Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021				2020
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	549,231	$	575,850	$	585,130	$	621,654
Fixed maturity securities—available-for-sale		341,769		341,769		414,279		414,279
Equity securities		64,140		64,140		43,437		43,437
Short-term investments		57,431		57,431		45,898		45,898
Cash and cash equivalents		70,722		70,722		61,757		61,757

Schedule of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis as of December 31, 2021 and 2020 are as follows:

	December 31, 2021
	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	$	—	$	216,306	$	—	$	216,306
Corporate bonds		—		96,426		—		96,426
U.S. agency-based mortgage-backed securities		—		8,089		—		8,089
U.S. Treasury securities		20,948		—		—		20,948
Total securities available-for-sale—fixed maturity		20,948		320,821		—		341,769
Equity securities:
Domestic common stock		64,140		—		—		64,140
Total	$	85,088	$	320,821	$	—	$	405,909

	December 31, 2020
	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	$	—	$	276,542	$	—	$	276,542
Corporate bonds		—		88,899		—		88,899
U.S. agency-based mortgage-backed securities		—		19,052		—		19,052
U.S. Treasury securities		29,786		—		—		29,786
Total securities available-for-sale—fixed maturity		29,786		384,493		—		414,279
Equity securities:
Domestic common stock		43,437		—		—		43,437
Total	$	73,223	$	384,493	$	—	$	457,716

Schedule of Assets Measured at Amortized Cost

Assets measured at amortized cost net of allowance for credit losses as of December 31, 2021 and 2020 are as follows:

	December 31, 2021
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	496,552	$	—	$	496,552
Corporate bonds		—		57,843		—		57,843
U.S. agency-based mortgage-backed securities		—		5,000		—		5,000
U.S. Treasury securities		16,347		—		—		16,347
Asset-backed securities		—		108		—		108
Total held-to-maturity	$	16,347	$	559,503	$	—	$	575,850

	December 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	$	—	$	526,821	$	—	$	526,821
Corporate bonds		—		72,900		—		72,900
U.S. agency-based mortgage-backed securities		—		7,906		—		7,906
U.S. Treasury securities		13,865		—		—		13,865
Obligations of U.S. government agencies		—		—		—		—
Asset-backed securities		—		162		—		162
Total held-to-maturity	$	13,865	$	607,789	$	—	$	621,654