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Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Carrying or Reported Values and Corresponding Fair Values for Financial Instruments

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


		December 31,
		2024								2023
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Assets:
Fixed maturity securities—held-to-maturity		$	413,061			$	399,721			$	483,575			$	473,092
Fixed maturity securities—available-for-sale			307,750				307,750				317,064				317,064
Equity securities			58,629				58,629				57,147				57,147
Short-term investments			9,338				9,338				—				—
Cash and cash equivalents			44,045				44,045				38,682				38,682

Schedule of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis as of December 31, 2024 and 2023 are as follows:


		December 31, 2024
		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		$	—			$	148,206			$	—			$	148,206
Corporate bonds			—				141,535				—				141,535
U.S. agency-based mortgage-backed securities			—				4,059				—				4,059
U.S. Treasury securities			13,950				—				—				13,950
Total securities available-for-sale—fixed maturity			13,950				293,800				—				307,750
Equity securities:
Domestic common stock			58,629				—				—				58,629
Total		$	72,579			$	293,800			$	—			$	366,379


		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 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

Assets measured at amortized cost net of allowance for credit losses as of December 31, 2024 and 2023 are as follows:


		December 31, 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		$	—			$	356,268			$	—			$	356,268
Corporate bonds			—				32,670				—				32,670
U.S. agency-based mortgage-backed securities			—				2,643				—				2,643
U.S. Treasury securities			8,127				—				—				8,127
Asset-backed securities			—				13				—				13
Total held-to-maturity		$	8,127			$	391,594			$	—			$	399,721


		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
Obligations of U.S. government agencies			—				—				—				—
Asset-backed securities			—				36				—				36
Total held-to-maturity		$	10,939			$	462,153			$	—			$	473,092