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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