Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Carrying or Reported Values and Corresponding Fair Values for Financial Instruments

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

	December 31,
	2019				2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held to maturity	$	599,421	$	621,343	$	613,878	$	616,772
Fixed maturity securities—available-for-sale		441,146		441,146		478,730		478,730
Equity securities		27,903		27,903		18,651		18,651
Short-term investments		56,548		56,548		14,231		14,231
Cash and cash equivalents		43,813		43,813		40,344		40,344

Schedule of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis as of December 31, 2019 and 2018 are as follows:

	December 31, 2019
	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	$	—	$	237,775	$	—	$	237,775
Corporate bonds		—		133,778		—		133,778
U.S. agency-based mortgage-backed securities		—		29,467		—		29,467
U.S. Treasury securities		40,126		—		—		40,126
Total securities available-for-sale—fixed maturity		40,126		401,020		—		441,146
Equity securities:
Domestic common stock		27,903		—		—		27,903
Total	$	68,029	$	401,020	$	—	$	469,049

	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		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

Assets measured at amortized cost as of December 31, 2019 and 2018 are as follows:

	December 31, 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	$	—	$	485,647	$	—	$	485,647
Corporate bonds		—		110,925		—		110,925
U.S. agency-based mortgage-backed securities		—		11,511		—		11,511
U.S. Treasury securities		7,873		—		—		7,873
Obligations of U.S. government agencies		—		5,168		—		5,168
Asset-backed securities		—		219		—		219
Total held-to-maturity	$	7,873	$	613,470	$	—	$	621,343

	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 Information Regarding Changes in Fair Value of Assets Measured at Fair Value

The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input.

	Year Ended December 31,
	2019		2018
	(in thousands)
Balance, beginning of period	$	—	$	34
Transfer into Level 3		—		—
Unrealized loss on equity security		—		(32	)
Sale of equity security		—		(2	)
Balance, end of period	$	—	$	—