Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2016
Fair Value Measurements [Abstract]  
Fair Value Measurements by Level for Assets Measured at Fair Value on a Recurring Basis
The following table summarizes fair value measurements by level at December 31, 2016 and 2015 for assets measured at fair value on a recurring basis:

  
2016
 
  
Level 1
  
Level 2
  
Level 3
  
Total
 
             
Securities available for sale
            
Fixed maturity securities
            
Obligations of government-sponsored enterprises
 
$
-
  
$
41,514
  
$
-
  
$
41,514
 
U.S. Treasury securities and obligations of U.S. government instrumentalities
  
85,800
   
-
   
-
   
85,800
 
Obligations of the Commonwealth of Puerto Rico and its instrumentalities
  
-
   
20,051
   
-
   
20,051
 
Municipal securities
  
-
   
683,803
   
-
   
683,803
 
Corporate Bonds
  
-
   
274,872
   
-
   
274,872
 
Residential agency mortgage-backed securities
  
-
   
718
   
-
   
718
 
Collaterized mortgage obligations
  
-
   
44,885
   
-
   
44,885
 
Total fixed maturities
  
85,800
   
1,065,843
   
-
   
1,151,643
 
                 
Equity securities - Mutual funds
  
166,595
   
76,222
   
27,532
   
270,349
 
  
$
252,395
  
$
1,142,065
  
$
27,532
  
$
1,421,992
 

  
2015
 
  
Level 1
  
Level 2
  
Level 3
  
Total
 
             
Securities available for sale
            
Fixed maturity securities
            
Obligations of government-sponsored enterprises
 
$
-
  
$
116,240
  
$
-
  
$
116,240
 
U.S. Treasury securities and obligations of U.S. government instrumentalities
  
163,270
   
-
   
-
   
163,270
 
Obligations of the Commonwealth of
                
Puerto Rico and its instrumentalities
  
-
   
25,619
   
-
   
25,619
 
Municipal securities
  
-
   
647,446
   
-
   
647,446
 
Corporate Bonds
  
-
   
157,408
   
-
   
157,408
 
Residential agency mortgage-backed securities
  
-
   
937
   
-
   
937
 
Collaterized mortgage obligations
  
-
   
22,725
   
-
   
22,725
 
Total fixed maturities
  
163,270
   
970,375
   
-
   
1,133,645
 
                 
Equity securities - Mutual funds
  
167,082
   
22,031
   
7,958
   
197,071
 
  
$
330,352
  
$
992,406
  
$
7,958
  
$
1,330,716
 
Reconciliation of Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
A reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31 is as follows:

  
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
 
  
2016
  
2015
  
2014
 
Balance as of January 1,
 
$
7,958
  
$
13,349
  
$
17,910
 
Realized gains
  
324
   
1,538
   
2,552
 
Unrealized in other accumulated comprehensive income
  
(1,458
)
  
(4,207
)
  
(2,937
)
Purchases
  
23,991
   
1,207
   
501
 
Sales
  
-
   
-
   
-
 
Capital Distributions
  
(3,283
)
  
(3,929
)
  
(4,677
)
Balance as of December 31,
 
$
27,532
  
$
7,958
  
$
13,349
 
Carrying Value and Fair Value by Level of Financial Instruments not Recorded at Fair Value on Consolidated Balance Sheet
A summary of the carrying value and fair value by level of financial instruments not recorded at fair value on our consolidated balance sheets at December 31, 2016 and 2015 are as follows:

  
2016
 
  
Carrying
  
Fair Value
 
  
Value
  
Level 1
  
Level 2
  
Level 3
  
Total
 
Assets:
               
Policy loans
 
$
8,564
  
$
-
  
$
8,564
  
$
-
  
$
8,564
 
                     
Liabilities:
                    
 Policyholder deposits
 
$
179,382
  
$
-
  
$
179,382
  
$
-
  
$
179,382
 
Long-term borrowings:
                    
Loans payable to bank - variable
  
11,187
   
-
   
11,187
   
-
   
11,187
 
6.6% senior unsecured notes payable
  
24,000
   
-
   
24,000
   
-
   
24,000
 
Total long-term borrowings
  
35,187
   
-
   
35,187
   
-
   
35,187
 
Total liabilities
 
$
214,569
  
$
-
  
$
214,569
  
$
-
  
$
214,569
 

  
2015
 
  
Carrying
  
Fair Value
 
  
Value
  
Level 1
  
Level 2
  
Level 3
  
Total
 
Assets:
               
Policy loans
 
$
7,901
  
$
-
  
$
7,901
  
$
-
  
$
7,901
 
                     
Liabilities:
                    
Policyholder deposits
 
$
179,287
  
$
-
  
$
179,287
  
$
-
  
$
179,287
 
Long-term borrowings:
                    
Loans payable to bank - variable
  
12,827
   
-
   
12,827
   
-
   
12,827
 
6.6% senior unsecured notes payable
  
24,000
   
-
   
19,920
   
-
   
19,920
 
Total long-term borrowings
  
36,827
   
-
   
32,747
   
-
   
32,747
 
Total liabilities
 
$
216,114
  
$
-
  
$
212,034
  
$
-
  
$
212,034