Investments (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	438,055	$	19,978	$	(3	)	$	458,030
Corporate bonds		115,982		1,587		(108	)		117,461
U.S. agency-based mortgage-backed securities		11,910		607		(1	)		12,516
U.S. Treasury securities and obligations of U.S. government agencies		37,513		406		(21	)		37,898
Asset-backed securities		701		1		(4	)		698
Totals	$	604,161	$	22,579	$	(137	)	$	626,603

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, 2018 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	445,922	$	5,109	$	(2,084	)	$	448,947
Corporate bonds		91,762		62		(455	)		91,369
U.S. agency-based mortgage-backed securities		8,102		327		(80	)		8,349
U.S. Treasury securities and obligations of U.S. government agencies		67,042		340		(339	)		67,043
Asset-backed securities		1,050		22		(8	)		1,064
Totals	$	613,878	$	5,860	$	(2,966	)	$	616,772

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 amortized cost and fair value of, those investments classified as available-for-sale at September 30, 2019 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	217,944	$	12,249	$	(2	)	$	230,191
Corporate bonds		142,011		3,417		(7	)		145,421
U.S. agency-based mortgage-backed securities		24,458		20		(55	)		24,423
U.S. Treasury securities and obligations of U.S. government agencies		39,857		406		(81	)		40,182
Totals	$	424,270	$	16,092	$	(145	)	$	440,217

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2018 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	231,848	$	3,515	$	(2,118	)	$	233,245
Corporate bonds		173,904		243		(933	)		173,214
U.S. agency-based mortgage-backed securities		12,835		—		(320	)		12,515
U.S. Treasury securities and obligations of U.S. government agencies		61,185		—		(1,429	)		59,756
Totals	$	479,772	$	3,758	$	(4,800	)	$	478,730

Gross Unrealized Gains and Losses and Cost of Equity

The gross unrealized gains and losses on, and the cost of equity securities at September 30, 2019 are summarized as follows:

	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Equity securities:
Domestic common stock	$	24,082	$	1,854	$	—	$	25,936
Total equity securities	$	24,082	$	1,854	$	—	$	25,936

The gross unrealized gains and losses on, and the cost of equity securities at December 31, 2018 are summarized as follows:

	Cost		Gross Gains		Gross Losses			Fair Value
	(in thousands)
Equity securities:
Domestic common stock	$	19,962	$	30	$	(1,341	)	$	18,651
Total equity securities	$	19,962	$	30	$	(1,341	)	$	18,651

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, 2019
Held-to-Maturity
Fixed maturity securities:
States and political subdivisions	$	4,277	$	3	$	—	$	—	$	4,277	$	3
Corporate bonds		13,241		67		8,208		41		21,449		108
U.S. agency-based mortgage-backed securities		404		1		—		—		404		1
U.S. Treasury securities and obligations of U.S. government agencies		—		—		3,236		21		3,236		21
Asset-backed securities		363		1		169		3		532		4
Total held-to-maturity securities		18,285		72		11,613		65		29,898		137
Available-for-Sale
Fixed maturity securities:
States and political subdivisions	$	4,189	$	2	$	—	$	—	$	4,189	$	2
Corporate bonds		—		—		7,093		7		7,093		7
U.S. agency-based mortgage-backed securities		13,194		35		3,928		20		17,122		55
U.S. Treasury securities and obligations of U.S. government agencies		1,008		2		17,048		79		18,056		81
Total available-for-sale securities		18,391		39		28,069		106		46,460		145
Total	$	36,676	$	111	$	39,682	$	171	$	76,358	$	282

	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, 2018
Held-to-Maturity
Fixed maturity securities:
States and political subdivisions	$	28,369	$	59	$	180,550	$	2,025	$	208,919	$	2,084
Corporate bonds		17,448		36		48,315		419		65,763		455
U.S. agency-based mortgage-backed securities		—		—		2,287		80		2,287		80
U.S. Treasury securities and obligations of U.S. government agencies		2,865		4		46,486		335		49,351		339
Asset-backed securities		—		—		525		8		525		8
Total held-to-maturity securities		48,682		99		278,163		2,867		326,845		2,966
Available-for-Sale
Fixed maturity securities:
States and political subdivisions	$	16,109	$	81	$	76,255	$	2,037	$	92,364	$	2,118
Corporate bonds		59,099		279		70,306		654		129,405		933
U.S. agency-based mortgage-backed securities		—		—		12,515		320		12,515		320
U.S. Treasury securities and obligations of U.S. government agencies		—		—		59,756		1,429		59,756		1,429
Total available-for-sale securities		75,208		360		218,832		4,440		294,040		4,800
Total	$	123,890	$	459	$	496,995	$	7,307	$	620,885	$	7,766

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, 2019, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	60,720	$	61,141
After one year through five years		207,941		211,604
After five years through ten years		101,986		105,588
After ten years		220,903		235,056
U.S. agency-based mortgage-backed securities		11,910		12,516
Asset-backed securities		701		698
Totals	$	604,161	$	626,603

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, 2019, by contractual maturity, is as follows:

	Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	38,130	$	38,207
After one year through five years		137,900		140,142
After five years through ten years		45,985		48,358
After ten years		177,797		189,087
U.S. agency-based mortgage-backed securities		24,458		24,423
Totals	$	424,270	$	440,217