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Investments (Tables) | 9 Months Ended
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Sep. 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 September 30, 2018 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
States and political subdivisions |  | $ | 430,408 |  |  | $ | 3,053 |  |  | $ | (4,773 | ) |  | $ | 428,688 |
Corporate bonds |  |  | 95,731 |  |  |  | 9 |  |  |  | (879 | ) |  |  | 94,861 |
U.S. agency-based mortgage-backed securities |  |  | 8,535 |  |  |  | 359 |  |  |  | (87 | ) |  |  | 8,807 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 67,052 |  |  |  | 325 |  |  |  | (966 | ) |  |  | 66,411 |
Asset-backed securities |  |  | 1,104 |  |  |  | 24 |  |  |  | (10 | ) |  |  | 1,118 |
Totals |  | $ | 602,830 |  |  | $ | 3,770 |  |  | $ | (6,715 | ) |  | $ | 599,885 |
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 September 30, 2018 are summarized as follows:
|  | Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
|  | (in thousands) |
States and political subdivisions |  | $ | 229,007 |  |  | $ | 2,334 |  |  | $ | (3,854 | ) |  | $ | 227,487 |
Corporate bonds |  |  | 163,834 |  |  |  | 43 |  |  |  | (929 | ) |  |  | 162,948 |
U.S. agency-based mortgage-backed securities |  |  | 13,256 |  |  |  | — |  |  |  | (476 | ) |  |  | 12,780 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 67,218 |  |  |  | — |  |  |  | (2,414 | ) |  |  | 64,804 |
Totals |  | $ | 473,315 |  |  | $ | 2,377 |  |  | $ | (7,673 | ) |  | $ | 468,019 |
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) |
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) |
September 30, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 237,284 |  |  | $ | 3,737 |  |  | $ | 35,373 |  |  | $ | 1,036 |  |  | $ | 272,657 |  |  | $ | 4,773 |
Corporate bonds |  |  | 67,454 |  |  |  | 584 |  |  |  | 21,100 |  |  |  | 295 |  |  |  | 88,554 |  |  |  | 879 |
U.S. agency-based mortgage-backed securities |  |  | 1,962 |  |  |  | 65 |  |  |  | 482 |  |  |  | 22 |  |  |  | 2,444 |  |  |  | 87 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 31,676 |  |  |  | 443 |  |  |  | 29,054 |  |  |  | 523 |  |  |  | 60,730 |  |  |  | 966 |
Asset-backed securities |  |  | 510 |  |  |  | 8 |  |  |  | 38 |  |  |  | 2 |  |  |  | 548 |  |  |  | 10 |
Total held-to-maturity securities |  |  | 338,886 |  |  |  | 4,837 |  |  |  | 86,047 |  |  |  | 1,878 |  |  |  | 424,933 |  |  |  | 6,715 |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States and political subdivisions |  | $ | 97,971 |  |  | $ | 2,118 |  |  | $ | 21,048 |  |  | $ | 1,736 |  |  | $ | 119,019 |  |  | $ | 3,854 |
Corporate bonds |  |  | 133,712 |  |  |  | 772 |  |  |  | 9,615 |  |  |  | 157 |  |  |  | 143,327 |  |  |  | 929 |
U.S. agency-based mortgage-backed securities |  |  | 8,356 |  |  |  | 288 |  |  |  | 4,424 |  |  |  | 188 |  |  |  | 12,780 |  |  |  | 476 |
U.S. Treasury securities and obligations of U.S. government agencies |  |  | 8,376 |  |  |  | 296 |  |  |  | 56,428 |  |  |  | 2,118 |  |  |  | 64,804 |  |  |  | 2,414 |
Total available-for-sale securities |  |  | 248,415 |  |  |  | 3,474 |  |  |  | 91,515 |  |  |  | 4,199 |  |  |  | 339,930 |  |  |  | 7,673 |
Total |  | $ | 587,301 |  |  | $ | 8,311 |  |  | $ | 177,562 |  |  | $ | 6,077 |  |  | $ | 764,863 |  |  | $ | 14,388 |
|  | 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 September 30, 2018, by contractual maturity, is as follows:
|  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 80,180 |  |  | $ | 80,293 |
After one year through five years |  |  | 260,292 |  |  |  | 259,523 |
After five years through ten years |  |  | 85,673 |  |  |  | 84,902 |
After ten years |  |  | 167,046 |  |  |  | 165,242 |
U.S. agency-based mortgage-backed securities |  |  | 8,535 |  |  |  | 8,807 |
Asset-backed securities |  |  | 1,104 |  |  |  | 1,118 |
Totals |  | $ | 602,830 |  |  | $ | 599,885 |
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 September 30, 2018, by contractual maturity, is as follows:
|  | Amortized Cost |  |  | Fair Value |
|  | (in thousands) |
Maturity: |  |  |  |  |  |  |  |
Within one year |  | $ | 73,298 |  |  | $ | 73,137 |
After one year through five years |  |  | 165,853 |  |  |  | 163,342 |
After five years through ten years |  |  | 44,355 |  |  |  | 43,378 |
After ten years |  |  | 176,553 |  |  |  | 175,382 |
U.S. agency-based mortgage-backed securities |  |  | 13,256 |  |  |  | 12,780 |
Totals |  | $ | 473,315 |  |  | $ | 468,019 |

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