Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At March 31, 2023, assets measured at fair value on a recurring basis are summarized below:

	March 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions	$	—	$	153,434	$	—	$	153,434
Corporate bonds		—		171,814		—		171,814
U.S. agency-based mortgage-backed securities		—		5,335		—		5,335
U.S. Treasury securities		14,505		—		—		14,505
Total securities available-for-sale—fixed maturity		14,505		330,583		—		345,088
Equity securities:
Domestic common stock		63,357		—		—		63,357
Total	$	77,862	$	330,583	$	—	$	408,445

At December 31, 2022, assets measured at fair value on a recurring basis are summarized below:

	December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions	$	—	$	156,656	$	—	$	156,656
Corporate bonds		—		144,788		—		144,788
U.S. agency-based mortgage-backed securities		—		5,446		—		5,446
U.S. Treasury securities		14,231		—		—		14,231
Total securities available-for-sale—fixed maturity	$	14,231	$	306,890	$	—	$	321,121
Equity securities:
Domestic common stock		62,058		—		—		62,058
Total	$	76,289	$	306,890	$	—	$	383,179

Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses

At March 31, 2023, assets measured at amortized cost net of allowance for credit losses are summarized below:

	March 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	399,186	$	—	$	399,186
Corporate bonds		—		50,182		—		50,182
U.S. agency-based mortgage-backed securities		—		3,510		—		3,510
U.S. Treasury securities		10,874		—		—		10,874
Asset-backed securities		—		62		—		62
Total held-to-maturity	$	10,874	$	452,940	$	—	$	463,814

At December 31, 2022, assets measured at amortized cost net of allowance for credit losses are summarized below:

	December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	395,944	$	—	$	395,944
Corporate bonds		—		55,851		—		55,851
U.S. agency-based mortgage-backed securities		—		3,576		—		3,576
U.S. Treasury securities		12,706		—		—		12,706
Asset-backed securities		—		67		—		67
Total held-to-maturity	$	12,706	$	455,438	$	—	$	468,144

Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments

The following table summarizes the carrying amounts and corresponding fair values for financial instruments:

	As of March 31, 2023				As of December 31, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	480,142	$	463,814	$	491,688	$	468,144
Fixed maturity securities—available-for-sale		345,088		345,088		321,121		321,121
Equity securities		63,357		63,357		62,058		62,058
Short-term investments		31,269		31,269		14,120		14,120
Cash and cash equivalents		41,210		41,210		61,469		61,469