Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At March 31, 2020, assets measured at fair value on a recurring basis are summarized below:

	March 31, 2020
	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	$	—	$	237,914	$	—	$	237,914
Corporate bonds		—		113,813		—		113,813
U.S. agency-based mortgage-backed securities		—		34,213		—		34,213
U.S. Treasury securities		33,096		—		—		33,096
Total securities available-for-sale—fixed maturity		33,096		385,940		—		419,036
Equity securities:
Domestic common stock		27,910		—		—		27,910
Total	$	61,006	$	385,940	$	—	$	446,946

At December 31, 2019, assets measured at fair value on a recurring basis are summarized below:

	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 a 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

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

At March 31, 2020, assets measured at amortized cost net of allowance for credit losses are summarized below:

	March 31, 2020
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	505,020	$	—	$	505,020
Corporate bonds		—		101,164		—		101,164
U.S. agency-based mortgage-backed securities		—		11,072		—		11,072
U.S. Treasury securities		9,061		—		—		9,061
Obligations of U.S. government agencies		—		5,173		—		5,173
Asset-backed securities		—		198		—		198
Total held-to-maturity	$	9,061	$	622,627	$	—	$	631,688

At December 31, 2019, assets measured at amortized cost are summarized below:

	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

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, 2020				As of  December 31, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	608,315	$	631,688	$	599,421	$	621,343
Fixed maturity securities—available-for-sale		419,036		419,036		441,146		441,146
Equity securities		27,910		27,910		27,903		27,903
Short-term investments		44,121		44,121		56,548		56,548
Cash and cash equivalents		79,523		79,523		43,813		43,813