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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At September 30, 2024, assets measured at fair value on a recurring basis are summarized below:

		September 30, 2024
		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		$	—			$	143,607			$	—			$	143,607
Corporate bonds			—				153,079				—				153,079
U.S. agency-based mortgage-backed securities			—				4,361				—				4,361
U.S. Treasury securities			14,067				—				—				14,067
Total securities available-for-sale—fixed maturity			14,067				301,047				—				315,114
Equity securities:
Domestic common stock			57,712				—				—				57,712
Total		$	71,779			$	301,047			$	—			$	372,826

At December 31, 2023, assets measured at fair value on a recurring basis are summarized below:

		December 31, 2023
		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		$	—			$	131,895			$	—			$	131,895
Corporate bonds			—				166,753				—				166,753
U.S. agency-based mortgage-backed securities			—				4,745				—				4,745
U.S. Treasury securities			13,671				—				—				13,671
Total securities available-for-sale—fixed maturity		$	13,671			$	303,393			$	—			$	317,064
Equity securities:
Domestic common stock			57,147				—				—				57,147
Total		$	70,818			$	303,393			$	—			$	374,211

Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses

At September 30, 2024, assets measured at amortized cost net of allowance for credit losses are summarized below:

		September 30, 2024
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	382,851			$	—			$	382,851
Corporate bonds			—				36,271				—				36,271
U.S. agency-based mortgage-backed securities			—				2,829				—				2,829
U.S. Treasury securities			8,386				—				—				8,386
Asset-backed securities			—				16				—				16
Total held-to-maturity		$	8,386			$	421,967			$	—			$	430,353

At December 31, 2023, assets measured at amortized cost net of allowance for credit losses are summarized below:

		December 31, 2023
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	408,970			$	—			$	408,970
Corporate bonds			—				49,948				—				49,948
U.S. agency-based mortgage-backed securities			—				3,199				—				3,199
U.S. Treasury securities			10,939				—				—				10,939
Asset-backed securities			—				36				—				36
Total held-to-maturity		$	10,939			$	462,153			$	—			$	473,092

Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments

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

		As of September 30, 2024								As of December 31, 2023
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Assets:
Fixed maturity securities—held-to-maturity		$	436,369			$	430,353			$	483,575			$	473,092
Fixed maturity securities—available-for-sale			315,114				315,114				317,064				317,064
Equity securities			57,712				57,712				57,147				57,147
Short-term investments			26,337				26,337				—				—
Cash and cash equivalents			63,663				63,663				38,682				38,682

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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
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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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/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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