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Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Gross Unrecognized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses, Carrying Amount and Fair Value of Investments Classified as Held-to-Maturity (Detail)

The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at December 31, 2024 are summarized as follows:

 

 

Amortized
Cost

 

 

Allowance for Credit Losses

 

 

Carrying
Amount

 

 

Gross
Unrecognized
Gains

 

 

Gross
Unrecognized
Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

States and political subdivisions

 

$

368,056

 

 

$

(30

)

 

$

368,026

 

 

$

1,810

 

 

$

(13,568

)

 

$

356,268

 

Corporate bonds

 

 

33,849

 

 

 

(86

)

 

 

33,763

 

 

 

6

 

 

 

(1,099

)

 

 

32,670

 

U.S. agency-based mortgage-backed
   securities

 

 

2,781

 

 

 

—

 

 

 

2,781

 

 

 

11

 

 

 

(149

)

 

 

2,643

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

8,478

 

 

 

—

 

 

 

8,478

 

 

 

11

 

 

 

(362

)

 

 

8,127

 

Asset-backed securities

 

 

13

 

 

 

—

 

 

 

13

 

 

 

—

 

 

 

—

 

 

 

13

 

Totals

 

$

413,177

 

 

$

(116

)

 

$

413,061

 

 

$

1,838

 

 

$

(15,178

)

 

$

399,721

 

The amortized cost, allowance for credit losses, carrying amount, gross unrealized gains and losses, and the fair value of those investments classified as held-to-maturity at December 31, 2023 are summarized as follows:

 

 

Amortized
Cost

 

 

Allowance for Credit Losses

 

 

Carrying
Amount

 

 

Gross
Unrecognized
Gains

 

 

Gross
Unrecognized
Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

States and political subdivisions

 

$

416,916

 

 

$

(38

)

 

$

416,878

 

 

$

4,166

 

 

$

(12,074

)

 

$

408,970

 

Corporate bonds

 

 

52,321

 

 

 

(142

)

 

 

52,179

 

 

 

—

 

 

 

(2,231

)

 

 

49,948

 

U.S. agency-based mortgage-backed
   securities

 

 

3,297

 

 

 

—

 

 

 

3,297

 

 

 

25

 

 

 

(123

)

 

 

3,199

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

11,186

 

 

 

—

 

 

 

11,186

 

 

 

26

 

 

 

(273

)

 

 

10,939

 

Asset-backed securities

 

 

37

 

 

 

(2

)

 

 

35

 

 

 

1

 

 

 

—

 

 

 

36

 

Totals

 

$

483,757

 

 

$

(182

)

 

$

483,575

 

 

$

4,218

 

 

$

(14,701

)

 

$

473,092

 

Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-sale

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2024 are summarized as follows:

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Allowance for Credit Losses

 

 

 

(in thousands)

 

States and political subdivisions

 

$

156,488

 

 

$

148

 

 

$

(8,430

)

 

$

148,206

 

 

$

—

 

Corporate bonds

 

 

143,070

 

 

 

1,248

 

 

 

(2,783

)

 

 

141,535

 

 

 

—

 

U.S. agency-based mortgage-backed securities

 

 

4,545

 

 

 

—

 

 

 

(486

)

 

 

4,059

 

 

 

—

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

14,872

 

 

 

—

 

 

 

(922

)

 

 

13,950

 

 

 

—

 

Totals

 

$

318,975

 

 

$

1,396

 

 

$

(12,621

)

 

$

307,750

 

 

$

—

 

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2023 are summarized as follows:

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

Allowance for Credit Losses

 

 

 

(in thousands)

 

States and political subdivisions

 

$

138,031

 

 

$

583

 

 

$

(6,719

)

 

$

131,895

 

 

$

—

 

Corporate bonds

 

 

168,134

 

 

 

2,105

 

 

 

(3,486

)

 

 

166,753

 

 

 

—

 

U.S. agency-based mortgage-backed securities

 

 

5,190

 

 

 

—

 

 

 

(445

)

 

 

4,745

 

 

 

—

 

U.S. Treasury securities and obligations
   of U.S. government agencies

 

 

14,816

 

 

 

—

 

 

 

(1,145

)

 

 

13,671

 

 

 

—

 

Totals

 

$

326,171

 

 

$

2,688

 

 

$

(11,795

)

 

$

317,064

 

 

$

—

 

Gross Unrealized Gains and Losses and Cost of Equity

The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2024 are summarized as follows:

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic common stock

 

$

36,020

 

 

$

22,609

 

 

$

—

 

 

$

58,629

 

Total equity securities

 

$

36,020

 

 

$

22,609

 

 

$

—

 

 

$

58,629

 

The cost, gross unrealized gains and losses on, and fair value of equity securities at December 31, 2023 are summarized as follows:

 

 

 

Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Fair
Value

 

 

 

(in thousands)

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

Domestic common stock

 

$

44,046

 

 

$

13,101

 

 

$

—

 

 

$

57,147

 

Total equity securities

 

$

44,046

 

 

$

13,101

 

 

$

—

 

 

$

57,147

 
A Summary of the Company's Realized Gains and Losses on Sales, Calls or Redemptions of Investments

A summary of the Company’s realized gains and losses on sales, calls or redemptions of investments for 2024, 2023 and 2022 is as follows:

 

 

Fixed Maturity
Securities
Available-for-Sale

 

 

Equity
Securities

 

 

Other

 

 

Total

 

 

 

(in thousands)

 

Year ended December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

26,327

 

 

$

7,933

 

 

$

—

 

 

$

34,260

 

Gross realized investment gains

 

$

10

 

 

$

1,044

 

 

$

—

 

 

$

1,054

 

Gross realized investment losses

 

 

(310

)

 

 

(1,136

)

 

 

—

 

 

 

(1,446

)

Net realized investment losses

 

 

(300

)

 

 

(92

)

 

 

—

 

 

 

(392

)

Other, including gains (losses) on calls and redemptions

 

 

129

 

 

 

—

 

 

 

(313

)

 

 

(184

)

Net realized losses on investments

 

$

(171

)

 

$

(92

)

 

$

(313

)

 

$

(576

)

Year ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

28,292

 

 

$

12,688

 

 

$

925

 

 

$

41,905

 

Gross realized investment gains

 

$

181

 

 

$

6,548

 

 

$

—

 

 

$

6,729

 

Gross realized investment losses

 

 

(173

)

 

 

—

 

 

 

—

 

 

 

(173

)

Net realized investment gains

 

 

8

 

 

 

6,548

 

 

 

—

 

 

 

6,556

 

Other, including gains on calls and redemptions

 

 

—

 

 

 

—

 

 

 

23

 

 

 

23

 

Net realized gains on investments

 

$

8

 

 

$

6,548

 

 

$

23

 

 

$

6,579

 

Year ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from sales

 

$

42,505

 

 

$

8,487

 

 

$

—

 

 

$

50,992

 

Gross realized investment gains

 

$

365

 

 

$

3,350

 

 

$

—

 

 

$

3,715

 

Gross realized investment losses

 

 

(51

)

 

 

—

 

 

 

—

 

 

 

(51

)

Net realized investment gains

 

 

314

 

 

 

3,350

 

 

 

—

 

 

 

3,664

 

Other, including losses on calls and redemptions

 

 

(200

)

 

 

—

 

 

 

(24

)

 

 

(224

)

Net realized gains (losses) on investments

 

$

114

 

 

$

3,350

 

 

$

(24

)

 

$

3,440

 
Major Categories of the Company's Net Investment Income

Major categories of the Company’s net investment income are summarized as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Gross investment income:

 

 

 

 

 

 

 

 

 

Fixed maturity securities

 

$

26,341

 

 

$

26,357

 

 

$

24,399

 

Equity securities

 

 

1,003

 

 

 

1,456

 

 

 

1,566

 

Short-term investments and cash and cash equivalents

 

 

3,949

 

 

 

4,456

 

 

 

2,260

 

Total gross investment income

 

 

31,293

 

 

 

32,269

 

 

 

28,225

 

Investment expenses

 

 

(2,081

)

 

 

(930

)

 

 

(1,002

)

Net investment income

 

$

29,212

 

 

$

31,339

 

 

$

27,223

 
Investment Securities Continuous Unrealized Loss Position

The following table summarizes the fair value and gross unrealized losses on fixed maturity securities classified as available-for-sale, 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)

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

100,190

 

 

$

5,748

 

 

$

27,446

 

 

$

2,682

 

 

$

127,636

 

 

$

8,430

 

Corporate bonds

 

 

71,069

 

 

 

1,790

 

 

 

19,000

 

 

 

993

 

 

 

90,069

 

 

 

2,783

 

U.S. agency-based mortgage-backed
   securities

 

 

3,840

 

 

 

446

 

 

 

219

 

 

 

40

 

 

 

4,059

 

 

 

486

 

U.S. Treasury securities and
   obligations of U.S. government
   agencies

 

 

—

 

 

 

—

 

 

 

13,950

 

 

 

922

 

 

 

13,950

 

 

 

922

 

Total available-for-sale securities

 

$

175,099

 

 

$

7,984

 

 

$

60,615

 

 

$

4,637

 

 

$

235,714

 

 

$

12,621

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

14,115

 

 

$

111

 

 

$

72,358

 

 

$

6,608

 

 

$

86,473

 

 

$

6,719

 

Corporate bonds

 

 

26,178

 

 

 

96

 

 

 

93,538

 

 

 

3,390

 

 

 

119,716

 

 

 

3,486

 

U.S. agency-based mortgage-backed
   securities

 

 

—

 

 

 

—

 

 

 

4,745

 

 

 

445

 

 

 

4,745

 

 

 

445

 

U.S. Treasury securities and
   obligations of U.S. government
   agencies

 

 

—

 

 

 

—

 

 

 

13,672

 

 

 

1,145

 

 

 

13,672

 

 

 

1,145

 

Total available-for-sale securities

 

$

40,293

 

 

$

207

 

 

$

184,313

 

 

$

11,588

 

 

$

224,606

 

 

$

11,795

 
Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity

The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the year ended December 31, 2024.

 

 

 

States and
Political
Subdivisions

 

 

Corporate
Bonds

 

 

U.S. Agency
-Based
Mortgage-
Backed
Securities

 

 

U.S.
Treasury
Securities
and
Obligations
of U.S.
Government
Agencies

 

 

Asset-Backed
Securities

 

 

Totals

 

 

 

(in thousands)

 

Balance at December 31, 2023

 

$

38

 

 

$

142

 

 

$

—

 

 

$

—

 

 

$

2

 

 

$

182

 

Provision for credit loss benefit

 

 

(8

)

 

 

(56

)

 

 

—

 

 

 

—

 

 

 

(2

)

 

 

(66

)

Balance at December 31, 2024

 

$

30

 

 

$

86

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

116

 
Schedule of Amortized Cost Held-to-Maturity Securities Aggregated By Credit Quality Indicator

The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of December 31, 2024.

 

 

 

States and
Political
Subdivisions

 

 

Corporate
Bonds

 

 

U.S. Agency
-Based
Mortgage-
Backed
Securities

 

 

U.S.
Treasury
Securities
and
Obligations
of U.S.
Government
Agencies

 

 

Asset-Backed
Securities

 

 

Totals

 

 

 

Amortized Cost

 

 

 

(in thousands)

 

AAA/AA/A ratings

 

$

367,399

 

 

$

13,235

 

 

$

2,781

 

 

$

8,478

 

 

$

3

 

 

$

391,896

 

Baa/BBB ratings

 

 

657

 

 

 

20,614

 

 

 

—

 

 

 

—

 

 

 

10

 

 

 

21,281

 

Total

 

$

368,056

 

 

$

33,849

 

 

$

2,781

 

 

$

8,478

 

 

$

13

 

 

$

413,177

 
Held-to-Maturity Securities [Member]  
Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity

A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows:

 

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

 

(in thousands)

 

Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

49,303

 

 

$

48,831

 

 

$

64,129

 

 

$

63,703

 

After one year through five years

 

 

93,087

 

 

 

89,418

 

 

 

136,854

 

 

 

131,396

 

After five years through ten years

 

 

115,307

 

 

 

109,812

 

 

 

114,990

 

 

 

110,814

 

After ten years

 

 

152,570

 

 

 

149,004

 

 

 

164,270

 

 

 

163,944

 

U.S. agency-based mortgage-backed securities

 

 

2,781

 

 

 

2,643

 

 

 

3,297

 

 

 

3,199

 

Asset-backed securities

 

 

13

 

 

 

13

 

 

 

35

 

 

 

36

 

Totals

 

$

413,061

 

 

$

399,721

 

 

$

483,575

 

 

$

473,092

 
Available-for-Sale Securities [Member]  
Summary of Carrying Amount, 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, by contractual maturity, is as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Amortized
Cost

 

 

Fair
Value

 

 

Amortized
Cost

 

 

Fair
Value

 

 

 

(in thousands)

 

Maturity:

 

 

 

 

 

 

 

 

 

 

 

 

Within one year

 

$

23,944

 

 

$

23,806

 

 

$

25,995

 

 

$

25,875

 

After one year through five years

 

 

97,996

 

 

 

95,500

 

 

 

106,178

 

 

 

102,201

 

After five years through ten years

 

 

71,233

 

 

 

68,494

 

 

 

82,664

 

 

 

80,911

 

After ten years

 

 

121,257

 

 

 

115,891

 

 

 

106,144

 

 

 

103,332

 

U.S. agency-based mortgage-backed securities

 

 

4,545

 

 

 

4,059

 

 

 

5,190

 

 

 

4,745

 

Totals

 

$

318,975

 

 

$

307,750

 

 

$

326,171

 

 

$

317,064