Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis, classified by the valuation hierarchy as of June 30, 2021 and December 31, 2020 (dollars in thousands):

	June 30, 2021
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Debt Securities:
U.S. Government	$	22,057	$	—	$	22,057	$	—
State and local government		32,171		—		32,171		—
Corporate debt		19,943		—		19,943		—
Asset-backed securities		31,627		—		31,627		—
Mortgage-backed securities		34,457		—		34,457		—
Commercial mortgage-backed securities		1,906		—		1,906		—
Collateralized mortgage obligations		7,027		—		7,027		—
Total debt securities		149,188		—		149,188		—
Equity Securities		19,314		19,031		283		—
Short-term investments		11,435		11,435		—		—
Total marketable investments measured at fair value	$	179,937	$	30,466	$	149,471	$	—
Investments measured at NAV:
Investment in limited partnership		680
Total assets measured at fair value	$	180,617
Liabilities:
Senior Unsecured Notes *	$	24,283	$	—	$	24,283	$	—
Subordinated Notes *		11,604		—		—		11,604
Line of credit *		1,000		—		1,000		—
Paycheck Protection Program loan *		2,745		—		2,745		—
Total Liabilities measured at fair value	$	39,632	$	—	$	28,028	$	11,604

* Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets

	December 31, 2020
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Debt Securities:
U.S. Government	$	30,967	$	—	$	30,967	$	—
State and local government		33,265		—		33,265		—
Corporate debt		19,303		—		19,303		—
Asset-backed securities		20,963		—		20,963		—
Mortgage-backed securities		38,854		—		38,854		—
Commercial mortgage-backed securities		2,126		—		2,126		—
Collateralized mortgage obligations		6,521		—		6,521		—
Total debt securities		151,999		—		151,999		—
Equity securities		17,336		17,053		283		—
Short-term investments		13,317		13,317		—		—
Total marketable investments measured at fair value	$	182,652	$	30,370	$	152,282	$	—
Investments measured at NAV:
Investment in limited partnership		555
Total assets measured at fair value	$	183,207
Liabilities:
Senior Unsecured Notes *	$	20,675	$	—	$	20,675	$	—
Subordinated Notes *		11,616		—		—		11,616
Line of Credit *		5,000		—		5,000		—
Paycheck Protection Program loan *		2,745		—		2,745		—
Total Liabilities measured at fair value	$	40,036	$	—	$	28,420	$	11,616

* Carried at face value of debt net of unamortized debt issuance costs on the consolidated balance sheets