Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

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

At September 30, 2017, assets and liabilities measured at fair value on a recurring basis are summarized below:

	September 30, 2017
	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	$	—	$	241,652	$	—	$	241,652
Corporate bonds		—		151,984		—		151,984
U.S. agency-based mortgage-backed securities		—		12,668		—		12,668
U.S. Treasury securities		60,952		—		—		60,952
Total securities available for sale—fixed maturity		60,952		406,304		—		467,256
Securities available for sale—equity:
Domestic common stock		7,801		—		—		7,801
Total available for sale	$	68,753	$	406,304	$	—	$	475,057

At December 31, 2016, assets and liabilities measured at fair value on a recurring basis are summarized below:

	December 31, 2016
	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	$	—	$	232,293	$	—	$	232,293
Corporate bonds		—		182,515		—		182,515
U.S. agency-based mortgage-backed securities		—		9,342		—		9,342
U.S. Treasury securities and obligations    of U.S. government agencies		54,947		—		—		54,947
Total available for sale—fixed maturity	$	54,947	$	424,150	$	—	$	479,097
Securities available for sale—equity:
Domestic common stock		33		—		—		33
Total available for sale	$	54,980	$	424,150	$	—	$	479,130

Schedule of Assets and Liabilities Measured at Amortized Cost

At September 30, 2017, assets and liabilities measured at amortized cost are summarized below:

	September 30, 2017
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	440,245	$	—	$	440,245
Corporate bonds		—		122,248		—		122,248
U.S. agency-based mortgage-backed securities		—		11,676		—		11,676
U.S. Treasury securities		6,785		—		—		6,785
Obligations of U.S. government agencies		—		27,435		—		27,435
Asset-backed securities		—		1,762		—		1,762
Total held-to-maturity	$	6,785	$	603,366	$	—	$	610,151

At December 31, 2016, assets and liabilities measured at amortized cost are summarized below:

	December 31, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	399,483	$	—	$	399,483
Corporate bonds		—		144,016		—		144,016
Commercial mortgage-backed securities		—		70		—		70
U.S. agency-based mortgage-backed securities		—		10,915		—		10,915
U.S. Treasury securities		6,779		—		—		6,779
Obligations of U.S. government agencies		—		5,637		—		5,637
Asset-backed securities		—		2,031		—		2,031
Total held-to-maturity	$	6,779	$	562,152	$	—	$	568,931

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  September 30, 2017				As of  December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	598,658	$	610,151	$	562,434	$	568,931
Fixed maturity securities—available-for-sale		467,256		467,256		479,097		479,097
Equity securities		7,801		7,801		33		33
Short-term investments		69,526		69,526		29,580		29,580
Other investments		1,280		1,280		13,330		13,330
Cash and cash equivalents		80,378		80,378		58,936		58,936