Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

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, 2020:

Description	Total		Level 1		Level 2		Level 3
Fixed income securities:
Agency collateralized mortgage obligations	$	10,460	$	–	$	10,460	$	–
Agency mortgage-backed securities		58,619		–		58,619		–
Asset-backed securities		93,369		–		93,369		–
Bank loans		10,187		–		10,187		–
Certificates of deposit		2,835		2,835		–		–
Collateralized mortgage obligations		4,076		–		4,076		–
Corporate securities		259,528		–		259,528		–
Options embedded in convertible securities		2,632		–		2,632		–
Mortgage-backed securities		47,993		–		47,993		–
Municipal obligations		39,132		–		39,132		–
Non-U.S. government obligations		28,842		–		28,842		–
U.S. government obligations		189,183		–		189,183		–
Total fixed income securities		746,856		2,835		744,021		–
Equity securities:
Consumer		11,880		11,880		–		–
Energy		1,508		1,508		–		–
Financial		22,092		22,092		–		–
Industrial		3,707		3,707		–		–
Technology		2,963		2,963		–		–
Funds (e.g., mutual funds, closed end funds, ETFs)		21,837		21,837		–		–
Other		6,333		6,333		–		–
Total equity securities		70,320		70,320		–		–
Short-term investments		1,000		1,000		–		–
Cash equivalents		69,527		–		69,527		–
Total	$	887,703	$	74,155	$	813,548	$	–

As of December 31, 2019:

Description	Total		Level 1		Level 2		Level 3
Fixed income securities:
Agency collateralized mortgage obligations	$	12,093	$	–	$	12,093	$	–
Agency mortgage-backed securities		56,280		–		56,280		–
Asset-backed securities		106,397		–		106,397		–
Bank loans		14,568		–		14,568		–
Certificates of deposit		2,835		2,835		–		–
Collateralized mortgage obligations		5,616		–		5,616		–
Corporate securities		276,087		–		276,087		–
Options embedded in convertible securities		5,294		–		5,294		–
Mortgage-backed securities		47,463		–		47,463		–
Municipal obligations		36,286		–		36,286		–
Non-U.S. government obligations		24,179		–		24,179		–
U.S. government obligations		208,440		–		208,440		–
Total fixed income securities		795,538		2,835		792,703		–
Equity securities:
Consumer		16,707		16,707		–		–
Energy		3,074		3,074		–		–
Financial		31,577		31,577		–		–
Industrial		4,927		4,927		–		–
Technology		2,817		2,817		–		–
Funds (e.g., mutual funds, closed end funds, ETFs)		9,460		9,460		–		–
Other		8,250		8,250		–		–
Total equity securities		76,812		76,812		–		–
Short-term investments		1,000		1,000		–		–
Cash equivalents		59,780		–		59,780		–
Total	$	933,130	$	80,647	$	852,483	$	–

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, 2020 and December 31, 2019 is as follows:

	Carrying		Fair Value
	Value		Level 1		Level 2		Level 3		Total
March 31, 2020
Assets:
Limited partnerships	$	7,981	$	–	$	–	$	7,981	$	7,981
Commercial mortgage loans		11,882		–		–		12,492		12,492
Liabilities:
Short-term borrowings		20,000		–		20,000		–		20,000
December 31, 2019
Assets:
Limited partnerships	$	23,292	$	–	$	–	$	23,292	$	23,292
Commercial mortgage loans		11,782		–		–		12,068		12,068
Liabilities:
Short-term borrowings		20,000		–		20,000		–		20,000