Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At June 30, 2021, assets measured at fair value on a recurring basis are summarized below:

	June 30, 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	$	—	$	235,440	$	—	$	235,440
Corporate bonds		—		93,337		—		93,337
U.S. agency-based mortgage-backed securities		—		11,921		—		11,921
U.S. Treasury securities		29,192		—		—		29,192
Total securities available-for-sale—fixed maturity		29,192		340,698		—		369,890
Equity securities:
Domestic common stock		55,375		—		—		55,375
Total	$	84,567	$	340,698	$	—	$	425,265

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 June 30, 2021, assets measured at amortized cost net of allowance for credit losses are summarized below:

	June 30, 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	$	—	$	511,929	$	—	$	511,929
Corporate bonds		—		56,377		—		56,377
U.S. agency-based mortgage-backed securities		—		6,152		—		6,152
U.S. Treasury securities		15,012		—		—		15,012
Asset-backed securities		—		131		—		131
Total held-to-maturity	$	15,012	$	574,589	$	—	$	589,601

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  June 30, 2021				As of  December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	558,431	$	589,601	$	585,130	$	621,654
Fixed maturity securities—available-for-sale		369,890		369,890		414,279		414,279
Equity securities		55,375		55,375		43,437		43,437
Short-term investments		129,109		129,109		45,898		45,898
Cash and cash equivalents		57,541		57,541		61,757		61,757