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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

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 dates presented (in thousands):

		Fair Value Measurements
		As of March 31, 2014
		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	122,771			$	—			$	—			$	122,771
Restricted cash and cash equivalents			2,635				—				—				2,635
Fixed maturities:
U.S. government obligations and agencies			—				115,961				—				115,961
Corporate bonds			—				93,831				—				93,831
Mortgage-backed and asset-backed securities			—				90,554				—				90,554
Equity securities:
Common stock			7,250				—				—				7,250
Mutual funds			52,902				—				—				52,902
Total		$	60,152			$	300,346			$	—			$	360,498
Total assets accounted for at fair value		$	185,558			$	300,346			$	—			$	485,904
		Fair Value Measurements
		As of December 31, 2013
		Level 1				Level 2				Level 3				Total
Cash and cash equivalents		$	117,275			$	—			$	—			$	117,275
Restricted cash and cash equivalents			2,600				—				—				2,600
Fixed maturities:
U.S. government obligations and agencies			—				104,215				—				104,215
Corporate bonds			—				94,203				—				94,203
Mortgage-backed and asset-backed securities			—				91,000				—				91,000
Equity securities:
Common stock			9,295				—				—				9,295
Mutual funds			55,727				—				—				55,727
Total		$	65,022			$	289,418			$	—			$	354,440
Total assets accounted for at fair value		$	184,897			$	289,418			$	—			$	474,315

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 as of the dates presented (in thousands):

		As of March 31, 2014
		Carrying value				(Level 3) Estimated Fair Value
Liabilities (debt):
Surplus note		$	18,382			$	15,317
Term loan		$	18,740			$	18,740
		As of December 31, 2013
		Carrying value				(Level 3) Estimated Fair Value
Liabilities (debt):
Surplus note		$	18,750			$	15,900
Term loan		$	18,490			$	18,490

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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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