AMERISAFE (AMSF) 10-Q 28 Jul 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Trading Symbol	AMSF
Entity Registrant Name	AMERISAFE, INC.
Entity Central Index Key	0001018979
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-12251
Entity Tax Identification Number	75-2069407
Entity Address, Address Line One	2301 Highway 190 West
Entity Address, City or Town	DeRidder
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70634
City Area Code	337
Local Phone Number	463-9052
Entity Common Stock, Shares Outstanding		19,180,014
Entity Incorporation, State or Country Code	TX
Title of 12(b) Security	Common
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturity securities-held-to-maturity, at amortized cost net of allowance for credit losses of $204 and $239 in 2023 and 2022, respectively, (fair value $455,613 and $468,144 in 2023 and 2022, respectively)	$ 476,401	$ 491,688
Available-for-sale fixed maturity, Fair Value	340,384	321,121
Equity securities, Fair Value	65,405	62,058
Short-term investments	46,540	14,120
Total investments	928,730	888,987
Cash and cash equivalents	33,922	61,469
Amounts recoverable from reinsurers (net of allowance for credit losses of $338 and $372 in 2023 and 2022, respectively)	122,721	125,677
Premiums receivable (net of allowance for credit losses of $4,787 and $4,852 in 2023 and 2022, respectively)	141,943	121,713
Deferred income taxes	23,437	22,794
Accrued interest receivable	8,387	8,428
Property and equipment, net	6,561	7,225
Deferred policy acquisition costs	18,927	17,401
Federal income tax recoverable		1,453
Other assets	14,287	14,132
Total assets	1,298,915	1,269,279
Liabilities:
Reserves for loss and loss adjustment expenses	684,613	696,037
Unearned premiums	126,244	114,976
Amounts held for others	52,916	48,811
Policyholder deposits	34,957	36,312
Insurance-related assessments	18,015	17,653
Federal income tax payable	2,301
Accounts payable and other liabilities	37,967	38,058
Payable for investments purchased	1,335
Total liabilities	958,348	951,847
Shareholders’ equity:
Common stock: voting-$0.01 par value authorized shares-50,000,000 in 2023 and 2022; 20,702,713 and 20,678,572 shares issued; and 19,180,014 and 19,155,873 shares outstanding in 2023 and 2022, respectively	207	207
Additional paid-in capital	221,759	220,299
Treasury stock, at cost (1,522,699 shares in 2023 and 2022)	(34,758)	(34,758)
Accumulated earnings	165,459	145,512
Accumulated other comprehensive loss, net	(12,100)	(13,828)
Total shareholders’ equity	340,567	317,432
Total liabilities and shareholders’ equity	$ 1,298,915	$ 1,269,279

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturity securities, held-to-maturity, allowance for credit losses	$ 204	$ 239
Fixed maturity securities-held-to-maturity	455,613	468,144
Fixed maturity securities, available-for-sale, allowance for credit losses	0	0
Fixed maturity securities, amortized cost	355,670	338,593
Equity securities, cost	50,115	50,185
Amounts recoverable from reinsurers, allowance for credit losses	338	372
Premiums receivable, allowance for credit losses	$ 4,787	$ 4,852
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	20,702,713	20,678,572
Common stock, shares outstanding	19,180,014	19,155,873
Treasury stock, shares	1,522,699	1,522,699

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Gross premiums written	$ 71,704	$ 74,460	$ 154,191	$ 152,251
Ceded premiums written	(3,965)	(2,725)	(8,144)	(5,284)
Net premiums written	67,739	71,735	146,047	146,967
Net premiums earned	65,598	70,279	134,779	137,835
Net investment income	7,724	6,485	15,157	12,598
Net realized gains on investments	75	1,079	333	1,817
Net unrealized gains (losses) on equity securities	2,048	(9,942)	3,417	(8,902)
Fee and other income	214	135	411	248
Total revenues	75,659	68,036	154,097	143,596
Expenses
Loss and loss adjustment expenses incurred	35,645	40,326	74,654	78,067
Underwriting and certain other operating costs	7,427	7,684	12,583	11,674
Commissions	5,845	5,453	11,648	10,661
Salaries and benefits	6,700	6,776	12,723	12,691
Policyholder dividends	490	688	1,421	1,877
Provision for investment related credit loss expense (benefit)	(16)	(14)	(35)	81
Total expenses	56,091	60,913	112,994	115,051
Income before income taxes	19,568	7,123	41,103	28,545
Income tax expense	3,941	991	8,137	5,082
Net income	$ 15,627	$ 6,132	$ 32,966	$ 23,463
Earnings per share
Basic	$ 0.82	$ 0.32	$ 1.72	$ 1.22
Diluted	$ 0.81	$ 0.32	$ 1.72	$ 1.21
Shares used in computing earnings per share
Basic	19,139,735	19,273,934	19,135,564	19,302,805
Diluted	19,196,755	19,332,168	19,200,377	19,367,085
Cash dividends declared per common share	$ 0.34	$ 0.31	$ 0.68	$ 0.62

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 15,627	$ 6,132	$ 32,966	$ 23,463
Other comprehensive income (loss):
Unrealized gain (loss) on debt securities, net of tax	(2,616)	(8,931)	1,728	(22,411)
Comprehensive income (loss)	$ 13,011	$ (2,799)	$ 34,694	$ 1,052

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2021	$ 399,323	$ 206	$ 217,458	$ (22,370)	$ 190,492	$ 13,537
Beginning Balance, Shares at Dec. 31, 2021		20,622,304		(1,258,250)
Comprehensive income (loss):
Net income	23,463				23,463
Other comprehensive income (loss):
Change in unrealized gains (losses) on debt securities, net of tax	(22,411)					(22,411)
Comprehensive income (loss)	1,052
Common stock issued	1,970	$ 1	1,969
Common stock issued, Shares		54,170
Purchase of treasury stock	$ (5,701)			$ (5,701)
Purchase of treasury stock, Shares	(121,592)			(121,592)
Share-based compensation	$ 317		317
Dividends to shareholders	(11,972)				(11,972)
Ending Balance at Jun. 30, 2022	384,989	$ 207	219,744	$ (28,071)	201,983	(8,874)
Ending Balance, Shares at Jun. 30, 2022		20,676,474		(1,379,842)
Beginning Balance at Mar. 31, 2022	395,273	$ 206	217,605	$ (24,429)	201,834	57
Beginning Balance, Shares at Mar. 31, 2022		20,622,565		(1,302,143)
Comprehensive income (loss):
Net income	6,132				6,132
Other comprehensive income (loss):
Change in unrealized gains (losses) on debt securities, net of tax	(8,931)					(8,931)
Comprehensive income (loss)	(2,799)
Common stock issued	1,970	$ 1	1,969
Common stock issued, Shares		53,909
Purchase of treasury stock	$ (3,642)			$ (3,642)
Purchase of treasury stock, Shares	(77,699)			(77,699)
Share-based compensation	$ 170		170
Dividends to shareholders	(5,983)				(5,983)
Ending Balance at Jun. 30, 2022	384,989	$ 207	219,744	$ (28,071)	201,983	(8,874)
Ending Balance, Shares at Jun. 30, 2022		20,676,474		(1,379,842)
Beginning Balance at Dec. 31, 2022	$ 317,432	$ 207	220,299	$ (34,758)	145,512	(13,828)
Beginning Balance, Shares at Dec. 31, 2022	19,155,873	20,678,572		(1,522,699)
Comprehensive income (loss):
Net income	$ 32,966				32,966
Other comprehensive income (loss):
Change in unrealized gains (losses) on debt securities, net of tax	1,728					1,728
Comprehensive income (loss)	34,694
Common stock issued	$ 944		944
Common stock issued, Shares		24,141
Purchase of treasury stock, Shares	0
Share-based compensation	$ 516		516
Dividends to shareholders	(13,019)				(13,019)
Ending Balance at Jun. 30, 2023	$ 340,567	$ 207	221,759	$ (34,758)	165,459	(12,100)
Ending Balance, Shares at Jun. 30, 2023	19,180,014	20,702,713		(1,522,699)
Beginning Balance at Mar. 31, 2023	$ 332,855	$ 207	220,556	$ (34,758)	156,334	(9,484)
Beginning Balance, Shares at Mar. 31, 2023		20,677,086		(1,522,699)
Comprehensive income (loss):
Net income	15,627				15,627
Other comprehensive income (loss):
Change in unrealized gains (losses) on debt securities, net of tax	(2,616)					(2,616)
Comprehensive income (loss)	13,011
Common stock issued	$ 944		944
Common stock issued, Shares		25,627
Purchase of treasury stock, Shares	0
Share-based compensation	$ 259		259
Dividends to shareholders	(6,502)				(6,502)
Ending Balance at Jun. 30, 2023	$ 340,567	$ 207	$ 221,759	$ (34,758)	$ 165,459	$ (12,100)
Ending Balance, Shares at Jun. 30, 2023	19,180,014	20,702,713		(1,522,699)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income	$ 32,966	$ 23,463
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	699	602
Net amortization of investments	1,872	3,896
Change in investment related allowance for credit losses	(35)	81
Deferred income taxes	(1,102)	(1,586)
Net realized gains on investments	(333)	(1,817)
Net unrealized (gains) losses on equity securities	(3,417)	8,902
Net realized losses on disposal of assets	2
Share-based compensation	646	841
Changes in operating assets and liabilities:
Premiums receivable, net	(18,666)	(8,207)
Accrued interest receivable	41	(148)
Deferred policy acquisition costs	(1,526)	(1,044)
Other assets	(180)	(1,500)
Reserves for loss and loss adjustment expenses	(11,424)	(20,387)
Unearned premiums	11,268	9,132
Reinsurance balances	2,585	2,294
Amounts held for others and policyholder deposits	2,750	1,446
Federal income taxes payable/recoverable	3,754	6,125
Accounts payable and other liabilities	843	2,895
Net cash provided by operating activities	20,743	24,988
Investing activities
Purchases of investments held-to-maturity	(9,596)	(27,403)
Purchases of investments available-for-sale	(38,107)	(52,675)
Purchases of equity securities		(7,261)
Purchases of short-term investments	(46,347)	(25,327)
Proceeds from maturities of investments held-to-maturity	24,488	33,567
Proceeds from sales and maturities of investments available-for-sale	20,818	36,056
Proceeds from sales of equity securities	262	3,877
Proceeds from sales and maturities of short-term investments	14,175	47,545
Purchases of property and equipment	(37)	(1,032)
Net cash provided by (used in) investing activities	(34,344)	7,347
Financing activities
Finance lease purchases	(47)	(23)
Share-based compensation related tax withholding	(779)
Purchase of treasury stock		(5,701)
Dividends to shareholders	(13,120)	(12,015)
Net cash used in financing activities	(13,946)	(17,739)
Change in cash and cash equivalents	(27,547)	14,596
Cash and cash equivalents at beginning of period	61,469	70,722
Cash and cash equivalents at end of period	$ 33,922	$ 85,318

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 15,627	$ 6,132	$ 32,966	$ 23,463

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Title	directors or officers
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Note 1. Basis of Presentation AMERISAFE, Inc. (the Company) is an insurance holding company incorporated in the state of Texas. The accompanying unaudited consolidated financial statements include the accounts of AMERISAFE and its subsidiaries: American Interstate Insurance Company (AIIC) and its insurance subsidiaries, Silver Oak Casualty, Inc. (SOCI) and American Interstate Insurance Company of Texas (AIICTX), Amerisafe Risk Services, Inc. (RISK) and Amerisafe General Agency, Inc. (AGAI). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. RISK, a wholly owned subsidiary of the Company, is a claims and safety service company currently servicing only affiliated insurance companies. AGAI, a wholly owned subsidiary of the Company, is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers. The assets and operations of AGAI are not significant to that of the Company and its consolidated subsidiaries. The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires. The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, manufacturing, telecommunications, and maritime. Assets and revenues of AIIC and its subsidiaries represent at least 95 % of comparable consolidated amounts of the Company for each of the six months ended June 30, 2023 and 2022. In the opinion of management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934 and therefore do not include all information and footnotes to be in conformity with accounting principles generally accepted in the United States (GAAP). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited consolidated financial statements contained herein should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2022. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of our assets, liabilities, revenues and expenses and related disclosures. Some of the estimates result from judgments that can be subjective and complex and, consequently, actual results in future periods might differ from these estimates. Adopted Accounting Guidance The Company has not adopted any new accounting guidance in 2023 . Prospective Accounting Guidance All issued but not yet effective accounting and reporting standards as of June 30, 2023 are either not applicable to the Company or are not expected to have a material impact on the Company.

Restricted Stock, Restricted St

Restricted Stock, Restricted Stock Units, and Stock Options	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Restricted Stock, Restricted Stock Units, and Stock Options	Note 2. Restricted Stock, Restricted Stock Units, and Stock Options As of June 30, 2023 , the Company has three equity incentive plans: the AMERISAFE Non-Employee Director Restricted Stock Plan (the Restricted Stock Plan), the AMERISAFE 2012 Equity and Incentive Compensation Plan (the 2012 Incentive Plan) and the 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan). In connection with the approval of the 2022 Incentive Plan by the Company’s shareholders at the annual meeting of shareholders in June 2022, no further grants will be made under the 2012 Incentive Plan. All grants made under the 2012 Incentive Plan will continue in effect, subject to the terms and conditions of the 2012 Incentive Plan. See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding the Company’s incentive plans. During the six months ended June 30, 2023, the Company issued 18,561 shares of common stock pursuant to vested performance awards. During the six months ended June 30, 2023 , the Company awarded 9,064 restricted stock units to officers and 9,856 shares of restricted common stock to non-employee directors. The market value of these shares totaled $ 2.8 million. During the six months ended June 30, 2022, the Company issued 40,959 shares of common stock pursuant to vested performance awards and 13,211 shares of restricted common stock were awarded to officers and non-employee directors. The market value of these shares totaled $ 2.6 million. The Company had no stock options outstanding as of June 30, 2023. The Company recognized share-based compensation expense of $ 0.4 million in the quarter ended June 30, 2023 and $ 0.8 million in the same period in 2022. The Company recognized share-based compensation expense of $ 0.6 million in the six months ended June 30, 2023 and $ 0.8 million in the same period in 2022 .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 3. Earnings Per Share The Company computes earnings per share (EPS) in accordance with FASB Accounting Standards Codification (ASC) Topic 260, Earnings Per Share . The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share. Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any restricted stock or RSUs become vested. Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands, except share and per share amounts) Basic EPS : Net income $ 15,627 $ 6,132 $ 32,966 $ 23,463 Basic weighted average common shares 19,139,735 19,273,934 19,135,564 19,302,805 Basic earnings per common share $ 0.82 $ 0.32 $ 1.72 $ 1.22 Diluted EPS : Net income $ 15,627 $ 6,132 $ 32,966 $ 23,463 Diluted weighted average common shares: Weighted average common shares 19,139,735 19,273,934 19,135,564 19,302,805 Restricted stock and RSUs 57,020 58,234 64,813 64,280 Diluted weighted average common shares 19,196,755 19,332,168 19,200,377 19,367,085 Diluted earnings per common share $ 0.81 $ 0.32 $ 1.72 $ 1.21

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Note 4. Investments 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 June 30, 2023 are summarized as follows: Amortized Allowance for Credit Losses Carrying Gross Gross Fair (in thousands) States and political subdivisions $ 408,779 $ ( 41 ) $ 408,738 $ 1,165 $ ( 18,023 ) $ 391,880 Corporate bonds 53,130 ( 161 ) 52,969 — ( 3,381 ) 49,588 U.S. agency-based mortgage-backed securities 3,499 — 3,499 15 ( 150 ) 3,364 U.S. Treasury securities and obligations 11,143 — 11,143 18 ( 431 ) 10,730 Asset-backed securities 54 ( 2 ) 52 — ( 1 ) 51 Totals $ 476,605 $ ( 204 ) $ 476,401 $ 1,198 $ ( 21,986 ) $ 455,613 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 June 30, 2023 are summarized as follows: Amortized Gross Gross Fair Allowance for (in thousands) States and political subdivisions $ 155,935 $ 321 $ ( 8,340 ) $ 147,916 $ — Corporate bonds 178,426 767 ( 6,066 ) 173,127 — U.S. agency-based mortgage-backed securities 5,598 — ( 536 ) 5,062 — U.S. Treasury securities and obligations 15,711 — ( 1,432 ) 14,279 — Totals $ 355,670 $ 1,088 $ ( 16,374 ) $ 340,384 $ — The cost, gross unrealized gains and losses, and the fair value of equity securities at June 30, 2023 are summarized as follows: Cost Gross Gross Fair (in thousands) Equity securities: Domestic common stock $ 50,115 $ 15,290 $ — $ 65,405 Total equity securities $ 50,115 $ 15,290 $ — $ 65,405 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, 2022 are summarized as follows: Amortized Allowance for Credit Losses Carrying Gross Gross Fair (in thousands) States and political subdivisions $ 415,136 $ ( 40 ) $ 415,096 $ 922 $ ( 20,074 ) $ 395,944 Corporate bonds 59,903 ( 196 ) 59,707 1 ( 3,857 ) 55,851 U.S. agency-based mortgage-backed securities 3,696 — 3,696 33 ( 153 ) 3,576 U.S. Treasury securities and obligations 13,123 — 13,123 25 ( 442 ) 12,706 Asset-backed securities 69 ( 3 ) 66 2 ( 1 ) 67 Totals $ 491,927 $ ( 239 ) $ 491,688 $ 983 $ ( 24,527 ) $ 468,144 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, 2022 are summarized as follows: Amortized Gross Gross Fair Allowance for (in thousands) States and political subdivisions $ 166,019 $ 463 $ ( 9,826 ) $ 156,656 $ — Corporate bonds 150,915 530 ( 6,657 ) 144,788 — U.S. agency-based mortgage-backed securities 5,984 — ( 538 ) 5,446 — U.S. Treasury securities and obligations 15,675 9 ( 1,453 ) 14,231 — Totals $ 338,593 $ 1,002 $ ( 18,474 ) $ 321,121 $ — The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2022 are summarized as follows: Cost Gross Gross Fair (in thousands) Equity securities: Domestic common stock $ 50,185 $ 11,873 $ — $ 62,058 Total equity securities $ 50,185 $ 11,873 $ — $ 62,058 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: June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair (in thousands) Maturity: Within one year $ 41,420 $ 41,148 $ 41,878 $ 41,652 After one year through five years 158,329 151,287 165,216 159,006 After five years through ten years 125,395 117,523 121,739 112,665 After ten years 147,706 142,240 159,093 151,178 U.S. agency-based mortgage-backed securities 3,499 3,364 3,696 3,576 Asset-backed securities 52 51 66 67 Totals $ 476,401 $ 455,613 $ 491,688 $ 468,144 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: June 30, 2023 December 31, 2022 Amortized Fair Amortized Fair (in thousands) Maturity: Within one year $ 34,515 $ 34,235 $ 28,290 $ 27,814 After one year through five years 89,175 84,422 68,876 65,406 After five years through ten years 108,099 103,279 102,296 95,366 After ten years 118,283 113,386 133,147 127,089 U.S. agency-based mortgage-backed securities 5,598 5,062 5,984 5,446 Totals $ 355,670 $ 340,384 $ 338,593 $ 321,121 The following table summarizes the fair value and gross unrealized losses on 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 as of June 30, 2023: Less Than 12 Months 12 Months or Greater Total Fair Value of Gross Fair Value of Gross Fair Value of Gross (in thousands) June 30, 2023 Available-for-Sale States and political subdivisions $ 46,548 $ 441 $ 62,315 $ 7,899 $ 108,863 $ 8,340 Corporate bonds 98,553 2,755 51,149 3,311 149,702 6,066 U.S. agency-based mortgage-backed securities — — 5,062 536 5,062 536 U.S. Treasury securities and obligations 921 2 13,358 1,430 14,279 1,432 Total available-for-sale securities $ 146,022 $ 3,198 $ 131,884 $ 13,176 $ 277,906 $ 16,374 At June 30, 2023, we held 186 individual fixed maturity securities classified as available-for-sale that were in an unrealized loss position. The following table summarizes the fair value and gross unrealized losses on 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 as of December 31, 2022: Less Than 12 Months 12 Months or Greater Total Fair Value of Gross Fair Value of Gross Fair Value of Gross (in thousands) December 31, 2022 Available-for-Sale States and political subdivisions $ 87,522 $ 5,319 $ 24,980 $ 4,507 $ 112,502 $ 9,826 Corporate bonds 98,590 4,549 30,011 2,108 128,601 6,657 U.S. agency-based mortgage-backed securities 4,732 444 714 94 5,446 538 U.S. Treasury securities and obligations 5,589 313 7,719 1,140 13,308 1,453 Total available-for-sale securities $ 196,433 $ 10,625 $ 63,424 $ 7,849 $ 259,857 $ 18,474 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 quarter ended June 30, 2023. States and Corporate U.S. Agency U.S. Asset-Backed Totals (in thousands) Balance at March 31, 2023 $ 40 $ 178 $ — $ — $ 2 $ 220 Provision for credit loss expense (benefit) 1 ( 17 ) — — — ( 16 ) Balance at June 30, 2023 $ 41 $ 161 $ — $ — $ 2 $ 204 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 six months ended June 30, 2023. States and Corporate U.S. Agency U.S. Asset-Backed Totals (in thousands) Balance at December 31, 2022 $ 40 $ 196 $ — $ — $ 3 $ 239 Provision for credit loss expense (benefit) 1 ( 35 ) — — ( 1 ) ( 35 ) Balance at June 30, 2023 $ 41 $ 161 $ — $ — $ 2 $ 204 The Company has established an allowance for credit losses on 458 held-to-maturity securities totaling $ 0.2 million. The majority of those securities were issued by states and political subdivisions ( 437 securities) and corporate bonds ( 18 securities). The Company has no allowance for credit losses on investments classified as available-for-sale for the period ended June 30, 2023. The credit rating used for held-to-maturity fixed income securities is the rating for each security as published by Moody’s, S&P, and Fitch to determine the probability of default. If there are two ratings, the lower rating is used. If there are three ratings, the median rating is used. If there is one rating, that rating is used. For corporate fixed income securities (given a rating), the probability of default comes from Moody’s annual study of corporate bond defaults published each February. The maximum maturity using the default rate is 20 years (any maturity greater than 20 years will use the 20-year rate). For municipal fixed income securities (given a rating), the probability of default comes from Moody’s annual study of municipal bond defaults published each July/August. The calculation of the credit loss allowance takes the amortized cost of the fixed income security and assumes default and recovery based on the average recovery rates from the Moody’s default studies. The amortized cost of the security, minus the amount recovered, is the estimated full amount the Company could lose in a default scenario. Then this amount is multiplied by the probability of default to determine the allowance for credit loss. The lower the security is rated, the higher likelihood of default, and therefore a higher allowance for credit loss. The longer to the maturity date of a security, the higher the default risk. The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of June 30, 2023. States and Corporate U.S. Agency U.S. Asset-Backed Totals Amortized cost (in thousands) AAA/AA/A ratings $ 405,819 $ 26,137 $ 3,499 $ 11,143 $ 37 $ 446,635 Baa/BBB ratings 2,960 26,993 — — 17 29,970 B ratings — — — — — — Total $ 408,779 $ 53,130 $ 3,499 $ 11,143 $ 54 $ 476,605 Net realized gains in the quarter ended June 30, 2023 were $ 0.1 million resulting from the sale of fixed maturity securities classified as available-for-sale. Net realized gains in the quarter ended June 30, 2022 were $ 1.1 million resulting from the sale of equity securities. Net realized gains in the six months ended June 30, 2023 were $ 0.3 million resulting primarily from the sale of equity and fixed maturity securities classified as available-for-sale. Net realized gains in the six months ended June 30, 2022 were $ 1.8 million resulting primarily from the sale of equity and fixed maturity securities classified as available-for-sale. During the second quarter of 2023, we recognized through income $ 2.0 million of net unrealized gains on equity securities. During the second quarter of 2022, we recognized through income $ 9.9 million of net unrealized losses on equity securities. During the six months ended June 30, 2023, we recognized through income $ 3.4 million of net unrealized gains on equity securities. During the six months ended June 30, 2022, we recognized through income $ 8.9 million of net unrealized losses on equity securities. Investment income is recognized as it is earned. The discount or premium on fixed maturity securities is amortized using the “constant yield” method. Anticipated prepayments, where applicable, are considered when determining the amortization of premiums or discounts. Realized investment gains and losses are determined using the specific identification method.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 5. Income Taxes In accordance with FASB ASC Topic 740, “Income Taxes,” we provide for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of June 30, 2023 and 2022 , the Company had no valuation allowance against its deferred income tax assets and liabilities. Income tax expense from operations is different from the amount computed by applying the U.S. federal income tax statutory rate of 21 % to income before income taxes primarily due to the impact of tax-exempt investment income and state income tax accruals. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions for the periods ended June 30, 2023 and 2022. Tax years 2019 through 2023 are subject to examination by the federal and state taxing authorities.

Loss Reserves

Loss Reserves	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Loss Reserves	Note 6. Loss Reserves We record reserves for estimated losses under insurance policies that we write and for loss adjustment expenses related to the investigation and settlement of policy claims. Our reserves for loss and loss adjustment expenses represent the estimated cost of all reported and unreported loss and loss adjustment expenses incurred and unpaid as of a given point in time. The reserves for loss and loss adjustment expenses are estimated using individual case-basis valuations, statistical analyses and estimates based upon experience for unreported claims and their associated loss and loss adjustment expenses. Such estimates may be more or less than the amounts ultimately paid when the claims are settled. The estimates are subject to the effects of trends in loss severity and frequency. Although considerable variability is inherent in these estimates, management believes that the reserves for loss and loss adjustment expenses are adequate. The estimates are continually reviewed internally and periodically evaluated with our independent actuary. Adjustments are made as experience develops and new information becomes known. Any such adjustments are included in income from current operations. See Note 9 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding the Company’s loss and loss adjustment expense development. The following table provides the Company’s liability for unpaid loss and loss adjustment expenses, net of related amounts recoverable from reinsurers, for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 (in thousands) Balance, beginning of period $ 696,037 $ 745,278 Less amounts recoverable from reinsurers 112,555 119,266 Net balance, beginning of period 583,482 626,012 Add incurred related to: Current accident year 95,693 97,863 Prior accident years ( 21,039 ) ( 19,796 ) Total incurred 74,654 78,067 Less paid related to: Current accident year 12,938 14,063 Prior accident years 75,252 82,473 Total paid 88,190 96,536 Net balance, end of period 569,946 607,543 Add amounts recoverable from reinsurers 114,667 117,348 Balance, end of period $ 684,613 $ 724,891 The foregoing reconciliation reflects favorable development of the net reserves at June 30, 2023 and June 30, 2022. The favorable development reduced loss and loss adjustment expenses incurred by $ 21.0 million and $ 19.8 million in 2023 and 2022, respectively. The revisions to the Company’s reserves reflect new information gained by claims adjusters in the normal course of adjusting claims and is reflected in the financial statements when the information becomes available. It is typical for more serious claims to take several years or longer to settle and the Company continually revises estimates as more information about claimants’ medical conditions and potential disability becomes known and the claims get closer to being settled. Multiple factors can cause loss development both unfavorable and favorable. The favorable loss development we experienced across accident years was largely due to favorable case reserve development from closed claims and claims where the worker had reached maximum medical improvement. The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) Balance, beginning of period $ 328 $ 388 $ 372 $ 440 Provision for credit loss expense (benefit) 10 ( 19 ) ( 34 ) ( 71 ) Balance, end of period $ 338 $ 369 $ 338 $ 369

Comprehensive Income and Accumu

Comprehensive Income and Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Comprehensive Income and Accumulated Other Comprehensive Income (Loss)	Note 7. Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) includes net income plus unrealized gains (losses) on our available-for-sale investment securities, net of tax. In reporting comprehensive income (loss) on a net basis in the statements of comprehensive income (loss), we used a 21 % tax rate in 2023 and 2022. The difference between net income as reported and comprehensive income (loss) was due primarily to changes in unrealized gains and losses, net of tax on available-for-sale debt securities. The following table illustrates the changes in the balance of each component of accumulated other comprehensive income (loss) for each period presented in the interim financial statements. Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) Balance, beginning of period $ ( 9,484 ) $ 57 $ ( 13,828 ) $ 13,537 Other comprehensive income (loss) ( 2,765 ) ( 8,248 ) 1,574 ( 21,705 ) Amounts reclassified from accumulated 149 ( 683 ) 154 ( 706 ) Net current period other comprehensive ( 2,616 ) ( 8,931 ) 1,728 ( 22,411 ) Balance, end of period $ ( 12,100 ) $ ( 8,874 ) $ ( 12,100 ) $ ( 8,874 ) The sale or credit loss allowance adjustment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive income (loss) to current period net income. The effects of reclassifications out of accumulated other comprehensive income (loss) by the respective line items of net income are presented in the following table. Component of Accumulated Other Three Months Ended Six Months Ended Affected line item in the Comprehensive Income (Loss) June 30, June 30, statement of income 2023 2022 2023 2022 (in thousands) Unrealized gains (losses) on $ ( 189 ) $ 865 $ ( 195 ) $ 894 Net realized gains ( 189 ) 865 ( 195 ) 894 Income before income taxes Unrealized gains (losses) on 40 ( 182 ) 41 ( 188 ) Income tax expense $ ( 149 ) $ 683 $ ( 154 ) $ 706 Net income

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. Fair Value Measurements The Company carries available-for-sale securities at fair value in our consolidated financial statements and determines fair value measurements and disclosure in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements. Fair value is defined in ASC Topic 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is the price to sell an asset or transfer a liability and, therefore, represents an exit price, not an entry price. Fair value is the exit price in the principal market (or, if lacking a principal market, the most advantageous market) in which the reporting entity would transact. Fair value is a market-based measurement, not an entity-specific measurement, and, as such, is determined based on the assumptions that market participants would use in pricing the asset or liability. The exit price objective of a fair value measurement applies regardless of the reporting entity’s intent and/or ability to sell the asset or transfer the liability at the measurement date. ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset, also known as current replacement cost. Valuation techniques used to measure fair value are to be consistently applied. In ASC Topic 820, inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable: • Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. • Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Valuation techniques used to measure fair value are intended to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data. • Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are to be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. The fair values of the Company’s investments are based upon prices provided by an independent pricing service. The Company has reviewed these prices for reasonableness and has not adjusted any prices received from the independent provider. Securities reported at fair value utilizing Level 1 inputs represent assets whose fair value is determined based upon observable unadjusted quoted market prices for identical assets in active markets. Level 2 securities represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2023. At June 30, 2023, assets measured at fair value on a recurring basis are summarized below: June 30, 2023 Level 1 Level 2 Level 3 Total Fair (in thousands) Financial instruments carried at fair value, classified as a part of: Securities available-for-sale—fixed maturity: States and political subdivisions $ — $ 147,916 $ — $ 147,916 Corporate bonds — 173,127 — 173,127 U.S. agency-based mortgage-backed securities — 5,062 — 5,062 U.S. Treasury securities 14,279 — — 14,279 Total securities available-for-sale—fixed maturity 14,279 326,105 — 340,384 Equity securities: Domestic common stock 65,405 — — 65,405 Total $ 79,684 $ 326,105 $ — $ 405,789 At June 30, 2023, assets measured at amortized cost net of allowance for credit losses are summarized below: June 30, 2023 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 391,880 $ — $ 391,880 Corporate bonds — 49,588 — 49,588 U.S. agency-based mortgage-backed securities — 3,364 — 3,364 U.S. Treasury securities 10,730 — — 10,730 Asset-backed securities — 51 — 51 Total held-to-maturity $ 10,730 $ 444,883 $ — $ 455,613 At December 31, 2022, assets measured at fair value on a recurring basis are summarized below: December 31, 2022 Level 1 Level 2 Level 3 Total Fair (in thousands) Financial instruments carried at fair value, classified as a part of: Securities available-for-sale—fixed maturity: States and political subdivisions $ — $ 156,656 $ — $ 156,656 Corporate bonds — 144,788 — 144,788 U.S. agency-based mortgage-backed securities — 5,446 — 5,446 U.S. Treasury securities 14,231 — — 14,231 Total securities available-for-sale—fixed maturity $ 14,231 $ 306,890 $ — $ 321,121 Equity securities: Domestic common stock 62,058 — — 62,058 Total $ 76,289 $ 306,890 $ — $ 383,179 At December 31, 2022, assets measured at amortized cost net of allowance for credit losses are summarized below: December 31, 2022 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 395,944 $ — $ 395,944 Corporate bonds — 55,851 — 55,851 U.S. agency-based mortgage-backed securities — 3,576 — 3,576 U.S. Treasury securities 12,706 — — 12,706 Asset-backed securities — 67 — 67 Total held-to-maturity $ 12,706 $ 455,438 $ — $ 468,144 The Company determines fair value amounts for financial instruments using available third-party market information. When such information is not available, the Company determines the fair value amounts using appropriate valuation methodologies. Nonfinancial instruments such as real estate, property and equipment, deferred policy acquisition costs, deferred income taxes and loss and loss adjustment expense reserves are excluded from the fair value disclosure. Cash and Cash Equivalents —The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values, which are characterized as Level 1 assets. Investments —The fair values for fixed maturity and equity securities are based on prices obtained from an independent pricing service. Equity and treasury securities are characterized as Level 1 assets, as their fair values are based on quoted prices in active markets. Fixed maturity securities, other than treasury securities, are characterized as Level 2 assets, as their fair values are determined using observable market inputs. Short Term Investments —The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values. These securities are characterized as Level 2 assets in the fair value hierarchy. The following table summarizes the carrying amounts and corresponding fair values for financial instruments: As of June 30, 2023 As of December 31, 2022 Carrying Fair Carrying Fair (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 476,401 $ 455,613 $ 491,688 $ 468,144 Fixed maturity securities—available-for-sale 340,384 340,384 321,121 321,121 Equity securities 65,405 65,405 62,058 62,058 Short-term investments 46,540 46,540 14,120 14,120 Cash and cash equivalents 33,922 33,922 61,469 61,469

Treasury Stock

Treasury Stock	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Treasury Stock	Note 9. Treasury Stock The Company’s Board of Directors initiated a share repurchase program in February 2010. In October 2016 , the Board reauthorized this program with a limit of $ 25.0 million with no expiration date. As of June 30, 2023, $ 12.6 million was available for future purchases. Repurchases of shares may be made pursuant to pre-established trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934. During the three and six months ended June 30, 2023, no shares were purchased. During the three months ended June 30, 2022, 77,699 shares were purchased for $ 3.6 million, or an average price of $ 46.88 per share (including commissions). During the six months ended June 30, 2022, 121,592 shares were purchased for $ 5.7 million, or an average price of $ 46.88 per share (including commissions).

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 10. Subsequent Events On July 25, 2023 , the Company’s Board of Directors declared a quarterly cash dividend of $ 0.34 per share payable on September 22, 2023 to shareholders of record as of September 8, 2023 . The Board considers the payment of a regular cash dividend each calendar quarter.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Adopted Accounting Guidance	Adopted Accounting Guidance The Company has not adopted any new accounting guidance in 2023 .
Prospective Accounting Guidance	Prospective Accounting Guidance All issued but not yet effective accounting and reporting standards as of June 30, 2023 are either not applicable to the Company or are not expected to have a material impact on the Company.

Fair Value Measurements (Polici

Fair Value Measurements (Policies)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	The Company carries available-for-sale securities at fair value in our consolidated financial statements and determines fair value measurements and disclosure in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any restricted stock or RSUs become vested. Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands, except share and per share amounts) Basic EPS : Net income $ 15,627 $ 6,132 $ 32,966 $ 23,463 Basic weighted average common shares 19,139,735 19,273,934 19,135,564 19,302,805 Basic earnings per common share $ 0.82 $ 0.32 $ 1.72 $ 1.22 Diluted EPS : Net income $ 15,627 $ 6,132 $ 32,966 $ 23,463 Diluted weighted average common shares: Weighted average common shares 19,139,735 19,273,934 19,135,564 19,302,805 Restricted stock and RSUs 57,020 58,234 64,813 64,280 Diluted weighted average common shares 19,196,755 19,332,168 19,200,377 19,367,085 Diluted earnings per common share $ 0.81 $ 0.32 $ 1.72 $ 1.21

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
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	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 June 30, 2023 are summarized as follows: Amortized Allowance for Credit Losses Carrying Gross Gross Fair (in thousands) States and political subdivisions $ 408,779 $ ( 41 ) $ 408,738 $ 1,165 $ ( 18,023 ) $ 391,880 Corporate bonds 53,130 ( 161 ) 52,969 — ( 3,381 ) 49,588 U.S. agency-based mortgage-backed securities 3,499 — 3,499 15 ( 150 ) 3,364 U.S. Treasury securities and obligations 11,143 — 11,143 18 ( 431 ) 10,730 Asset-backed securities 54 ( 2 ) 52 — ( 1 ) 51 Totals $ 476,605 $ ( 204 ) $ 476,401 $ 1,198 $ ( 21,986 ) $ 455,613 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, 2022 are summarized as follows: Amortized Allowance for Credit Losses Carrying Gross Gross Fair (in thousands) States and political subdivisions $ 415,136 $ ( 40 ) $ 415,096 $ 922 $ ( 20,074 ) $ 395,944 Corporate bonds 59,903 ( 196 ) 59,707 1 ( 3,857 ) 55,851 U.S. agency-based mortgage-backed securities 3,696 — 3,696 33 ( 153 ) 3,576 U.S. Treasury securities and obligations 13,123 — 13,123 25 ( 442 ) 12,706 Asset-backed securities 69 ( 3 ) 66 2 ( 1 ) 67 Totals $ 491,927 $ ( 239 ) $ 491,688 $ 983 $ ( 24,527 ) $ 468,144
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 June 30, 2023 are summarized as follows: Amortized Gross Gross Fair Allowance for (in thousands) States and political subdivisions $ 155,935 $ 321 $ ( 8,340 ) $ 147,916 $ — Corporate bonds 178,426 767 ( 6,066 ) 173,127 — U.S. agency-based mortgage-backed securities 5,598 — ( 536 ) 5,062 — U.S. Treasury securities and obligations 15,711 — ( 1,432 ) 14,279 — Totals $ 355,670 $ 1,088 $ ( 16,374 ) $ 340,384 $ — 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, 2022 are summarized as follows: Amortized Gross Gross Fair Allowance for (in thousands) States and political subdivisions $ 166,019 $ 463 $ ( 9,826 ) $ 156,656 $ — Corporate bonds 150,915 530 ( 6,657 ) 144,788 — U.S. agency-based mortgage-backed securities 5,984 — ( 538 ) 5,446 — U.S. Treasury securities and obligations 15,675 9 ( 1,453 ) 14,231 — Totals $ 338,593 $ 1,002 $ ( 18,474 ) $ 321,121 $ —
Gross Unrealized Gains and Losses and Cost of Equity	The cost, gross unrealized gains and losses, and the fair value of equity securities at June 30, 2023 are summarized as follows: Cost Gross Gross Fair (in thousands) Equity securities: Domestic common stock $ 50,115 $ 15,290 $ — $ 65,405 Total equity securities $ 50,115 $ 15,290 $ — $ 65,405 The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2022 are summarized as follows: Cost Gross Gross Fair (in thousands) Equity securities: Domestic common stock $ 50,185 $ 11,873 $ — $ 62,058 Total equity securities $ 50,185 $ 11,873 $ — $ 62,058
Investment Securities Continuous Unrealized Loss Position	The following table summarizes the fair value and gross unrealized losses on 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 as of June 30, 2023: Less Than 12 Months 12 Months or Greater Total Fair Value of Gross Fair Value of Gross Fair Value of Gross (in thousands) June 30, 2023 Available-for-Sale States and political subdivisions $ 46,548 $ 441 $ 62,315 $ 7,899 $ 108,863 $ 8,340 Corporate bonds 98,553 2,755 51,149 3,311 149,702 6,066 U.S. agency-based mortgage-backed securities — — 5,062 536 5,062 536 U.S. Treasury securities and obligations 921 2 13,358 1,430 14,279 1,432 Total available-for-sale securities $ 146,022 $ 3,198 $ 131,884 $ 13,176 $ 277,906 $ 16,374 The following table summarizes the fair value and gross unrealized losses on 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 as of December 31, 2022: Less Than 12 Months 12 Months or Greater Total Fair Value of Gross Fair Value of Gross Fair Value of Gross (in thousands) December 31, 2022 Available-for-Sale States and political subdivisions $ 87,522 $ 5,319 $ 24,980 $ 4,507 $ 112,502 $ 9,826 Corporate bonds 98,590 4,549 30,011 2,108 128,601 6,657 U.S. agency-based mortgage-backed securities 4,732 444 714 94 5,446 538 U.S. Treasury securities and obligations 5,589 313 7,719 1,140 13,308 1,453 Total available-for-sale securities $ 196,433 $ 10,625 $ 63,424 $ 7,849 $ 259,857 $ 18,474
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 quarter ended June 30, 2023. States and Corporate U.S. Agency U.S. Asset-Backed Totals (in thousands) Balance at March 31, 2023 $ 40 $ 178 $ — $ — $ 2 $ 220 Provision for credit loss expense (benefit) 1 ( 17 ) — — — ( 16 ) Balance at June 30, 2023 $ 41 $ 161 $ — $ — $ 2 $ 204 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 six months ended June 30, 2023. States and Corporate U.S. Agency U.S. Asset-Backed Totals (in thousands) Balance at December 31, 2022 $ 40 $ 196 $ — $ — $ 3 $ 239 Provision for credit loss expense (benefit) 1 ( 35 ) — — ( 1 ) ( 35 ) Balance at June 30, 2023 $ 41 $ 161 $ — $ — $ 2 $ 204
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 June 30, 2023. States and Corporate U.S. Agency U.S. Asset-Backed Totals Amortized cost (in thousands) AAA/AA/A ratings $ 405,819 $ 26,137 $ 3,499 $ 11,143 $ 37 $ 446,635 Baa/BBB ratings 2,960 26,993 — — 17 29,970 B ratings — — — — — — Total $ 408,779 $ 53,130 $ 3,499 $ 11,143 $ 54 $ 476,605
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: June 30, 2023 December 31, 2022 Carrying Fair Carrying Fair (in thousands) Maturity: Within one year $ 41,420 $ 41,148 $ 41,878 $ 41,652 After one year through five years 158,329 151,287 165,216 159,006 After five years through ten years 125,395 117,523 121,739 112,665 After ten years 147,706 142,240 159,093 151,178 U.S. agency-based mortgage-backed securities 3,499 3,364 3,696 3,576 Asset-backed securities 52 51 66 67 Totals $ 476,401 $ 455,613 $ 491,688 $ 468,144
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: June 30, 2023 December 31, 2022 Amortized Fair Amortized Fair (in thousands) Maturity: Within one year $ 34,515 $ 34,235 $ 28,290 $ 27,814 After one year through five years 89,175 84,422 68,876 65,406 After five years through ten years 108,099 103,279 102,296 95,366 After ten years 118,283 113,386 133,147 127,089 U.S. agency-based mortgage-backed securities 5,598 5,062 5,984 5,446 Totals $ 355,670 $ 340,384 $ 338,593 $ 321,121

Loss Reserves (Tables)

Loss Reserves (Tables)	6 Months Ended
	Jun. 30, 2023
Insurance [Abstract]
Liability for Unpaid Loss and Loss Adjustment Expenses, Net of Related Amounts Recoverable from Reinsurers	The following table provides the Company’s liability for unpaid loss and loss adjustment expenses, net of related amounts recoverable from reinsurers, for the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 (in thousands) Balance, beginning of period $ 696,037 $ 745,278 Less amounts recoverable from reinsurers 112,555 119,266 Net balance, beginning of period 583,482 626,012 Add incurred related to: Current accident year 95,693 97,863 Prior accident years ( 21,039 ) ( 19,796 ) Total incurred 74,654 78,067 Less paid related to: Current accident year 12,938 14,063 Prior accident years 75,252 82,473 Total paid 88,190 96,536 Net balance, end of period 569,946 607,543 Add amounts recoverable from reinsurers 114,667 117,348 Balance, end of period $ 684,613 $ 724,891
Change in Allowance for Credit Losses on Amounts Recoverable from Reinsurers	The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the three and six months ended June 30, 2023 and 2022. Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) Balance, beginning of period $ 328 $ 388 $ 372 $ 440 Provision for credit loss expense (benefit) 10 ( 19 ) ( 34 ) ( 71 ) Balance, end of period $ 338 $ 369 $ 338 $ 369

Comprehensive Income and Accu_2

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (AOCI)	The following table illustrates the changes in the balance of each component of accumulated other comprehensive income (loss) for each period presented in the interim financial statements. Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 (in thousands) Balance, beginning of period $ ( 9,484 ) $ 57 $ ( 13,828 ) $ 13,537 Other comprehensive income (loss) ( 2,765 ) ( 8,248 ) 1,574 ( 21,705 ) Amounts reclassified from accumulated 149 ( 683 ) 154 ( 706 ) Net current period other comprehensive ( 2,616 ) ( 8,931 ) 1,728 ( 22,411 ) Balance, end of period $ ( 12,100 ) $ ( 8,874 ) $ ( 12,100 ) $ ( 8,874 )
Reclassification Out of Accumulated Other Comprehensive Income (Loss)	The effects of reclassifications out of accumulated other comprehensive income (loss) by the respective line items of net income are presented in the following table. Component of Accumulated Other Three Months Ended Six Months Ended Affected line item in the Comprehensive Income (Loss) June 30, June 30, statement of income 2023 2022 2023 2022 (in thousands) Unrealized gains (losses) on $ ( 189 ) $ 865 $ ( 195 ) $ 894 Net realized gains ( 189 ) 865 ( 195 ) 894 Income before income taxes Unrealized gains (losses) on 40 ( 182 ) 41 ( 188 ) Income tax expense $ ( 149 ) $ 683 $ ( 154 ) $ 706 Net income

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	At June 30, 2023, assets measured at fair value on a recurring basis are summarized below: June 30, 2023 Level 1 Level 2 Level 3 Total Fair (in thousands) Financial instruments carried at fair value, classified as a part of: Securities available-for-sale—fixed maturity: States and political subdivisions $ — $ 147,916 $ — $ 147,916 Corporate bonds — 173,127 — 173,127 U.S. agency-based mortgage-backed securities — 5,062 — 5,062 U.S. Treasury securities 14,279 — — 14,279 Total securities available-for-sale—fixed maturity 14,279 326,105 — 340,384 Equity securities: Domestic common stock 65,405 — — 65,405 Total $ 79,684 $ 326,105 $ — $ 405,789 At December 31, 2022, assets measured at fair value on a recurring basis are summarized below: December 31, 2022 Level 1 Level 2 Level 3 Total Fair (in thousands) Financial instruments carried at fair value, classified as a part of: Securities available-for-sale—fixed maturity: States and political subdivisions $ — $ 156,656 $ — $ 156,656 Corporate bonds — 144,788 — 144,788 U.S. agency-based mortgage-backed securities — 5,446 — 5,446 U.S. Treasury securities 14,231 — — 14,231 Total securities available-for-sale—fixed maturity $ 14,231 $ 306,890 $ — $ 321,121 Equity securities: Domestic common stock 62,058 — — 62,058 Total $ 76,289 $ 306,890 $ — $ 383,179
Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses	At June 30, 2023, assets measured at amortized cost net of allowance for credit losses are summarized below: June 30, 2023 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 391,880 $ — $ 391,880 Corporate bonds — 49,588 — 49,588 U.S. agency-based mortgage-backed securities — 3,364 — 3,364 U.S. Treasury securities 10,730 — — 10,730 Asset-backed securities — 51 — 51 Total held-to-maturity $ 10,730 $ 444,883 $ — $ 455,613 At December 31, 2022, assets measured at amortized cost net of allowance for credit losses are summarized below: December 31, 2022 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 395,944 $ — $ 395,944 Corporate bonds — 55,851 — 55,851 U.S. agency-based mortgage-backed securities — 3,576 — 3,576 U.S. Treasury securities 12,706 — — 12,706 Asset-backed securities — 67 — 67 Total held-to-maturity $ 12,706 $ 455,438 $ — $ 468,144
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 June 30, 2023 As of December 31, 2022 Carrying Fair Carrying Fair (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 476,401 $ 455,613 $ 491,688 $ 468,144 Fixed maturity securities—available-for-sale 340,384 340,384 321,121 321,121 Equity securities 65,405 65,405 62,058 62,058 Short-term investments 46,540 46,540 14,120 14,120 Cash and cash equivalents 33,922 33,922 61,469 61,469

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percentage of comparable consolidated amounts	95%	95%

Restricted Stock, Restricted _2

Restricted Stock, Restricted Stock Units, and Stock Options - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Incentive_Plan shares	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans | Incentive_Plan			3
Market value of shares | $			$ 2.8	$ 2.6
Stock options outstanding	0		0
Share-based compensation expense | $	$ 0.4	$ 0.8	$ 0.6	$ 0.8
Performance Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued, shares			18,561	40,959
Restricted Stock [Member] | Officers and Employees and Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued, shares				13,211
Restricted Stock [Member] | Non Employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued, shares			9,856
Restricted Stock Units (RSUs) [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued, shares			9,064

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Basic [Abstract]
Net income	$ 15,627	$ 6,132	$ 32,966	$ 23,463
Basic weighted average common shares	19,139,735	19,273,934	19,135,564	19,302,805
Basic earnings per common share	$ 0.82	$ 0.32	$ 1.72	$ 1.22
Net income	$ 15,627	$ 6,132	$ 32,966	$ 23,463
Weighted average common shares	19,139,735	19,273,934	19,135,564	19,302,805
Restricted stock and RSUs	57,020	58,234	64,813	64,280
Diluted weighted average common shares	19,196,755	19,332,168	19,200,377	19,367,085
Diluted earnings per common share	$ 0.81	$ 0.32	$ 1.72	$ 1.21

Investments - Gross Unrecognize

Investments - 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) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	$ 476,605		$ 491,927
Held-to-Maturity, Allowance for Credit Losses	(204)	$ (220)	(239)
Held-to-Maturity, Carrying Amount	476,401		491,688
Held-to-Maturity, Gross Unrecognized Gains	1,198		983
Held-to-Maturity, Gross Unrecognized Losses	(21,986)		(24,527)
Held To Maturity Securities Fair Value	455,613		468,144
States and Political Subdivisions [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	408,779		415,136
Held-to-Maturity, Allowance for Credit Losses	(41)	(40)	(40)
Held-to-Maturity, Carrying Amount	408,738		415,096
Held-to-Maturity, Gross Unrecognized Gains	1,165		922
Held-to-Maturity, Gross Unrecognized Losses	(18,023)		(20,074)
Held To Maturity Securities Fair Value	391,880		395,944
Corporate Bonds [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	53,130		59,903
Held-to-Maturity, Allowance for Credit Losses	(161)	(178)	(196)
Held-to-Maturity, Carrying Amount	52,969		59,707
Held-to-Maturity, Gross Unrecognized Gains			1
Held-to-Maturity, Gross Unrecognized Losses	(3,381)		(3,857)
Held To Maturity Securities Fair Value	49,588		55,851
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	3,499		3,696
Held-to-Maturity, Carrying Amount	3,499		3,696
Held-to-Maturity, Gross Unrecognized Gains	15		33
Held-to-Maturity, Gross Unrecognized Losses	(150)		(153)
Held To Maturity Securities Fair Value	3,364		3,576
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	11,143		13,123
Held-to-Maturity, Carrying Amount	11,143		13,123
Held-to-Maturity, Gross Unrecognized Gains	18		25
Held-to-Maturity, Gross Unrecognized Losses	(431)		(442)
Held To Maturity Securities Fair Value	10,730		12,706
Asset-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	54		69
Held-to-Maturity, Allowance for Credit Losses	(2)	$ (2)	(3)
Held-to-Maturity, Carrying Amount	52		66
Held-to-Maturity, Gross Unrecognized Gains			2
Held-to-Maturity, Gross Unrecognized Losses	(1)		(1)
Held To Maturity Securities Fair Value	$ 51		$ 67

Investments - Gross Unrealized

Investments - Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	$ 355,670	$ 338,593
Available-for-sale, Gross Unrealized Gains	1,088	1,002
Available-for-sale, Gross Unrealized Losses	(16,374)	(18,474)
Fixed maturity securities-available-for-sale	340,384	321,121
Debt Securities Available For Sale Allowance For Credit Loss	0	0
States and Political Subdivisions [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	155,935	166,019
Available-for-sale, Gross Unrealized Gains	321	463
Available-for-sale, Gross Unrealized Losses	(8,340)	(9,826)
Fixed maturity securities-available-for-sale	147,916	156,656
Corporate Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	178,426	150,915
Available-for-sale, Gross Unrealized Gains	767	530
Available-for-sale, Gross Unrealized Losses	(6,066)	(6,657)
Fixed maturity securities-available-for-sale	173,127	144,788
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	5,598	5,984
Available-for-sale, Gross Unrealized Losses	(536)	(538)
Fixed maturity securities-available-for-sale	5,062	5,446
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	15,711	15,675
Available-for-sale, Gross Unrealized Gains		9
Available-for-sale, Gross Unrealized Losses	(1,432)	(1,453)
Fixed maturity securities-available-for-sale	$ 14,279	$ 14,231

Investments - Gross Unrealize_2

Investments - Gross Unrealized Gains and Losses and Cost of Equity (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity securities, Cost	$ 50,115	$ 50,185
Equity securities, Gross Unrealized Gains	15,290	11,873
Equity securities	65,405	62,058
Domestic Common Stock [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity securities, Cost	50,115	50,185
Equity securities, Gross Unrealized Gains	15,290	11,873
Equity securities	$ 65,405	$ 62,058

Investments - Summary of Carryi

Investments - Summary of Carrying Amounts and Fair Value of Investments in Fixed Maturity Securities, Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Held To Maturity Securities [Line Items]
Within one year, Carrying Amount	$ 41,420	$ 41,878
After one year through five years, Carrying Amount	158,329	165,216
After five years through ten years, Carrying Amount	125,395	121,739
After ten years, Carrying Amount	147,706	159,093
Held-to-maturity, Carrying Amount, Totals	476,401	491,688
Within one year, Fair Value	41,148	41,652
After one year through five years, Fair Value	151,287	159,006
After five years through ten years, Fair Value	117,523	112,665
After ten years, Fair Value	142,240	151,178
Held-to-maturity, Fair Value, Totals	455,613	468,144
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Without single maturity, Carrying Amount	3,499	3,696
Held-to-maturity, Carrying Amount, Totals	3,499	3,696
Without single maturity, Fair Value	3,364	3,576
Held-to-maturity, Fair Value, Totals	3,364	3,576
Asset-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Without single maturity, Carrying Amount	52	66
Held-to-maturity, Carrying Amount, Totals	52	66
Without single maturity, Fair Value	51	67
Held-to-maturity, Fair Value, Totals	$ 51	$ 67

Investments - Summary of Amorti

Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Within one year, Amortized Cost	$ 34,515	$ 28,290
After one year through five years, Amortized Cost	89,175	68,876
After five years through ten years, Amortized Cost	108,099	102,296
After ten years, Amortized Cost	118,283	133,147
Available-for-sale, Amortized Cost	355,670	338,593
Within one year, Fair Value	34,235	27,814
After one year through five years, Fair Value	84,422	65,406
After five years through ten years, Fair Value	103,279	95,366
After ten years, Fair Value	113,386	127,089
Available-for-sale, Fair Value	340,384	321,121
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Without single maturity date, Amortized Cost	5,598	5,984
Without single maturity date, Fair value	$ 5,062	$ 5,446

Investments - Investment Securi

Investments - Investment Securities Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	$ 146,022	$ 196,433
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	3,198	10,625
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	131,884	63,424
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	13,176	7,849
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	277,906	259,857
Available-for Sale, Gross Unrealized Losses, Total	16,374	18,474
States and Political Subdivisions [Member]
Marketable Securities [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	46,548	87,522
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	441	5,319
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	62,315	24,980
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	7,899	4,507
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	108,863	112,502
Available-for Sale, Gross Unrealized Losses, Total	8,340	9,826
Corporate Bonds [Member]
Marketable Securities [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	98,553	98,590
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	2,755	4,549
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	51,149	30,011
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	3,311	2,108
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	149,702	128,601
Available-for Sale, Gross Unrealized Losses, Total	6,066	6,657
U.S. Agency-Based Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months		4,732
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months		444
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	5,062	714
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	536	94
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	5,062	5,446
Available-for Sale, Gross Unrealized Losses, Total	536	538
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member]
Marketable Securities [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	921	5,589
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	2	313
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	13,358	7,719
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	1,430	1,140
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	14,279	13,308
Available-for Sale, Gross Unrealized Losses, Total	$ 1,432	$ 1,453

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Security	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Security	Jun. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Marketable Securities [Line Items]
Individual fixed maturity held in unrealized loss position | Security	186		186
Number of fixed maturity securities, allowance for credit loss | Security	458		458
Fixed maturity securities, held-to-maturity, allowance for credit losses	$ 204		$ 204		$ 220	$ 239
Available-for-sale, Allowance for Credit Losses	0		0			0
Net realized gains on investments	75	$ 1,079	333	$ 1,817
Net unrealized gains (losses) on equity securities	2,048	$ (9,942)	3,417	$ (8,902)
Corporate Bonds [Member]
Marketable Securities [Line Items]
Fixed maturity securities, held-to-maturity, allowance for credit losses	$ 161		$ 161		178	196
Number of majority securities | Security	18		18
States and Political Subdivisions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, held-to-maturity, allowance for credit losses	$ 41		$ 41		$ 40	$ 40
Number of majority securities | Security	437		437
Corporate Fixed Income Securities [Member] | Maximum [Member]
Marketable Securities [Line Items]
Investments maturity period using default rate			20 years

Investments - Changes in Allowa

Investments - Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Balance	$ 220	$ 239
Provision for credit loss expense (benefit)	(16)	35
Balance	204	204
Amortized cost	476,605	476,605
AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	446,635	446,635
Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	29,970	29,970
States and Political Subdivisions [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Balance	40	40
Provision for credit loss expense (benefit)	1	(1)
Balance	41	41
Amortized cost	408,779	408,779
States and Political Subdivisions [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	405,819	405,819
States and Political Subdivisions [Member] | Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	2,960	2,960
Corporate Bonds [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Balance	178	196
Provision for credit loss expense (benefit)	(17)	35
Balance	161	161
Amortized cost	53,130	53,130
Corporate Bonds [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	26,137	26,137
Corporate Bonds [Member] | Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	26,993	26,993
U.S. Agency-Based Mortgage-Backed Securities [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	3,499	3,499
U.S. Agency-Based Mortgage-Backed Securities [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	3,499	3,499
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	11,143	11,143
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	11,143	11,143
Asset-Backed Securities [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Balance	2	3
Provision for credit loss expense (benefit)		(1)
Balance	2	2
Amortized cost	54	54
Asset-Backed Securities [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	37	37
Asset-Backed Securities [Member] | Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	$ 17	$ 17

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Valuation allowance	$ 0	$ 0
U.S federal income tax statutory rate	21%	21%
Uncertain tax positions recognized	$ 0	$ 0

Loss Reserves - Liability for U

Loss Reserves - Liability for Unpaid Loss and Loss Adjustment Expenses, Net of Related Amounts Recoverable from Reinsurers (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Balance, beginning of period	$ 696,037	$ 745,278
Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses	112,555	119,266
Net balance, beginning of period	583,482	626,012
Add incurred related to:
Current accident year	95,693	97,863
Prior accident years	(21,039)	(19,796)
Total incurred	74,654	78,067
Less paid related to:
Current accident year	12,938	14,063
Prior accident years	75,252	82,473
Total paid	88,190	96,536
Net balance, end of period	569,946	607,543
Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses	114,667	117,348
Balance, end of period	$ 684,613	$ 724,891

Loss Reserves - Additional Info

Loss Reserves - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Insurance [Abstract]
Loss and LAE Related to Prior Periods	$ 21,039	$ 19,796

Loss Reserves - Change in Allow

Loss Reserves - Change in Allowance for Credit Losses on Amounts Recoverable from Reinsurers (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Insurance [Abstract]
Balance, beginning of period	$ 328	$ 388	$ 372	$ 440
Provision for credit loss expense (benefit)	10	(19)	(34)	(71)
Balance, end of period	$ 338	$ 369	$ 338	$ 369

Comprehensive Income and Accu_3

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate	21%	21%

Comprehensive Income and Accu_4

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 332,855	$ 395,273	$ 317,432	$ 399,323
Other comprehensive income (loss) before reclassification	(2,765)	(8,248)	1,574	(21,705)
Amounts reclassified from accumulated other comprehensive (loss)	149	(683)	154	(706)
Net current period other comprehensive income (loss)	(2,616)	(8,931)	1,728	(22,411)
Ending Balance	340,567	384,989	340,567	384,989
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(9,484)	57	(13,828)	13,537
Ending Balance	$ (12,100)	$ (8,874)	$ (12,100)	$ (8,874)

Comprehensive Income and Accu_5

Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net realized gains on investments	$ 75	$ 1,079	$ 333	$ 1,817
Income before income taxes	19,568	7,123	41,103	28,545
Income tax expense	(3,941)	(991)	(8,137)	(5,082)
Net income	15,627	6,132	32,966	23,463
Unrealized Gains (Losses) On Debt Securities, Net Of Tax [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net realized gains on investments	(189)	865	(195)	894
Income before income taxes	(189)	865	(195)	894
Income tax expense	40	(182)	41	(188)
Net income	$ (149)	$ 683	$ (154)	$ 706

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	$ 340,384	$ 321,121
Equity securities, Fair Value	65,405	62,058
Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	340,384	321,121
Total	405,789	383,179
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	14,279	14,231
Total	79,684	76,289
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	326,105	306,890
Total	326,105	306,890
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	147,916	156,656
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	147,916	156,656
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	173,127	144,788
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	173,127	144,788
Fair Value, Measurements, Recurring [Member] | U.S. Agency-Based Mortgage-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	5,062	5,446
Fair Value, Measurements, Recurring [Member] | U.S. Agency-Based Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	5,062	5,446
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	14,279	14,231
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale fixed maturity, Fair Value	14,279	14,231
Fair Value, Measurements, Recurring [Member] | Common Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities, Fair Value	65,405	62,058
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities, Fair Value	$ 65,405	$ 62,058

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	$ 455,613	$ 468,144
States and Political Subdivisions [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	391,880	395,944
Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	49,588	55,851
U.S. Agency-Based Mortgage-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	3,364	3,576
U.S. Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	10,730	12,706
Asset-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	51	67
Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	10,730	12,706
Fair Value, Inputs, Level 1 [Member] | U.S. Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	10,730	12,706
Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	444,883	455,438
Fair Value, Inputs, Level 2 [Member] | States and Political Subdivisions [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	391,880	395,944
Fair Value, Inputs, Level 2 [Member] | Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	49,588	55,851
Fair Value, Inputs, Level 2 [Member] | U.S. Agency-Based Mortgage-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	3,364	3,576
Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	$ 51	$ 67

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities-held-to-maturity	$ 455,613	$ 468,144
Fixed maturity securities-available-for-sale	340,384	321,121
Equity securities	65,405	62,058
Short-term investments	46,540	14,120
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities-held-to-maturity	476,401	491,688
Fixed maturity securities-available-for-sale	340,384	321,121
Equity securities	65,405	62,058
Short-term investments	46,540	14,120
Cash and cash equivalents	33,922	61,469
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities-held-to-maturity	455,613	468,144
Fixed maturity securities-available-for-sale	340,384	321,121
Equity securities	65,405	62,058
Short-term investments	46,540	14,120
Cash and cash equivalents	$ 33,922	$ 61,469

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Oct. 31, 2016
Equity [Abstract]
Share repurchase program, new limit amount	$ 12,600,000		$ 12,600,000		$ 25,000,000
Purchase of treasury stock, Shares	0	77,699	0	121,592
Purchase of treasury stock		$ 3,642,000		$ 5,701,000
Shares purchased, average price		$ 46.88		$ 46.88

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Dividend Declared [Member]	Jul. 25, 2023 $ / shares
Subsequent Event [Line Items]
Date of dividend declared	Jul. 25, 2023
Cash dividend per share	$ 0.34
Date of payment for dividend	Sep. 22, 2023
Date of record for dividend payment	Sep. 08, 2023