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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2020
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, 2020 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$—  $269,922  $—  $269,922  
Residential mortgage-backed—  291,188  —  291,188  
Corporate—  754,442  —  754,442  
Commercial mortgage and asset-backed—  311,181  —  311,181  
U.S. Treasury securities and obligations guaranteed by the U.S. government
118,235  445  —  118,680  
Redeemable preferred stock—  1,991  —  1,991  
Total fixed maturity securities, available-for-sale$118,235  $1,629,169  $—  $1,747,404  
Equity securities:    
Preferred stock—  62,880  —  62,880  
Common stock9,536  5,621  8  15,165  
Total equity securities$9,536  $68,501  $8  $78,045  
Bank loan participations$—  $127,394  $304  $127,698  
Short-term investments$—  $96,265  $—  $96,265  
  
Assets measured at fair value on a recurring basis as of December 31, 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$—  $167,101  $—  $167,101  
Residential mortgage-backed—  264,146  —  264,146  
Corporate—  632,221  —  632,221  
Commercial mortgage and asset-backed—  252,457  —  252,457  
U.S. Treasury securities and obligations guaranteed by the U.S. government
115,173  494  —  115,667  
Redeemable preferred stock—  2,034  —  2,034  
Total fixed maturity securities, available-for-sale$115,173  $1,318,453  $—  $1,433,626  
Equity securities:    
Preferred stock—  62,747  —  62,747  
Common stock14,669  3,276  43  17,988  
Total equity securities$14,669  $66,023  $43  $80,735  
Short-term investments$—  $156,925  $—  $156,925  
Reconciliation of securities measured at fair value on a recurring basis using significant unobservable inputs
A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis (as a result of the fair value option effective January 1, 2020) using significant unobservable inputs (Level 3) is shown below:
Three Months EndedSix Months Ended
June 30, 2020June 30, 2019June 30, 2020June 30, 2019
(in thousands)(in thousands)
Beginning balance$1,032  $177  $43  $4,442  
Transfers out of Level 3(721) —  (721) (4,228) 
Transfers in to Level 3—  3,010  358  3,010  
Purchases—  —  703  —  
Sales—  —  —  —  
Maturities, calls and paydowns—  —  (17) —  
Amortization of discount—  —  3  —  
Total gains or losses (realized/unrealized):—  
Included in earnings1  (88) (57) (125) 
Included in other comprehensive income—  —  —  —  
Ending balance$312  $3,099  $312  $3,099  
Schedule of assets measured at fair value on a nonrecurring basis that were determined to be impaired Bank loan participations held-for-investment that were determined to be impaired were written down to their fair value at December 31, 2019 as shown below:
 Fair Value Measurements Using
 Quoted Prices
In Active
Markets for
Identical Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
 (in thousands)
December 31, 2019    
Bank loan participations held-for-investment$—  $—  $6,949  $6,949  
Schedule of carrying value and fair value
The carrying values and fair values of financial instruments are summarized below:
 June 30, 2020December 31, 2019
 Carrying
Value		Fair ValueCarrying
Value		Fair Value
 (in thousands)
Assets    
Fixed maturity securities, available-for-sale$1,747,404  $1,747,404  $1,433,626  $1,433,626  
Equity securities78,045  78,045  80,735  80,735  
Bank loan participations127,698  127,698  260,864  252,423  
Cash and cash equivalents204,309  204,309  206,912  206,912  
Restricted cash equivalents1,020,856  1,020,856  1,199,164  1,199,164  
Short-term investments96,265  96,265  156,925  156,925  
Other invested assets – notes receivable7,180  11,616  13,250  18,756  
Liabilities    
Senior debt217,300  204,145  158,300  158,043  
Junior subordinated debt104,055  105,166  104,055  122,193