Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At March 31, 2025, assets measured at fair value on a recurring basis are summarized below:

	March 31, 2025
	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	$	—	$	155,666	$	—	$	155,666
Corporate bonds		—		140,910		—		140,910
U.S. agency-based mortgage-backed securities		—		4,003		—		4,003
U.S. Treasury securities		14,147		—		—		14,147
Total securities available-for-sale—fixed maturity		14,147		300,579		—		314,726
Equity securities:
Domestic common stock - Exchange Traded Funds		55,476		—		—		55,476
Total	$	69,623	$	300,579	$	—	$	370,202

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

	December 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	$	—	$	148,206	$	—	$	148,206
Corporate bonds		—		141,535		—		141,535
U.S. agency-based mortgage-backed securities		—		4,059		—		4,059
U.S. Treasury securities		13,950		—		—		13,950
Total securities available-for-sale—fixed maturity	$	13,950	$	293,800	$	—	$	307,750
Equity securities:
Domestic common stock - Exchange Traded Funds		58,629		—		—		58,629
Total	$	72,579	$	293,800	$	—	$	366,379

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

At March 31, 2025, assets measured at amortized cost net of allowance for credit losses are summarized below:

	March 31, 2025
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	347,914	$	—	$	347,914
Corporate bonds		—		27,161		—		27,161
U.S. agency-based mortgage-backed securities		—		2,595		—		2,595
U.S. Treasury securities		8,302		—		—		8,302
Asset-backed securities		—		9		—		9
Total held-to-maturity	$	8,302	$	377,679	$	—	$	385,981

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

	December 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	$	—	$	356,268	$	—	$	356,268
Corporate bonds		—		32,670		—		32,670
U.S. agency-based mortgage-backed securities		—		2,643		—		2,643
U.S. Treasury securities		8,127		—		—		8,127
Asset-backed securities		—		13		—		13
Total held-to-maturity	$	8,127	$	391,594	$	—	$	399,721

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, 2025				As of December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	399,241	$	385,981	$	413,061	$	399,721
Fixed maturity securities—available-for-sale		314,726		314,726		307,750		307,750
Equity securities		55,476		55,476		58,629		58,629
Short-term investments		11,569		11,569		9,338		9,338
Cash and cash equivalents		44,753		44,753		44,045		44,045