Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At March 31, 2022, assets measured at fair value on a recurring basis are summarized below:

	March 31, 2022
	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	$	—	$	202,236	$	—	$	202,236
Corporate bonds		—		113,699		—		113,699
U.S. agency-based mortgage-backed securities		—		6,962		—		6,962
U.S. Treasury securities		20,075		—		—		20,075
Total securities available-for-sale—fixed maturity		20,075		322,897		—		342,972
Equity securities:
Domestic common stock		69,156		—		—		69,156
Total	$	89,231	$	322,897	$	—	$	412,128

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

	December 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	$	—	$	216,306	$	—	$	216,306
Corporate bonds		—		96,426		—		96,426
U.S. agency-based mortgage-backed securities		—		8,089		—		8,089
U.S. Treasury securities		20,948		—		—		20,948
Total securities available-for-sale—fixed maturity	$	20,948	$	320,821	$	—	$	341,769
Equity securities:
Domestic common stock		64,140		—		—		64,140
Total	$	85,088	$	320,821	$	—	$	405,909

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

At March 31, 2022, assets measured at amortized cost net of allowance for credit losses are summarized below:

	March 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	459,297	$	—	$	459,297
Corporate bonds		—		65,469		—		65,469
U.S. agency-based mortgage-backed securities		—		4,447		—		4,447
U.S. Treasury securities		16,112		—		—		16,112
Asset-backed securities		—		100		—		100
Total held-to-maturity	$	16,112	$	529,313	$	—	$	545,425

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

	December 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	$	—	$	496,552	$	—	$	496,552
Corporate bonds		—		57,843		—		57,843
U.S. agency-based mortgage-backed securities		—		5,000		—		5,000
U.S. Treasury securities		16,347		—		—		16,347
Asset-backed securities		—		108		—		108
Total held-to-maturity	$	16,347	$	559,503	$	—	$	575,850

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, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	545,372	$	545,425	$	549,231	$	575,850
Fixed maturity securities—available-for-sale		342,972		342,972		341,769		341,769
Equity securities		69,156		69,156		64,140		64,140
Short-term investments		72,820		72,820		57,431		57,431
Cash and cash equivalents		30,741		30,741		70,722		70,722