Disclosures About Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Disclosures About Fair Value of Financial Instruments [Abstract]

Financial Instruments Carried at Fair Value Measured on a Recurring Basis

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

Assets:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed maturities	$	-	$	232,472	$	-	$	232,472
Equity securities		22,922		-		-		22,922
Cash equivalents		7,173		-		-		7,173
Total	$	30,095	$	232,472	$	-	$	262,567

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

Assets:	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total
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 service industry related.

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

The following is a roll-forward of the Company’s fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) from January 1, 2018 to December 31, 2019.

	Fixed Maturities
Balance, January 1, 2018	$	1,369
Total realized gains included in earnings		208
Total unrealized losses included in other comprehensive loss		(28	)
Settlements		(483	)
Balance, December 31, 2018		1,066
Total transferred out of level 3		(1,066	)
Balance, December 31, 2019	$	-

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 December 31, 2019 and 2018.

		2019				2018
	Level in Fair Value Hierarchy ⁽¹⁾	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1	$	12,893	$	12,893	$	12,630	$	12,630
Fixed maturities	⁽¹⁾		232,472		232,472		210,386		210,386
Equity securities	⁽¹⁾		22,922		22,922		20,758		20,758
Other invested assets	Level 3		9,960		9,960		7,424		7,424
Policy loans	Level 2		2,007		2,007		2,085		2,085
Real estate	Level 2		38		38		38		38
Investments in unconsolidated trusts	Level 2		1,238		1,238		1,238		1,238

Liabilities:
Junior Subordinated Debentures, net	Level 2		33,738		35,977		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.