Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At June 30, 2024, assets measured at fair value on a recurring basis are summarized below:

	June 30, 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	$	—	$	117,889	$	—	$	117,889
Corporate bonds		—		151,700		—		151,700
U.S. agency-based mortgage-backed securities		—		4,346		—		4,346
U.S. Treasury securities		13,654		—		—		13,654
Total securities available-for-sale—fixed maturity		13,654		273,935		—		287,589
Equity securities:
Domestic common stock		53,839		—		—		53,839
Total	$	67,493	$	273,935	$	—	$	341,428

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 June 30, 2024, assets measured at amortized cost net of allowance for credit losses are summarized below:

	June 30, 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	$	—	$	389,163	$	—	$	389,163
Corporate bonds		—		45,684		—		45,684
U.S. agency-based mortgage-backed securities		—		2,892		—		2,892
U.S. Treasury securities		10,846		—		—		10,846
Asset-backed securities		—		23		—		23
Total held-to-maturity	$	10,846	$	437,762	$	—	$	448,608

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 June 30, 2024				As of December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	464,834	$	448,608	$	483,575	$	473,092
Fixed maturity securities—available-for-sale		287,589		287,589		317,064		317,064
Equity securities		53,839		53,839		57,147		57,147
Short-term investments		47,335		47,335		—		—
Cash and cash equivalents		30,611		30,611		38,682		38,682