Investments (Tables)

9 Months Ended

Sep. 30, 2021

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, 2021 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	$	93,686	$	2,455	$	829	$	95,312
Obligations of states and political subdivisions		355,461		17,087		1,449		371,099
Corporate securities		194,188		13,496		644		207,040
Mortgage-backed securities		17,745		911		—		18,656
Totals	$	661,080	$	33,949	$	2,922	$	692,107

	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	$	27,500	$	206	$	277	$	27,429
Obligations of states and political subdivisions		57,221		2,048		67		59,202
Corporate securities		203,519		8,588		365		211,742
Mortgage-backed securities		218,273		4,590		745		222,118
Totals	$	506,513	$	15,432	$	1,454	$	520,491

The amortized cost and estimated fair values of our fixed maturities at December 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	$	77,435	$	3,984	$	223	$	81,196
Obligations of states and political subdivisions		312,319		23,212		143		335,388
Corporate securities		173,270		18,172		206		191,236
Mortgage-backed securities		23,585		1,236		—		24,821
Totals	$	586,609	$	46,604	$	572	$	632,641

	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	$	47,512	$	424	$	121	$	47,815
Obligations of states and political subdivisions		66,287		2,690		12		68,965
Corporate securities		202,396		10,496		184		212,708
Mortgage-backed securities		218,763		6,902		17		225,648
Totals	$	534,958	$	20,512	$	334	$	555,136

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

	Amortized Cost		Estimated Fair Value
	(in thousands)
Held to maturity
Due in one year or less	$	36,112	$	36,838
Due after one year through five years		82,968		87,988
Due after five years through ten years		232,949		244,151
Due after ten years		291,306		304,474
Mortgage-backed securities		17,745		18,656
Total held to maturity	$	661,080	$	692,107
Available for sale
Due in one year or less	$	22,414	$	22,809
Due after one year through five years		120,648		126,744
Due after five years through ten years		113,678		116,556
Due after ten years		31,500		32,264
Mortgage-backed securities		218,273		222,118
Total available for sale	$	506,513	$	520,491

Summary of Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at September 30, 2021 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	50,864	$	20,576	$	257	$	71,183

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

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	42,410	$	17,103	$	957	$	58,556

Summary of Gross Investment Gains and Losses before Applicable Income Taxes

Gross investment gains and losses before applicable income taxes for the three months and nine months ended September 30, 2021 and 2020 were as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2021			2020		2021		2020
	(in thousands)					(in thousands)
Gross investment gains:
Fixed maturities	$	86		$	159	$	610	$	811
Equity securities		—			3,131		5,287		5,617
		86			3,290		5,897		6,428
Gross investment losses:
Fixed maturities		82			22		156		240
Equity securities		1,574			—		601		7,128
		1,656			22		757		7,368
Net investment (losses) gains	$	(1,570	)	$	3,268	$	5,140	$	(940	)

Summary of Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at September 30, 2021 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	$	36,355	$	566	$	17,458	$	540
Obligations of states and political subdivisions		77,320		1,327		6,532		189
Corporate securities		56,319		726		3,217		283
Mortgage-backed securities		75,372		742		133		3
Totals	$	245,366	$	3,361	$	27,340	$	1,015

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 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	$	29,144	$	345	$	—	$	—
Obligations of states and political subdivisions		9,362		154		—		—
Corporate securities		26,143		115		8,230		276
Mortgage-backed securities		3,091		15		236		1
Totals	$	67,740	$	629	$	8,466	$	277