Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

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

	September 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	$	—	$	166,161	$	—	$	166,161
Corporate bonds		—		140,048		—		140,048
U.S. agency-based mortgage-backed securities		—		5,579		—		5,579
U.S. Treasury securities		14,103		—		—		14,103
Total securities available-for-sale—fixed maturity		14,103		311,788		—		325,891
Equity securities:
Domestic common stock		57,375		—		—		57,375
Total	$	71,478	$	311,788	$	—	$	383,266

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

	September 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	$	—	$	405,063	$	—	$	405,063
Corporate bonds		—		57,942		—		57,942
U.S. agency-based mortgage-backed securities		—		3,659		—		3,659
U.S. Treasury securities		13,170		—		—		13,170
Asset-backed securities		—		77		—		77
Total held-to-maturity	$	13,170	$	466,741	$	—	$	479,911

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

	September 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	$	—	$	166,161	$	—	$	166,161
Corporate bonds		—		140,048		—		140,048
U.S. agency-based mortgage-backed securities		—		5,579		—		5,579
U.S. Treasury securities		14,103		—		—		14,103
Total securities available-for-sale—fixed maturity		14,103		311,788		—		325,891
Equity securities:
Domestic common stock		57,375		—		—		57,375
Total	$	71,478	$	311,788	$	—	$	383,266

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

	September 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	$	—	$	405,063	$	—	$	405,063
Corporate bonds		—		57,942		—		57,942
U.S. agency-based mortgage-backed securities		—		3,659		—		3,659
U.S. Treasury securities		13,170		—		—		13,170
Asset-backed securities		—		77		—		77
Total held-to-maturity	$	13,170	$	466,741	$	—	$	479,911

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 September 30, 2022				As of December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	514,610	$	479,911	$	549,231	$	575,850
Fixed maturity securities—available-for-sale		325,891		325,891		341,769		341,769
Equity securities		57,375		57,375		64,140		64,140
Short-term investments		36,927		36,927		57,431		57,431
Cash and cash equivalents		90,952		90,952		70,722		70,722