Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

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

At March 31, 2014, 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)
Financial instruments carried at fair value, classified as a part of:
Other investments	$	—	$	—	$	10,820	$	10,820
Securities available for sale—equity:
Domestic common stock		3,682		—		—		3,682
Securities available for sale—fixed maturity:
States and political subdivisions		—		154,075		—		154,075
Corporate bonds		—		107,094		—		107,094
U.S. agency-based mortgage-backed securities		—		7,020		—		7,020
Total securities available for sale—fixed maturity		—		268,189		—		268,189
Total available for sale	$	3,682	$	268,189	$	10,820	$	282,691

At December 31, 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)
Financial instruments carried at fair value, classified as part of:
Other investments	$	—	$	—	$	10,591	$	10,591
Securities available for sale—equity
Domestic common stock		9,302		—		—		9,302
Securities available for sale—fixed maturity
States and political subdivisions		—		150,375		—		150,375
Corporate bonds		—		80,428		—		80,428
U.S. agency-based mortgage-backed securities		—		7,074		—		7,074
Total available for sale—fixed maturity		—	$	237,877	$	—	$	237,877
Total available for sale	$	9,302	$	237,877	$	10,591	$	257,770

Schedule of Assets and Liabilities Measured at Amortized Cost

At March 31, 2014, 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	$	—	$	388,364	$	—	$	388,364
Corporate bonds		—		94,970		—		94,970
Commercial mortgage-backed securities		—		52,963		—		52,963
U.S. agency-based mortgage-backed securities		—		22,212		—		22,212
U.S. Treasury securities and obligations of U.S. government agencies		7,343		—		—		7,343
Obligations of U.S. government agencies		—		5,993		—		5,993
Asset-backed securities		—		3,330		—		3,330
Total held-to-maturity	$	7,343	$	567,832	$	—	$	575,175

At December 31, 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	$	—	$	399,155	$	—	$	399,155
Corporate bonds		—		68,243		—		68,243
Commercial mortgage-backed securities		—		54,244		—		54,244
U.S. agency-based mortgage-backed securities		—		23,565		—		23,565
U.S. Treasury securities		6,602		—		—		6,602
Obligations of U.S. government agencies		—		5,914		—		5,914
Asset-backed securities		—		3,456		—		3,456
Total held-to-maturity	$	6,602	$	554,577	$	—	$	561,179

Summary of Carrying Values and Corresponding Fair Values for Financial Instruments

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

	As of March 31, 2014				As of December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	548,612	$	575,175	$	536,583	$	561,179
Fixed maturity securities—available-for-sale		268,189		268,189		237,877		237,877
Equity securities		3,682		3,682		9,302		9,302
Cash and cash equivalents		106,860		106,860		123,077		123,077
Short-term investments		85,031		85,031		84,422		84,422
Other investments		10,820		10,820		10,591		10,591

Summary of Changes in Fair Value of Assets Measured at Fair value

The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input.

	March 31, 2014		December 31, 2013
	(in thousands)
Beginning balance	$	10,591	$	—
Purchases		—		10,000
Total gains unrealized (Included in earnings as part of net investment income)		229		591
Ending Balance	$	10,820	$	10,591