Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

At March 31, 2016, assets and liabilities measured at fair value on a recurring basis are summarized below:


	March 31, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as a part of:
Other investments	$	—	$	—	$	11,390	$	11,390
Securities available for sale—equity:
Domestic common stock		31		—		—		31
Securities available for sale—fixed maturity:
States and political subdivisions		—		172,596		—		172,596
Corporate bonds		—		214,456		—		214,456
U.S. agency-based mortgage-backed securities		—		11,882		—		11,882
U.S. Treasury securities		17,634		—		—		17,634

Total securities available for sale—fixed maturity		17,634		398,934		—		416,568

Total available for sale	$	17,665	$	398,934	$	11,390	$	427,989

At December 31, 2015, assets and liabilities measured at fair value on a recurring basis are summarized below:


	December 31, 2015
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as part of:
Other investments	$	—	$	—	$	12,217	$	12,217
Securities available for sale—equity:
Domestic common stock		31		—		—		31
Securities available for sale—fixed maturity:
States and political subdivisions		—		171,419		—		171,419
U.S. agency-based mortgage-backed securities		—		7,299		—		7,299
Corporate bonds		—		201,304		—		201,304

Total available for sale—fixed maturity	$	—	$	380,022	$	—	$	380,022

Total available for sale	$	31	$	380,022	$	12,217	$	392,270

At March 31, 2016, assets and liabilities measured at amortized cost are summarized below:


	March 31, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	437,339	$	—	$	437,339
Corporate bonds		—		169,042		—		169,042
Commercial mortgage-backed securities		—		22,948		—		22,948
U.S. agency-based mortgage-backed securities		—		13,597		—		13,597
U.S. Treasury securities		8,053		—		—		8,053
Obligations of U.S. government agencies		—		5,899		—		5,899
Asset-backed securities		—		2,294		—		2,294

Total held-to-maturity	$	8,053	$	651,119	$	—	$	659,172

At December 31, 2015, assets and liabilities measured at amortized cost are summarized below:


	December 31, 2015
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	423,754	$	—	$	423,754
Corporate bonds		—		170,573		—		170,573
Commercial mortgage-backed securities		—		37,683		—		37,683
U.S. agency-based mortgage-backed securities		—		14,471		—		14,471
U.S. Treasury securities		7,599		—		—		7,599
Obligations of U.S. government agencies		—		5,781		—		5,781
Asset-backed securities		—		2,415		—		2,415

Total held-to-maturity	$	7,599	$	654,677	$	—	$	662,276

The following table summarizes the carrying values and corresponding fair values for financial instruments:


	As of March 31, 2016				As of December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	639,632	$	659,172	$	645,164	$	662,276
Fixed maturity securities—available-for-sale		416,568		416,568		380,022		380,022
Equity securities		31		31		31		31
Cash and cash equivalents		79,290		79,290		69,481		69,481
Short-term investments		11,713		11,713		7,718		7,718
Other investments		11,390		11,390		12,217		12,217

The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input.


	Three Months Ended			Twelve Months Ended
	March 31, 2016			December 31, 2015
	(in thousands)
Beginning balance	$	12,217		$	11,748
Total unrealized gains (losses)		(827	)		469

Ending balance	$	11,390		$	12,217