Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At June 30, 2022, assets measured at fair value on a recurring basis are summarized below:

	June 30, 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	$	—	$	192,547	$	—	$	192,547
Corporate bonds		—		114,598		—		114,598
U.S. agency-based mortgage-backed securities		—		6,248		—		6,248
U.S. Treasury securities		16,742		—		—		16,742
Total securities available-for-sale—fixed maturity		16,742		313,393		—		330,135
Equity securities:
Domestic common stock		60,485		—		—		60,485
Total	$	77,227	$	313,393	$	—	$	390,620

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 June 30, 2022, assets measured at amortized cost net of allowance for credit losses are summarized below:

	June 30, 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	$	—	$	441,190	$	—	$	441,190
Corporate bonds		—		63,155		—		63,155
U.S. agency-based mortgage-backed securities		—		4,151		—		4,151
U.S. Treasury securities		17,053		—		—		17,053
Asset-backed securities		—		88		—		88
Total held-to-maturity	$	17,053	$	508,584	$	—	$	525,637

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 June 30, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	541,297	$	525,637	$	549,231	$	575,850
Fixed maturity securities—available-for-sale		330,135		330,135		341,769		341,769
Equity securities		60,485		60,485		64,140		64,140
Short-term investments		34,483		34,483		57,431		57,431
Cash and cash equivalents		85,318		85,318		70,722		70,722