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Investments (Tables) | 6 Months Ended
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Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Values of Fixed Maturities |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  | (in thousands)
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 89,716 |  |  | $ | 2,839 |  |  | $ | 649 |  |  | $ | 91,906 |
Obligations of states and political subdivisions |  |  | 346,517 |  |  |  | 20,073 |  |  |  | 788 |  |  |  | 365,802 |
Corporate securities |  |  | 188,162 |  |  |  | 15,061 |  |  |  | 267 |  |  |  | 202,956 |
Mortgage-backed securities |  |  | 19,453 |  |  |  | 1,005 |  |  |  | — |  |  |  | 20,458 |
Totals |  | $ | 643,848 |  |  | $ | 38,978 |  |  | $ | 1,704 |  |  | $ | 681,122 |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  | (in thousands)
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 22,508 |  |  | $ | 257 |  |  | $ | 439 |  |  | $ | 22,326 |
Obligations of states and political subdivisions |  |  | 59,378 |  |  |  | 2,366 |  |  |  | 31 |  |  |  | 61,713 |
Corporate securities |  |  | 201,634 |  |  |  | 9,644 |  |  |  | 202 |  |  |  | 211,076 |
Mortgage-backed securities |  |  | 222,814 |  |  |  | 5,068 |  |  |  | 417 |  |  |  | 227,465 |
Totals |  | $ | 506,334 |  |  | $ | 17,335 |  |  | $ | 1,089 |  |  | $ | 522,580 |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  | (in thousands)
Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 77,435 |  |  | $ | 3,984 |  |  | $ | 223 |  |  | $ | 81,196 |
Obligations of states and political subdivisions |  |  | 312,319 |  |  |  | 23,212 |  |  |  | 143 |  |  |  | 335,388 |
Corporate securities |  |  | 173,270 |  |  |  | 18,172 |  |  |  | 206 |  |  |  | 191,236 |
Mortgage-backed securities |  |  | 23,585 |  |  |  | 1,236 |  |  |  | — |  |  |  | 24,821 |
Totals |  | $ | 586,609 |  |  | $ | 46,604 |  |  | $ | 572 |  |  | $ | 632,641 |
|  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
|  | (in thousands)
Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 47,512 |  |  | $ | 424 |  |  | $ | 121 |  |  | $ | 47,815 |
Obligations of states and political subdivisions |  |  | 66,287 |  |  |  | 2,690 |  |  |  | 12 |  |  |  | 68,965 |
Corporate securities |  |  | 202,396 |  |  |  | 10,496 |  |  |  | 184 |  |  |  | 212,708 |
Mortgage-backed securities |  |  | 218,763 |  |  |  | 6,902 |  |  |  | 17 |  |  |  | 225,648 |
Totals |  | $ | 534,958 |  |  | $ | 20,512 |  |  | $ | 334 |  |  | $ | 555,136 |
Summary of Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity |
|  | Amortized Cost |  | Estimated Fair Value
|  | (in thousands)
Held to maturity |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 38,641 |  |  | $ | 39,762 |
Due after one year through five years |  |  | 83,282 |  |  |  | 88,929 |
Due after five years through ten years |  |  | 224,135 |  |  |  | 237,348 |
Due after ten years |  |  | 278,337 |  |  |  | 294,625 |
Mortgage-backed securities |  |  | 19,453 |  |  |  | 20,458 |
Total held to maturity |  | $ | 643,848 |  |  | $ | 681,122 |
Available for sale |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 26,146 |  |  | $ | 26,621 |
Due after one year through five years |  |  | 131,837 |  |  |  | 138,624 |
Due after five years through ten years |  |  | 96,413 |  |  |  | 99,711 |
Due after ten years |  |  | 29,124 |  |  |  | 30,159 |
Mortgage-backed securities |  |  | 222,814 |  |  |  | 227,465 |
Total available for sale |  | $ | 506,334 |  |  | $ | 522,580 |
Summary of Cost and Estimated Fair Values of Equity Securities | The cost and estimated fair values of our equity securities at June 30, 2021 were as follows:
|  | Cost |  | Gross Gains |  | Gross Losses |  | Estimated Fair Value
|  | (in thousands)
Equity securities |  | $ | 50,864 |  |  | $ | 22,007 |  |  | $ | 114 |  |  | $ | 72,757 |
The cost and estimated fair values of our equity securities at December 31, 2020 were as follows:
|  | Cost |  | Gross Gains |  | Gross Losses |  | Estimated Fair Value
|  | (in thousands)
Equity securities |  | $ | 42,410 |  |  | $ | 17,103 |  |  | $ | 957 |  |  | $ | 58,556 |
Summary of Gross Investment Gains and Losses before Applicable Income Taxes | Gross investment gains and losses before applicable income taxes for the three months and six months ended June 30, 2021 and 2020 were as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
|  | (in thousands) |  | (in thousands)
Gross investment gains: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities |  | $ | 479 |  |  | $ | 229 |  |  | $ | 524 |  |  | $ | 652 |
Equity securities |  |  | 3,762 |  |  |  | 6,474 |  |  |  | 6,728 |  |  |  | 3,355 |
|  |  | 4,241 |  |  |  | 6,703 |  |  |  | 7,252 |  |  |  | 4,007 |
Gross investment losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities |  |  | — |  |  |  | 217 |  |  |  | 74 |  |  |  | 218 |
Equity securities |  |  | — |  |  |  | — |  |  |  | 468 |  |  |  | 7,998 |
|  |  | — |  |  |  | 217 |  |  |  | 542 |  |  |  | 8,216 |
Net investment gains (losses) |  | $ | 4,241 |  |  | $ | 6,486 |  |  | $ | 6,710 |  |  | $ | (4,209 | )
Summary of Fixed Maturities with Unrealized Losses | We held fixed maturities with unrealized losses representing declines that we considered temporary at June 30, 2021 as follows:
|  | Less Than 12 Months |  | More Than 12 Months
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 38,202 |  |  | $ | 1,088 |  |  | $ | — |  |  | $ | — |
Obligations of states and political subdivisions |  |  | 45,446 |  |  |  | 819 |  |  |  | — |  |  |  | — |
Corporate securities |  |  | 38,846 |  |  |  | 344 |  |  |  | 3,375 |  |  |  | 125 |
Mortgage-backed securities |  |  | 55,930 |  |  |  | 415 |  |  |  | 487 |  |  |  | 2 |
Totals |  | $ | 178,424 |  |  | $ | 2,666 |  |  | $ | 3,862 |  |  | $ | 127 |
We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2020 as follows:
|  | Less Than 12 Months |  | More Than 12 Months
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
|  | (in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 29,144 |  |  | $ | 345 |  |  | $ | — |  |  | $ | — |
Obligations of states and political subdivisions |  |  | 9,362 |  |  |  | 154 |  |  |  | — |  |  |  | — |
Corporate securities |  |  | 26,143 |  |  |  | 115 |  |  |  | 8,230 |  |  |  | 276 |
Mortgage-backed securities |  |  | 3,091 |  |  |  | 15 |  |  |  | 236 |  |  |  | 1 |
Totals |  | $ | 67,740 |  |  | $ | 629 |  |  | $ | 8,466 |  |  | $ | 277 |

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