Mercury Insurance 2015 Annual Report Download - page 82
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70
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring
basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:
December 31, 2015
Level 1 Level 2 Level 3 Total
(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies $ 22,507 $ — $ — $ 22,507
Municipal securities — 2,505,040 — 2,505,040
Mortgage-backed securities — 49,838 — 49,838
Corporate securities — 243,372 — 243,372
Collateralized loan obligations — 50,548 — 50,548
Other asset-backed securities — 8,698 — 8,698
Equity securities:
Common stock 280,263 — — 280,263
Non-redeemable preferred stock — 24,668 — 24,668
Private equity funds — 0 10,431 10,431
Short-term investments:
Short-term bonds 69,991 9,850 — 79,841
Money market instruments 105,436 0 — 105,436
Total assets at fair value $ 478,197 $ 2,892,014 $ 10,431 $ 3,380,642
Liabilities
Notes payable:
Secured Notes $ — $ 140,000 $ — $ 140,000
Unsecured Notes — 150,000 — 150,000
Other liabilities:
Total return swaps — 11,525 — 11,525
Options sold 260 — — 260
Total liabilities at fair value $ 260 $ 301,525 $ — $ 301,785