| Fair Value of Assets Measured on a Recurring Basis |
The following table presents for each of the fair value hierarchy levels, our assets that are measured at fair value on a recurring basis at December 31, 2015 and December 31, 2014 (in thousands).
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As of December 31, 2015
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Other Observable Inputs (Level 2)
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Unobservable Inputs (Level 3)
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Total
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U.S. Treasury securities and obligations of U.S. Government
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$
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-
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$
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76,269
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$
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-
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$
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76,269
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Corporate bonds
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-
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121,709
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-
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121,709
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Collateralized corporate bank loans
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-
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81,596
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-
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81,596
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Municipal bonds
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-
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178,281
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14,087
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192,368
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Mortgage-backed
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-
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59,383
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-
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59,383
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Total debt securities
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-
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517,238
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14,087
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531,325
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Total equity securities
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47,504
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-
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-
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47,504
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Total debt and equity securities
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$
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47,504
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$
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517,238
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$
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14,087
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$
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578,829
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As of December 31, 2014
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Other Observable Inputs (Level 2)
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Unobservable Inputs (Level 3)
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Total
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U.S. Treasury securities and obligations of U.S. Government
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$
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-
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$
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93,305
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$
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-
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$
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93,305
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Corporate bonds
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-
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29,442
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-
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29,442
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Collateralized corporate bank loans
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-
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113,402
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247
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113,649
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Municipal bonds
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-
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147,978
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14,351
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162,329
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Mortgage-backed
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-
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52,060
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-
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52,060
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Total debt securities
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-
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436,187
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14,598
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450,785
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Total equity securities
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56,444
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-
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-
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56,444
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Total debt and equity securities
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$
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56,444
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$
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436,187
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$
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14,598
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$
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507,229
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| Fair Value, Assets Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) |
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 year ended December 31, 2015 and 2014 (in thousands).
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2015
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2014
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Beginning balance as of January 1
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$
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14,598
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$
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17,517
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Sales
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(370)
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(3,490)
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Settlements
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-
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-
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Purchases
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-
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-
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Issuances
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-
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-
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Total realized/unrealized gains included in net income
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-
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-
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Net (losses) gains included in other comprehensive income
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(141)
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571
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Transfers into Level 3
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-
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-
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Transfers out of Level 3
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-
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-
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Ending balance as of December 31
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$
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14,087
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$
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14,598
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