Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents, for each of the fair value hierarchy levels, assets that are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020 (in thousands):

	As of September 30, 2021
	Quoted Prices in
	Active Markets for
	Identical Assets		Other Observable		Unobservable
	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
U.S. Treasury securities and obligations of U.S. Government	$	—	$	66,496	$	—	$	66,496
Corporate bonds		—		121,741		356		122,097
Corporate bank loans		—		86,334		—		86,334
Municipal bonds		—		40,971		—		40,971
Mortgage-backed		—		2,018		—		2,018
Total debt securities		—		317,560		356		317,916
Total equity securities		45,362		—		—		45,362
Total investments	$	45,362	$	317,560	$	356	$	363,278

	As of December 31, 2020
	Quoted Prices in
	Active Markets for
	Identical Assets		Other Observable		Unobservable
	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
U.S. Treasury securities and obligations of U.S. Government	$	—	$	179,746	$	—	$	179,746
Corporate bonds		—		219,020		348		219,368
Corporate bank loans		—		52,782		—		52,782
Municipal bonds		—		50,539		—		50,539
Mortgage-backed		—		4,844		—		4,844
Total debt securities		—		506,931		348		507,279
Total equity securities		29,388		—		—		29,388
Total investments	$	29,388	$	506,931	$	348	$	536,667

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value for all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2021 and 2020 (in thousands):

Beginning balance as of January 1, 2021	$	348
Sales		—
Settlements		—
Purchases		—
Issuances		—
Total realized/unrealized losses included in net income		—
Net gain included in other comprehensive income		8
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of September 30, 2021	$	356

Beginning balance as of January 1, 2020	$	339
Sales		—
Settlements		—
Purchases		—
Issuances		—
Total realized/unrealized gains included in net loss		—
Net gains included in other comprehensive loss		(14)
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of September 30, 2020	$	325