Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2019 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	439,103	$	15,966	$	(36	)	$	455,033
Corporate bonds		108,756		1,425		(17	)		110,164
U.S. agency-based mortgage-backed securities		12,465		523		(12	)		12,976
U.S. Treasury securities and obligations of U.S.    government agencies		49,677		430		(29	)		50,078
Asset-backed securities		949		10		(3	)		956
Totals	$	610,950	$	18,354	$	(97	)	$	629,207

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 June 30, 2019 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	220,385	$	9,852	$	(15	)	$	230,222
Corporate bonds		151,705		2,953		(39	)		154,619
U.S. agency-based mortgage-backed securities		11,904		6		(58	)		11,852
U.S. Treasury securities and obligations    of U.S. government agencies		61,123		301		(224	)		61,200
Totals	$	445,117	$	13,112	$	(336	)	$	457,893

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 June 30, 2019 are summarized as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Equity securities:
Domestic common stock	$	22,582	$	1,488	$	—	$	24,070
Total equity securities	$	22,582	$	1,488	$	—	$	24,070

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)
June 30, 2019
Held-to-Maturity
Fixed maturity securities:
States and political subdivisions	$	6,038	$	19	$	11,835	$	17	$	17,873	$	36
Corporate bonds		—		—		15,306		17		15,306		17
U.S. agency-based mortgage-backed securities		—		—		2,201		12		2,201		12
U.S. Treasury securities and obligations    of U.S. government agencies		—		—		8,362		29		8,362		29
Asset-backed securities		—		—		177		3		177		3
Total held-to-maturity securities		6,038		19		37,881		78		43,919		97
Available-for-Sale
Fixed maturity securities:
States and political subdivisions	$	—	$	—	$	7,008	$	15	$	7,008	$	15
Corporate bonds		—		—		22,346		39		22,346		39
U.S. agency-based mortgage-backed securities		—		—		10,588		58		10,588		58
U.S. Treasury securities and obligations    of U.S. government agencies		—		—		39,120		224		39,120		224
Total available-for-sale securities		—		—		79,062		336		79,062		336
Total	$	6,038	$	19	$	116,943	$	414	$	122,981	$	433

	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 June 30, 2019, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	79,934	$	80,374
After one year through five years		216,626		220,476
After five years through ten years		84,179		87,047
After ten years		216,797		227,378
U.S. agency-based mortgage-backed securities		12,465		12,976
Asset-backed securities		949		956
Totals	$	610,950	$	629,207

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 June 30, 2019, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	49,966	$	50,018
After one year through five years		158,125		159,944
After five years through ten years		46,069		47,983
After ten years		179,053		188,096
U.S. agency-based mortgage-backed securities		11,904		11,852
Totals	$	445,117	$	457,893