Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on a recurring basis

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Total
	(in thousands)
Available-for-sale securities:
Fixed maturity securities:
State and municipal	$	–	$	119,853	$	–	$	119,853
Residential mortgage-backed		–		136,712		–		136,712
Corporate		–		340,422		-		340,422
Commercial mortgage and asset-backed		–		136,292		-		136,292
Obligations of U.S. government corporations and agencies		–		95,976		–		95,976
U.S. Treasury securities and obligations guaranteed by the U.S. government		56,534		731		–		57,265
Redeemable preferred stock		–		1,960		–		1,960
Total fixed maturity securities		56,534		831,946		-		888,480
Equity securities:
Preferred stock		–		55,977		–		55,977
Common stock		17,742		734		-		18,476
Total equity securities		17,742		56,711		-		74,453
Total available-for-sale securities	$	74,276	$	888,657	$	-	$	962,933
Trading securities:
Fixed maturity securities	$	1,251	$	–	$	–	$	1,251
Short-term investments	$	25,930	$	24,295	$	–	$	50,225

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Level 1		Level 2		Level 3		Total
	(in thousands)
Available-for-sale securities:
Fixed maturity securities:
State and municipal	$	–	$	99,046	$	–	$	99,046
Residential mortgage-backed		–		115,249		–		115,249
Corporate		–		267,882		–		267,882
Commercial mortgage and asset-backed		–		113,341		–		113,341
Obligations of U.S. government corporations and agencies		–		101,275		–		101,275
U.S. Treasury securities and obligations guaranteed by the U.S. government		56,891		1,378		–		58,269
Redeemable preferred stock		–		1,901		–		1,901
Total fixed maturity securities		56,891		700,072		–		756,963
Equity securities:
Preferred stock		–		49,601		–		49,601
Common stock		17,570		734		–		18,304
Total equity securities		17,570		50,335		–		67,905
Total available-for-sale securities	$	74,461	$	750,407	$	–	$	824,868
Trading securities:
Fixed maturity securities	$	–	$	7,388	$	–	$	7,388
Short-term investments	$	58,507	$	73,349	$	–	$	131,856

Schedule of assets measured at fair value on a nonrecurring basis

	Fair Value Measurements Using
	Quoted Prices In Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
	(in thousands)
September 30, 2015
Bank loan participations held-for-investment	$	–	$	–	$	695	$	695

Schedule of carrying value and fair Value

	September 30, 2015				December 31, 2014
	Carrying  Value		Fair Value		Carrying  Value		Fair Value
	(in thousands)
Assets
Available-for-sale:
Fixed maturity securities	$	888,480	$	888,480	$	756,963	$	756,963
Equity securities		74,453		74,453		67,905		67,905
Trading:
Fixed maturity securities		1,251		1,251		7,388		7,388
Bank loan participations held-for-investment		213,625		205,340		239,511		231,251
Cash and cash equivalents		76,561		76,561		73,383		73,383
Short-term investments		50,225		50,225		131,856		131,856
Other invested assets – notes receivable		34,578		36,157		4,500		6,410
Liabilities
Senior debt		88,300		78,449		88,300		79,850
Junior subordinated debt		104,055		82,345		104,055		89,100