v3.21.2

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair value hierarchy of financial assets and financial liabilities measured on a recurring basis

At June 30, 2021 and December 31, 2020, the Company classified financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

June 30, 2021						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value Based on NAV Practical Expedient						Total Fair Value
Fixed maturities
U.S. treasury bonds						$	78,454					$	—					$	—					$	—					$	78,454
U.S. agency bonds – mortgage-backed						—						153,453						—						—						153,453
Non-U.S. government bonds						—						3,440						—						—						3,440
Asset-backed securities						—						195,292						—						—						195,292
Corporate bonds						—						508,046						—						—						508,046
Equity investments						4,905						—						—						—						4,905
Other investments						—						—						29,344						22,408						51,752
Total						$	83,359					$	860,231					$	29,344					$	22,408					$	995,342
As a percentage of total assets						3.2		%				33.0		%				1.1		%				0.9		%				38.2		%

December 31, 2020						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value Based on NAV Practical Expedient						Total Fair Value
Fixed maturities
U.S. treasury bonds						$	94,502					$	—					$	—					$	—					$	94,502
U.S. agency bonds – mortgage-backed						—						281,437						—						—						281,437
Non-U.S. government bonds						—						9,708						—						—						9,708
Asset-backed securities						—						185,432						—						—						185,432
Corporate bonds						—						642,332						—						—						642,332
Other investments						—						—						26,094						4,345						30,439
Total						$	94,502					$	1,118,909					$	26,094					$	4,345					$	1,243,850
As a percentage of total assets						3.2		%				37.9		%				0.9		%				0.1		%				42.1		%

Significant unobservable inputs for determining fair value of other investments

The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at June 30, 2021:

Fair Value

Valuation Technique

Unobservable Inputs

Range

Private equity investments

$

27,544

Quarterly financial statements

Estimated maturity dates

1.0 years

to

3.0 years

Other including start-ups

1,800

Recent market transactions

Liquidity discount rates

Total Level 3 investments

$

29,344

Reconciliation of other investments measured at fair value on a recurring basis using Level 3 inputs

The following table shows the reconciliation of the beginning and ending balances for other investments measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2021 and 2020. The Company includes any related interest and dividend income in net investment income and thus are excluded from the reconciliation in the table below:

						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2021						2020						2021						2020
Balance - beginning of period						$	29,344					$	1,800					$	26,094					$	1,800
Purchases						—						1,000						4,250						1,000
Transfers out of Level 3						—						—						(1,000)						—
Total Level 3 investments - end of period						$	29,344					$	2,800					$	29,344					$	2,800

Carrying values and fair values of financial instruments not measured at fair value

The following table presents the respective carrying value and fair value for the Senior Notes as at June 30, 2021 and December 31, 2020:

						June 30, 2021												December 31, 2020
						Carrying Value						Fair Value						Carrying Value						Fair Value
Senior Notes - MHLA – 6.625%						$	110,000					$	96,976					$	110,000					$	90,772
Senior Notes - MHNC – 7.75%						152,500						147,925						152,500						132,126
Total Senior Notes						$	262,500					$	244,901					$	262,500					$	222,898

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Financial Instruments Not Measured At Fair Value [Table Text Block]

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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-Topic 820
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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.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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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/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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