Fair Value (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value [Abstract]

Fair Value Measurements by Level for Assets Measured at Fair Value on Recurring Basis

The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of September 30, 2019:

Description	Total		Level 1		Level 2		Level 3
Fixed income securities:
Agency collateralized mortgage obligations	$	14,426	$	–	$	14,426	$	–
Agency mortgage-backed securities		51,246		–		51,246		–
Asset-backed securities		99,295		–		99,295		–
Bank loans		14,625		–		14,625		–
Certificates of deposit		2,835		2,835		–		–
Collateralized mortgage obligations		5,718		–		5,718		–
Corporate securities		262,656		–		262,656		–
Options embedded in convertible securities		4,567		–		4,567		–
Mortgage-backed securities		47,381		–		47,381		–
Municipal obligations		32,986		–		32,986		–
Non-U.S. government obligations		24,068		–		24,068		–
U.S. government obligations		198,038		–		198,038		–
Total fixed income securities		757,841		2,835		755,006		–
Equity securities:
Consumer		15,387		15,387		–		–
Energy		3,010		3,010		–		–
Financial		29,829		29,829		–		–
Industrial		4,488		4,488		–		–
Technology		2,609		2,609		–		–
Funds (e.g. mutual funds, closed end funds, ETFs)		9,438		9,438		–		–
Other		8,076		8,076		–		–
Total equity securities		72,837		72,837		–		–
Short-term investments		1,000		1,000		–		–
Cash equivalents		78,072		–		78,072		–
Total	$	909,750	$	76,672	$	833,078	$	–

As of December 31, 2018:

Description	Total		Level 1		Level 2		Level 3
Fixed income securities:
Agency collateralized mortgage obligations	$	10,687	$	–	$	10,687	$	–
Agency mortgage-backed securities		37,385		–		37,385		–
Asset-backed securities		64,422		–		64,422		–
Bank loans		9,750		–		9,750		–
Certificates of deposit		2,835		2,835		–		–
Collateralized mortgage obligations		5,423		–		5,423		–
Corporate securities		186,651		–		186,651		–
Options embedded in convertible securities		3,799		–		3,799		–
Mortgage-backed securities		38,540		–		38,540		–
Municipal obligations		29,155		–		29,155		–
Non-U.S. government obligations		25,180		–		25,180		–
U.S. government obligations		178,818		–		178,818		–
Total fixed income securities		592,645		2,835		589,810		–
Equity securities:
Consumer		17,945		17,945		–		–
Energy		3,179		3,179		–		–
Financial		25,253		25,253		–		–
Industrial		6,920		6,920		–		–
Technology		2,303		2,303		–		–
Funds (e.g. mutual funds, closed end funds, ETFs)		5,489		5,489		–		–
Other		5,333		5,333		–		–
Total equity securities		66,422		66,422		–		–
Short-term investments		1,000		1,000		–		–
Cash equivalents		156,855		–		156,855		–
Total	$	816,922	$	70,257	$	746,665	$	–

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 condensed consolidated balance sheets at September 30, 2019 and December 31, 2018 is as follows:

	Carrying		Fair Value
	Value		Level 1		Level 2		Level 3		Total
September 30, 2019
Assets:
Limited partnerships	$	22,645	$	–	$	–	$	22,645	$	22,645
Commercial mortgage loans		9,418		–		–		9,418		9,418
Liabilities:
Short-term borrowings		20,000		–		20,000		–		20,000
December 31, 2018
Assets:
Limited partnerships	$	55,044	$	–	$	–	$	55,044	$	55,044
Commercial mortgage loans		6,672		–		–		6,672		6,672
Liabilities:
Short-term borrowings		20,000		–		20,000		–		20,000