Fair Value (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value [Abstract]

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

The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis:

As of December 31, 2014:

Description	Total		Level 1		Level 2		Level 3
Fixed maturities:
U.S. government obligations	$	101,094	$	-	$	101,094	$	-
Residential mortgage-backed securities		6,066		-		6,066		-
Commercial mortgage-backed securities		36,440		-		36,440		-
State and municipal obligations		113,777		-		113,777		-
Corporate securities		164,068		-		151,860		12,208
Options embedded in convertible securities		2,898		-		2,898		-
Foreign government obligations		27,466		-		27,466		-
Total fixed maturities		451,809		-		439,601		12,208
Equity securities:
Financial institutions		25,343		25,343		-		-
Industrial & miscellaneous		136,764		136,764		-		-
Total equity securities		162,107		162,107		-		-
Short term		2,966		2,966		-		-
Cash equivalents		59,309		-		59,309		-
Total	$	676,191	$	165,073	$	498,910	$	12,208

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		-
Total	$	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 years ended December 31:

	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 into Level 3		12,208		(7,259	)
End of period balance	$	12,208	$	-

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 sheet at December 31, 2014 and 2013 is as follows:

2014:	Carrying		Fair Value
	Value		Level 1		Level 2		Level 3		Total
Assets:
Limited partnerships	$	81,230	$	-	$	-	$	81,230	$	81,230
Liabilities:
Short-term borrowings		20,000		-		20,000		-		20,000
2013:
Assets:
Limited partnerships	$	68,988	$	-	$	-	$	68,988	$	68,988
Liabilities:
Short-term borrowings		10,000		-		10,000		-		10,000