Fair Value (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value [Abstract]

Assets Measured at Fair Value on Recurring Basis

Assets and liabilities recorded at fair value in the 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 December 31, 2020:

Description	Total		Level 1		Level 2		Level 3
Fixed income securities:
Agency collateralized mortgage obligations	$	11,931	$	–	$	11,931	$	–
Agency mortgage-backed securities		102,107		–		102,107		–
Asset-backed securities		107,696		–		107,696		–
Bank loans		11,361		–		11,361		–
Collateralized mortgage obligations		5,118		–		5,118		–
Corporate securities		352,837		–		352,837		–
Options embedded in convertible securities		7,404		–		7,404		–
Mortgage-backed securities		38,056		–		38,056		–
Municipal obligations		45,143		–		45,143		–
Non-U.S. government obligations		30,600		–		30,600		–
U.S. government obligations		207,439		–		207,439		–
Total fixed income securities		919,692		–		919,692		–
Equity securities:
Consumer		11,598		11,598		–		–
Energy		1,227		1,227		–		–
Financial		29,064		29,064		–		–
Industrial		5,180		5,180		–		–
Technology		2,851		2,851		–		–
Other		8,249		8,249		–		–
Total equity securities		58,169		58,169		–		–
Short-term investments		1,000		1,000		–		–
Cash equivalents		47,026		–		47,026		–
Total	$	1,025,887	$	59,169	$	966,718	$	–

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 consolidated balance sheets at December 31, 2020 and 2019 is as follows:

	Carrying		Fair Value
2020:	Value		Level 1		Level 2		Level 3		Total
Assets:
Limited partnerships	$	7,214	$	–	$	–	$	7,214	$	7,214
Commercial mortgage loans		10,602		–		–		11,425		11,425
Liabilities:
Short-term borrowings		20,000		–		20,000		–		20,000
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