Fair Value (Tables)

12 Months Ended

Dec. 31, 2018

Fair Value of Assets Measured on a Recurring Basis

The following table presents for each of the fair value hierarchy levels, our assets that are measured at fair value on a recurring basis at December 31, 2018 and December 31, 2017 (in thousands).


	As of December 31, 2018
	Quoted Prices in
	Active Markets for
	Identical Assets		Other Observable		Unobservable
	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
U.S. Treasury securities and obligations of U.S. Government	$	—	$	48,106	$	—	$	48,106
Corporate bonds		—		241,861		291		242,152
Collateralized corporate bank loans		—		126,528		—		126,528
Municipal bonds		—		115,527		—		115,527
Mortgage-backed		—		13,557		—		13,557
Total debt securities		—		545,579		291		545,870
Total equity securities		80,896		—		—		80,896
Total other investments		1,148		—		—		1,148
Total investments	$	82,044	$	545,579	$	291	$	627,914


	As of December 31, 2017
	Quoted Prices in
	Active Markets for
	Identical Assets		Other Observable		Unobservable
	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
U.S. Treasury securities and obligations of U.S. Government	$	—	$	49,947	$	—	$	49,947
Corporate bonds		—		278,760		313		279,073
Collateralized corporate bank loans		—		125,937		—		125,937
Municipal bonds		—		131,433		2,823		134,256
Mortgage-backed		—		16,533		—		16,533
Total debt securities		—		602,610		3,136		605,746
Total equity securities		51,142		—		621		51,763
Total other investments		3,824		—		—		3,824
Total investments	$	54,966	$	602,610	$	3,757	$	661,333

Fair Value, Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table summarizes the changes in fair value for all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the year ended December 31, 2018 and 2017 (in thousands).


	2018		2017
Beginning balance as of January 1	$	3,757	$	5,945
Sales		—		—
Settlements		(2,925)		(579)
Purchases		—		775
Issuances		—		—
Total realized/unrealized gains included in net income		80		616
Net gain included in other comprehensive income		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		(621)		(3,000)
Ending balance as of December 31	$	291	$	3,757