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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of 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
March 31, 2022
 Level 1Level 2Level 3Total
Available-For-Sale Debt Securities:    
  U.S. government obligations and agencies$— $21,661 $— $21,661 
  Corporate bonds— 669,908 — 669,908 
  Mortgage-backed and asset-backed securities— 301,522 — 301,522 
  Municipal bonds— 13,519 — 13,519 
  Redeemable preferred stock— 8,067 — 8,067 
Equity Securities:
  Common stock4,617 — — 4,617 
  Mutual funds60,509 — — 60,509 
Total assets accounted for at fair value$65,126 $1,014,677 $— $1,079,803 
Fair Value Measurements
December 31, 2021
Level 1Level 2Level 3Total
Available-For-Sale Debt Securities:
  U.S. government obligations and agencies$— $26,806 $— $26,806 
  Corporate bonds— 673,805 — 673,805 
  Mortgage-backed and asset-backed securities— 316,118 — 316,118 
  Municipal bonds— 14,574 — 14,574 
  Redeemable preferred stock— 9,152 — 9,152 
Equity Securities:
  Common stock3,683 — — 3,683 
  Mutual funds43,651 — — 43,651 
Total assets accounted for at fair value$47,334 $1,040,455 $— $1,087,789 
Schedule of 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):
March 31, 2022December 31, 2021
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Liabilities (debt):
Surplus note (1)$6,618 $6,385 $6,985 $6,723 
5.625% Senior unsecured notes (2)
100,000 101,810 100,000 99,464 
Total debt$106,618 $108,195 $106,985 $106,187 

(1) The fair value of the surplus note was determined by management from the expected cash flows discounted using the interest rate quoted by the holder. The SBA is the holder of the surplus note and the quoted interest rate is below prevailing rates quoted by private lending institutions. However, as the Company’s use of funds from the surplus note is limited by the terms of the agreement, the Company has determined the interest rate quoted by the SBA to be appropriate for purposes of establishing the fair value of the note (Level 3).
(2) The fair value of the senior unsecured notes was determined based on pricing from quoted prices for similar assets in active markets and was included as Level 2.