Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

At September 30, 2016, assets and liabilities measured at fair value on a recurring basis are summarized below:

	September 30, 2016
	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	$	32	$	—	$	—	$	32
Securities available for sale—fixed maturity:
States and political subdivisions		—		196,780		—		196,780
Corporate bonds		—		199,212		—		199,212
U.S. agency-based mortgage-backed securities		—		11,280		—		11,280
U.S. Treasury securities		63,348		—		—		63,348
Total securities available for sale—fixed maturity		63,348		407,272		—		470,620
Total available for sale	$	63,380	$	407,272	$	—	$	470,652

At December 31, 2015, assets and liabilities measured at fair value on a recurring basis are summarized below:

	December 31, 2015
	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	$	31	$	—	$	—	$	31
Securities available for sale—fixed maturity:
States and political subdivisions		—		171,419		—		171,419
Corporate bonds		—		201,304		—		201,304
U.S. agency-based mortgage-backed securities		—		7,299		—		7,299
Total available for sale—fixed maturity	$	—	$	380,022	$	—	$	380,022
Total available for sale	$	31	$	380,022	$	—	$	380,053

At September 30, 2016, assets and liabilities measured at amortized cost are summarized below:

	September 30, 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	$	—	$	433,734	$	—	$	433,734
Corporate bonds		—		159,659		—		159,659
Commercial mortgage-backed securities		—		290		—		290
U.S. agency-based mortgage-backed securities		—		12,136		—		12,136
U.S. Treasury securities		7,029		—		—		7,029
Obligations of U.S. government agencies		—		5,819		—		5,819
Asset-backed securities		—		2,114		—		2,114
Total held-to-maturity	$	7,029	$	613,752	$	—	$	620,781

At December 31, 2015, assets and liabilities measured at amortized cost are summarized below:

	December 31, 2015
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	423,754	$	—	$	423,754
Corporate bonds		—		170,573		—		170,573
Commercial mortgage-backed securities		—		37,683		—		37,683
U.S. agency-based mortgage-backed securities		—		14,471		—		14,471
U.S. Treasury securities		7,599		—		—		7,599
Obligations of U.S. government agencies		—		5,781		—		5,781
Asset-backed securities		—		2,415		—		2,415
Total held-to-maturity	$	7,599	$	654,677	$	—	$	662,276

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

	As of September 30, 2016				As of December 31, 2015
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	601,314	$	620,781	$	645,164	$	662,276
Fixed maturity securities—available-for-sale		470,620		470,620		380,022		380,022
Equity securities		32		32		31		31
Cash and cash equivalents		86,612		86,612		69,481		69,481
Short-term investments		11,494		11,494		7,718		7,718
Other investments		12,174		12,174		12,217		12,217