Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021 (dollars in thousands):

	March 31, 2022
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Debt Securities:
U.S. Government	$	18,258	$	—	$	18,258	$	—
State and local government		28,069		—		28,069		—
Corporate debt		32,770		—		32,770		—
Asset-backed securities		27,231		—		27,231		—
Mortgage-backed securities		29,308		—		29,308		—
Commercial mortgage-backed securities		3,370		—		3,370		—
Collateralized mortgage obligations		5,029		—		5,029		—
Total debt securities		144,035		—		144,035		—
Equity Securities		10,399		10,126		273		—
Short-term investments		18,197		18,197		—		—
Total marketable investments measured at fair value	$	172,631	$	28,323	$	144,308	$	—
Investments measured at NAV:
Investment in limited partnership		493
Total assets measured at fair value	$	173,124
Liabilities:
Senior Unsecured Notes *	$	23,045	$	—	$	23,045	$	—
Subordinated Notes *		11,620		—		—		11,620
Line of credit *		5,000		—		5,000		—
Total Liabilities measured at fair value	$	39,665	$	—	$	28,045	$	11,620

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

	December 31, 2021
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Debt Securities:
U.S. Government	$	20,720	$	—	$	20,720	$	—
State and local government		30,429		—		30,429		—
Corporate debt		30,346		—		30,346		—
Asset-backed securities		28,438		—		28,438		—
Mortgage-backed securities		32,521		—		32,521		—
Commercial mortgage-backed securities		1,690		—		1,690		—
Collateralized mortgage obligations		5,639		—		5,639		—
Total debt securities		149,783		—		149,783		—
Equity securities		9,437		9,154		283		—
Short-term investments		23,013		23,013		—		—
Total marketable investments measured at fair value	$	182,233	$	32,167	$	150,066	$	—
Investments measured at NAV:
Investment in limited partnership		494
Total assets measured at fair value	$	182,727
Liabilities:
Senior Unsecured Notes *	$	24,118	$	—	$	24,118	$	—
Subordinated Notes *		11,704		—		—		11,704
Total Liabilities measured at fair value	$	35,822	$	—	$	24,118	$	11,704

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