Investments (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Summary of Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities at March 31, 2020 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	81,198	$	4,589	$	—	$	85,787
Obligations of states and political subdivisions		214,108		15,793		89		229,812
Corporate securities		161,681		5,041		4,199		162,523
Mortgage-backed securities		30,170		1,424		—		31,594
Totals	$	487,157	$	26,847	$	4,288	$	509,716
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	15,850	$	571	$	—	$	16,421
Obligations of states and political subdivisions		61,607		1,868		135		63,340
Corporate securities		152,968		2,622		2,045		153,545
Mortgage-backed securities		312,136		9,141		120		321,157
Totals	$	542,561	$	14,202	$	2,300	$	554,463

The amortized cost and estimated fair values of our fixed maturities at December 31, 2019 were as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	82,916	$	1,803	$	69	$	84,650
Obligations of states and political subdivisions		204,634		14,237		288		218,583
Corporate securities		156,398		8,275		333		164,340
Mortgage-backed securities		32,146		611		16		32,741
Totals	$	476,094	$	24,926	$	706	$	500,314

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	19,302	$	82	$	19	$	19,365
Obligations of states and political subdivisions		55,162		1,641		7		56,796
Corporate securities		154,946		4,477		180		159,243
Mortgage-backed securities		327,429		2,857		738		329,548
Totals	$	556,839	$	9,057	$	944	$	564,952

Summary of Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
	(in thousands)
Held to maturity
Due in one year or less	$	32,274	$	32,482
Due after one year through five years		84,232		88,324
Due after five years through ten years		184,263		191,792
Due after ten years		156,218		165,524
Mortgage-backed securities		30,170		31,594
Total held to maturity	$	487,157	$	509,716
Available for sale
Due in one year or less	$	33,593	$	33,619
Due after one year through five years		95,836		97,160
Due after five years through ten years		89,588		90,691
Due after ten years		11,408		11,836
Mortgage-backed securities		312,136		321,157
Total available for sale	$	542,561	$	554,463

Summary of Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at March 31, 2020 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	42,523	$	6,815	$	3,159	$	46,179

The cost and estimated fair values of our equity securities at December 31, 2019 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	43,419	$	12,180	$	121	$	55,478

Summary of Gross Investment Gains and Losses before Applicable Income Taxes

Gross investment gains and losses before applicable income taxes for the three months ended March 31, 2020 and 2019 were as follows:

	Three Months Ended March 31,
	2020			2019
	(in thousands)
Gross investment gains:
Fixed maturities	$	423		$	358
Equity securities		431			5,986
Investment in affiliate		—			12,662
		854			19,006
Gross investment losses:
Fixed maturities		1			318
Equity securities		11,548			591
		11,549			909
Net investment (losses) gains	$	(10,695	)	$	18,097

Summary of Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at March 31, 2020 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
Obligations of states and political subdivisions	$	11,918	$	224	$	—	$	—
Corporate securities		111,062		4,957		11,196		1,287
Mortgage-backed securities		5,681		59		4,287		61
Totals	$	128,661	$	5,240	$	15,483	$	1,348

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2019 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	7,461	$	46	$	5,395	$	42
Obligations of states and political subdivisions		23,339		293		2,327		2
Corporate securities		19,363		263		18,803		250
Mortgage-backed securities		28,507		56		74,089		698
Totals	$	78,670	$	658	$	100,614	$	992