Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agency securities

 

$

54,191

 

 

$

366

 

 

$

53,825

 

 

$

—

 

States, municipalities and political subdivisions

 

 

76,355

 

 

 

—

 

 

 

76,355

 

 

 

—

 

Special revenue

 

 

250,226

 

 

 

—

 

 

 

250,226

 

 

 

—

 

Hybrid securities

 

 

101

 

 

 

—

 

 

 

101

 

 

 

—

 

Industrial and miscellaneous

 

 

206,383

 

 

 

—

 

 

 

206,383

 

 

 

—

 

Total debt securities

 

 

587,256

 

 

 

366

 

 

 

586,890

 

 

 

—

 

Investments reported at NAV(1)

 

 

7,993

 

 

 

—

 

 

 

—

 

 

 

—

 

Total investments

 

$

595,249

 

 

$

366

 

 

$

586,890

 

 

$

—

 

 

(1)

Includes $1.6 million and $1.6 million of Federal Home Loan Banks membership shares held by the Company as of June 30, 2020 and December 31, 2019, respectively.