Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair value hierarchy of financial assets and financial liabilities measured on a recurring basis

At September 30, 2020 and December 31, 2019, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:


September 30, 2020	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			Total Fair Value
Fixed maturities
U.S. treasury bonds	$	101,127		$	—		$	—		$	—		$	101,127
U.S. agency bonds – mortgage-backed	—			350,350			—			—			350,350

Non-U.S. government and supranational bonds	—			9,222			—			—			9,222
Asset-backed securities	—			184,990			—			—			184,990
Corporate bonds	—			642,278			—			—			642,278

Other investments	—			—			2,800			39,226			42,026
Total	$	101,127		$	1,186,840		$	2,800		$	39,226		$	1,329,993
As a percentage of total assets	3.3		%	38.8		%	0.1		%	1.3		%	43.5		%


December 31, 2019	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Fair Value Based on NAV Practical Expedient			Total Fair Value
Fixed maturities
U.S. treasury bonds	$	95,625		$	—		$	—		$	—		$	95,625
U.S. agency bonds – mortgage-backed	—			538,722			—			—			538,722

Non-U.S. government and supranational bonds	—			11,999			—			—			11,999
Asset-backed securities	—			188,170			—			—			188,170
Corporate bonds	—			996,856			—			—			996,856
Municipal bonds	—			4,146			—			—			4,146
Other investments	—			—			1,800			3,077			4,877
Total	$	95,625		$	1,739,893		$	1,800		$	3,077		$	1,840,395
As a percentage of total assets	2.7		%	48.8		%	0.1		%	0.1		%	51.7		%

Carrying values and fair values of financial instruments not measured at fair value

The following table presents the respective carrying value and fair value for the financial instruments not measured at fair value on the Condensed Consolidated Balance Sheets as at September 30, 2020 and December 31, 2019, respectively:


	September 30, 2020				December 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial Assets
Other investments in SPV related to lending activities	$	33,338	$	42,452	$	26,871	$	42,156

Financial Liabilities
Senior Notes - MHLA – 6.625%	$	110,000	$	87,340	$	110,000	$	86,460
Senior Notes - MHNC – 7.75%	152,500		134,444		152,500		137,067
Total financial liabilities	$	262,500	$	221,784	$	262,500	$	223,527