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Fair Value Measurement (Tables)
3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Fixed Maturities and Equity Securities by Asset Class that are Measured at Fair Value

The following tables present, for each of the fair value hierarchy levels as defined by the accounting guidance for fair value measurements described above, our Company’s Fixed maturities and Equity securities by asset class that are measured at fair value on a recurring basis, as well as the fair value of the 5.75% Senior notes due October 15, 2023 (the “Senior notes”) carried at amortized cost as of March 31, 2017 and December 31, 2016:

 

 

 

March 31, 2017

 

amounts in thousands

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S.  Treasury bonds, agency bonds and foreign government

   bonds

 

$

47,903

 

 

$

222,106

 

 

$

 

 

$

270,009

 

States, municipalities and political subdivisions

 

 

 

 

 

604,912

 

 

 

 

 

 

604,912

 

Mortgage-backed and asset-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency mortgage-backed securities

 

 

 

 

 

468,255

 

 

 

 

 

 

468,255

 

Residential mortgage obligations

 

 

 

 

 

16,970

 

 

 

 

 

 

16,970

 

Asset-backed securities

 

 

 

 

 

331,567

 

 

 

 

 

 

331,567

 

Commercial mortgage-backed securities

 

 

 

 

 

147,353

 

 

 

 

 

 

147,353

 

Subtotal

 

$

 

 

$

964,145

 

 

$

 

 

$

964,145

 

Corporate exposures

 

 

 

 

 

856,211

 

 

 

 

 

 

856,211

 

Total fixed maturities

 

$

47,903

 

 

$

2,647,374

 

 

$

 

 

$

2,695,277

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stocks

 

$

169,905

 

 

$

 

 

$

 

 

$

169,905

 

Preferred stocks

 

 

 

 

 

192,309

 

 

 

 

 

 

192,309

 

Total Equity securities

 

$

169,905

 

 

$

192,309

 

 

$

 

 

$

362,214

 

Short-term investments

 

 

123,846

 

 

 

 

 

 

 

 

 

123,846

 

Total assets measured at fair value

 

$

341,654

 

 

$

2,839,683

 

 

$

 

 

$

3,181,337

 

Senior notes

 

$

 

 

$

284,135

 

 

$

 

 

$

284,135

 

Total liabilities measured at fair value

 

$

 

 

$

284,135

 

 

$

 

 

$

284,135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

amounts in thousands

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Fixed maturities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury bonds, agency bonds and foreign government

   bonds

 

$

47,704

 

 

$

226,072

 

 

$

 

 

$

273,776

 

States, municipalities and political subdivisions

 

 

 

 

 

547,415

 

 

 

 

 

 

547,415

 

Mortgage-backed and asset-backed securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency mortgage-backed securities

 

 

 

 

 

487,364

 

 

 

 

 

 

487,364

 

Residential mortgage obligations

 

 

 

 

 

20,530

 

 

 

 

 

 

20,530

 

Asset-backed securities

 

 

 

 

 

314,601

 

 

 

 

 

 

314,601

 

Commercial mortgage-backed securities

 

 

 

 

 

154,139

 

 

 

 

 

 

154,139

 

Subtotal

 

$

 

 

$

976,634

 

 

$

 

 

$

976,634

 

Corporate exposures

 

 

 

 

 

838,057

 

 

 

 

 

 

838,057

 

Total fixed maturities

 

$

47,704

 

 

$

2,588,178

 

 

$

 

 

$

2,635,882

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stocks

 

$

164,087

 

 

$

 

 

$

 

 

$

164,087

 

Preferred stocks

 

 

 

 

 

185,055

 

 

 

 

 

 

185,055

 

Total Equity securities

 

$

164,087

 

 

$

185,055

 

 

 

 

 

$

349,142

 

Short-term investments

 

 

143,539

 

 

 

 

 

 

 

 

 

143,539

 

Total assets measured at fair value

 

$

355,330

 

 

$

2,773,233

 

 

$

 

 

$

3,128,563

 

Senior notes

 

$

 

 

$

280,316

 

 

$

 

 

$

280,316

 

Total liabilities measured at fair value

 

$

 

 

$

280,316

 

 

$

 

 

$

280,316