Rendering

Component: (Network and Table)
Network
100300 - Disclosure - Fair Value (Tables)
(http://www.acceptanceinsurance.com/20161231/taxonomy/role/DisclosureFairValueTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0001017907 (http://www.sec.gov/CIK)
Fair Value Disclosures [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Fair Value Disclosures [Abstract]
 
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).

 

 

 

December 31, 2016

 

 

December 31, 2015

 

 

 

Carrying

 

 

Fair

 

 

Carrying

 

 

Fair

 

 

 

Value

 

 

Value

 

 

Value

 

 

Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments, available-for-sale

 

$

117,212

 

 

$

117,212

 

 

$

131,582

 

 

$

131,582

 

Other investments

 

 

9,994

 

 

 

9,994

 

 

 

11,256

 

 

 

11,256

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debentures payable

 

 

40,302

 

 

 

11,488

 

 

 

40,256

 

 

 

20,275

 

Term loan from principal stockholder

 

 

29,779

 

 

 

15,000

 

 

 

29,753

 

 

 

28,504

 

 

  
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.

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Other

 

 

Significant

 

 

Proportionate

 

 

 

 

 

 

 

Markets for

 

 

Observable

 

 

Unobservable

 

 

Share of

 

 

 

 

 

 

 

Identical Assets

 

 

Inputs

 

 

Inputs

 

 

Net Assets

 

December 31, 2016

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

(NAV)

 

Fixed maturities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agencies

 

$

18,951

 

 

$

18,951

 

 

$

—

 

 

$

—

 

 

$

—

 

Political subdivisions

 

 

4,165

 

 

 

—

 

 

 

4,165

 

 

 

—

 

 

 

—

 

Revenue and assessment

 

 

5,683

 

 

 

—

 

 

 

5,683

 

 

 

—

 

 

 

—

 

Corporate bonds

 

 

45,540

 

 

 

—

 

 

 

45,540

 

 

 

—

 

 

 

—

 

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency backed

 

 

22,422

 

 

 

—

 

 

 

22,422

 

 

 

—

 

 

 

—

 

Non-agency backed – residential

 

 

2,933

 

 

 

—

 

 

 

2,933

 

 

 

—

 

 

 

—

 

Non-agency backed – commercial

 

 

1,895

 

 

 

—

 

 

 

1,895

 

 

 

—

 

 

 

—

 

Total fixed maturities, available-for-sale

 

 

101,589

 

 

 

18,951

 

 

 

82,638

 

 

 

—

 

 

 

—

 

Preferred stock, available-for-sale

 

 

3,112

 

 

 

3,112

 

 

 

—

 

 

 

—

 

 

 

—

 

Mutual funds, available-for-sale

 

 

12,511

 

 

 

12,511

 

 

 

—

 

 

 

—

 

 

 

—

 

Total investments, available-for-sale

 

 

117,212

 

 

 

34,574

 

 

 

82,638

 

 

 

—

 

 

 

—

 

Other investments

 

 

9,994

 

 

 

—

 

 

 

—

 

 

 

4,858

 

 

 

5,136

 

Cash, cash equivalents, and restricted cash

 

 

118,681

 

 

 

118,681

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

245,887

 

 

$

153,255

 

 

$

82,638

 

 

$

4,858

 

 

$

5,136

 

 

 

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

 

 

Quoted Prices

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

in Active

 

 

Other

 

 

Significant

 

 

Proportionate

 

 

 

 

 

 

 

Markets for

 

 

Observable

 

 

Unobservable

 

 

Share of

 

 

 

 

 

 

 

Identical Assets

 

 

Inputs

 

 

Inputs

 

 

Net Assets

 

December 31, 2015

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

(NAV)

 

Fixed maturities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government and agencies

 

$

13,113

 

 

$

13,113

 

 

$

—

 

 

$

—

 

 

$

—

 

State

 

 

702

 

 

 

—

 

 

 

702

 

 

 

—

 

 

 

—

 

Political subdivisions

 

 

4,363

 

 

 

—

 

 

 

4,363

 

 

 

—

 

 

 

—

 

Revenue and assessment

 

 

12,644

 

 

 

—

 

 

 

12,644

 

 

 

—

 

 

 

—

 

Corporate bonds

 

 

80,785

 

 

 

—

 

 

 

80,785

 

 

 

—

 

 

 

—

 

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Agency backed

 

 

873

 

 

 

—

 

 

 

873

 

 

 

—

 

 

 

—

 

Non-agency backed – residential

 

 

3,455

 

 

 

—

 

 

 

3,455

 

 

 

—

 

 

 

—

 

Non-agency backed – commercial

 

 

2,507

 

 

 

—

 

 

 

2,507

 

 

 

—

 

 

 

—

 

Total fixed maturities, available-for-sale

 

 

118,442

 

 

 

13,113

 

 

 

105,329

 

 

 

—

 

 

 

—

 

Preferred stock, available-for-sale

 

 

1,723

 

 

 

1,723

 

 

 

—

 

 

 

—

 

 

 

—

 

Mutual funds, available-for-sale

 

 

11,417

 

 

 

11,417

 

 

—

 

 

 

—

 

 

 

—

 

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

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

258,425

 

 

$

141,840

 

 

$

105,329

 

 

$

3,276

 

 

$

7,980

 

 

  
Quantitative Disclosure for Assets Classified as Level 3

The following table represents the quantitative disclosure for those assets classified as Level 3 during the year ended December 31, 2016 (in thousands).

 

 

Fair Value

 

 

 

Measurements Using

 

 

 

Significant Unobservable

 

 

 

Inputs (Level 3)

 

 

 

 

 

 

 

 

Common Stock

 

 

 

at Fair Value

 

Balance at December 31, 2015

 

$

3,276

 

Gains included in net loss

 

 

—

 

Gains included in comprehensive loss

 

 

625

 

Investments and capital calls

 

 

957

 

Distributions received

 

 

—

 

Transfers into and out of Level 3

 

 

—

 

Balance at December 31, 2016

 

$

4,858