Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

At June 30, 2016, assets and liabilities measured at fair value on a recurring basis are summarized below:


	June 30, 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:
Securities available for sale—equity:
Domestic common stock		32		—		—		32
Securities available for sale—fixed maturity:
States and political subdivisions		—		181,649		—		181,649
Corporate bonds		—		203,333		—		203,333
U.S. agency-based mortgage-backed securities		—		12,015		—		12,015
U.S. Treasury securities		63,700		—		—		63,700

Total securities available for sale—fixed maturity		63,700		396,997		—		460,697

Total available for sale	$	63,732	$	396,997	$	—	$	460,729

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:
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	$	—	$	380,053

At June 30, 2016, assets and liabilities measured at amortized cost are summarized below:


	June 30, 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	$	—	$	442,694	$	—	$	442,694
Corporate bonds		—		165,270		—		165,270
Commercial mortgage-backed securities		—		6,712		—		6,712
U.S. agency-based mortgage-backed securities		—		13,128		—		13,128
U.S. Treasury securities		7,437		—		—		7,437
Obligations of U.S. government agencies		—		5,881		—		5,881
Asset-backed securities		—		2,202		—		2,202

Total held-to-maturity	$	7,437	$	635,887	$	—	$	643,324

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 June 30, 2016				As of December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	620,165	$	643,324	$	645,164	$	662,276
Fixed maturity securities—available-for-sale		460,697		460,697		380,022		380,022
Equity securities		32		32		31		31
Cash and cash equivalents		70,155		70,155		69,481		69,481
Short-term investments		17,165		17,165		7,718		7,718
Other investments		10,850		10,850		12,217		12,217