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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured At Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands):

December 31, 2016						Fair Value Measurement Using:
		Total				Level 1				Level 2				Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies		$	15,950			$	5,140			$	10,778			$	32
States, municipalities and political subdivisions		375,077				—				369,387				5,690
Foreign government		5,978				—				5,978				—
Residential mortgage-backed securities		138,196				—				82,242				55,954
Commercial mortgage-backed securities		49,053				—				6,035				43,018
Asset-backed securities		77,665				—				4,448				73,217
Corporate and other		617,039				2,020				594,653				20,366
Total fixed maturity securities		1,278,958				7,160				1,073,521				198,277
Equity securities

Common stocks		14,865				10,290				—				4,575
Perpetual preferred stocks		36,654				9,312				27,342				—
Total equity securities		51,519				19,602				27,342				4,575
Derivatives		3,813				—				—				3,813
Total assets accounted for at fair value		$	1,334,290			$	26,762			$	1,100,863			$	206,665
Liabilities
Warrant liability		$	4,058			$	—			$	—			$	4,058
Contingent liability		11,411				—				—				11,411
Other		816				—				—				816
Total liabilities accounted for at fair value		$	16,285			$	—			$	—			$	16,285

December 31, 2015						Fair Value Measurement Using:
		Total				Level 1				Level 2				Level 3
Assets
Fixed maturity securities
U.S. Government and government agencies		$	17,083			$	5,753			$	11,257			$	73
States, municipalities and political subdivisions		386,260				—				380,601				5,659
Foreign government		6,429				—				6,429				—
Residential mortgage-backed securities		166,315				—				87,296				79,019
Commercial mortgage-backed securities		75,035				—				14,510				60,525
Asset-backed securities		34,451				—				6,798				27,653
Corporate and other		546,268				7,090				525,234				13,944
Total fixed maturity securities		1,231,841				12,843				1,032,125				186,873
Equity securities
Common stocks		18,625				13,693				—				4,932
Perpetual preferred stocks		31,057				10,271				20,786				—
Total equity securities		49,682				23,964				20,786				4,932
Derivatives		4,843				632				—				4,211
Total assets accounted for at fair value		$	1,286,366			$	37,439			$	1,052,911			$	196,016
Liabilities
Warrant liability		$	4,332			$	—			$	—			$	4,332
Total liabilities accounted for at fair value		$	4,332			$	—			$	—			$	4,332

Schedule of Changes in Balances of Level 3 Financial Assets at Fair Value

Level 3 Measurements and Transfers

					Total realized/unrealized gains (losses) included in
	Balance at December 31, 2015					Net earnings (loss)			Other comp. income (loss)					Purchases and issuances			Sales and settlements					Transfer to Level 3				Transfer out of Level 3				Balance at December 31, 2016
Assets
Fixed maturity securities
U.S. Government and government agencies		$	73			$	—			$	2			$	—			$	(43	)		$	—			$	—			$	32
States, municipalities and political subdivisions		5,659				401				(370		)		—				—				—				—				5,690
Residential mortgage-backed securities		79,019				(1,928		)		1,374				—				(14,656		)		16,878				(24,733		)		55,954
Commercial mortgage-backed securities		60,525				(958		)		275				—				(21,548		)		12,515				(7,791		)		43,018
Asset-backed securities		27,653				963				1,413				59,379				(23,457		)		14,426				(7,160		)		73,217
Corporate and other		13,944				16				(1,610		)		13,369				(4,475		)		2,091				(2,969		)		20,366
Total fixed maturity securities		186,873				(1,506		)		1,084				72,748				(64,179		)		45,910				(42,653		)		198,277
Equity securities
Common stocks		4,932				—				(357		)		—				—				—				—				4,575
Total equity securities		4,932				—				(357		)		—				—				—				—				4,575
Derivatives		4,211				(580		)		—				230				(48		)		—				—				3,813
Contingent asset		—				(156		)		—				2,992				(2,836		)		—				—				—
Total financial assets		$	196,016			$	(2,242	)		$	727			$	75,970			$	(67,063	)		$	45,910			$	(42,653	)		$	206,665
						Total realized/unrealized (gains) losses included in
	Balance at December 31, 2015					Net earnings (loss)			Other comp. income (loss)					Purchases and issuances			Sales and settlements					Transfer to Level 3				Transfer out of Level 3				Balance at December 31, 2016
Liabilities
Warrant liability		$	4,332			$	(274	)		$	—			$	—			$	—			$	—			$	—			$	4,058
Contingent liability		—				8,773				—				2,995				(357		)		—				—				11,411
Other		—				(674		)		—				1,490				—				—				—				816
Total financial liabilities		$	4,332			$	7,825			$	—			$	4,485			$	(357	)		$	—			$	—			$	16,285

						Total realized/unrealized gains (losses) included in
	Balance at December 31, 2014					Net earnings (loss)			Other comp. income (loss)					Purchases and issuances			Sales and settlements				Transfer to Level 3					Transfer out of Level 3			Balance at December 31, 2015
Assets
Fixed maturity securities
U.S. Government and government agencies		$	—			$	—			$	(1	)		$	74			$	—			$	—			$	—			$	73
States, municipalities and political subdivisions		—				—				7				5,652				—				—				—				5,659
Foreign government		—				—				—				—				—				—				—				—
Residential mortgage-backed securities		—				301				(166		)		78,884				—				—				—				79,019
Commercial mortgage-backed securities		—				(45		)		197				60,373				—				—				—				60,525
Asset-backed securities		—				—				—				27,653				—				—				—				27,653
Corporate and other		250				—				(53		)		14,247				(500		)		—				—				13,944

Total fixed maturity securities		250				256				(16		)		186,883				(500		)		—				—				186,873
Equity securities
Common stocks		—				—				—				4,932				—				—				—				4,932
Perpetual preferred stocks		—				—				—				—				—				—				—				—
Total equity securities		—				—				—				4,932				—				—				—				4,932
Derivatives		—				(1,544		)		(628		)		6,383				—				—				—				4,211
Total financial assets		$	250			$	(1,288	)		$	(644	)		$	198,198			$	(500	)		$	—			$	—			$	196,016
						Total realized/unrealized gains (losses) included in
	Balance at December 31, 2014					Net earnings (loss)			Other comp. income (loss)					Purchases and issuances			Sales and settlements				Transfer to Level 3					Transfer out of Level 3			Balance at December 31, 2015
Liabilities
Derivatives		$	—			$	—			$	—			$	4,332			$	—			$	—			$	—			$	4,332
Total financial liabilities		$	—			$	—			$	—			$	4,332			$	—			$	—			$	—			$	4,332

Schedule of Financial Instruments Measured at Fair Value on Nonrecurring Basis

The table excludes carrying amounts reported in the Consolidated Balance Sheets for cash, accounts receivable, costs and recognized earnings in excess of billings, accounts payable, accrued expenses, billings in excess of costs and recognized earnings, and other current assets and liabilities approximate fair value due to relatively short periods to maturity (in thousands):

December 31, 2016										Fair Value Measurement Using:
		Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Assets
Mortgage loans		$	16,831			$	16,832			$	—			$	—			$	16,832
Policy loans		18,247				18,247				—				18,247				—
Other invested assets		5,719				4,597				—				—				4,597
Total assets not accounted for at fair value		$	40,797			$	39,676			$	—			$	18,247			$	21,429
Liabilities
Annuity benefits accumulated (1)		$	251,270			$	249,372			$	—			$	—			$	249,372
Long-term obligations (2)		378,780				376,081				—				376,081				—
Total liabilities not accounted for at fair value		$	630,050			$	625,453			$	—			$	376,081			$	249,372

December 31, 2015										Fair Value Measurement Using:
		Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Assets
Mortgage loans		$	1,252			$	1,252			$	—			$	—			$	1,252
Policy loans		18,476				18,476				—				18,476				—
Other invested assets		5,784				3,434				—				—				3,434
Total assets not accounted for at fair value		$	25,512			$	23,162			$	—			$	18,476			$	4,686
Liabilities
Annuity benefits accumulated (1)		$	257,454			$	258,847			$	—			$	—			$	258,847
Long-term obligations (2)		319,180				310,307				—				310,307				—
Total liabilities not accounted for at fair value		$	576,634			$	569,154			$	—			$	310,307			$	258,847

(1) Excludes life contingent annuities in the payout phase.

(2) Excludes certain lease obligations accounted for under ASC 840, "Leases".

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258

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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 2
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

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