Presentation of Carrying Values and Fair Values of Certain Financial Instruments |
The carrying values and fair values of certain of the Company’s financial instruments were as follows (in thousands).
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December 31, 2016 |
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December 31, 2015 |
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Carrying |
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Fair |
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Carrying |
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Fair |
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Value |
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Value |
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Value |
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Value |
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Assets: |
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Investments, available-for-sale |
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$ |
117,212 |
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$ |
117,212 |
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|
$ |
131,582 |
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|
$ |
131,582 |
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Other investments |
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9,994 |
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|
9,994 |
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|
11,256 |
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|
11,256 |
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Liabilities: |
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|
|
|
|
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|
|
|
|
|
|
|
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Debentures payable |
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40,302 |
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11,488 |
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40,256 |
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20,275 |
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Term loan from principal stockholder |
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29,779 |
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15,000 |
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29,753 |
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28,504 |
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Presentation of Fair-Value Measurements for Each Major Category of Assets Measured on Recurring Basis |
The following tables present the fair-value measurements for each major category of assets that are measured on a recurring basis (in thousands). Certain other investments are carried at net asset value which approximates fair value.
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Fair Value Measurements Using |
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Quoted Prices |
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Significant |
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in Active |
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Other |
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Significant |
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Proportionate |
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Markets for |
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Observable |
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Unobservable |
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Share of |
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Identical Assets |
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Inputs |
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Inputs |
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Net Assets |
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December 31, 2016 |
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Total |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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(NAV) |
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Fixed maturities, available-for-sale: |
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|
|
|
|
|
|
|
|
|
|
|
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U.S. government and agencies |
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$ |
18,951 |
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$ |
18,951 |
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$ |
— |
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$ |
— |
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$ |
— |
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Political subdivisions |
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4,165 |
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— |
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4,165 |
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— |
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— |
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Revenue and assessment |
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5,683 |
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— |
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5,683 |
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— |
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— |
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Corporate bonds |
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45,540 |
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— |
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45,540 |
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— |
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— |
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Collateralized mortgage obligations: |
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Agency backed |
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22,422 |
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— |
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22,422 |
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— |
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— |
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Non-agency backed – residential |
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2,933 |
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— |
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2,933 |
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— |
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— |
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Non-agency backed – commercial |
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1,895 |
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— |
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|
1,895 |
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— |
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|
— |
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Total fixed maturities, available-for-sale |
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101,589 |
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18,951 |
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82,638 |
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— |
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— |
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Preferred stock, available-for-sale |
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3,112 |
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3,112 |
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— |
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|
— |
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— |
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Mutual funds, available-for-sale |
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12,511 |
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12,511 |
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— |
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— |
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— |
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Total investments, available-for-sale |
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117,212 |
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34,574 |
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82,638 |
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— |
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— |
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Other investments |
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|
9,994 |
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— |
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— |
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4,858 |
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|
5,136 |
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Cash, cash equivalents, and restricted cash |
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118,681 |
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118,681 |
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|
|
— |
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|
— |
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— |
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Total |
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$ |
245,887 |
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$ |
153,255 |
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$ |
82,638 |
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$ |
4,858 |
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$ |
5,136 |
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|
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Fair Value Measurements Using |
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Quoted Prices |
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Significant |
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|
|
|
|
|
|
|
|
|
|
|
|
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in Active |
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Other |
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Significant |
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Proportionate |
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|
|
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Markets for |
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Observable |
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Unobservable |
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Share of |
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|
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Identical Assets |
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|
Inputs |
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|
Inputs |
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Net Assets |
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December 31, 2015 |
|
Total |
|
|
(Level 1) |
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|
(Level 2) |
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|
(Level 3) |
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(NAV) |
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Fixed maturities, available-for-sale: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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U.S. government and agencies |
|
$ |
13,113 |
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|
$ |
13,113 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
— |
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State |
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|
702 |
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|
|
— |
|
|
|
702 |
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|
|
— |
|
|
|
— |
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Political subdivisions |
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|
4,363 |
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|
|
— |
|
|
|
4,363 |
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|
|
— |
|
|
|
— |
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Revenue and assessment |
|
|
12,644 |
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|
|
— |
|
|
|
12,644 |
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|
|
— |
|
|
|
— |
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Corporate bonds |
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|
80,785 |
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|
|
— |
|
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|
80,785 |
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|
|
— |
|
|
|
— |
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Collateralized mortgage obligations: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Agency backed |
|
|
873 |
|
|
|
— |
|
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|
873 |
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|
|
— |
|
|
|
— |
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Non-agency backed – residential |
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|
3,455 |
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|
— |
|
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|
3,455 |
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|
|
— |
|
|
|
— |
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Non-agency backed – commercial |
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|
2,507 |
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|
|
— |
|
|
|
2,507 |
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|
|
— |
|
|
|
— |
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Total fixed maturities, available-for-sale |
|
|
118,442 |
|
|
|
13,113 |
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|
|
105,329 |
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|
|
— |
|
|
|
— |
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Preferred stock, available-for-sale |
|
|
1,723 |
|
|
|
1,723 |
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|
|
— |
|
|
|
— |
|
|
|
— |
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Mutual funds, available-for-sale |
|
|
11,417 |
|
|
|
11,417 |
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|
— |
|
|
|
— |
|
|
|
— |
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Total investments, available-for-sale |
|
|
131,582 |
|
|
|
26,253 |
|
|
|
105,329 |
|
|
|
— |
|
|
|
— |
|
Other investment |
|
|
11,256 |
|
|
|
— |
|
|
|
— |
|
|
|
3,276 |
|
|
|
7,980 |
|
Cash and cash equivalents |
|
|
115,587 |
|
|
|
115,587 |
|
|
|
— |
|
|
|
— |
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|
|
— |
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Total |
|
$ |
258,425 |
|
|
$ |
141,840 |
|
|
$ |
105,329 |
|
|
$ |
3,276 |
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|
$ |
7,980 |
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|