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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Assets Accounted for at Fair Value on Recurring Basis

The following tables set forth by level within the fair value hierarchy the Company’s assets that were accounted for at fair value on a recurring basis as of the periods presented (in thousands):

		Fair Value Measurements As of June 30, 2013
		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	180,857			$	—			$	—			$	180,857
Restricted cash and cash equivalents			2,653				—				—				2,653
Available for sale portfolio:
Fixed maturities:
US government obligations and agencies			—				104,154				—				104,154
Corporate bonds			—				93,971				—				93,971
Mortgage-backed and asset-backed securities			—				91,263				—				91,263
Equity securities:
Common stock			11,625				—				—				11,625
Mutual funds			41,882				—				—				41,882
Total available for sale portfolio investments		$	53,507			$	289,388			$	—			$	342,895
Total investments		$	237,017			$	289,388			$	—			$	526,405

		Fair Value Measurements As of December 31, 2012
		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	347,392			$	—			$	—			$	347,392
Restricted cash and cash equivalents			33,009				—				—				33,009
Trading portfolio:
Fixed maturities:
US government obligations and agencies			—				4,009				—				4,009
Equity securities:
Common stock:
Metals and mining			26,130				—				—				26,130
Energy			10,868				—				—				10,868
Other			8,215				—				—				8,215
Exchange traded and mutual funds:
Metals and mining			21,989				—				—				21,989
Agriculture			10,265				—				—				10,265
Energy			5,068												5,068
Indices			2,506				—				—				2,506
Non-hedging derivative liability, net (2)			—				(21	)			—				(21	)
Other investments			317				—				—				317
Total trading portfolio investments		$	85,358			$	3,988			$	—			$	89,346
Total investments		$	465,759			$	3,988			$	—			$	469,747

Summarizes Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value

The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments that are not carried at fair value (in thousands):

		As of June 30, 2013
		Carrying value				(Level 3) Estimated Fair Value
Liabilities (debt):
Surplus note		$	19,485			$	17,235
Term loan			17,991				17,991

		As of December 31, 2012
		Carrying value				(Level 3) Estimated Fair Value
Liabilities (debt):
Surplus note		$	20,221			$	18,057

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a),(b)

-URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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