Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At June 30, 2013, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities available for sale—equity
Domestic common stock	$	13,498	$	—	$	—	$	13,498
Securities available for sale—fixed maturity
States and political subdivisions		—		132,265		—		132,265
Corporate bonds		—		58,670		—		58,670
U.S. agency-based mortgage-backed securities		—		8,439		—		8,439
Total available for sale—fixed maturity		—	$	199,374		—		199,374
Total available for sale	$	13,498	$	199,374	$	—	$	212,872

At December 31, 2012, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities available for sale—equity
Domestic common stock	$	6,766	$	—	$	—	$	6,766
Securities available for sale—fixed maturity
States and political subdivisions		—		98,242		—		98,242
Corporate bonds		—		39,810		—		39,810
U.S. agency-based mortgage-backed securities		—		11,087		—		11,087
Total available for sale—fixed maturity		—	$	149,139	$	—	$	149,139
Total available for sale	$	6,766	$	149,139	$	—	$	155,905

Schedule of Assets and Liabilities Measured at Amortized Cost

At June 30, 2013, assets and liabilities measured at amortized cost are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	415,677	$	—	$	415,677
Corporate bonds		—		78,206		—		78,206
Commercial mortgage-backed securities		—		55,732		—		55,732
U.S. agency-based mortgage-backed securities		—		28,911		—		28,911
U.S. Treasury securities and obligations of U.S. Government agencies		6,088		6,137		—		12,225
Asset-backed securities		—		3,780		—		3,780
Total held-to-maturity	$	6,088	$	588,443	$	—	$	594,531

At December 31, 2012, assets and liabilities measured at amortized cost are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	431,968	$	—	$	431,968
Corporate bonds		—		84,377		—		84,377
Commercial mortgage-backed securities		—		57,962		—		57,962
U.S. agency-based mortgage-backed securities		—		36,042		—		36,042
U.S. Treasury securities and obligations of U.S. Government agencies		6,174		6,581		—		12,755
Asset-backed securities		—		4,245		—		4,245
Total held-to-maturity	$	6,174	$	621,175	$	—	$	627,349

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:

	As of June 30, 2013				As of December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	565,874	$	594,531	$	583,287	$	627,349
Fixed maturity securities—available-for-sale		199,374		199,374		149,139		149,139
Equity securities		13,498		13,498		6,766		6,766
Cash and cash equivalents		83,424		83,424		92,676		92,676
Short-term Investments		81,935		81,935		68,924		68,924