Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Values of Financial Instruments [Abstract]

Financial Instruments Carried at Fair Value Measured on a Recurring Basis

As of March 31, 2020, 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	$	-	$	213,696	$	-	$	213,696
Equity securities		14,467		-		—		14,467
Cash equivalents		5,720		—		—		5,720
Total	$	20,187	$	213,696	$	-	$	233,883

As of December 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	$	-	$	232,472	$	-	$	232,472
Equity securities		22,922		-		—		22,922
Cash equivalents		7,173		—		—		7,173
Total	$	30,095	$	232,472	$	-	$	262,567

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, 2020 and December 31, 2019.

			March 31, 2020				December 31, 2019
	Level in Fair Value Hierarchy ⁽¹⁾		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1		$	8,338	$	8,338	$	12,893	$	12,893
Fixed maturities		⁽¹⁾		213,696		213,696		232,472		232,472
Equity securities		⁽¹⁾		14,467		14,467		22,922		22,922
Other invested assets	Level 3			9,775		9,775		9,960		9,960
Policy loans	Level 2			2,011		2,011		2,007		2,007
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		30,138		33,738		35,977

⁽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.