Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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 on a recurring basis as of the dates presented (in thousands):

	Fair Value Measurements
	As of December 31, 2016
	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. government obligations and agencies	$	—	$	74,267	$	—	$	74,267
Corporate bonds		—		191,430		—		191,430
Mortgage-backed and asset-backed securities		—		214,776		—		214,776
Municipal bonds		—		91,197		—		91,197
Redeemable preferred stock		—		12,691		—		12,691
Equity securities:
Common stock		93		—		—		93
Mutual funds		50,710		—		—		50,710
Short-term investments		—		5,002		—		5,002
Total assets accounted for at fair value	$	50,803	$	589,363	$	—	$	640,166

	Fair Value Measurements
	As of December 31, 2015
	Level 1		Level 2		Level 3		Total
Fixed maturities:
U.S. government obligations and agencies	$	—	$	125,342	$	—	$	125,342
Corporate bonds		—		125,517		—		125,517
Mortgage-backed and asset-backed securities		—		150,160		—		150,160
Redeemable preferred stock		—		10,065		—		10,065
Other		—		4,999		—		4,999
Equity securities:
Common stock		10,762		—		—		10,762
Mutual funds		31,452		—		—		31,452
Short-term investments		—		25,021		—		25,021
Total assets accounted for at fair value	$	42,214	$	441,104	$	—	$	483,318

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 December 31,
	2016				2015
			(Level 3)				(Level 3)
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Liabilities (debt):
Surplus note	$	14,338	$	13,282	$	15,809	$	14,166
Term loan	$	—	$	—	$	6,851	$	6,851
Promissory note	$	690	$	690	$	1,390	$	1,390