Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on a recurring basis

Assets measured at fair value on a recurring basis as of June 30, 2019 are summarized below:

	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)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	138,250	$	—	$	138,250
Residential mortgage-backed	—		249,758		—		249,758
Corporate	—		606,274		—		606,274
Commercial mortgage and asset-backed	—		220,076		—		220,076
U.S. Treasury securities and obligations guaranteed by the U.S. government	115,094		539		—		115,633
Redeemable preferred stock	—		2,051		—		2,051
Total fixed maturity securities, available-for-sale	$	115,094	$	1,216,948	$	—	$	1,332,042
Equity securities:
Preferred stock	—		67,255		—		67,255
Common stock	15,413		1,761		3,099		20,273
Total equity securities	$	15,413	$	69,016	$	3,099	$	87,528
Short-term investments	$	—	$	24,463	$	—	$	24,463

Assets measured at fair value on a recurring basis as of December 31, 2018 are summarized below:

	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)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	149,295	$	—	$	149,295
Residential mortgage-backed	—		204,109		—		204,109
Corporate	—		524,768		—		524,768
Commercial mortgage and asset-backed	—		192,797		4,228		197,025
U.S. Treasury securities and obligations guaranteed by the U.S. government	106,651		542		—		107,193
Redeemable preferred stock	—		1,812		—		1,812
Total fixed maturity securities, available-for-sale	$	106,651	$	1,073,323	$	4,228	$	1,184,202
Equity securities:
Preferred stock	—		60,740		—		60,740
Common stock	16,674		757		214		17,645
Total equity securities	$	16,674	$	61,497	$	214	$	78,385
Short-term investments	$	1,250	$	80,716	$	—	$	81,966

Schedule of assets measured at fair value on a nonrecurring basis

Assets measured at fair value on a nonrecurring basis are summarized below:

	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)
June 30, 2019
Bank loan participations held-for-investment	$	—	$	—	$	3,359	$	3,359
December 31, 2018
Bank loan participations held-for-investment	$	—	$	—	$	—	$	—

Schedule of carrying value and fair value

The carrying values and fair values of financial instruments are summarized below:

	June 30, 2019				December 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,332,042	$	1,332,042	$	1,184,202	$	1,184,202
Equity securities	87,528		87,528		78,385		78,385
Bank loan participations held-for-investment	251,472		243,962		260,972		250,697
Cash and cash equivalents	169,125		169,125		172,457		172,457
Short-term investments	24,463		24,463		81,966		81,966
Other invested assets – notes receivable	13,250		18,785		13,250		18,687
Liabilities
Senior debt	98,300		100,459		118,300		118,317
Junior subordinated debt	104,055		122,807		104,055		117,057