Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At March 31, 2024, assets measured at fair value on a recurring basis are summarized below:

	March 31, 2024
	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	$	—	$	115,792	$	—	$	115,792
Corporate bonds		—		156,751		—		156,751
U.S. agency-based mortgage-backed securities		—		4,530		—		4,530
U.S. Treasury securities		13,600		—		—		13,600
Total securities available-for-sale—fixed maturity		13,600		277,073		—		290,673
Equity securities:
Domestic common stock		61,923		—		—		61,923
Total	$	75,523	$	277,073	$	—	$	352,596

At December 31, 2023, assets measured at fair value on a recurring basis are summarized below:

	December 31, 2023
	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	$	—	$	131,895	$	—	$	131,895
Corporate bonds		—		166,753		—		166,753
U.S. agency-based mortgage-backed securities		—		4,745		—		4,745
U.S. Treasury securities		13,671		—		—		13,671
Total securities available-for-sale—fixed maturity	$	13,671	$	303,393	$	—	$	317,064
Equity securities:
Domestic common stock		57,147		—		—		57,147
Total	$	70,818	$	303,393	$	—	$	374,211

Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses

At March 31, 2024, assets measured at amortized cost net of allowance for credit losses are summarized below:

	March 31, 2024
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	401,796	$	—	$	401,796
Corporate bonds		—		45,960		—		45,960
U.S. agency-based mortgage-backed securities		—		3,052		—		3,052
U.S. Treasury securities		10,844		—		—		10,844
Asset-backed securities		—		29		—		29
Total held-to-maturity	$	10,844	$	450,837	$	—	$	461,681

At December 31, 2023, assets measured at amortized cost net of allowance for credit losses are summarized below:

	December 31, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	408,970	$	—	$	408,970
Corporate bonds		—		49,948		—		49,948
U.S. agency-based mortgage-backed securities		—		3,199		—		3,199
U.S. Treasury securities		10,939		—		—		10,939
Asset-backed securities		—		36		—		36
Total held-to-maturity	$	10,939	$	462,153	$	—	$	473,092

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 March 31, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	475,322	$	461,681	$	483,575	$	473,092
Fixed maturity securities—available-for-sale		290,673		290,673		317,064		317,064
Equity securities		61,923		61,923		57,147		57,147
Short-term investments		38,641		38,641		—		—
Cash and cash equivalents		33,375		33,375		38,682		38,682