Investments (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	72,912	$	4,427	$	52	$	77,287
Obligations of states and political subdivisions		282,207		20,786		323		302,670
Corporate securities		172,069		15,967		1,064		186,972
Mortgage-backed securities		25,794		1,348		—		27,142
Totals	$	552,982	$	42,528	$	1,439	$	594,071

	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	$	47,832	$	501	$	26	$	48,307
Obligations of states and political subdivisions		66,578		2,263		64		68,777
Corporate securities		210,684		9,555		394		219,845
Mortgage-backed securities		233,403		7,719		11		241,111
Totals	$	558,497	$	20,038	$	495	$	578,040

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	$	23,089	$	23,396
Due after one year through five years		86,376		92,539
Due after five years through ten years		197,347		213,410
Due after ten years		220,376		237,584
Mortgage-backed securities		25,794		27,142
Total held to maturity	$	552,982	$	594,071
Available for sale
Due in one year or less	$	70,596	$	70,923
Due after one year through five years		103,950		109,598
Due after five years through ten years		123,256		128,472
Due after ten years		27,292		27,936
Mortgage-backed securities		233,403		241,111
Total available for sale	$	558,497	$	578,040

Summary of Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at September 30, 2020 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	42,410	$	13,875	$	1,340	$	54,945

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 and nine months ended September 30, 2020 and 2019 were as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020		2019			2020			2019
	(in thousands)					(in thousands)
Gross investment gains:
Fixed maturities	$	159	$	107		$	811		$	479
Equity securities		3,131		721			5,617			8,293
Investment in affiliate		—		—			—			12,662
		3,290		828			6,428			21,434
Gross investment losses:
Fixed maturities		22		4			240			324
Equity securities		—		1,193			7,128			1,816
		22		1,197			7,368			2,140
Net investment gains (losses)	$	3,268	$	(369	)	$	(940	)	$	19,294

Summary of Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at September 30, 2020 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	$	19,920	$	78	$	—	$	—
Obligations of states and political subdivisions		40,735		387		—		—
Corporate securities		51,899		695		5,744		763
Mortgage-backed securities		809		11		274		—
Totals	$	113,363	$	1,171	$	6,018	$	763

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