Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2019

Fair Values of Financial Instruments [Abstract]

Financial Instruments Carried at Fair Value Measured on a Recurring Basis

As of March 31, 2019, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
Assets:
Fixed maturities	$	10,286	$	205,748		$	1,115	⁽¹⁾	$	217,149
Equity securities		21,240		4,552	⁽¹⁾		-			25,792
Cash equivalents		6,724		-			-			6,724
Total	$	38,250	$	210,300		$	1,115		$	249,665

⁽¹⁾

All underlying securities are financial services industry related.

As of December 31, 2018, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs			Significant Unobservable Inputs
	(Level 1)		(Level 2)			(Level 3)			Total
Assets:
Fixed maturities	$	11,413	$	197,907		$	1,066	⁽¹⁾	$	210,386
Equity securities		16,398		4,360	⁽¹⁾		-			20,758
Cash equivalents		8,250		-			-			8,250
Total	$	36,061	$	202,267		$	1,066		$	239,394

⁽¹⁾

All underlying securities are financial services industry related.

Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following tables provide a roll-forward of the Company’s financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month periods ended March 31, 2019 and 2018.

	Fixed Maturities
Balance, December 31, 2018	$	1,066
Total unrealized gains included in other comprehensive loss		49
Balance, March 31, 2019	$	1,115

	Fixed Maturities
Balance, December 31, 2017	$	1,369
Total unrealized losses included in other comprehensive loss		(30	)
Balance, March 31, 2018	$	1,339

Carrying Amount, Estimated Fair Value and Level within the Fair Value Hierarchy of Financial Instruments

The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of March 31, 2019 and December 31, 2018.

			March 31, 2019				December 31, 2018
	Level in Fair Value Hierarchy ⁽¹⁾		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1		$	8,614	$	8,614	$	12,630	$	12,630
Fixed maturities		⁽¹⁾		217,149		217,149		210,386		210,386
Equity securities		⁽¹⁾		25,792		25,792		20,758		20,758
Other invested assets	Level 3			7,493		7,493		7,424		7,424
Policy loans	Level 2			2,035		2,035		2,085		2,085
Real estate	Level 2			38		38		38		38
Investment in unconsolidated trusts	Level 2			1,238		1,238		1,238		1,238

Liabilities:
Junior subordinated debentures, net	Level 2			33,738		33,738		33,738		33,738

⁽¹⁾

See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets.