v3.22.2.2
Fair Value (Tables)
9 Months Ended
Sep. 30, 2022
Fair Value [Abstract]  
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

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