Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

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

At June 30, 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	$	—	$	—	$	11,092	$	11,092
Securities available for sale—equity:
Domestic common stock		3,980		—		—		3,980
Securities available for sale—fixed maturity:
States and political subdivisions		—		155,092		—		155,092
Corporate bonds		—		121,763		—		121,763
U.S. agency-based mortgage-backed securities		—		7,758		—		7,758
Total securities available for sale—fixed maturity		—		284,613		—		284,613
Total available for sale	$	3,980	$	284,613	$	11,092	$	299,685

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 June 30, 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	$	—	$	414,136	$	—	$	414,136
Corporate bonds		—		103,624		—		103,624
Commercial mortgage-backed securities		—		52,094		—		52,094
U.S. agency-based mortgage-backed securities		—		21,062		—		21,062
U.S. Treasury securities		7,339		—		—		7,339
Obligations of U.S. government agencies		—		6,051		—		6,051
Asset-backed securities		—		3,206		—		3,206
Total held-to-maturity	$	7,339	$	600,173	$	—	$	607,512

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 June 30, 2014				As of December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	579,145	$	607,512	$	536,583	$	561,179
Fixed maturity securities—available-for-sale		284,613		284,613		237,877		237,877
Equity securities		3,980		3,980		9,302		9,302
Cash and cash equivalents		98,818		98,818		123,077		123,077
Short-term investments		85,806		85,806		84,422		84,422
Other investments		11,092		11,092		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.

	June 30, 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)		501		591
Ending Balance	$	11,092	$	10,591