Mercury Insurance 2015 Annual Report Download - page 83
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71
December 31, 2014
Level 1 Level 2 Level 3 Total
(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies $ 16,108 $ — $ — $ 16,108
Municipal securities — 2,275,455 — 2,275,455
Mortgage-backed securities — 47,691 — 47,691
Corporate securities — 256,930 — 256,930
Collateralized debt obligations — 22,216 — 22,216
Equity securities:
Common stock: 372,598 — — 372,598
Non-redeemable preferred stock — 28,563 — 28,563
Private equity funds — — 11,719 11,719
Short-term investments:
Short-term bonds 69,999 18,362 — 88,361
Money market instruments 284,181 — — 284,181
Total assets at fair value $ 742,886 $ 2,649,217 $ 11,719 $ 3,403,822
Liabilities
Notes payable:
Secured Notes $ — $ 140,000 $ — $ 140,000
Unsecured Notes — 150,000 — 150,000
Other liabilities:
Total return swaps — 4,025 — 4,025
Options sold 194 — — 194
Total liabilities at fair value $ 194 $ 294,025 $ — $ 294,219
The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities:
Year Ended December 31,
2015 2014
Collateralized
Debt
Obligations
Partnership
Interest in a
Private Credit
Fund
Collateralized
Debt
Obligations
Partnership
Interest in a
Private Credit
Fund
(Amounts in thousands)
Beginning Balance $ — $ 11,719 $ 4,302 $ 12,548
Realized losses included in earnings —(4,175)(755)(829)
Reclassification from other assets — 2,911 — —
Sales ——
(3,547)—
Settlements —(24)— —
Ending Balance $ — $ 10,431 $ — $ 11,719
The amount of total losses for the period included in
earnings attributable to assets still held at December 31 $ —$ (5,385)$ — $ (829)
There were no transfers between Levels 1, 2, and 3 of financial assets and financial liabilities that were fair valued on a
recurring basis in 2015 and 2014.
At December 31, 2015, the Company did not have any nonrecurring fair value measurements of nonfinancial assets or
nonfinancial liabilities.