Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At June 30, 2019, assets measured at fair value on a recurring basis are summarized below:

	June 30, 2019
	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	$	—	$	230,222	$	—	$	230,222
Corporate bonds		—		154,619		—		154,619
U.S. agency-based mortgage-backed securities		—		11,852		—		11,852
U.S. Treasury securities		61,200		—		—		61,200
Total securities available-for-sale—fixed maturity		61,200		396,693		—		457,893
Equity securities:
Domestic common stock		24,070		—		—		24,070
Total	$	85,270	$	396,693	$	—	$	481,963

At December 31, 2018, assets measured at fair value on a recurring basis are summarized below:

	December 31, 2018
	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—fixed maturity:
States and political subdivisions	$	—	$	233,245	$	—	$	233,245
Corporate bonds		—		173,214		—		173,214
U.S. agency-based mortgage-backed securities		—		12,515		—		12,515
U.S. Treasury securities and obligations    of U.S. government agencies		59,756		—		—		59,756
Total securities available-for-sale—fixed maturity	$	59,756	$	418,974	$	—	$	478,730
Equity securities:
Domestic common stock		18,651		—		—		18,651
Total	$	78,407	$	418,974	$	—	$	497,381

Schedule of Assets Measured at Amortized Cost

At June 30, 2019, assets measured at amortized cost are summarized below:

	June 30, 2019
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	455,033	$	—	$	455,033
Corporate bonds		—		110,164		—		110,164
U.S. agency-based mortgage-backed securities		—		12,976		—		12,976
U.S. Treasury securities		7,882		—		—		7,882
Obligations of U.S. government agencies		—		42,196		—		42,196
Asset-backed securities		—		956		—		956
Total held-to-maturity	$	7,882	$	621,325	$	—	$	629,207

At December 31, 2018, assets measured at amortized cost are summarized below:

	December 31, 2018
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	448,947	$	—	$	448,947
Corporate bonds		—		91,369		—		91,369
U.S. agency-based mortgage-backed securities		—		8,349		—		8,349
U.S. Treasury securities		7,111		—		—		7,111
Obligations of U.S. government agencies		—		59,932		—		59,932
Asset-backed securities		—		1,064		—		1,064
Total held-to-maturity	$	7,111	$	609,661	$	—	$	616,772

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  June 30, 2019				As of  December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	610,950	$	629,207	$	613,878	$	616,772
Fixed maturity securities—available-for-sale		457,893		457,893		478,730		478,730
Equity securities		24,070		24,070		18,651		18,651
Short-term investments		70,146		70,146		14,231		14,231
Cash and cash equivalents		51,246		51,246		40,344		40,344