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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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

						Fair Value Measurements
						As of December 31, 2020
						Level 1						Level 2						Level 3						Total
Available-For-Sale Debt Securities:
U.S. government obligations and agencies						$	—					$	59,631					$	—					$	59,631
Corporate bonds						—						419,844						—						419,844
Mortgage-backed and asset-backed securities						—						319,937						—						319,937
Municipal bonds						—						12,128						—						12,128
Redeemable preferred stock						—						8,321						—						8,321
Equity Securities:
Common stock						2,435						—						—						2,435
Mutual funds						82,452						—						—						82,452
Total assets accounted for at fair value						$	84,887					$	819,861					$	—					$	904,748

						Fair Value Measurements
						As of December 31, 2019
						Level 1						Level 2						Level 3						Total
Available-For-Sale Debt Securities:
U.S. government obligations and agencies						$	—					$	54,364					$	—					$	54,364
Corporate bonds						—						476,218						—						476,218
Mortgage-backed and asset-backed securities						—						311,079						—						311,079
Municipal bonds						—						3,496						—						3,496
Redeemable preferred stock						—						10,127						—						10,127
Equity Securities:
Common stock						2,377						—						—						2,377
Mutual funds						41,340						—						—						41,340
Total assets accounted for at fair value						$	43,717					$	855,284					$	—					$	899,001

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 not carried at fair value as of the dates presented (in thousands):

						As of December 31,
						2020												2019
						Carrying Value						(Level 3) Estimated Fair Value						Carrying Value						(Level 3) Estimated Fair Value
Liabilities (debt):
Surplus note						$	8,456					$	8,291					$	9,926					$	9,365

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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X

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- References

No definition available.

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