v3.3.1.900

Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2015
Fair Value Disclosures [Abstract] |
Fair value hierarchy of financial assets and financial liabilities measured on a recurring basis | At December 31, 2015 and 2014, we classified our financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:
December 31, 2015 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
AFS fixed maturities |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 6,010 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,010 |
U.S. agency bonds – mortgage-backed |  | — |  |  | 1,476,991 |  |  | — |  |  | 1,476,991 |
U.S. agency bonds – other |  | — |  |  | 24,311 |  |  | — |  |  | 24,311 |
Non-U.S. government and supranational bonds |  | — |  |  | 30,544 |  |  | — |  |  | 30,544 |
Asset-backed securities |  | — |  |  | 165,804 |  |  | — |  |  | 165,804 |
Corporate bonds |  | — |  |  | 1,739,668 |  |  | — |  |  | 1,739,668 |
Municipal bonds |  | — |  |  | 64,760 |  |  | — |  |  | 64,760 |
Other investments |  | 4,905 |  |  | — |  |  | 6,907 |  |  | 11,812 |
Total |  | $ | 10,915 |  |  | $ | 3,502,078 |  |  | $ | 6,907 |  |  | $ | 3,519,900 |
As a percentage of total assets |  | 0.2 | % |  | 61.3 | % |  | 0.1 | % |  | 61.6 | %
December 31, 2014 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value
AFS fixed maturities |  |  |  |  |  |  |  |
U.S. treasury bonds |  | $ | 9,360 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,360 |
U.S. agency bonds – mortgage-backed |  | — |  |  | 1,322,443 |  |  | — |  |  | 1,322,443 |
U.S. agency bonds – other |  | — |  |  | 7,988 |  |  | — |  |  | 7,988 |
Non-U.S. government and supranational bonds |  | — |  |  | 51,643 |  |  | — |  |  | 51,643 |
Asset-backed securities |  | — |  |  | 54,780 |  |  | — |  |  | 54,780 |
Corporate bonds |  | — |  |  | 1,895,379 |  |  | — |  |  | 1,895,379 |
Municipal bonds |  | — |  |  | 65,819 |  |  | — |  |  | 65,819 |
Short-term investments |  | — |  |  | 49,492 |  |  | — |  |  | 49,492 |
Other investments |  | 5,990 |  |  | — |  |  | 6,581 |  |  | 12,571 |
Total |  | $ | 15,350 |  |  | $ | 3,447,544 |  |  | $ | 6,581 |  |  | $ | 3,469,475 |
As a percentage of total assets |  | 0.3 | % |  | 66.8 | % |  | 0.1 | % |  | 67.2 | %
Changes in Level 3 for financial instruments measured at fair value on a recurring basis | The following table presents changes in Level 3 of our financial instruments measured at fair value on a recurring basis for the years ended December 31, 2015 and 2014:
|  | For the Year Ended December 31,
Other investments: |  | 2015 |  | 2014
Balance at beginning of period |  | $ | 6,581 |  |  | $ | 5,092 |
Total realized gains – included in net realized gains on investment |  | 192 |  |  | 439 |
Total realized losses – included in net realized gains on investment |  | — |  |  | — |
Change in total unrealized gains – included in other comprehensive income (loss) |  | 373 |  |  | 1,139 |
Change in total unrealized losses – included in other comprehensive income (loss) |  | — |  |  | — |
Purchases |  | 217 |  |  | 6,698 |
Sales and redemptions |  | (456 | ) |  | (797 | )
Transfers into Level 3 |  | — |  |  | — |
Transfers out of Level 3 |  | — |  |  | (5,990 | )
Balance at end of period |  | $ | 6,907 |  |  | $ | 6,581 |
Level 3 gains (losses) included in net income attributable to the change in unrealized gains (losses) relating to assets held at the reporting date |  | $ | — |  |  | $ | — |
Carrying values of financial instruments not measured at fair value | The following table presents the fair value and carrying value of the financial instruments not measured at fair value:
|  | December 31, 2015 |  | December 31, 2014
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial Assets |  |  |  |  |  |  |  |
HTM - corporate bonds |  | $ | 607,843 |  |  | $ | 598,975 |  |  | $ | — |  |  | $ | — |
Total financial assets |  | $ | 607,843 |  |  | $ | 598,975 |  |  | $ | — |  |  | $ | — |
Financial Liabilities |  |  |  |  |  |  |  |
MHNA - 8.25% |  | $ | 107,500 |  |  | $ | 110,424 |  |  | $ | 107,500 |  |  | $ | 113,391 |
MHNB - 8.00% |  | 100,000 |  |  | 105,328 |  |  | 100,000 |  |  | 106,320 |
MHNC - 7.75% |  | 152,500 |  |  | 165,456 |  |  | 152,500 |  |  | 162,016 |
Total financial liabilities |  | $ | 360,000 |  |  | $ | 381,208 |  |  | $ | 360,000 |  |  | $ | 381,727 |

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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 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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