Fair Value (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value [Abstract]

Fair value measurements by level for assets measured at fair value on a recurring basis

Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of June 30, 2014:
Description	Total		Level 1		Level 2		Level 3
Fixed maturities:
U.S. government obligations	$	119,517	$	119,517	$	-	$	-
Residential mortgage-backed securities		7,935		-		7,935		-
Commercial mortgage-backed securities		26,618		-		26,618		-
State and municipal obligations		114,212		-		114,212		-
Corporate securities		132,496		-		132,496		-
Options embedded in convertible securities		2,939		-		2,939		-
Foreign government obligations		25,743		-		25,743		-
Total fixed maturities		429,460		119,517		309,943		-
Equity securities:
Financial institutions		20,456		20,456		-		-
Industrial & miscellaneous		140,470		140,470		-		-
Total equity securities		160,926		160,926		-		-
Short term		3,162		3,162		-		-
Cash equivalents		70,482		-		70,482		-
	$	664,030	$	283,605	$	380,425	$	-

As of December 31, 2013:
Description	Total		Level 1		Level 2		Level 3
Fixed maturities:
U.S. government obligations	$	113,389	$	113,389	$	-	$	-
Residential mortgage-backed securities		13,252		-		13,252		-
Commercial mortgage-backed securities		28,565		-		28,565		-
State and municipal obligations		115,250		-		115,250		-
Corporate securities		134,635		-		134,635		-
Options embedded in convertible securities		2,580		-		2,580		-
Foreign government obligations		23,879		-		23,879		-
Total fixed maturities		431,550		113,389		318,161		-
Equity securities:
Financial institutions		18,850		18,850		-		-
Industrial & miscellaneous		126,978		126,978		-		-
Total equity securities		145,828		145,828		-		-
Short term		4,891		4,891		-		-
Cash equivalents		52,002		-		52,002		-
	$	634,271	$	264,108	$	370,163	$	-

Reconciliation of beginning and ending balances of assets measured at fair value on a recurring basis using level 3 inputs

A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs is as follows for the six months ended June 30, 2014 and for the year ended December 31, 2013:

	2014		2013
Beginning of period balance	$	-	$	11,682
Total  gains or losses (realized or unrealized)
included in income		-		1,017
Purchases		-		1,258
Settlements		-		(6,698	)
Transfers out of level 3				(7,259	)
End of period balance	$	-	$	-

Summary of the carrying value and fair value by level of financial instruments

A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on the Company’s consolidated balance sheets at June 30, 2014 and December 31, 2013 are as follows:

	Carrying		Fair Value
	Value		Level 1		Level 2		Level 3		Total
June 30, 2014
Assets:   Limited partnerships	$	78,892	$	-	$	-	$	78,892	$	78,892
Liabilities:   Short-term borrowings		20,000		-		20,000		-		20,000
December 31, 2013
Assets:   Limited partnerships		68,988		-		-		68,988		68,988
Liabilities:   Short-term borrowings		10,000		-		10,000		-		10,000