Note M – Acquisition and Related Goodwill and Intangibles On October 31, 2008, the Company purchased a commercial lines specialty insurance agency for a cash purchase price of $3,500. As part of the purchase, the Company recorded goodwill of $3,152 and intangible assets of $179. Accumulated amortization of intangible assets was $179 as of both December 31, 2020 and 2019. During the fourth quarter of 2018, the Company conducted its annual impairment review. Based on the results of that review, the Company concluded that its entire goodwill balance was impaired, resulting in an impairment loss of $3,152. The Company utilized a market approach, which considered revenue and earnings multiples of its own and comparable company information. In the analysis, the Company considered the significant decline in its stock price and the decline in overall financial performance during 2018, particularly in more recent periods, as well as the downgrade to its A.M. Best Company, Inc. rating in late 2018. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The following tables summarize fair value measurements by level for assets measured at fair value on a recurring basis: As of December 31, 2020: Note N – Fair Value Description Total Level 1 Level 2 Level 3 Fixed income securities: Agency collateralized mortgage obligations $ 11,931 $ – $ 11,931 $ – Agency mortgage-backed securities 102,107 – 102,107 – Asset-backed securities 107,696 – 107,696 – Bank loans 11,361 – 11,361 – Collateralized mortgage obligations 5,118 – 5,118 – Corporate securities 352,837 – 352,837 – Options embedded in convertible securities 7,404 – 7,404 – Mortgage-backed securities 38,056 – 38,056 – Municipal obligations 45,143 – 45,143 – Non-U.S. government obligations 30,600 – 30,600 – U.S. government obligations 207,439 – 207,439 – Total fixed income securities 919,692 – 919,692 – Equity securities: Consumer 11,598 11,598 – – Energy 1,227 1,227 – – Financial 29,064 29,064 – – Industrial 5,180 5,180 – – Technology 2,851 2,851 – – Other 8,249 8,249 – – Total equity securities 58,169 58,169 – – Short-term investments 1,000 1,000 – – Cash equivalents 47,026 – 47,026 – Total $ 1,025,887 $ 59,169 $ 966,718 $ – 76