AMERISAFE (AMSF) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
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		19,135,008
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	Mar. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturity securities-held-to-maturity, at amortized cost net of allowance for credit losses of $165 and $182 in 2024 and 2023, respectively, (fair value $461,681 and $473,092 in 2024 and 2023, respectively)	$ 475,322	$ 483,575
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	290,673	317,064
Equity securities, at fair value (cost $44,045 and $44,046 in 2024 and 2023, respectively)	61,923	57,147
Short-term investments	38,641	0
Total investments	866,559	857,786
Cash and cash equivalents	33,375	38,682
Amounts recoverable from reinsurers (net of allowance for credit losses of $309 and $360 in 2024 and 2023, respectively)	127,503	129,963
Premiums receivable (net of allowance for credit losses of $4,535 and $4,674 in 2024 and 2023, respectively)	143,987	132,861
Deferred income taxes	21,183	20,403
Accrued interest receivable	8,250	8,274
Property and equipment, net	6,767	6,349
Deferred policy acquisition costs	18,994	17,975
Federal income tax recoverable	0	1,781
Other assets	16,525	15,088
Total assets	1,243,143	1,229,162
Liabilities:
Reserves for loss and loss adjustment expenses	668,059	673,994
Unearned premiums	124,288	116,585
Amounts held for others	55,387	53,694
Policyholder deposits	34,311	34,522
Insurance-related assessments	15,624	16,896
Federal income tax payable	2,360	0
Accounts payable and other liabilities	39,875	41,020
Payable for investments purchased	2,145
Total liabilities	942,049	936,711
Shareholders’ equity:
Common stock: voting-$0.01 par value authorized shares-50,000,000 in 2024 and 2023; 20,704,448 shares issued in 2024 and 2023; and 19,135,008 shares outstanding in 2024 and 2023	207	207
Additional paid-in capital	222,443	222,078
Treasury stock, at cost (1,569,440 shares in 2024 and 2023)	(36,929)	(36,929)
Accumulated earnings	124,113	114,289
Accumulated other comprehensive loss, net	(8,740)	(7,194)
Total shareholders’ equity	301,094	292,451
Total liabilities and shareholders’ equity	$ 1,243,143	$ 1,229,162

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed maturity securities, held-to-maturity, allowance for credit losses	$ 165	$ 182
Fixed maturity securities, fair value	461,681	473,092
Fixed maturity securities, available-for-sale, allowance for credit losses	0	0
Fixed maturity securities, amortized cost	301,691	326,171
Equity securities, cost	44,045	44,046
Amounts recoverable from reinsurers, allowance for credit losses	309	360
Premiums receivable, allowance for credit losses	$ 4,535	$ 4,674
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	20,704,448	20,704,448
Common stock, shares outstanding	19,135,008	19,135,008
Treasury stock, shares	1,569,440	1,569,440

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Gross premiums written	$ 80,074	$ 82,487
Ceded premiums written	(3,926)	(4,179)
Net premiums written	76,148	78,308
Net premiums earned	68,446	69,181
Net investment income	7,366	7,433
Net realized gains (losses) on investments	(222)	258
Net unrealized gains on equity securities	4,776	1,369
Fee and other income	123	197
Total revenues	80,489	78,438
Expenses
Loss and loss adjustment expenses incurred	39,991	39,009
Underwriting and certain other operating costs	5,311	5,156
Commissions	5,882	5,803
Salaries and benefits	7,505	6,023
Policyholder dividends	1,072	931
Provision for investment related credit loss benefit	(17)	(19)
Total expenses	59,744	56,903
Income before income taxes	20,745	21,535
Income tax expense	3,820	4,196
Net income	$ 16,925	$ 17,339
Earnings per share
Basic	$ 0.89	$ 0.91
Diluted	$ 0.88	$ 0.9
Shares used in computing earnings per share
Basic	19,122,168	19,131,356
Diluted	19,211,282	19,235,411
Cash dividends declared per common share	$ 0.37	$ 0.34

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 16,925	$ 17,339
Other comprehensive income :
Unrealized gain (loss) on debt securities, net of tax	(1,546)	4,344
Comprehensive income	$ 15,379	$ 21,683

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, 2022	$ 317,432	$ 207	$ 220,299	$ (34,758)	$ 145,512	$ (13,828)
Beginning Balance, Shares at Dec. 31, 2022		20,678,572		(1,522,699)
Comprehensive income (loss):
Net income	17,339				17,339
Other comprehensive income :
Change in unrealized losses on debt securities, net of tax	4,344					4,344
Comprehensive income	$ 21,683
Common stock issued, Shares		(1,486)
Purchase of treasury stock, Shares	0
Share-based compensation	$ 257		257
Dividends to shareholders	(6,517)				(6,517)
Ending Balance at Mar. 31, 2023	332,855	$ 207	220,556	$ (34,758)	156,334	(9,484)
Ending Balance, Shares at Mar. 31, 2023		20,677,086		(1,522,699)
Beginning Balance at Dec. 31, 2023	$ 292,451	$ 207	222,078	$ (36,929)	114,289	(7,194)
Beginning Balance, Shares at Dec. 31, 2023	19,135,008	20,704,448		(1,569,440)
Comprehensive income (loss):
Net income	$ 16,925				16,925
Other comprehensive income :
Change in unrealized losses on debt securities, net of tax	(1,546)					(1,546)
Comprehensive income	$ 15,379
Purchase of treasury stock, Shares	0
Share-based compensation	$ 365		365
Dividends to shareholders	(7,101)				(7,101)
Ending Balance at Mar. 31, 2024	$ 301,094	$ 207	$ 222,443	$ (36,929)	$ 124,113	$ (8,740)
Ending Balance, Shares at Mar. 31, 2024	19,135,008	20,704,448		(1,569,440)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 16,925	$ 17,339
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	328	350
Net amortization of investments	519	1,091
Change in investment related allowance for credit losses	(17)	(19)
Deferred income taxes	(369)	(19)
Net realized (gains) losses on investments	222	(258)
Net unrealized gains on equity securities	(4,776)	(1,369)
Share-based compensation	688	216
Changes in operating assets and liabilities:
Premiums receivable, net	(13,314)	(15,338)
Accrued interest receivable	24	(210)
Deferred policy acquisition costs	(1,019)	(1,228)
Other assets	(724)	320
Reserves for loss and loss adjustment expenses	(5,935)	(9,385)
Unearned premiums	7,703	9,127
Reinsurance balances	2,496	7,249
Amounts held for others and policyholder deposits	1,482	759
Federal income taxes payable/recoverable	4,141	3,987
Accounts payable and other liabilities	(868)	854
Net cash provided by operating activities	7,506	13,466
Investing activities
Purchases of investments held-to-maturity	(3,320)	(2,638)
Purchases of investments available-for-sale	0	(27,243)
Purchases of short-term investments	(38,559)	(21,358)
Proceeds from maturities of investments held-to-maturity	12,692	10,932
Proceeds from sales and maturities of investments available-for-sale	24,216	8,705
Proceeds from sales of equity securities	0	262
Proceeds from sales and maturities of short-term investments	0	4,175
Purchases of property and equipment	(746)	(32)
Net cash used in investing activities	(5,717)	(27,197)
Financing activities
Finance lease purchases	(21)	(23)
Dividends to shareholders	(7,075)	(6,505)
Net cash used in financing activities	(7,096)	(6,528)
Change in cash and cash equivalents	(5,307)	(20,259)
Cash and cash equivalents at beginning of period	38,682	61,469
Cash and cash equivalents at end of period	$ 33,375	$ 41,210

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 16,925	$ 17,339

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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	3 Months Ended
	Mar. 31, 2024
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 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 three months ended March 31, 2024 and 2023. 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, 2023. 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 2024 . Prospective Accounting Guidance All issued but not yet effective accounting and reporting standards as of March 31, 2024 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 , 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, 2023 for additional information regarding the Company’s incentive plans. During the three months ended March 31, 2024, the Company awarded 10,384 restricted stock units to officers. The market value of these shares totaled $ 0.5 million. During the three months ended March 31, 2023, the Company awarded 9,064 restricted stock units to officers. The market value of these shares totaled $ 0.5 million. The Company had no stock options outstanding as of March 31, 2024. The Company recognized share-based compensation expense of $ 0.7 million in the quarter ended March 31, 2024 and $ 0.2 million in the same period in 2023 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (in thousands, except share and per share Basic EPS : Net income $ 16,925 $ 17,339 Basic weighted average common shares 19,122,168 19,131,356 Basic earnings per common share $ 0.89 $ 0.91 Diluted EPS : Net income $ 16,925 $ 17,339 Diluted weighted average common shares: Weighted average common shares 19,122,168 19,131,356 Restricted stock and RSUs 89,114 104,055 Diluted weighted average common shares 19,211,282 19,235,411 Diluted earnings per common share $ 0.88 $ 0.90

Investments

Investments	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 are summarized as follows: Amortized Allowance for Credit Losses Carrying Gross Gross Fair (in thousands) States and political subdivisions $ 412,900 $ ( 37 ) $ 412,863 $ 2,804 $ ( 13,871 ) $ 401,796 Corporate bonds 48,164 ( 126 ) 48,038 — ( 2,078 ) 45,960 U.S. agency-based mortgage-backed securities 3,183 — 3,183 19 ( 150 ) 3,052 U.S. Treasury securities and obligations 11,209 — 11,209 14 ( 379 ) 10,844 Asset-backed securities 31 ( 2 ) 29 — — 29 Totals $ 475,487 $ ( 165 ) $ 475,322 $ 2,837 $ ( 16,478 ) $ 461,681 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 March 31, 2024 are summarized as follows: Amortized Gross Gross Fair Allowance for (in thousands) States and political subdivisions $ 122,545 $ 260 $ ( 7,013 ) $ 115,792 $ — Corporate bonds 159,284 1,509 ( 4,042 ) 156,751 — U.S. agency-based mortgage-backed securities 5,032 — ( 502 ) 4,530 — U.S. Treasury securities and obligations 14,830 — ( 1,230 ) 13,600 — Totals $ 301,691 $ 1,769 $ ( 12,787 ) $ 290,673 $ — The cost, gross unrealized gains and losses, and the fair value of equity securities at March 31, 2024 are summarized as follows: Cost Gross Gross Fair (in thousands) Equity securities: Domestic common stock $ 44,045 $ 17,878 $ — $ 61,923 Total equity securities $ 44,045 $ 17,878 $ — $ 61,923 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, 2023 are summarized as follows: Amortized Allowance for Credit Losses Carrying Gross Gross Fair (in thousands) States and political subdivisions $ 416,916 $ ( 38 ) $ 416,878 $ 4,166 $ ( 12,074 ) $ 408,970 Corporate bonds 52,321 ( 142 ) 52,179 — ( 2,231 ) 49,948 U.S. agency-based mortgage-backed securities 3,297 — 3,297 25 ( 123 ) 3,199 U.S. Treasury securities and obligations 11,186 — 11,186 26 ( 273 ) 10,939 Asset-backed securities 37 ( 2 ) 35 1 — 36 Totals $ 483,757 $ ( 182 ) $ 483,575 $ 4,218 $ ( 14,701 ) $ 473,092 The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2023 are summarized as follows: Amortized Gross Gross Fair Allowance for (in thousands) States and political subdivisions $ 138,031 $ 583 $ ( 6,719 ) $ 131,895 $ — Corporate bonds 168,134 2,105 ( 3,486 ) 166,753 — U.S. agency-based mortgage-backed securities 5,190 — ( 445 ) 4,745 — U.S. Treasury securities and obligations 14,816 — ( 1,145 ) 13,671 — Totals $ 326,171 $ 2,688 $ ( 11,795 ) $ 317,064 $ — The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2023 are summarized as follows: Cost Gross Gross Fair (in thousands) Equity securities: Domestic common stock $ 44,046 $ 13,101 $ — $ 57,147 Total equity securities $ 44,046 $ 13,101 $ — $ 57,147 A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair (in thousands) Maturity: Within one year $ 64,898 $ 64,232 $ 64,129 $ 63,703 After one year through five years 126,220 120,555 136,854 131,396 After five years through ten years 116,791 111,569 114,990 110,814 After ten years 164,201 162,244 164,270 163,944 U.S. agency-based mortgage-backed securities 3,183 3,052 3,297 3,199 Asset-backed securities 29 29 35 36 Totals $ 475,322 $ 461,681 $ 483,575 $ 473,092 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: March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair (in thousands) Maturity: Within one year $ 19,402 $ 19,297 $ 25,995 $ 25,875 After one year through five years 107,593 103,291 106,178 102,201 After five years through ten years 74,338 71,695 82,664 80,911 After ten years 95,326 91,860 106,144 103,332 U.S. agency-based mortgage-backed securities 5,032 4,530 5,190 4,745 Totals $ 301,691 $ 290,673 $ 326,171 $ 317,064 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 March 31, 2024: Less Than 12 Months 12 Months or Greater Total Fair Value of Gross Fair Value of Gross Fair Value of Gross (in thousands) March 31, 2024 Available-for-Sale States and political subdivisions $ 61,604 $ 4,900 $ 25,175 $ 2,113 $ 86,779 $ 7,013 Corporate bonds 79,904 2,613 35,075 1,429 114,979 4,042 U.S. agency-based mortgage-backed securities 4,293 464 237 38 4,530 502 U.S. Treasury securities and obligations — — 13,600 1,230 13,600 1,230 Total available-for-sale securities $ 145,801 $ 7,977 $ 74,087 $ 4,810 $ 219,888 $ 12,787 At March 31, 2024, we held 158 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, 2023: 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, 2023 Available-for-Sale States and political subdivisions $ 14,115 $ 111 $ 72,358 $ 6,608 $ 86,473 $ 6,719 Corporate bonds 26,178 96 93,538 3,390 119,716 3,486 U.S. agency-based mortgage-backed securities — — 4,745 445 4,745 445 U.S. Treasury securities and obligations — — 13,672 1,145 13,672 1,145 Total available-for-sale securities $ 40,293 $ 207 $ 184,313 $ 11,588 $ 224,606 $ 11,795 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 March 31, 2024. States and Corporate U.S. Agency U.S. Asset-Backed Totals (in thousands) Balance at December 31, 2023 $ 38 $ 142 $ — $ — $ 2 $ 182 Provision for credit loss benefit ( 1 ) ( 16 ) — — — ( 17 ) Balance at March 31, 2024 $ 37 $ 126 $ — $ — $ 2 $ 165 The Company has established an allowance for credit losses on 463 held-to-maturity securities totaling $ 0.2 million. The majority of those securities were issued by states and political subdivisions ( 441 securities) and corporate bonds ( 19 securities). The Company has no allowance for credit losses on investments classified as available-for-sale for the period ended March 31, 2024. 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 March 31, 2024. States and Corporate U.S. Agency U.S. Asset-Backed Totals Amortized cost (in thousands) AAA/AA/A ratings $ 409,955 $ 18,723 $ 3,183 $ 11,209 $ 18 $ 443,088 Baa/BBB ratings 2,945 29,441 — — 13 32,399 B ratings — — — — — — Total $ 412,900 $ 48,164 $ 3,183 $ 11,209 $ 31 $ 475,487 Net realized losses in the quarter ended March 31, 2024 were $ 0.2 million resulting from the sale of fixed maturity securities classified as available-for-sale. Net realized gains in the quarter ended March 31, 2023 were $ 0.3 million resulting from the sale of equity and fixed maturity securities classified as available-for-sale. During the first quarter of 2024, we recognized through income $ 4.8 million of net unrealized gains on equity securities. During the first quarter of 2023, we recognized through income $ 1.4 million of net unrealized gains 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and 2023 , 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 March 31, 2024 and 2023. Tax years 2019 through 2024 are subject to examination by the federal and state taxing authorities.

Loss Reserves

Loss Reserves	3 Months Ended
	Mar. 31, 2024
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, 2023 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 three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Balance, beginning of period $ 673,994 $ 696,037 Less amounts recoverable from reinsurers 119,746 112,555 Net balance, beginning of period 554,248 583,482 Add incurred related to: Current accident year 48,597 49,119 Prior accident years ( 8,606 ) ( 10,110 ) Total incurred 39,991 39,009 Less paid related to: Current accident year 2,137 2,603 Prior accident years 41,522 44,249 Total paid 43,659 46,852 Net balance, end of period 550,580 575,639 Add amounts recoverable from reinsurers 117,479 111,013 Balance, end of period $ 668,059 $ 686,652 The foregoing reconciliation reflects favorable development of the net reserves at March 31, 2024 and March 31, 2023. The favorable development reduced loss and loss adjustment expenses incurred by $ 8.6 million and $ 10.1 million in 2024 and 2023, 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 months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 (in thousands) Balance, beginning of period $ 360 $ 372 Provision for credit loss benefit ( 51 ) ( 44 ) Balance, end of period $ 309 $ 328

Comprehensive Income and Accumu

Comprehensive Income and Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Comprehensive Income and Accumulated Other Comprehensive Loss	Note 7. Comprehensive Income and Accumulated Other Comprehensive Loss Comprehensive income includes net income plus unrealized gains and losses on our available-for-sale investment securities, net of tax. In reporting comprehensive income on a net basis in the statements of comprehensive income , we used a 21 % tax rate in 2024 and 2023. The difference between net income as reported and comprehensive income 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 loss for each period presented in the interim financial statements. Three Months Ended March 31, 2024 2023 (in thousands) Balance, beginning of period $ ( 7,194 ) $ ( 13,828 ) Other comprehensive income (loss) before reclassification ( 1,637 ) 4,339 Amounts reclassified from accumulated other comprehensive loss 91 5 Net current period other comprehensive income (loss) ( 1,546 ) 4,344 Balance, end of period $ ( 8,740 ) $ ( 9,484 ) The sale or credit loss allowance adjustment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive loss to current period net income. The effects of reclassifications out of accumulated other comprehensive loss by the respective line items of net income are presented in the following table. Component of Accumulated Other Comprehensive Loss Three Months Ended March 31, Affected line item in the statement 2024 2023 (in thousands) Unrealized losses on debt securities, $ ( 115 ) $ ( 6 ) Net realized gains (losses) on investments ( 115 ) ( 6 ) Income before income taxes Unrealized losses on debt securities, 24 1 Income tax expense $ ( 91 ) $ ( 5 ) Net income

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024. At March 31, 2024, assets measured at fair value on a recurring basis are summarized below: March 31, 2024 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 $ — $ 115,792 $ — $ 115,792 Corporate bonds — 156,751 — 156,751 U.S. agency-based mortgage-backed securities — 4,530 — 4,530 U.S. Treasury securities 13,600 — — 13,600 Total securities available-for-sale—fixed maturity 13,600 277,073 — 290,673 Equity securities: Domestic common stock 61,923 — — 61,923 Total $ 75,523 $ 277,073 $ — $ 352,596 At March 31, 2024, assets measured at amortized cost net of allowance for credit losses are summarized below: March 31, 2024 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 401,796 $ — $ 401,796 Corporate bonds — 45,960 — 45,960 U.S. agency-based mortgage-backed securities — 3,052 — 3,052 U.S. Treasury securities 10,844 — — 10,844 Asset-backed securities — 29 — 29 Total held-to-maturity $ 10,844 $ 450,837 $ — $ 461,681 At December 31, 2023, assets measured at fair value on a recurring basis are summarized below: December 31, 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 $ — $ 131,895 $ — $ 131,895 Corporate bonds — 166,753 — 166,753 U.S. agency-based mortgage-backed securities — 4,745 — 4,745 U.S. Treasury securities 13,671 — — 13,671 Total securities available-for-sale—fixed maturity $ 13,671 $ 303,393 $ — $ 317,064 Equity securities: Domestic common stock 57,147 — — 57,147 Total $ 70,818 $ 303,393 $ — $ 374,211 At December 31, 2023, assets measured at amortized cost net of allowance for credit losses are summarized below: December 31, 2023 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 408,970 $ — $ 408,970 Corporate bonds — 49,948 — 49,948 U.S. agency-based mortgage-backed securities — 3,199 — 3,199 U.S. Treasury securities 10,939 — — 10,939 Asset-backed securities — 36 — 36 Total held-to-maturity $ 10,939 $ 462,153 $ — $ 473,092 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 March 31, 2024 As of December 31, 2023 Carrying Fair Carrying Fair (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 475,322 $ 461,681 $ 483,575 $ 473,092 Fixed maturity securities—available-for-sale 290,673 290,673 317,064 317,064 Equity securities 61,923 61,923 57,147 57,147 Short-term investments 38,641 38,641 — — Cash and cash equivalents 33,375 33,375 38,682 38,682

Treasury Stock

Treasury Stock	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, $ 10.4 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 months ended March 31, 2024 and 2023, no shares were purchased.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 10. Subsequent Events On April 23, 2024 , the Company’s Board of Directors declared a quarterly cash dividend of $ 0.37 per share payable on June 21, 2024 to shareholders of record as of June 14, 2024 . The Board considers the payment of a regular cash dividend each calendar quarter.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Adopted Accounting Guidance	Adopted Accounting Guidance The Company has not adopted any new accounting guidance in 2024 .
Prospective Accounting Guidance	Prospective Accounting Guidance All issued but not yet effective accounting and reporting standards as of March 31, 2024 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)	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 (in thousands, except share and per share Basic EPS : Net income $ 16,925 $ 17,339 Basic weighted average common shares 19,122,168 19,131,356 Basic earnings per common share $ 0.89 $ 0.91 Diluted EPS : Net income $ 16,925 $ 17,339 Diluted weighted average common shares: Weighted average common shares 19,122,168 19,131,356 Restricted stock and RSUs 89,114 104,055 Diluted weighted average common shares 19,211,282 19,235,411 Diluted earnings per common share $ 0.88 $ 0.90

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Gross Unrecognized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses, Carrying Amount and Fair Value of Investments Classified as Held-to-Maturity	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 March 31, 2024 are summarized as follows: Amortized Allowance for Credit Losses Carrying Gross Gross Fair (in thousands) States and political subdivisions $ 412,900 $ ( 37 ) $ 412,863 $ 2,804 $ ( 13,871 ) $ 401,796 Corporate bonds 48,164 ( 126 ) 48,038 — ( 2,078 ) 45,960 U.S. agency-based mortgage-backed securities 3,183 — 3,183 19 ( 150 ) 3,052 U.S. Treasury securities and obligations 11,209 — 11,209 14 ( 379 ) 10,844 Asset-backed securities 31 ( 2 ) 29 — — 29 Totals $ 475,487 $ ( 165 ) $ 475,322 $ 2,837 $ ( 16,478 ) $ 461,681 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, 2023 are summarized as follows: Amortized Allowance for Credit Losses Carrying Gross Gross Fair (in thousands) States and political subdivisions $ 416,916 $ ( 38 ) $ 416,878 $ 4,166 $ ( 12,074 ) $ 408,970 Corporate bonds 52,321 ( 142 ) 52,179 — ( 2,231 ) 49,948 U.S. agency-based mortgage-backed securities 3,297 — 3,297 25 ( 123 ) 3,199 U.S. Treasury securities and obligations 11,186 — 11,186 26 ( 273 ) 10,939 Asset-backed securities 37 ( 2 ) 35 1 — 36 Totals $ 483,757 $ ( 182 ) $ 483,575 $ 4,218 $ ( 14,701 ) $ 473,092
Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-sale	The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at March 31, 2024 are summarized as follows: Amortized Gross Gross Fair Allowance for (in thousands) States and political subdivisions $ 122,545 $ 260 $ ( 7,013 ) $ 115,792 $ — Corporate bonds 159,284 1,509 ( 4,042 ) 156,751 — U.S. agency-based mortgage-backed securities 5,032 — ( 502 ) 4,530 — U.S. Treasury securities and obligations 14,830 — ( 1,230 ) 13,600 — Totals $ 301,691 $ 1,769 $ ( 12,787 ) $ 290,673 $ — The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2023 are summarized as follows: Amortized Gross Gross Fair Allowance for (in thousands) States and political subdivisions $ 138,031 $ 583 $ ( 6,719 ) $ 131,895 $ — Corporate bonds 168,134 2,105 ( 3,486 ) 166,753 — U.S. agency-based mortgage-backed securities 5,190 — ( 445 ) 4,745 — U.S. Treasury securities and obligations 14,816 — ( 1,145 ) 13,671 — Totals $ 326,171 $ 2,688 $ ( 11,795 ) $ 317,064 $ —
Gross Unrealized Gains and Losses and Cost of Equity	The cost, gross unrealized gains and losses, and the fair value of equity securities at March 31, 2024 are summarized as follows: Cost Gross Gross Fair (in thousands) Equity securities: Domestic common stock $ 44,045 $ 17,878 $ — $ 61,923 Total equity securities $ 44,045 $ 17,878 $ — $ 61,923 The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2023 are summarized as follows: Cost Gross Gross Fair (in thousands) Equity securities: Domestic common stock $ 44,046 $ 13,101 $ — $ 57,147 Total equity securities $ 44,046 $ 13,101 $ — $ 57,147
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 March 31, 2024: Less Than 12 Months 12 Months or Greater Total Fair Value of Gross Fair Value of Gross Fair Value of Gross (in thousands) March 31, 2024 Available-for-Sale States and political subdivisions $ 61,604 $ 4,900 $ 25,175 $ 2,113 $ 86,779 $ 7,013 Corporate bonds 79,904 2,613 35,075 1,429 114,979 4,042 U.S. agency-based mortgage-backed securities 4,293 464 237 38 4,530 502 U.S. Treasury securities and obligations — — 13,600 1,230 13,600 1,230 Total available-for-sale securities $ 145,801 $ 7,977 $ 74,087 $ 4,810 $ 219,888 $ 12,787 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, 2023: 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, 2023 Available-for-Sale States and political subdivisions $ 14,115 $ 111 $ 72,358 $ 6,608 $ 86,473 $ 6,719 Corporate bonds 26,178 96 93,538 3,390 119,716 3,486 U.S. agency-based mortgage-backed securities — — 4,745 445 4,745 445 U.S. Treasury securities and obligations — — 13,672 1,145 13,672 1,145 Total available-for-sale securities $ 40,293 $ 207 $ 184,313 $ 11,588 $ 224,606 $ 11,795
Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity	The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the quarter ended March 31, 2024. States and Corporate U.S. Agency U.S. Asset-Backed Totals (in thousands) Balance at December 31, 2023 $ 38 $ 142 $ — $ — $ 2 $ 182 Provision for credit loss benefit ( 1 ) ( 16 ) — — — ( 17 ) Balance at March 31, 2024 $ 37 $ 126 $ — $ — $ 2 $ 165
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 March 31, 2024. States and Corporate U.S. Agency U.S. Asset-Backed Totals Amortized cost (in thousands) AAA/AA/A ratings $ 409,955 $ 18,723 $ 3,183 $ 11,209 $ 18 $ 443,088 Baa/BBB ratings 2,945 29,441 — — 13 32,399 B ratings — — — — — — Total $ 412,900 $ 48,164 $ 3,183 $ 11,209 $ 31 $ 475,487
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: March 31, 2024 December 31, 2023 Carrying Fair Carrying Fair (in thousands) Maturity: Within one year $ 64,898 $ 64,232 $ 64,129 $ 63,703 After one year through five years 126,220 120,555 136,854 131,396 After five years through ten years 116,791 111,569 114,990 110,814 After ten years 164,201 162,244 164,270 163,944 U.S. agency-based mortgage-backed securities 3,183 3,052 3,297 3,199 Asset-backed securities 29 29 35 36 Totals $ 475,322 $ 461,681 $ 483,575 $ 473,092
Available-for-Sale Securities [Member]
Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity	A summary of the amortized cost and fair value of investments in fixed maturity securities classified as available-for-sale, by contractual maturity, is as follows: March 31, 2024 December 31, 2023 Amortized Fair Amortized Fair (in thousands) Maturity: Within one year $ 19,402 $ 19,297 $ 25,995 $ 25,875 After one year through five years 107,593 103,291 106,178 102,201 After five years through ten years 74,338 71,695 82,664 80,911 After ten years 95,326 91,860 106,144 103,332 U.S. agency-based mortgage-backed securities 5,032 4,530 5,190 4,745 Totals $ 301,691 $ 290,673 $ 326,171 $ 317,064

Loss Reserves (Tables)

Loss Reserves (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 (in thousands) Balance, beginning of period $ 673,994 $ 696,037 Less amounts recoverable from reinsurers 119,746 112,555 Net balance, beginning of period 554,248 583,482 Add incurred related to: Current accident year 48,597 49,119 Prior accident years ( 8,606 ) ( 10,110 ) Total incurred 39,991 39,009 Less paid related to: Current accident year 2,137 2,603 Prior accident years 41,522 44,249 Total paid 43,659 46,852 Net balance, end of period 550,580 575,639 Add amounts recoverable from reinsurers 117,479 111,013 Balance, end of period $ 668,059 $ 686,652
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 months ended March 31, 2024 and 2023. Three Months Ended March 31, 2024 2023 (in thousands) Balance, beginning of period $ 360 $ 372 Provision for credit loss benefit ( 51 ) ( 44 ) Balance, end of period $ 309 $ 328

Comprehensive Income and Accu_2

Comprehensive Income and Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss (AOCI)	The following table illustrates the changes in the balance of each component of accumulated other comprehensive loss for each period presented in the interim financial statements. Three Months Ended March 31, 2024 2023 (in thousands) Balance, beginning of period $ ( 7,194 ) $ ( 13,828 ) Other comprehensive income (loss) before reclassification ( 1,637 ) 4,339 Amounts reclassified from accumulated other comprehensive loss 91 5 Net current period other comprehensive income (loss) ( 1,546 ) 4,344 Balance, end of period $ ( 8,740 ) $ ( 9,484 )
Reclassification Out of Accumulated Other Comprehensive Loss	The effects of reclassifications out of accumulated other comprehensive loss by the respective line items of net income are presented in the following table. Component of Accumulated Other Comprehensive Loss Three Months Ended March 31, Affected line item in the statement 2024 2023 (in thousands) Unrealized losses on debt securities, $ ( 115 ) $ ( 6 ) Net realized gains (losses) on investments ( 115 ) ( 6 ) Income before income taxes Unrealized losses on debt securities, 24 1 Income tax expense $ ( 91 ) $ ( 5 ) Net income

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	At March 31, 2024, assets measured at fair value on a recurring basis are summarized below: March 31, 2024 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 $ — $ 115,792 $ — $ 115,792 Corporate bonds — 156,751 — 156,751 U.S. agency-based mortgage-backed securities — 4,530 — 4,530 U.S. Treasury securities 13,600 — — 13,600 Total securities available-for-sale—fixed maturity 13,600 277,073 — 290,673 Equity securities: Domestic common stock 61,923 — — 61,923 Total $ 75,523 $ 277,073 $ — $ 352,596 At December 31, 2023, assets measured at fair value on a recurring basis are summarized below: December 31, 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 $ — $ 131,895 $ — $ 131,895 Corporate bonds — 166,753 — 166,753 U.S. agency-based mortgage-backed securities — 4,745 — 4,745 U.S. Treasury securities 13,671 — — 13,671 Total securities available-for-sale—fixed maturity $ 13,671 $ 303,393 $ — $ 317,064 Equity securities: Domestic common stock 57,147 — — 57,147 Total $ 70,818 $ 303,393 $ — $ 374,211
Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses	At March 31, 2024, assets measured at amortized cost net of allowance for credit losses are summarized below: March 31, 2024 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 401,796 $ — $ 401,796 Corporate bonds — 45,960 — 45,960 U.S. agency-based mortgage-backed securities — 3,052 — 3,052 U.S. Treasury securities 10,844 — — 10,844 Asset-backed securities — 29 — 29 Total held-to-maturity $ 10,844 $ 450,837 $ — $ 461,681 At December 31, 2023, assets measured at amortized cost net of allowance for credit losses are summarized below: December 31, 2023 Level 1 Level 2 Level 3 Total Fair (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 408,970 $ — $ 408,970 Corporate bonds — 49,948 — 49,948 U.S. agency-based mortgage-backed securities — 3,199 — 3,199 U.S. Treasury securities 10,939 — — 10,939 Asset-backed securities — 36 — 36 Total held-to-maturity $ 10,939 $ 462,153 $ — $ 473,092
Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments	The following table summarizes the carrying amounts and corresponding fair values for financial instruments: As of March 31, 2024 As of December 31, 2023 Carrying Fair Carrying Fair (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 475,322 $ 461,681 $ 483,575 $ 473,092 Fixed maturity securities—available-for-sale 290,673 290,673 317,064 317,064 Equity securities 61,923 61,923 57,147 57,147 Short-term investments 38,641 38,641 — — Cash and cash equivalents 33,375 33,375 38,682 38,682

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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
	Mar. 31, 2024 USD ($) Incentive_Plan shares	Mar. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans | Incentive_Plan	3
Market value of shares | $	$ 0.5	$ 0.5
Stock options outstanding	0
Share-based compensation expense | $	$ 0.7	$ 0.2
Restricted Stock [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued, shares		9,064
Restricted Stock Units (RSUs) [Member] | Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued, shares	10,384

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
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Basic [Abstract]
Net income	$ 16,925	$ 17,339
Basic weighted average common shares	19,122,168	19,131,356
Basic earnings per common share	$ 0.89	$ 0.91
Net income	$ 16,925	$ 17,339
Weighted average common shares	19,122,168	19,131,356
Restricted stock and RSUs	89,114	104,055
Diluted weighted average common shares	19,211,282	19,235,411
Diluted earnings per common share	$ 0.88	$ 0.9

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	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	$ 475,487	$ 483,757
Held-to-Maturity, Allowance for Credit Losses	(165)	(182)	$ (200)
Held-to-Maturity, Carrying Amount	475,322	483,575
Held-to-Maturity, Gross Unrecognized Gains	2,837	4,218
Held-to-Maturity, Gross Unrecognized Losses	(16,478)	(14,701)
Securities held-to-maturity-fixed maturity, Fair Value	$ 461,681	$ 473,092
Investment, Type [Extensible Enumeration]	U.S. Agency-Based Mortgage-Backed Securities [Member]	U.S. Agency-Based Mortgage-Backed Securities [Member]
States and Political Subdivisions [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	$ 412,900	$ 416,916
Held-to-Maturity, Allowance for Credit Losses	(37)	(38)
Held-to-Maturity, Carrying Amount	412,863	416,878
Held-to-Maturity, Gross Unrecognized Gains	2,804	4,166
Held-to-Maturity, Gross Unrecognized Losses	(13,871)	(12,074)
Securities held-to-maturity-fixed maturity, Fair Value	401,796	408,970
Corporate Bonds [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	48,164	52,321
Held-to-Maturity, Allowance for Credit Losses	(126)	(142)
Held-to-Maturity, Carrying Amount	48,038	52,179
Held-to-Maturity, Gross Unrecognized Gains		0
Held-to-Maturity, Gross Unrecognized Losses	(2,078)	(2,231)
Securities held-to-maturity-fixed maturity, Fair Value	45,960	49,948
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	3,183	3,297
Held-to-Maturity, Carrying Amount	3,183	3,297
Held-to-Maturity, Gross Unrecognized Gains	19	25
Held-to-Maturity, Gross Unrecognized Losses	(150)	(123)
Securities held-to-maturity-fixed maturity, Fair Value	3,052	3,199
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	11,209	11,186
Held-to-Maturity, Carrying Amount	11,209	11,186
Held-to-Maturity, Gross Unrecognized Gains	14	26
Held-to-Maturity, Gross Unrecognized Losses	(379)	(273)
Securities held-to-maturity-fixed maturity, Fair Value	10,844	10,939
Asset-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	31	37
Held-to-Maturity, Allowance for Credit Losses	(2)	(2)
Held-to-Maturity, Carrying Amount	29	35
Held-to-Maturity, Gross Unrecognized Gains		1
Held-to-Maturity, Gross Unrecognized Losses		0
Securities held-to-maturity-fixed maturity, Fair Value	$ 29	$ 36

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	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	$ 301,691	$ 326,171
Available-for-sale, Gross Unrealized Gains	1,769	2,688
Available-for-sale, Gross Unrealized Losses	(12,787)	(11,795)
Fixed maturity securities-available-for-sale	290,673	317,064
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	122,545	138,031
Available-for-sale, Gross Unrealized Gains	260	583
Available-for-sale, Gross Unrealized Losses	(7,013)	(6,719)
Fixed maturity securities-available-for-sale	115,792	131,895
Corporate Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	159,284	168,134
Available-for-sale, Gross Unrealized Gains	1,509	2,105
Available-for-sale, Gross Unrealized Losses	(4,042)	(3,486)
Fixed maturity securities-available-for-sale	156,751	166,753
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	5,032	5,190
Available-for-sale, Gross Unrealized Losses	(502)	(445)
Fixed maturity securities-available-for-sale	4,530	4,745
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	14,830	14,816
Available-for-sale, Gross Unrealized Gains		0
Available-for-sale, Gross Unrealized Losses	(1,230)	(1,145)
Fixed maturity securities-available-for-sale	$ 13,600	$ 13,671

Investments - Gross Unrealize_2

Investments - Gross Unrealized Gains and Losses and Cost of Equity (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity securities, Cost	$ 44,045	$ 44,046
Equity securities, Gross Unrealized Gains	17,878	13,101
Equity securities	61,923	57,147
Domestic Common Stock [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity securities, Cost	44,045	44,046
Equity securities, Gross Unrealized Gains	17,878	13,101
Equity securities	$ 61,923	$ 57,147

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	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Held To Maturity Securities [Line Items]
Within one year, Carrying Amount	$ 64,898	$ 64,129
After one year through five years, Carrying Amount	126,220	136,854
After five years through ten years, Carrying Amount	116,791	114,990
After ten years, Carrying Amount	164,201	164,270
Held-to-maturity, Carrying Amount, Totals	475,322	483,575
Within one year, Fair Value	64,232	63,703
After one year through five years, Fair Value	120,555	131,396
After five years through ten years, Fair Value	111,569	110,814
After ten years, Fair Value	162,244	163,944
Held-to-maturity, Fair Value, Totals	461,681	473,092
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Without single maturity, Carrying Amount	3,183	3,297
Held-to-maturity, Carrying Amount, Totals	3,183	3,297
Without single maturity, Fair Value	3,052	3,199
Held-to-maturity, Fair Value, Totals	3,052	3,199
Asset-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Without single maturity, Carrying Amount	29	35
Held-to-maturity, Carrying Amount, Totals	29	35
Without single maturity, Fair Value	29	36
Held-to-maturity, Fair Value, Totals	$ 29	$ 36

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	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Available For Sale Securities [Line Items]
Within one year, Amortized Cost	$ 19,402	$ 25,995
After one year through five years, Amortized Cost	107,593	106,178
After five years through ten years, Amortized Cost	74,338	82,664
After ten years, Amortized Cost	95,326	106,144
Without single maturity date, Amortized Cost	$ 5,032	$ 5,190
Investment, Type [Extensible Enumeration]	Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member]	Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member]
Available-for-sale, Amortized Cost	$ 301,691	$ 326,171
Within one year, Fair Value	19,297	25,875
After one year through five years, Fair Value	103,291	102,201
After five years through ten years, Fair Value	71,695	80,911
After ten years, Fair Value	91,860	103,332
Without single maturity date, Fair value	4,530	4,745
Available-for-sale, Fair Value	$ 290,673	$ 317,064

Investments - Investment Securi

Investments - Investment Securities Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	$ 145,801	$ 40,293
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	7,977	207
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	74,087	184,313
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	4,810	11,588
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	219,888	224,606
Available-for Sale, Gross Unrealized Losses, Total	12,787	11,795
States and Political Subdivisions [Member]
Marketable Securities [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	61,604	14,115
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	4,900	111
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	25,175	72,358
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	2,113	6,608
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	86,779	86,473
Available-for Sale, Gross Unrealized Losses, Total	7,013	6,719
Corporate Bonds [Member]
Marketable Securities [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	79,904	26,178
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	2,613	96
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	35,075	93,538
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	1,429	3,390
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	114,979	119,716
Available-for Sale, Gross Unrealized Losses, Total	4,042	3,486
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	4,293	0
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	464	0
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	237	4,745
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	38	445
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	4,530	4,745
Available-for Sale, Gross Unrealized Losses, Total	502	445
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	0	0
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	0	0
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater	13,600	13,672
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater	1,230	1,145
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	13,600	13,672
Available-for Sale, Gross Unrealized Losses, Total	$ 1,230	$ 1,145

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Security	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) Security
Marketable Securities [Line Items]
Individual fixed maturity held in unrealized loss position | Security	158
Number of fixed maturity securities, allowance for credit loss | Security				463
Fixed maturity securities, held-to-maturity, allowance for credit losses	$ 165		$ 182	$ 200
Available-for-sale, Allowance for Credit Losses	0		0
Net realized gains (losses) on investments	(222)	$ 258
Net unrealized gains on equity securities	4,776	$ 1,369
Corporate Bonds [Member]
Marketable Securities [Line Items]
Fixed maturity securities, held-to-maturity, allowance for credit losses	126		142
Number of majority securities | Security				19
States and Political Subdivisions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, held-to-maturity, allowance for credit losses	$ 37		$ 38
Number of majority securities | Security				441
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
	Mar. 31, 2024 USD ($)
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Balance	$ 182
Provision for credit loss benefit	(17)
Balance	165
Amortized cost	475,487
AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	443,088
Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	32,399
States and Political Subdivisions [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Balance	38
Provision for credit loss benefit	(1)
Balance	37
Amortized cost	412,900
States and Political Subdivisions [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	409,955
States and Political Subdivisions [Member] | Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	2,945
Corporate Bonds [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Balance	142
Provision for credit loss benefit	(16)
Balance	126
Amortized cost	48,164
Corporate Bonds [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	18,723
Corporate Bonds [Member] | Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	29,441
U.S. Agency-Based Mortgage-Backed Securities [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	3,183
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	3,183
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	11,209
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	11,209
Asset-Backed Securities [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Balance	2
Provision for credit loss benefit	0
Balance	2
Amortized cost	31
Asset-Backed Securities [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	18
Asset-Backed Securities [Member] | Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	$ 13

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense, Activity in Liability [Abstract]
Balance, beginning of period	$ 673,994	$ 696,037
Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses	119,746	112,555
Net balance, beginning of period	554,248	583,482
Add incurred related to:
Current accident year	2,137	2,603
Prior accident years	(8,606)	(10,110)
Total incurred	39,991	39,009
Less paid related to:
Current accident year	48,597	49,119
Prior accident years	41,522	44,249
Total paid	43,659	46,852
Net balance, end of period	550,580	575,639
Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses	117,479	111,013
Balance, end of period	$ 668,059	$ 686,652

Loss Reserves - Additional Info

Loss Reserves - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Insurance [Abstract]
Loss and LAE Related to Prior Periods	$ 8,606	$ 10,110

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
	Mar. 31, 2024	Mar. 31, 2023
Insurance [Abstract]
Balance, beginning of period	$ 360	$ 372
Provision for credit loss benefit	(51)	(44)
Balance, end of period	$ 309	$ 328

Comprehensive Income and Accu_3

Comprehensive Income and Accumulated Other Comprehensive Loss - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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 Loss - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 292,451	$ 317,432
Other comprehensive income (loss) before reclassification	(1,637)	4,339
Amounts reclassified from accumulated other comprehensive (loss)	91	5
Net current period other comprehensive income (loss)	(1,546)	4,344
Ending Balance	301,094	332,855
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(7,194)	(13,828)
Ending Balance	$ (8,740)	$ (9,484)

Comprehensive Income and Accu_5

Comprehensive Income and Accumulated Other Comprehensive Loss - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investments	$ (222)	$ 258
Income before income taxes	20,745	21,535
Income tax expense	(3,820)	(4,196)
Net income	16,925	17,339
Unrealized Gains (Losses) On Debt Securities, Net Of Tax [Member] | Reclassification Out of Accumulated Other Comprehensive Loss [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net realized gains (losses) on investments	(115)	(6)
Income before income taxes	(115)	(6)
Income tax expense	24	1
Net income	$ (91)	$ (5)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	$ 290,673	$ 317,064
Equity securities, at fair value (cost $44,045 and $44,046 in 2024 and 2023, respectively)	61,923	57,147
Fair Value, Measurements, Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	290,673	317,064
Total	352,596	374,211
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	13,600	13,671
Total	75,523	70,818
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	277,073	303,393
Total	277,073	303,393
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	115,792	131,895
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]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	115,792	131,895
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	156,751	166,753
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]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	156,751	166,753
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]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	4,530	4,745
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]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	4,530	4,745
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	13,600	13,671
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]
Fixed maturity securities-available-for-sale, at fair value (amortized cost $301,691, allowance for credit losses of $0 in 2024 and amortized cost $326,171, allowance for credit losses of $0 in 2023)	13,600	13,671
Fair Value, Measurements, Recurring [Member] | Common Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities, at fair value (cost $44,045 and $44,046 in 2024 and 2023, respectively)	61,923	57,147
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, at fair value (cost $44,045 and $44,046 in 2024 and 2023, respectively)	$ 61,923	$ 57,147

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	Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	$ 461,681	$ 473,092
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	401,796	408,970
Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	45,960	49,948
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	3,052	3,199
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	10,844	10,939
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	29	36
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	10,844	10,939
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	10,844	10,939
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	450,837	462,153
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	401,796	408,970
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	45,960	49,948
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	3,052	3,199
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	$ 29	$ 36

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, fair value	$ 461,681	$ 473,092
Fixed maturity securities-available-for-sale	290,673	317,064
Equity securities	61,923	57,147
Short-term investments	38,641	0
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, fair value	475,322	483,575
Fixed maturity securities-available-for-sale	290,673	317,064
Equity securities	61,923	57,147
Short-term investments	38,641	0
Cash and cash equivalents	33,375	38,682
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities, fair value	461,681	473,092
Fixed maturity securities-available-for-sale	290,673	317,064
Equity securities	61,923	57,147
Short-term investments	38,641	0
Cash and cash equivalents	$ 33,375	$ 38,682

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Oct. 31, 2016
Equity [Abstract]
Share repurchase program, new limit amount	$ 10,400,000		$ 25,000,000
Purchase of treasury stock, Shares	0	0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Dividend Declared [Member]	Apr. 23, 2024 $ / shares
Subsequent Event [Line Items]
Date of dividend declared	Apr. 23, 2024
Cash dividend per share	$ 0.37
Date of payment for dividend	Jun. 21, 2024
Date of record for dividend payment	Jun. 14, 2024