Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

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

	September 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	$	—	$	224,259	$	—	$	224,259
Corporate bonds		—		82,737		—		82,737
U.S. agency-based mortgage-backed securities		—		9,715		—		9,715
U.S. Treasury securities		25,127		—		—		25,127
Total securities available-for-sale—fixed maturity		25,127		316,711		—		341,838
Equity securities:
Domestic common stock		56,351		—		—		56,351
Total	$	81,478	$	316,711	$	—	$	398,189

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

	September 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	$	—	$	495,091	$	—	$	495,091
Corporate bonds		—		53,739		—		53,739
U.S. agency-based mortgage-backed securities		—		5,534		—		5,534
U.S. Treasury securities		14,964		—		—		14,964
Asset-backed securities		—		117		—		117
Total held-to-maturity	$	14,964	$	554,481	$	—	$	569,445

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 September 30, 2021				As of December 31, 2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	541,224	$	569,445	$	585,130	$	621,654
Fixed maturity securities—available-for-sale		341,838		341,838		414,279		414,279
Equity securities		56,351		56,351		43,437		43,437
Short-term investments		94,774		94,774		45,898		45,898
Cash and cash equivalents		123,128		123,128		61,757		61,757