Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Carrying or Reported Values and Corresponding Fair Values for Financial Instruments

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

	December 31,
	2023				2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	483,575	$	473,092	$	491,688	$	468,144
Fixed maturity securities—available-for-sale		317,064		317,064		321,121		321,121
Equity securities		57,147		57,147		62,058		62,058
Short-term investments		—		—		14,120		14,120
Cash and cash equivalents		38,682		38,682		61,469		61,469

Schedule of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis as of December 31, 2023 and 2022 are as follows:

	December 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value,    classified as part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions	$	—	$	131,895	$	—	$	131,895
Corporate bonds		—		166,753		—		166,753
U.S. agency-based mortgage-backed securities		—		4,745		—		4,745
U.S. Treasury securities		13,671		—		—		13,671
Total securities available-for-sale—fixed maturity		13,671		303,393		—		317,064
Equity securities:
Domestic common stock		57,147		—		—		57,147
Total	$	70,818	$	303,393	$	—	$	374,211

	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 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

Assets measured at amortized cost net of allowance for credit losses as of December 31, 2023 and 2022 are as follows:

	December 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	$	—	$	408,970	$	—	$	408,970
Corporate bonds		—		49,948		—		49,948
U.S. agency-based mortgage-backed securities		—		3,199		—		3,199
U.S. Treasury securities		10,939		—		—		10,939
Asset-backed securities		—		36		—		36
Total held-to-maturity	$	10,939	$	462,153	$	—	$	473,092

	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
Obligations of U.S. government agencies		—		—		—		—
Asset-backed securities		—		67		—		67
Total held-to-maturity	$	12,706	$	455,438	$	—	$	468,144