Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017 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)
Available-for-sale securities:
Fixed maturity securities:
State and municipal	$	—	$	130,388	$	—	$	130,388
Residential mortgage-backed	—		138,483		—		138,483
Corporate	—		402,784		—		402,784
Commercial mortgage and asset-backed	—		173,749		5,000		178,749
Obligations of U.S. government corporations and agencies	—		62,432		—		62,432
U.S. Treasury securities and obligations guaranteed by the U.S. government	66,576		633		—		67,209
Redeemable preferred stock	—		2,088		—		2,088
Total fixed maturity securities	66,576		910,557		5,000		982,133
Equity securities:
Preferred stock	—		69,422		—		69,422
Common stock	11,201		734		—		11,935
Total equity securities	11,201		70,156		—		81,357
Total available-for-sale securities	$	77,777	$	980,713	$	5,000	$	1,063,490
Trading securities:
Fixed maturity securities	$	—	$	3,814	$	—	$	3,814
Short-term investments	$	1,000	$	40,348	$	—	$	41,348

Assets measured at fair value on a recurring basis as of December 31, 2016 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)
Available-for-sale securities:
Fixed maturity securities:
State and municipal	$	—	$	105,841	$	—	$	105,841
Residential mortgage-backed	—		150,798		—		150,798
Corporate	—		378,448		—		378,448
Commercial mortgage and asset-backed	—		163,047		5,000		168,047
Obligations of U.S. government corporations and agencies	—		65,014		—		65,014
U.S. Treasury securities and obligations guaranteed by the U.S. government	70,465		655		—		71,120
Redeemable preferred stock	—		1,809		—		1,809
Total fixed maturity securities	70,465		865,612		5,000		941,077
Equity securities:
Preferred stock	—		64,827		—		64,827
Common stock	10,840		734		—		11,574
Total equity securities	10,840		65,561		—		76,401
Total available-for-sale securities	$	81,305	$	931,173	$	5,000	$	1,017,478
Trading securities:
Fixed maturity securities	$	1,250	$	3,813	$	—	$	5,063
Short-term investments	$	1,100	$	49,744	$	—	$	50,844

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, 2017
Bank loan participations held-for-investment	$	—	$	—	$	2,557	$	2,557
December 31, 2016
Bank loan participations held-for-investment	$	—	$	—	$	4,849	$	4,849

Schedule of carrying value and fair value

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

	June 30, 2017				December 31, 2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Available-for-sale:
Fixed maturity securities	$	982,133	$	982,133	$	941,077	$	941,077
Equity securities	81,357		81,357		76,401		76,401
Trading:
Fixed maturity securities	3,814		3,814		5,063		5,063
Bank loan participations held-for-investment	241,516		239,060		203,526		203,123
Cash and cash equivalents	87,771		87,771		109,784		109,784
Short-term investments	41,348		41,348		50,844		50,844
Other invested assets – notes receivable	10,188		12,124		4,500		6,008
Liabilities
Senior debt	88,300		85,381		88,300		85,404
Junior subordinated debt	104,055		107,978		104,055		99,397