Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

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 March 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)
Available-for-sale securities:
Fixed maturity securities:
State and municipal	$	—	$	139,725	$	—	$	139,725
Residential mortgage-backed	—		181,098		—		181,098
Corporate	—		439,626		—		439,626
Commercial mortgage and asset-backed	—		186,124		4,680		190,804
Obligations of U.S. government corporations and agencies	—		7,775		—		7,775
U.S. Treasury securities and obligations guaranteed by the U.S. government	81,640		579		—		82,219
Redeemable preferred stock	—		2,004		—		2,004
Total fixed maturity securities	81,640		956,931		4,680		1,043,251
Equity securities:
Preferred stock	—		67,709		—		67,709
Common stock	14,732		3,516		—		18,248
Total equity securities	14,732		71,225		—		85,957
Total available-for-sale securities	$	96,372	$	1,028,156	$	4,680	$	1,129,208
Trading securities:
Fixed maturity securities	$	—	$	3,805	$	—	$	3,805
Short-term investments	$	1,000	$	25,235	$	—	$	26,235

Assets measured at fair value on a recurring basis as of December 31, 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	$	—	$	144,366	$	—	$	144,366
Residential mortgage-backed	—		158,661		—		158,661
Corporate	—		413,721		—		413,721
Commercial mortgage and asset-backed	—		177,931		4,680		182,611
Obligations of U.S. government corporations and agencies	—		35,847		—		35,847
U.S. Treasury securities and obligations guaranteed by the U.S. government	78,265		609		—		78,874
Redeemable preferred stock	—		2,018		—		2,018
Total fixed maturity securities	78,265		933,153		4,680		1,016,098
Equity securities:
Preferred stock	—		66,281		—		66,281
Common stock	15,507		734		—		16,241
Total equity securities	15,507		67,015		—		82,522
Total available-for-sale securities	$	93,772	$	1,000,168	$	4,680	$	1,098,620
Trading securities:
Fixed maturity securities	$	—	$	3,808	$	—	$	3,808
Short-term investments	$	1,000	$	35,804	$	—	$	36,804

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)
March 31, 2018
Bank loan participations held-for-investment	$	—	$	—	$	1,741	$	1,741
December 31, 2017
Bank loan participations held-for-investment	$	—	$	—	$	5,111	$	5,111

Schedule of carrying value and fair value

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

	March 31, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Available-for-sale:
Fixed maturity securities	$	1,043,251	$	1,043,251	$	1,016,098	$	1,016,098
Equity securities	85,957		85,957		82,522		82,522
Trading:
Fixed maturity securities	3,805		3,805		3,808		3,808
Bank loan participations held-for-investment	257,426		257,840		238,214		236,532
Cash and cash equivalents	151,046		151,046		163,495		163,495
Short-term investments	26,235		26,235		36,804		36,804
Other invested assets – notes receivable	13,250		19,056		11,778		17,104
Liabilities
Senior debt	98,300		98,871		98,300		97,884
Junior subordinated debt	104,055		118,752		104,055		116,569