Fair Value, Assets Measured on Recurring Basis |
The following table presents, for each of the fair value hierarchy levels, assets that are measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021 (in thousands): | | | | | | | | | | | | | | | As of September 30, 2022 | | | Quoted Prices in | | | | | | | | | | | | Active Markets for | | | | | | | | | | | | Identical Assets | | Other Observable | | Unobservable | | | | | | (Level 1) | | Inputs (Level 2) | | Inputs (Level 3) | | Total | U.S. Treasury securities and obligations of U.S. Government | | $ | — | | $ | 41,132 | | $ | — | | $ | 41,132 | Corporate bonds | | | — | | | 257,409 | | | — | | | 257,409 | Corporate bank loans | | | — | | | 75,011 | | | — | | | 75,011 | Municipal bonds | | | — | | | 42,024 | | | — | | | 42,024 | Mortgage-backed | | | — | | | 1,477 | | | — | | | 1,477 | Total debt securities | | | — | | | 417,053 | | | — | | | 417,053 | Total equity securities | | | 41,002 | | | — | | | — | | | 41,002 | Total investments | | $ | 41,002 | | $ | 417,053 | | $ | — | | $ | 458,055 |
| | | | | | | | | | | | | | | As of December 31, 2021 | | | Quoted Prices in | | | | | | | | | | | | Active Markets for | | | | | | | | | | | | Identical Assets | | Other Observable | | Unobservable | | | | | | (Level 1) | | Inputs (Level 2) | | Inputs (Level 3) | | Total | U.S. Treasury securities and obligations of U.S. Government | | $ | — | | $ | 62,984 | | $ | — | | $ | 62,984 | Corporate bonds | | | — | | | 105,234 | | | 347 | | | 105,581 | Corporate bank loans | | | — | | | 81,189 | | | — | | | 81,189 | Municipal bonds | | | — | | | 38,464 | | | — | | | 38,464 | Mortgage-backed | | | — | | | 1,855 | | | — | | | 1,855 | Total debt securities | | | — | | | 289,726 | | | 347 | | | 290,073 | Total equity securities | | | 48,695 | | | — | | | — | | | 48,695 | Total investments | | $ | 48,695 | | $ | 289,726 | | $ | 347 | | $ | 338,768 |
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table summarizes the changes in fair value for all financial assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the nine months ended September 30, 2022 and 2021 (in thousands): | | | | Beginning balance as of January 1, 2022 | | $ | 347 | Sales | | | — | Settlements | | | (347) | Purchases | | | — | Issuances | | | — | Total realized/unrealized losses included in net income | | | — | Net gain included in other comprehensive income | | | — | Transfers into Level 3 | | | — | Transfers out of Level 3 | | | — | Ending balance as of September 30, 2022 | | $ | — |
| | | | Beginning balance as of January 1, 2021 | | $ | 348 | Sales | | | — | Settlements | | | — | Purchases | | | — | Issuances | | | — | Total realized/unrealized gains included in net loss | | | — | Net gains included in other comprehensive loss | | | 8 | Transfers into Level 3 | | | — | Transfers out of Level 3 | | | — | Ending balance as of September 30, 2021 | | $ | 356 |
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