Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At June 30, 2020, assets measured at fair value on a recurring basis are summarized below:

	June 30, 2020
	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	$	—	$	244,682	$	—	$	244,682
Corporate bonds		—		109,377		—		109,377
U.S. agency-based mortgage-backed securities		—		29,156		—		29,156
U.S. Treasury securities		33,025		—		—		33,025
Total securities available-for-sale—fixed maturity		33,025		383,215		—		416,240
Equity securities:
Domestic common stock		33,480		—		—		33,480
Total	$	66,505	$	383,215	$	—	$	449,720

At December 31, 2019, assets measured at fair value on a recurring basis are summarized below:

	December 31, 2019
	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	$	—	$	237,775	$	—	$	237,775
Corporate bonds		—		133,778		—		133,778
U.S. agency-based mortgage-backed securities		—		29,467		—		29,467
U.S. Treasury securities		40,126		—		—		40,126
Total securities available-for-sale—fixed maturity	$	40,126	$	401,020	$	—	$	441,146
Equity securities:
Domestic common stock		27,903		—		—		27,903
Total	$	68,029	$	401,020	$	—	$	469,049

Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses

At June 30, 2020, assets measured at amortized cost net of allowance for credit losses are summarized below:

	June 30, 2020
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	498,376	$	—	$	498,376
Corporate bonds		—		86,634		—		86,634
U.S. agency-based mortgage-backed securities		—		9,947		—		9,947
U.S. Treasury securities		9,019		—		—		9,019
Obligations of U.S. government agencies		—		5,113		—		5,113
Asset-backed securities		—		192		—		192
Total held-to-maturity	$	9,019	$	600,262	$	—	$	609,281

At December 31, 2019, assets measured at amortized cost are summarized below:

	December 31, 2019
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	485,647	$	—	$	485,647
Corporate bonds		—		110,925		—		110,925
U.S. agency-based mortgage-backed securities		—		11,511		—		11,511
U.S. Treasury securities		7,873		—		—		7,873
Obligations of U.S. government agencies		—		5,168		—		5,168
Asset-backed securities		—		219		—		219
Total held-to-maturity	$	7,873	$	613,470	$	—	$	621,343

Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments

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

	As of  June 30, 2020				As of  December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	576,191	$	609,281	$	599,421	$	621,343
Fixed maturity securities—available-for-sale		416,240		416,240		441,146		441,146
Equity securities		33,480		33,480		27,903		27,903
Short-term investments		72,849		72,849		56,548		56,548
Cash and cash equivalents		110,281		110,281		43,813		43,813