Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Values of Financial Instruments [Abstract]

Financial Instruments Carried at Fair Value Measured on a Recurring Basis

As of September 30, 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	$	11,233	$	205,064		$	1,220	⁽¹⁾	$	217,517
Equity securities		16,921		2,586	⁽¹⁾		—			19,507
Cash equivalents		29,132		—			—			29,132
Total	$	57,286	$	207,650		$	1,220		$	266,156

⁽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 (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (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 and nine month periods ended September 30, 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
Total unrealized gains included in other comprehensive income		59
Balance, June 30, 2019		1,174
Total unrealized gains included in other comprehensive income		46
Balance, September 30, 2019	$	1,220

	Fixed Maturities
Balance, December 31, 2017	$	1,369
Total unrealized losses included in other comprehensive loss		(30	)
Balance, March 31, 2018		1,339
Total unrealized gains included in other comprehensive loss		7
Balance, June 30, 2018		1,346
Total realized gains included in earnings		208
Total unrealized losses included in other comprehensive loss		(53	)
Settlements		(483	)
Balance, September 30, 2018	$	1,018

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 September 30, 2019 and December 31, 2018.

				September 30, 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			$	36,013	$	36,013	$	12,630	$	12,630
Fixed maturities		⁽¹	⁾		217,517		217,517		210,386		210,386
Equity securities		⁽¹	⁾		19,507		19,507		20,758		20,758
Other invested assets	Level 3				7,103		7,103		7,424		7,424
Policy loans	Level 2				1,989		1,989		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.