Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021 (dollars in thousands):

	September 30, 2022
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Debt Securities:
U.S. Government	$	7,463	$	—	$	7,463	$	—
State and local government		21,145		—		21,145		—
Corporate debt		30,146		—		30,146		—
Asset-backed securities		21,723		—		21,723		—
Mortgage-backed securities		24,330		—		24,330		—
Commercial mortgage-backed securities		3,237		—		3,237		—
Collateralized mortgage obligations		3,803		—		3,803		—
Total debt securities		111,847		—		111,847		—
Equity Securities		947		190		757		—
Short-term investments		30,562		30,562		—		—
Total marketable investments measured at fair value	$	143,356	$	30,752	$	112,604	$	—
Investments measured at NAV:
Investment in limited partnership		365
Total assets measured at fair value	$	143,721
Liabilities:
Senior Unsecured Notes *	$	23,113	$	—	$	23,113	$	—
Subordinated Notes *		11,186		—		—		11,186
FHLB of Indianapolis		14,500		—		14,500		—
Total Liabilities measured at fair value	$	48,799	$	—	$	37,613	$	11,186

* 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