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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At September 30, 2019, assets measured at fair value on a recurring basis are summarized below:

		September 30, 2019
		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—fixed maturity:
States and political subdivisions		$	—			$	230,191			$	—			$	230,191
Corporate bonds			—				145,421				—				145,421
U.S. agency-based mortgage-backed securities			—				24,423				—				24,423
U.S. Treasury securities			40,182				—				—				40,182
Total securities available-for-sale—fixed maturity			40,182				400,035				—				440,217
Equity securities:
Domestic common stock			25,936				—				—				25,936
Total		$	66,118			$	400,035			$	—			$	466,153

At December 31, 2018, assets measured at fair value on a recurring basis are summarized below:

		December 31, 2018
		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		$	—			$	233,245			$	—			$	233,245
Corporate bonds			—				173,214				—				173,214
U.S. agency-based mortgage-backed securities			—				12,515				—				12,515
U.S. Treasury securities and obligations    of U.S. government agencies			59,756				—				—				59,756
Total securities available-for-sale—fixed maturity		$	59,756			$	418,974			$	—			$	478,730
Equity securities:
Domestic common stock			18,651				—				—				18,651
Total		$	78,407			$	418,974			$	—			$	497,381

Schedule of Assets Measured at Amortized Cost

At September 30, 2019, assets measured at amortized cost are summarized below:

		September 30, 2019
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	458,030			$	—			$	458,030
Corporate bonds			—				117,461				—				117,461
U.S. agency-based mortgage-backed securities			—				12,516				—				12,516
U.S. Treasury securities			7,891				—				—				7,891
Obligations of U.S. government agencies			—				30,007				—				30,007
Asset-backed securities			—				698				—				698
Total held-to-maturity		$	7,891			$	618,712			$	—			$	626,603

At December 31, 2018, assets measured at amortized cost are summarized below:

		December 31, 2018
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	448,947			$	—			$	448,947
Corporate bonds			—				91,369				—				91,369
U.S. agency-based mortgage-backed securities			—				8,349				—				8,349
U.S. Treasury securities			7,111				—				—				7,111
Obligations of U.S. government agencies			—				59,932				—				59,932
Asset-backed securities			—				1,064				—				1,064
Total held-to-maturity		$	7,111			$	609,661			$	—			$	616,772

Summary of Carrying Values and Corresponding Fair Values for Financial Instruments

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

		As of  September 30, 2019								As of  December 31, 2018
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Assets:
Fixed maturity securities—held-to-maturity		$	604,161			$	626,603			$	613,878			$	616,772
Fixed maturity securities—available-for-sale			440,217				440,217				478,730				478,730
Equity securities			25,936				25,936				18,651				18,651
Short-term investments			20,964				20,964				14,231				14,231
Cash and cash equivalents			125,870				125,870				40,344				40,344

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- Definition

Fair value schedule of assets carried at amortized cost.

+ References

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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