Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021:

Description	Total		Level 1		Level 2		Level 3
Fixed income securities:
Agency collateralized mortgage obligations	$	11,821	$	–	$	11,821	$	–
Agency mortgage-backed securities		114,822		–		114,822		–
Asset-backed securities		102,638		–		102,638		–
Bank loans		12,073		–		12,073		–
Collateralized mortgage obligations		6,167		–		6,167		–
Corporate securities		351,511		–		351,511		–
Options embedded in convertible securities		10,931		–		10,931		–
Mortgage-backed securities		38,612		–		38,612		–
Municipal obligations		46,464		–		46,464		–
Non-U.S. government obligations		30,648		–		30,648		–
U.S. government obligations		189,262		–		189,262		–
Total fixed income securities		914,949		–		914,949		–
Equity securities:
Consumer		12,373		12,373		–		–
Energy		1,661		1,661		–		–
Financial		34,108		34,108		–		–
Industrial		5,978		5,978		–		–
Technology		3,669		3,669		–		–
Other		9,226		9,226		–		–
Total equity securities		67,015		67,015		–		–
Short-term investments		1,000		1,000		–		–
Cash equivalents		86,961		–		86,961		–
Total	$	1,069,925	$	68,015	$	1,001,910	$	–

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	$	–

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, 2021 and December 31, 2020 is as follows:

	Carrying		Fair Value
	Value		Level 1		Level 2		Level 3		Total
March 31, 2021
Assets:
Limited partnerships	$	7,476	$	–	$	–	$	7,476	$	7,476
Commercial mortgage loans		10,866		–		–		11,688		11,688
Liabilities:
Short-term borrowings		20,000		–		20,000		–		20,000
December 31, 2020
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