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Investments (Tables) | 6 Months Ended
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Jun. 30, 2018
Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-maturity | The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2018 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
States and political subdivisions |  | $ | 432,914 |  |  | $ | 4,714 |  |  | $ | (2,891 | ) |  | $ | 434,737 |
Corporate bonds |  |  | 98,702 |  |  |  | 38 |  |  |  | (724 | ) |  |  | 98,016 |
U.S. agency-based mortgage-backed securities |  |  | 9,038 |  |  |  | 420 |  |  |  | (71 | ) |  |  | 9,387 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 64,063 |  |  |  | 385 |  |  |  | (691 | ) |  |  | 63,757 |
Asset-backed securities |  |  | 1,160 |  |  |  | 25 |  |  |  | (10 | ) |  |  | 1,175 |
Totals |  | $ | 605,877 |  |  | $ | 5,582 |  |  | $ | (4,387 | ) |  | $ | 607,072 |
The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2017 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
States and political subdivisions |  | $ | 460,428 |  |  | $ | 9,628 |  |  | $ | (955 | ) |  | $ | 469,101 |
Corporate bonds |  |  | 100,024 |  |  |  | 190 |  |  |  | (167 | ) |  |  | 100,047 |
U.S. agency-based mortgage-backed securities |  |  | 10,260 |  |  |  | 625 |  |  |  | (40 | ) |  |  | 10,845 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 57,657 |  |  |  | 548 |  |  |  | (198 | ) |  |  | 58,007 |
Asset-backed securities |  |  | 1,299 |  |  |  | 25 |  |  |  | (15 | ) |  |  | 1,309 |
Totals |  | $ | 629,668 |  |  | $ | 11,016 |  |  | $ | (1,375 | ) |  | $ | 639,309 |
Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-sale | The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2018 are summarized as follows:
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Fixed maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 217,427 |  |  | $ | 3,368 |  |  | $ | (2,495 | ) |  | $ | 218,300 |
Corporate bonds |  |  | 144,950 |  |  |  | 60 |  |  |  | (1,051 | ) |  |  | 143,959 |
U.S. agency-based mortgage-backed securities |  |  | 13,730 |  |  |  | — |  |  |  | (368 | ) |  |  | 13,362 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 67,251 |  |  |  | — |  |  |  | (2,110 | ) |  |  | 65,141 |
Total fixed maturity |  |  | 443,358 |  |  |  | 3,428 |  |  |  | (6,024 | ) |  |  | 440,762 |
Equity securities |  |  | 13,590 |  |  |  | — |  |  |  | — |  |  |  | 13,590 |
Totals |  | $ | 456,948 |  |  | $ | 3,428 |  |  | $ | (6,024 | ) |  | $ | 454,352 |
The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2017 are summarized as follows:
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
Fixed maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 244,898 |  |  | $ | 6,819 |  |  | $ | (577 | ) |  | $ | 251,140 |
Corporate bonds |  |  | 130,210 |  |  |  | 224 |  |  |  | (212 | ) |  |  | 130,222 |
U.S. agency-based mortgage-backed securities |  |  | 18,813 |  |  |  | — |  |  |  | (799 | ) |  |  | 18,014 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 67,315 |  |  |  | 29 |  |  |  | (1,126 | ) |  |  | 66,218 |
Total fixed maturity |  |  | 461,236 |  |  |  | 7,072 |  |  |  | (2,714 | ) |  |  | 465,594 |
Equity securities |  |  | 8,503 |  |  |  | 779 |  |  |  | — |  |  |  | 9,282 |
Totals |  | $ | 469,739 |  |  | $ | 7,851 |  |  | $ | (2,714 | ) |  | $ | 474,876 |
Investment Securities Continuous Unrealized Loss Position | The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position:
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |
|  | (in thousands) |
June 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 204,459 |  |  | $ | 2,568 |  |  | $ | 12,424 |  |  | $ | 323 |  |  | $ | 216,883 |  |  | $ | 2,891 |
Corporate bonds |  |  | 86,816 |  |  |  | 703 |  |  |  | 2,237 |  |  |  | 21 |  |  |  | 89,053 |  |  |  | 724 |
U.S. agency-based mortgage-backed securities |  |  | 2,524 |  |  |  | 71 |  |  |  | — |  |  |  | — |  |  |  | 2,524 |  |  |  | 71 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 43,357 |  |  |  | 461 |  |  |  | 11,659 |  |  |  | 230 |  |  |  | 55,016 |  |  |  | 691 |
Asset-backed securities |  |  | 565 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 565 |  |  |  | 10 |
Total held-to-maturity securities |  |  | 337,721 |  |  |  | 3,813 |  |  |  | 26,320 |  |  |  | 574 |  |  |  | 364,041 |  |  |  | 4,387 |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 77,359 |  |  | $ | 1,356 |  |  | $ | 15,476 |  |  | $ | 1,139 |  |  | $ | 92,835 |  |  | $ | 2,495 |
Corporate bonds |  |  | 121,848 |  |  |  | 1,016 |  |  |  | 1,021 |  |  |  | 35 |  |  |  | 122,869 |  |  |  | 1,051 |
U.S. agency-based mortgage-backed securities |  |  | 11,557 |  |  |  | 312 |  |  |  | 1,805 |  |  |  | 56 |  |  |  | 13,362 |  |  |  | 368 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 18,071 |  |  |  | 630 |  |  |  | 47,070 |  |  |  | 1,480 |  |  |  | 65,141 |  |  |  | 2,110 |
Total available-for-sale securities |  |  | 228,835 |  |  |  | 3,314 |  |  |  | 65,372 |  |  |  | 2,710 |  |  |  | 294,207 |  |  |  | 6,024 |
Total |  | $ | 566,556 |  |  | $ | 7,127 |  |  | $ | 91,692 |  |  | $ | 3,284 |  |  | $ | 658,248 |  |  | $ | 10,411 |
|  | Less Than 12 Months |  |  | 12 Months or Greater |  |  | Total |
|  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |  |  | Fair Value of Investments with Unrealized Losses |  |  | Gross Unrealized Losses |
|  | (in thousands) |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 110,698 |  |  | $ | 654 |  |  | $ | 19,895 |  |  | $ | 301 |  |  | $ | 130,593 |  |  | $ | 955 |
Corporate bonds |  |  | 56,425 |  |  |  | 156 |  |  |  | 4,121 |  |  |  | 11 |  |  |  | 60,546 |  |  |  | 167 |
U.S. agency-based mortgage-backed securities |  |  | 2,798 |  |  |  | 40 |  |  |  | — |  |  |  | — |  |  |  | 2,798 |  |  |  | 40 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 48,153 |  |  |  | 122 |  |  |  | 3,948 |  |  |  | 76 |  |  |  | 52,101 |  |  |  | 198 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 967 |  |  |  | 15 |  |  |  | 967 |  |  |  | 15 |
Total held-to-maturity securities |  |  | 218,074 |  |  |  | 972 |  |  |  | 28,931 |  |  |  | 403 |  |  |  | 247,005 |  |  |  | 1,375 |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 23,365 |  |  | $ | 86 |  |  | $ | 19,153 |  |  | $ | 491 |  |  | $ | 42,518 |  |  | $ | 577 |
Corporate bonds |  |  | 82,795 |  |  |  | 171 |  |  |  | 5,888 |  |  |  | 41 |  |  |  | 88,683 |  |  |  | 212 |
U.S. agency-based mortgage-backed securities |  |  | 14,686 |  |  |  | 59 |  |  |  | 3,328 |  |  |  | 740 |  |  |  | 18,014 |  |  |  | 799 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 14,730 |  |  |  | 204 |  |  |  | 47,716 |  |  |  | 922 |  |  |  | 62,446 |  |  |  | 1,126 |
Total available-for-sale securities |  |  | 135,576 |  |  |  | 520 |  |  |  | 76,085 |  |  |  | 2,194 |  |  |  | 211,661 |  |  |  | 2,714 |
Total |  | $ | 353,650 |  |  | $ | 1,492 |  |  | $ | 105,016 |  |  | $ | 2,597 |  |  | $ | 458,666 |  |  | $ | 4,089 |
Held-to-Maturity Securities [Member] |
Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2018, by contractual maturity, is as follows:
|  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 91,818 |  |  | $ | 92,103 |
After one year through five years |  |  | 252,775 |  |  |  | 252,787 |
After five years through ten years |  |  | 90,966 |  |  |  | 91,281 |
After ten years |  |  | 160,120 |  |  |  | 160,339 |
U.S. agency-based mortgage-backed securities |  |  | 9,038 |  |  |  | 9,387 |
Asset-backed securities |  |  | 1,160 |  |  |  | 1,175 |
Totals |  | $ | 605,877 |  |  | $ | 607,072 |
Available-for-Sale Securities [Member] |
Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2018, by contractual maturity, is as follows:
|  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 69,793 |  |  | $ | 69,608 |
After one year through five years |  |  | 158,974 |  |  |  | 156,733 |
After five years through ten years |  |  | 32,366 |  |  |  | 31,784 |
After ten years |  |  | 168,495 |  |  |  | 169,275 |
U.S. agency-based mortgage-backed securities |  |  | 13,730 |  |  |  | 13,362 |
Totals |  | $ | 443,358 |  |  | $ | 440,762 |

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