Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Fair Value [Abstract]

Fair value measurements by level for assets measured at fair value on a recurring basis

Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of March 31, 2015:
Description	Total		Level 1		Level 2		Level 3
Fixed maturities:
U.S. government obligations	$	112,820	$	-	$	112,820	$	-
Residential mortgage-backed securities		6,066		-		6,066		-
Commercial mortgage-backed securities		34,465		-		34,007		458
State and municipal obligations		116,612		-		116,612		-
Corporate securities		152,093		-		139,249		12,844
Options embedded in convertible securities		2,755		-		2,755		-
Foreign government obligations		25,632		-		25,632		-
Total fixed maturities		450,443		-		437,141		13,302
Equity securities:
Financial institutions		24,144		24,144		-		-
Industrial & miscellaneous		138,447		138,447		-		-
Total equity securities		162,591		162,591		-		-
Short term		2,968		2,968		-		-
Cash equivalents		46,384		-		46,384		-
	$	662,386	$	165,559	$	483,525	$	13,302

As of December 31, 2014:
Description	Total		Level 1		Level 2		Level 3
Fixed maturities:
U.S. government obligations	$	101,094	$	-	$	101,094	$	-
Residential mortgage-backed securities		6,066		-		6,066		-
Commercial mortgage-backed securities		36,440		-		36,440		-
State and municipal obligations		113,777		-		113,777		-
Corporate securities		164,068		-		151,860		12,208
Options embedded in convertible securities		2,898		-		2,898		-
Foreign government obligations		27,466		-		27,466		-
Total fixed maturities		451,809		-		439,601		12,208
Equity securities:
Financial institutions		25,343		25,343		-		-
Industrial & miscellaneous		136,764		136,764		-		-
Total equity securities		162,107		162,107		-		-
Short term		2,966		2,966		-		-
Cash equivalents		59,309		-		59,309		-
	$	676,191	$	165,073	$	498,910	$	12,208

Reconciliation of beginning and ending balances of assets measured at fair value on a recurring basis using level 3 inputs

A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows for the three months ended March 31, 2015 and for the year ended December 31, 2014:

	2015		2014
Beginning of period balance	$	12,208	$	-
Total  gains or losses (realized or unrealized)
included in income		66		-
Purchases		1,002		-
Settlements		-		-
Transfers into level 3		26		12,208
End of period balance	$	13,302	$	12,208

Summary of the carrying value and fair value by level of financial instruments

A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company’s consolidated balance sheets at March 31, 2015 and December 31, 2014 are as follows:

	Carrying		Fair Value
	Value		Level 1		Level 2		Level 3		Total
March 31, 2015
Assets:   Limited partnerships	$	84,569	$	-	$	-	$	84,569	$	84,569
Liabilities:   Short-term borrowings		20,000		-		20,000		-		20,000
December 31, 2014
Assets:   Limited partnerships		81,230		-		-		81,230		81,230
Liabilities:   Short-term borrowings		20,000		-		20,000		-		20,000