Fair Value (Tables)

3 Months Ended

Mar. 31, 2019

Fair Value [Abstract]

Fair Value Measurements by Level for Assets Measured at Fair Value on Recurring Basis

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

As of March 31, 2019:

Description	Total		Level 1		Level 2		Level 3
Fixed income securities:
Agency collateralized mortgage obligations	$	15,773	$	–	$	15,773	$	–
Agency mortgage-backed securities		41,283		–		41,283		–
Asset-backed securities		77,307		–		77,307		–
Bank loans		11,284		–		11,284		–
Certificates of deposit		2,835		2,835		–		–
Collateralized mortgage obligations		5,433		–		5,433		–
Corporate securities		222,853		–		222,853		–
Options embedded in convertible securities		4,676		–		4,676		–
Mortgage-backed securities		37,984		–		37,984		–
Municipal obligations		30,357		–		30,357		–
Non-U.S. government obligations		30,879		–		30,879		–
U.S. government obligations		191,309		–		191,309		–
Total fixed income securities		671,973		2,835		669,138		–
Equity securities:
Consumer		15,862		15,862		–		–
Energy		3,534		3,534		–		–
Financial		24,814		24,814		–		–
Industrial		7,412		7,412		–		–
Technology		2,631		2,631		–		–
Funds (e.g. mutual funds, closed end funds, ETFs)		6,324		6,324		–		–
Other		8,379		8,379		–		–
Total equity securities		68,956		68,956		–		–
Short-term		1,000		1,000		–		–
Cash equivalents		113,377		504		112,873		–
Total	$	855,306	$	73,295	$	782,011	$	–

As of December 31, 2018:

Description	Total		Level 1		Level 2		Level 3
Fixed income securities:
Agency collateralized mortgage obligations	$	10,687	$	–	$	10,687	$	–
Agency mortgage-backed securities		37,385		–		37,385		–
Asset-backed securities		64,422		–		64,422		–
Bank loans		9,750		–		9,750		–
Certificates of deposit		2,835		2,835		–		–
Collateralized mortgage obligations		5,423		–		5,423		–
Corporate securities		186,651		–		186,651		–
Options embedded in convertible securities		3,799		–		3,799		–
Mortgage-backed securities		38,540		–		38,540		–
Municipal obligations		29,155		–		29,155		–
Non-U.S. government obligations		25,180		–		25,180		–
U.S. government obligations		178,818		–		178,818		–
Total fixed income securities		592,645		2,835		589,810		–
Equity securities:
Consumer		17,945		17,945		–		–
Energy		3,179		3,179		–		–
Financial		25,253		25,253		–		–
Industrial		6,920		6,920		–		–
Technology		2,303		2,303		–		–
Funds (e.g. mutual funds, closed end funds, ETFs)		5,489		5,489		–		–
Other		5,333		5,333		–		–
Total equity securities		66,422		66,422		–		–
Short-term		1,000		1,000		–		–
Cash equivalents		156,855		–		156,855		–
Total	$	816,922	$	70,257	$	746,665	$	–

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 condensed consolidated balance sheets at March 31, 2019 and December 31, 2018 is as follows:

	Carrying		Fair Value
	Value		Level 1		Level 2		Level 3		Total
March 31, 2019
Assets:
Limited partnerships	$	38,239	$	–	$	–	$	38,239	$	38,239
Commercial mortgage loans		7,844		–		–		7,844		7,844
Liabilities:
Short-term borrowings		20,000		–		20,000		–		20,000
December 31, 2018
Assets:
Limited partnerships	$	55,044	$	–	$	–	$	55,044	$	55,044
Commercial mortgage loans		6,672		–		–		6,672		6,672
Liabilities:
Short-term borrowings		20,000		–		20,000		–		20,000