Investments (Tables)

3 Months Ended

Mar. 31, 2019

Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-maturity

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at March 31, 2019 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	431,247	$	10,468	$	(242	)	$	441,473
Corporate bonds		102,774		520		(155	)		103,139
U.S. agency-based mortgage-backed securities		9,824		396		(56	)		10,164
U.S. Treasury securities and obligations of U.S.    government agencies		59,210		352		(140	)		59,422
Asset-backed securities		1,001		24		(6	)		1,019
Totals	$	604,056	$	11,760	$	(599	)	$	615,217

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2018 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	445,922	$	5,109	$	(2,084	)	$	448,947
Corporate bonds		91,762		62		(455	)		91,369
U.S. agency-based mortgage-backed securities		8,102		327		(80	)		8,349
U.S. Treasury securities and obligations    of U.S. government agencies		67,042		340		(339	)		67,043
Asset-backed securities		1,050		22		(8	)		1,064
Totals	$	613,878	$	5,860	$	(2,966	)	$	616,772

Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-sale

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as available-for-sale at March 31, 2019 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	220,749	$	6,710	$	(395	)	$	227,064
Corporate bonds		170,375		1,465		(217	)		171,623
U.S. agency-based mortgage-backed securities		12,462		—		(180	)		12,282
U.S. Treasury securities and obligations    of U.S. government agencies		61,154		40		(909	)		60,285
Totals	$	464,740	$	8,215	$	(1,701	)	$	471,254

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2018 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	231,848	$	3,515	$	(2,118	)	$	233,245
Corporate bonds		173,904		243		(933	)		173,214
U.S. agency-based mortgage-backed securities		12,835		—		(320	)		12,515
U.S. Treasury securities and obligations    of U.S. government agencies		61,185		—		(1,429	)		59,756
Totals	$	479,772	$	3,758	$	(4,800	)	$	478,730

Gross Unrealized Gains and Losses and Cost of Equity

The gross unrealized gains and losses on, and the cost of equity securities at March 31, 2019 are summarized as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Equity securities:
Domestic common stock	$	20,769	$	846	$	—	$	21,615
Total equity securities	$	20,769	$	846	$	—	$	21,615

The gross unrealized gains and losses on, and the cost of equity securities at December 31, 2018 are summarized as follows:

	Cost		Gross Gains		Gross Losses			Fair Value
	(in thousands)
Equity securities:
Domestic common stock	$	19,962	$	30	$	(1,341	)	$	18,651
Total equity securities	$	19,962	$	30	$	(1,341	)	$	18,651

Investment Securities Continuous Unrealized Loss Position

The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position:

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(in thousands)
March 31, 2019
Held-to-Maturity
Fixed maturity securities:
States and political subdivisions	$	—	$	—	$	78,248	$	242	$	78,248	$	242
Corporate bonds		3,728		5		37,828		150		41,556		155
U.S. agency-based mortgage-backed securities		—		—		2,248		56		2,248		56
U.S. Treasury securities and obligations    of U.S. government agencies		—		—		40,587		140		40,587		140
Asset-backed securities		—		—		510		6		510		6
Total held-to-maturity securities		3,728		5		159,421		594		163,149		599
Available-for-Sale
Fixed maturity securities:
States and political subdivisions	$	1,957	$	1	$	27,768	$	394	$	29,725	$	395
Corporate bonds		5,734		7		75,651		210		81,385		217
U.S. agency-based mortgage-backed securities		—		—		12,281		180		12,281		180
U.S. Treasury securities and obligations    of U.S. government agencies		—		—		56,466		909		56,466		909
Total available-for-sale securities		7,691		8		172,166		1,693		179,857		1,701
Total	$	11,419	$	13	$	331,587	$	2,287	$	343,006	$	2,300

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(in thousands)
December 31, 2018
Held-to-Maturity
Fixed maturity securities:
States and political subdivisions	$	28,369	$	59	$	180,550	$	2,025	$	208,919	$	2,084
Corporate bonds		17,448		36		48,315		419		65,763		455
U.S. agency-based mortgage-backed securities		—		—		2,287		80		2,287		80
U.S. Treasury securities and obligations    of U.S. government agencies		2,865		4		46,486		335		49,351		339
Asset-backed securities		—		—		525		8		525		8
Total held-to-maturity securities		48,682		99		278,163		2,867		326,845		2,966
Available-for-Sale
Fixed maturity securities:
States and political subdivisions	$	16,109	$	81	$	76,255	$	2,037	$	92,364	$	2,118
Corporate bonds		59,099		279		70,306		654		129,405		933
U.S. agency-based mortgage-backed securities		—		—		12,515		320		12,515		320
U.S. Treasury securities and obligations    of U.S. government agencies		—		—		59,756		1,429		59,756		1,429
Total available-for-sale securities		75,208		360		218,832		4,440		294,040		4,800
Total	$	123,890	$	459	$	496,995	$	7,307	$	620,885	$	7,766

Held-to-Maturity Securities [Member]

Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity

A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at March 31, 2019, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	67,547	$	67,672
After one year through five years		248,804		251,430
After five years through ten years		86,353		88,108
After ten years		190,527		196,824
U.S. agency-based mortgage-backed securities		9,824		10,164
Asset-backed securities		1,001		1,019
Totals	$	604,056	$	615,217

Available-for-Sale Securities [Member]

Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity

A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as available-for-sale at March 31, 2019, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	68,592	$	68,518
After one year through five years		159,000		159,135
After five years through ten years		47,350		48,152
After ten years		177,336		183,167
U.S. agency-based mortgage-backed securities		12,462		12,282
Totals	$	464,740	$	471,254