Fair Value (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015:

Description	Total		Level 1		Level 2		Level 3

Fixed maturities:
U.S. government obligations	$	103,245	$	-	$	103,245	$	-
Residential mortgage-backed securities		4,776		-		4,776		-
Commercial mortgage-backed securities		30,595		-		29,226		1,369
State and municipal obligations		110,578		-		110,578		-
Corporate securities		161,630		-		146,488		15,142
Options embedded in convertible securities		2,395		-		2,395		-
Foreign government obligations		23,965		-		23,683		282
Total fixed maturities		437,184		-		420,391		16,793
Equity securities:
Financial institutions		21,694		21,694		-		-
Industrial & miscellaneous		123,804		123,804		-		-
Total equity securities		145,498		145,498		-		-
Short term		2,220		2,220		-		-
Cash equivalents		69,517		-		69,517		-
Total	$	654,419	$	147,718	$	489,908	$	16,793

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

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:

	2015			2014
Beginning of period balance	$	12,208		$	-
Total gains or losses (realized)
included in income		(104	)		-
Purchases		2,284			-
Settlements		(8,068	)		-
Transfers into Level 3		11,586			12,208
Transfers out of Level 3		(1,113	)		-
End of period balance	$	16,793		$	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, 2015 and 2014 is as follows:

2015:	Carrying		Fair Value
	Value		Level 1		Level 2		Level 3		Total
Assets:
Limited partnerships	$	75,458	$	-	$	-	$	75,458	$	75,458

Liabilities:
Short-term borrowings		20,000		-		20,000		-		20,000

2014:
Assets:
Limited partnerships	$	81,230	$	-	$	-	$	81,230	$	81,230

Liabilities:
Short-term borrowings		20,000		-		20,000		-		20,000