Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Assets Measured 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 measured at fair value including those on a recurring basis as of the dates presented (in thousands):

	Fair Value Measurements
	March 31, 2015
	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. government obligations and agencies		—		105,192		—		105,192
Corporate bonds		—		124,574		—		124,574
Mortgage-backed and asset-backed securities		—		109,771		—		109,771
Redeemable preferred stock		—		8,375		—		8,375
Equity securities:
Common stock		1,989		—		—		1,989
Mutual funds		19,407		—		—		19,407
Short-term investments		—		37,506		—		37,506
Total assets accounted for at fair value	$	21,396	$	385,418	$	—	$	406,814

	Fair Value Measurements
	December 31, 2014
	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. government obligations and agencies		—		120,038		—		120,038
Corporate bonds		—		119,832		—		119,832
Mortgage-backed and asset-backed securities		—		107,223		—		107,223
Redeemable preferred stock		—		6,856		—		6,856
Equity securities:
Common stock		270		—		—		270
Mutual funds		19,372		—		—		19,372
Short-term investments (1)		—		37,490		—		37,490
Total assets accounted for at fair value	$	19,642	$	391,439	$	—	$	411,081

(1)	Excludes $12.5 million of certificates of deposit not subject to remeasurement.

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):

	March 31, 2015				December 31, 2014
			(Level 3)				(Level 3)
			Estimated Fair				Estimated Fair
	Carrying Value		Value		Carrying Value		Value
Liabilities (debt):
Surplus note	$	16,912	$	14,918	$	17,280	$	14,951
Term loan	$	13,511	$	13,511	$	13,330	$	13,330
Promissory note	$	1,390	$	1,390	$	—	$	—

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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