Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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	$	—	$	138,373	$	—	$	138,373
Residential mortgage-backed	—		184,751		—		184,751
Corporate	—		430,345		—		430,345
Commercial mortgage and asset-backed	—		169,762		4,680		174,442
Obligations of U.S. government corporations and agencies	—		5,689		—		5,689
U.S. Treasury securities and obligations guaranteed by the U.S. government	85,227		570		—		85,797
Redeemable preferred stock	—		1,990		—		1,990
Total fixed maturity securities	85,227		931,480		4,680		1,021,387
Equity securities:
Preferred stock	—		64,866		—		64,866
Common stock	15,311		3,832		—		19,143
Total equity securities	15,311		68,698		—		84,009
Total available-for-sale securities	$	100,538	$	1,000,178	$	4,680	$	1,105,396
Trading securities:
Fixed maturity securities	$	—	$	—	$	—	$	—
Short-term investments	$	1,000	$	24,140	$	—	$	25,140

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)
June 30, 2018
Bank loan participations held-for-investment	$	—	$	—	$	2,243	$	2,243
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:

	June 30, 2018				December 31, 2017
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Available-for-sale:
Fixed maturity securities	$	1,021,387	$	1,021,387	$	1,016,098	$	1,016,098
Equity securities	84,009		84,009		82,522		82,522
Trading:
Fixed maturity securities	—		—		3,808		3,808
Bank loan participations held-for-investment	253,689		252,836		238,214		236,532
Cash and cash equivalents	267,367		267,367		163,495		163,495
Short-term investments	25,140		25,140		36,804		36,804
Other invested assets – notes receivable	13,250		18,880		11,778		17,104
Liabilities
Senior debt	98,300		97,960		98,300		97,884
Junior subordinated debt	104,055		115,472		104,055		116,569