Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At March 31, 2017, assets and liabilities measured at fair value on a recurring basis are summarized below:

	March 31, 2017
	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—equity:
Domestic common stock	$	2,044	$	—	$	—	$	2,044
Securities available for sale—fixed maturity:
States and political subdivisions		—		237,717		—		237,717
Corporate bonds		—		161,031		—		161,031
U.S. agency-based mortgage-backed securities		—		9,183		—		9,183
U.S. Treasury securities		60,759		—		—		60,759
Total securities available for sale—fixed maturity		60,759		407,931		—		468,690
Total available for sale	$	62,803	$	407,931	$	—	$	470,734

At December 31, 2016, assets and liabilities measured at fair value on a recurring basis are summarized below:

	December 31, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as part of:
Securities available for sale—equity:
Domestic common stock	$	33	$	—	$	—	$	33
Securities available for sale—fixed maturity:
States and political subdivisions		—		232,293		—		232,293
Corporate bonds		—		182,515		—		182,515
U.S. agency-based mortgage-backed securities		—		9,342		—		9,342
U.S. Treasury securities and obligations      of U.S. government agencies		54,947		—		—		54,947
Total available for sale—fixed maturity	$	54,947	$	424,150	$	—	$	479,097
Total available for sale	$	54,980	$	424,150	$	—	$	479,130

Schedule of Assets and Liabilities Measured at Amortized Cost

At March 31, 2017, assets and liabilities measured at amortized cost are summarized below:

	March 31, 2017
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	435,792	$	—	$	435,792
Corporate bonds		—		140,737		—		140,737
U.S. agency-based mortgage-backed securities		—		10,024		—		10,024
U.S. Treasury securities		6,780		—		—		6,780
Obligations of U.S. government agencies		—		8,016		—		8,016
Asset-backed securities		—		1,946		—		1,946
Total held-to-maturity	$	6,780	$	596,515	$	—	$	603,295

At December 31, 2016, assets and liabilities measured at amortized cost are summarized below:

	December 31, 2016
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	399,483	$	—	$	399,483
Corporate bonds		—		144,016		—		144,016
Commercial mortgage-backed securities		—		70		—		70
U.S. agency-based mortgage-backed securities		—		10,915		—		10,915
U.S. Treasury securities		6,779		—		—		6,779
Obligations of U.S. government agencies		—		5,637		—		5,637
Asset-backed securities		—		2,031		—		2,031
Total held-to-maturity	$	6,779	$	562,152	$	—	$	568,931

Summary of Carrying Values and Corresponding Fair Values for Financial Instruments

The following table summarizes the carrying values and corresponding fair values for financial instruments:

	As of  March 31, 2017				As of  December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	594,776	$	603,295	$	562,434	$	568,931
Fixed maturity securities—available-for-sale		468,690		468,690		479,097		479,097
Equity securities		2,044		2,044		33		33
Cash and cash equivalents		39,353		39,353		58,936		58,936
Short-term investments		32,804		32,804		29,580		29,580
Other investments		8,956		8,956		13,330		13,330