Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value [Abstract]

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

Assets and liabilities recorded at fair value in the condensed 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 September 30, 2020:

Description	Total		Level 1		Level 2		Level 3
Fixed income securities:
Agency collateralized mortgage obligations	$	10,106	$	–	$	10,106	$	–
Agency mortgage-backed securities		98,651		–		98,651		–
Asset-backed securities		102,193		–		102,193		–
Bank loans		8,580		–		8,580		–
Certificates of deposit		520		520		–		–
Collateralized mortgage obligations		6,034		–		6,034		–
Corporate securities		318,874		–		318,874		–
Options embedded in convertible securities		5,242		–		5,242		–
Mortgage-backed securities		43,233		–		43,233		–
Municipal obligations		43,920		–		43,920		–
Non-U.S. government obligations		29,718		–		29,718		–
U.S. government obligations		184,866		–		184,866		–
Total fixed income securities		851,937		520		851,417		–
Equity securities:
Consumer		11,220		11,220		–		–
Energy		1,059		1,059		–		–
Financial		22,357		22,357		–		–
Industrial		4,072		4,072		–		–
Technology		2,481		2,481		–		–
Funds (e.g., mutual funds, closed end funds, ETFs)		–		–		–		–
Other		7,228		7,228		–		–
Total equity securities		48,417		48,417		–		–
Short-term investments		1,000		1,000		–		–
Cash equivalents		78,401		–		78,401		–
Total	$	979,755	$	49,937	$	929,818	$	–

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 September 30, 2020 and December 31, 2019 is as follows:

	Carrying		Fair Value
	Value		Level 1		Level 2		Level 3		Total
September 30, 2020
Assets:
Limited partnerships	$	7,455	$	–	$	–	$	7,455	$	7,455
Commercial mortgage loans		11,087		–		–		11,707		11,707
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