Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At March 31, 2021, assets measured at fair value on a recurring basis are summarized below:

	March 31, 2021
	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	$	—	$	264,497	$	—	$	264,497
Corporate bonds		—		96,373		—		96,373
U.S. agency-based mortgage-backed securities		—		15,028		—		15,028
U.S. Treasury securities		36,006		—		—		36,006
Total securities available-for-sale—fixed maturity		36,006		375,898		—		411,904
Equity securities:
Domestic common stock		50,843		—		—		50,843
Total	$	86,849	$	375,898	$	—	$	462,747

At December 31, 2020, assets measured at fair value on a recurring basis are summarized below:

	December 31, 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	$	—	$	276,542	$	—	$	276,542
Corporate bonds		—		88,899		—		88,899
U.S. agency-based mortgage-backed securities		—		19,052		—		19,052
U.S. Treasury securities		29,786		—		—		29,786
Total securities available-for-sale—fixed maturity	$	29,786	$	384,493	$	—	$	414,279
Equity securities:
Domestic common stock		43,437		—		—		43,437
Total	$	73,223	$	384,493	$	—	$	457,716

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

At March 31, 2021, assets measured at amortized cost net of allowance for credit losses are summarized below:

	March 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	511,737	$	—	$	511,737
Corporate bonds		—		70,842		—		70,842
U.S. agency-based mortgage-backed securities		—		6,925		—		6,925
U.S. Treasury securities		14,070		—		—		14,070
Asset-backed securities		—		146		—		146
Total held-to-maturity	$	14,070	$	589,650	$	—	$	603,720

At December 31, 2020, assets measured at amortized cost net of allowance for credit losses are summarized below:

	December 31, 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	$	—	$	526,821	$	—	$	526,821
Corporate bonds		—		72,900		—		72,900
U.S. agency-based mortgage-backed securities		—		7,906		—		7,906
U.S. Treasury securities		13,865		—		—		13,865
Asset-backed securities		—		162		—		162
Total held-to-maturity	$	13,865	$	607,789	$	—	$	621,654

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  March 31, 2021				As of  December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	575,108	$	603,720	$	585,130	$	621,654
Fixed maturity securities—available-for-sale		411,904		411,904		414,279		414,279
Equity securities		50,843		50,843		43,437		43,437
Short-term investments		87,279		87,279		45,898		45,898
Cash and cash equivalents		33,074		33,074		61,757		61,757