Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | AMSF | |
Entity Registrant Name | AMERISAFE INC | |
Entity Central Index Key | 1,018,979 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,269,980 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investments: | ||
Fixed maturity securities—held-to-maturity, at amortized cost (fair value $607,072 and $639,309 in 2018 and 2017, respectively) | $ 605,877 | $ 629,668 |
Fixed maturity securities—available-for-sale, at fair value (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 440,762 | 465,594 |
Equity securities—available-for-sale, at fair value (cost $13,590 and $8,503 in 2018 and 2017, respectively) | 13,590 | 9,282 |
Short-term investments | 106,811 | 25,770 |
Total investments | 1,167,040 | 1,130,314 |
Cash and cash equivalents | 21,176 | 55,559 |
Amounts recoverable from reinsurers | 98,961 | 90,133 |
Premiums receivable, net of allowance | 189,892 | 174,234 |
Deferred income taxes | 19,891 | 19,262 |
Accrued interest receivable | 10,458 | 10,635 |
Property and equipment, net | 6,644 | 6,128 |
Deferred policy acquisition costs | 21,601 | 20,251 |
Federal income tax recoverable | 1,205 | 1,761 |
Other assets | 17,413 | 9,959 |
Total assets | 1,554,281 | 1,518,236 |
Liabilities: | ||
Reserves for loss and loss adjustment expenses | 783,601 | 771,845 |
Unearned premiums | 167,310 | 157,270 |
Amounts held for others | 39,103 | 36,908 |
Policyholder deposits | 47,956 | 48,364 |
Insurance-related assessments | 30,070 | 28,246 |
Accounts payable and other liabilities | 38,441 | 37,076 |
Payable for investments purchased | 2,409 | 13,104 |
Total liabilities | 1,108,890 | 1,092,813 |
Shareholders’ equity: | ||
Common stock: voting—$0.01 par value authorized shares—50,000,000 in 2018 and 2017; 20,528,230 and 20,504,165 shares issued and 19,269,980 and 19,245,915 shares outstanding in 2018 and 2017, respectively | 205 | 204 |
Additional paid-in capital | 210,895 | 210,081 |
Treasury stock, at cost (1,258,250 shares in 2018 and 2017) | (22,370) | (22,370) |
Accumulated earnings | 258,744 | 233,896 |
Accumulated other comprehensive income (loss), net | (2,083) | 3,612 |
Total shareholders’ equity | 445,391 | 425,423 |
Total liabilities and shareholders’ equity | $ 1,554,281 | $ 1,518,236 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Fixed maturity securities, fair value | $ 607,072 | $ 639,309 |
Fixed maturity securities, cost | 443,358 | 461,236 |
Equity securities, cost | $ 13,590 | $ 8,503 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 20,528,230 | 20,504,165 |
Common stock, shares outstanding | 19,269,980 | 19,245,915 |
Treasury stock, shares | 1,258,250 | 1,258,250 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues | ||||
Gross premiums written | $ 93,702 | $ 87,039 | $ 191,044 | $ 182,117 |
Ceded premiums written | (2,369) | (2,198) | (4,699) | (4,589) |
Net premiums written | 91,333 | 84,841 | 186,345 | 177,528 |
Net premiums earned | 88,995 | 82,749 | 176,305 | 173,661 |
Net investment income | 7,303 | 7,471 | 14,512 | 14,181 |
Net realized losses on investments | (1,111) | (388) | (1,142) | (569) |
Net unrealized gains (losses) on equity securities | 76 | (314) | ||
Fee and other income | 117 | 93 | 194 | 194 |
Total revenues | 95,380 | 89,925 | 189,555 | 187,467 |
Expenses | ||||
Loss and loss adjustment expenses incurred | 52,076 | 46,428 | 105,238 | 102,644 |
Underwriting and certain other operating costs | 7,985 | 7,645 | 15,831 | 16,145 |
Commissions | 6,616 | 5,984 | 13,110 | 12,394 |
Salaries and benefits | 6,681 | 6,554 | 12,607 | 12,866 |
Policyholder dividends | 1,092 | 1,163 | 2,425 | 2,534 |
Total expenses | 74,450 | 67,774 | 149,211 | 146,583 |
Income before income taxes | 20,930 | 22,151 | 40,344 | 40,884 |
Income tax expense | 3,974 | 6,670 | 7,219 | 11,879 |
Net income | $ 16,956 | $ 15,481 | $ 33,125 | $ 29,005 |
Earnings per share | ||||
Basic | $ 0.88 | $ 0.81 | $ 1.73 | $ 1.51 |
Diluted | $ 0.88 | $ 0.81 | $ 1.72 | $ 1.51 |
Shares used in computing earnings per share | ||||
Basic | 19,208,601 | 19,162,049 | 19,197,925 | 19,156,250 |
Diluted | 19,266,735 | 19,227,960 | 19,275,883 | 19,227,997 |
Cash dividends declared per common share | $ 0.22 | $ 0.20 | $ 0.44 | $ 0.40 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income | $ 16,956 | $ 15,481 | $ 33,125 | $ 29,005 | |
Other comprehensive income: | |||||
Unrealized gain (loss) on securities, net of tax | [1] | 153 | 1,956 | (5,695) | 2,908 |
Comprehensive income | $ 17,109 | $ 17,437 | $ 27,430 | $ 31,913 | |
[1] | Data presented for 2018 includes debt securities only compared to 2017 which includes both debt and equity securities. |
Condensed Consolidated Stateme6
Condensed Consolidated Statement 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, 2016 | $ (492) | |||||
Comprehensive income | $ 31,913 | |||||
Common stock issued upon exercise of options, Shares | 0 | |||||
Ending Balance at Jun. 30, 2017 | 2,416 | |||||
Beginning Balance at Mar. 31, 2017 | 460 | |||||
Comprehensive income | $ 17,437 | |||||
Ending Balance at Jun. 30, 2017 | 2,416 | |||||
Beginning Balance at Dec. 31, 2017 | $ 425,423 | $ 204 | $ 210,081 | $ (22,370) | $ 233,896 | 3,612 |
Beginning Balance, Shares at Dec. 31, 2017 | 20,504,165 | 20,504,165 | ||||
Treasury Stock Beginning Balance, Shares at Dec. 31, 2017 | (1,258,250) | (1,258,250) | ||||
Comprehensive income | $ 27,430 | 33,125 | (5,695) | |||
Impact of adoption of ASU | ASU 2016-01 [Member] | 614 | 614 | ||||
Impact of adoption of ASU | ASU 2018-02 [Member] | (414) | (414) | ||||
Common stock issued upon exercise of options | $ 67 | 67 | ||||
Common stock issued upon exercise of options, Shares | 15,000 | 15,000 | ||||
Common stock issued | $ 196 | $ 1 | 195 | |||
Common stock issued, Shares | 9,065 | |||||
Share-based compensation | 552 | 552 | ||||
Dividends to shareholders | (8,477) | (8,477) | ||||
Ending Balance at Jun. 30, 2018 | $ 445,391 | $ 205 | 210,895 | $ (22,370) | 258,744 | (2,083) |
Ending Balance, Shares at Jun. 30, 2018 | 20,528,230 | 20,528,230 | ||||
Treasury Stock Ending Balance, Shares at Jun. 30, 2018 | (1,258,250) | (1,258,250) | ||||
Beginning Balance at Mar. 31, 2018 | (2,236) | |||||
Comprehensive income | $ 17,109 | |||||
Ending Balance at Jun. 30, 2018 | $ 445,391 | $ 205 | $ 210,895 | $ (22,370) | $ 258,744 | $ (2,083) |
Ending Balance, Shares at Jun. 30, 2018 | 20,528,230 | 20,528,230 | ||||
Treasury Stock Ending Balance, Shares at Jun. 30, 2018 | (1,258,250) | (1,258,250) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | ||
Net income | $ 33,125 | $ 29,005 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 488 | 529 |
Net amortization of investments | 5,979 | 7,394 |
Deferred income taxes | 831 | 302 |
Net realized losses on investments | 1,142 | 569 |
Net unrealized losses on equity securities | 314 | |
Net realized losses on disposal of assets | 2 | |
Share-based compensation | 782 | 937 |
Changes in operating assets and liabilities: | ||
Premiums receivable, net | (15,658) | (7,641) |
Accrued interest receivable | 177 | 153 |
Deferred policy acquisition costs | (1,350) | (1,582) |
Amounts held by others | (7,855) | |
Other assets | 942 | (1,900) |
Reserves for loss and loss adjustment expenses | 11,756 | 6,983 |
Unearned premiums | 10,040 | 3,867 |
Reinsurance balances | (8,828) | (509) |
Amounts held for others and policyholder deposits | 1,787 | 1,882 |
Accounts payable and other liabilities | 3,312 | 807 |
Net cash provided by operating activities | 36,984 | 40,798 |
Investing activities | ||
Purchases of investments held-to-maturity | (38,129) | (96,697) |
Purchases of investments available-for-sale | (56,550) | (50,193) |
Purchases of short-term investments | (100,059) | (30,800) |
Proceeds from maturities of investments held-to-maturity | 52,584 | 66,276 |
Proceeds from sales and maturities of investments available-for-sale | 66,762 | 54,062 |
Proceeds from sales and maturities of short-term investments | 13,465 | 13,610 |
Proceeds from redemptions of other investments | 130 | 6,000 |
Purchases of property and equipment | (1,004) | (240) |
Net cash used in investing activities | (62,801) | (37,982) |
Financing activities | ||
Proceeds from stock option exercises | 67 | |
Dividends to shareholders | (8,633) | (7,785) |
Net cash used in financing activities | (8,566) | (7,785) |
Change in cash and cash equivalents | (34,383) | (4,969) |
Cash and cash equivalents at beginning of period | 55,559 | 58,936 |
Cash and cash equivalents at end of period | $ 21,176 | $ 53,967 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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 condensed 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, manufacturing, and agriculture. Assets and revenues of AIIC represent at least 95% of comparable consolidated amounts of the Company for each of the six months ended June 30, 2018 and 2017. In the opinion of management of the Company, the accompanying unaudited condensed 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 condensed 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 condensed consolidated financial statements contained herein should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2017. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Adopted Accounting Guidance In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance requires fair value measurement for equity investments (not including those that result in consolidation of the investee or use the equity method of accounting) and the recognition of changes in fair value to be presented as a component of net income. The guidance also revises the disclosure requirements related to fair value changes of liabilities presented in comprehensive income, eliminates disclosure related to the methods and assumptions underlying fair value for financial instruments measured at amortized cost, and simplifies impairment assessments for equity investments without readily determinable fair values. The adoption of this new guidance in the first quarter of 2018 resulted in an immaterial decrease in net income of $390 thousand or a $0.02 decrease in our diluted earnings per common share. In May 2014, the FASB issued ASU 2014-09 (Topic 606): Revenue from Contract s In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220). This ASU provided new guidance on reclassification from Other Comprehensive Income (“OCI”) of tax effects related to the recently passed tax reform legislation (the “Tax Act”). The guidance gives entities the option to reclassify to retained earnings tax effects related to items in accumulated OCI deemed to be stranded as a result of tax reform. The guidance was effective for us in the first quarter of 2018 and was applied retrospectively. The Company’s policy for releasing income tax effects from accumulated OCI was the individual securities approach for available-for-sale securities. The adoption of this guidance did not have a material impact on our financial condition and results of operations. In December 2017, the SEC issued Staff Accounting Bulletin (SAB) 118 which provided guidance on accounting for tax effects of the Tax Act. Among many changes of the Tax Act which affected Property and Casualty Insurers, the Tax Act required property and casualty taxpayers to discount loss reserves based solely on IRS factors and no longer by reference to historical payment patterns. As the IRS has yet to release the 2018 discount factors, we have used the 2017 IRS discount factors to estimate the impact of the change in loss reserve discounting factors and adjusted our deferred tax balances for the impact of these changes. Once the IRS has released the 2018 loss reserve discount factors, we will complete our analysis and include the effect of the difference in the reserve discount factors in the period the analysis is complete or the impact is reasonably estimable. Prospective Accounting Guidance In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under current guidance for lessees, leases are only included on the balance sheet if certain criteria, classifying the contract as a capital lease, are met. The new guidance requires a lessee to recognize a lease liability and a right of use asset for all leases extending beyond twelve months. The new guidance is effective for us in the first quarter of 2019. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. Adoption of the guidance is not expected to have a material effect on the Company’s consolidated financial statements as the Company does not have any significant leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses. The new guidance replaces the methodology of credit loss impairment, which currently, delays the recognition of credit losses until a probable loss has been incurred. The new guidance requires credit losses for securities measured at amortized cost to be determined using current expected credit loss estimates. These estimates are to be derived from historical, current and reasonable supporting forecasts, including prepayments and estimates, and will be recorded through a valuation allowance account that will run through the income statement. The same method will be used for available-for-sale securities, but the valuation allowance will be limited to the amount by which the fair value is below amortized cost. The standard is effective for us in the first quarter of 2020. The Company will continue to monitor and evaluate the impact as the implementation date approaches. All other issued but not yet effective accounting and reporting standards as of June 30, 2018 are either not applicable to the Company or are not expected to have a material impact on the Company. |
Stock Options and Restricted St
Stock Options and Restricted Stock | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Options and Restricted Stock | Note 2. Stock Options and Restricted Stock As of June 30, 2018, the Company has three equity incentive plans: the AMERISAFE 2005 Equity Incentive Plan (the “2005 Incentive Plan”), the AMERISAFE Non-Employee Director Restricted Stock Plan (the “Restricted Stock Plan”) and the AMERISAFE 2012 Equity and Incentive Compensation Plan (the “2012 Incentive Plan”). In connection with the approval of the 2012 Incentive Plan by the Company’s shareholders, no further grants will be made under the 2005 Incentive Plan. All grants made under the 2005 Incentive plan continue in effect, subject to the terms and conditions of the 2005 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, 2017 for additional information regarding the Company’s incentive plans. During the six months ended June 30, 2018, the Company granted 3,304 shares of common stock to executive officers and 5,761 shares of restricted common stock to non-employee directors. The market value of the shares granted totaled $0.5 million. During the six months ended June 30, 2017, the Company granted 7,434 shares of common stock to executive officers and 6,454 shares of restricted common stock to non-employee directors. The market value of the shares granted totaled $0.7 million. During the six months ended June 30, 2018, options to purchase 15,000 shares of common stock were exercised. In connection with these exercises, the Company received $0.1 million of stock option proceeds. During the six months ended June 30, 2017, no options to purchase shares of common stock were exercised. The Company recognized share-based compensation expense of $0.8 million in the quarter ended June 30, 2018 compared to $0.5 million for the same period in 2017. The Company recognized share-based compensation expense of $0.8 million in the six months ended June 30, 2018 and $0.9 million for the same period in 2017. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
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 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 outstanding options were exercised or restricted stock becomes vested. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic EPS Net income - basic $ 16,956 $ 15,481 $ 33,125 $ 29,005 Basic weighted average common shares 19,208,601 19,162,049 19,197,925 19,156,250 Basic earnings per common share $ 0.88 $ 0.81 $ 1.73 $ 1.51 Diluted EPS Net income - diluted $ 16,956 $ 15,481 $ 33,125 $ 29,005 Diluted weighted average common shares: Weighted average common shares 19,208,601 19,162,049 19,197,925 19,156,250 Stock options and restricted stock 58,134 65,911 77,958 71,747 Diluted weighted average common shares 19,266,735 19,227,960 19,275,883 19,227,997 Diluted earnings per common share $ 0.88 $ 0.81 $ 1.72 $ 1.51 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 4. Investments The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2018 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 432,914 $ 4,714 $ (2,891 ) $ 434,737 Corporate bonds 98,702 38 (724 ) 98,016 U.S. agency-based mortgage-backed securities 9,038 420 (71 ) 9,387 U.S. Treasury securities and obligations of U.S. government agencies 64,063 385 (691 ) 63,757 Asset-backed securities 1,160 25 (10 ) 1,175 Totals $ 605,877 $ 5,582 $ (4,387 ) $ 607,072 The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2018 are summarized as follows: Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Fixed maturity: States and political subdivisions $ 217,427 $ 3,368 $ (2,495 ) $ 218,300 Corporate bonds 144,950 60 (1,051 ) 143,959 U.S. agency-based mortgage-backed securities 13,730 — (368 ) 13,362 U.S. Treasury securities and obligations of U.S. government agencies 67,251 — (2,110 ) 65,141 Total fixed maturity 443,358 3,428 (6,024 ) 440,762 Equity securities 13,590 — — 13,590 Totals $ 456,948 $ 3,428 $ (6,024 ) $ 454,352 The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2017 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 460,428 $ 9,628 $ (955 ) $ 469,101 Corporate bonds 100,024 190 (167 ) 100,047 U.S. agency-based mortgage-backed securities 10,260 625 (40 ) 10,845 U.S. Treasury securities and obligations of U.S. government agencies 57,657 548 (198 ) 58,007 Asset-backed securities 1,299 25 (15 ) 1,309 Totals $ 629,668 $ 11,016 $ (1,375 ) $ 639,309 The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2017 are summarized as follows: Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Fixed maturity: States and political subdivisions $ 244,898 $ 6,819 $ (577 ) $ 251,140 Corporate bonds 130,210 224 (212 ) 130,222 U.S. agency-based mortgage-backed securities 18,813 — (799 ) 18,014 U.S. Treasury securities and obligations of U.S. government agencies 67,315 29 (1,126 ) 66,218 Total fixed maturity 461,236 7,072 (2,714 ) 465,594 Equity securities 8,503 779 — 9,282 Totals $ 469,739 $ 7,851 $ (2,714 ) $ 474,876 A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2018, by contractual maturity, is as follows: Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 91,818 $ 92,103 After one year through five years 252,775 252,787 After five years through ten years 90,966 91,281 After ten years 160,120 160,339 U.S. agency-based mortgage-backed securities 9,038 9,387 Asset-backed securities 1,160 1,175 Totals $ 605,877 $ 607,072 A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2018, by contractual maturity, is as follows: Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 69,793 $ 69,608 After one year through five years 158,974 156,733 After five years through ten years 32,366 31,784 After ten years 168,495 169,275 U.S. agency-based mortgage-backed securities 13,730 13,362 Totals $ 443,358 $ 440,762 The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position: Less Than 12 Months 12 Months or Greater Total Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses (in thousands) June 30, 2018 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 204,459 $ 2,568 $ 12,424 $ 323 $ 216,883 $ 2,891 Corporate bonds 86,816 703 2,237 21 89,053 724 U.S. agency-based mortgage-backed securities 2,524 71 — — 2,524 71 U.S. Treasury securities and obligations of U.S. government agencies 43,357 461 11,659 230 55,016 691 Asset-backed securities 565 10 — — 565 10 Total held-to-maturity securities 337,721 3,813 26,320 574 364,041 4,387 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 77,359 $ 1,356 $ 15,476 $ 1,139 $ 92,835 $ 2,495 Corporate bonds 121,848 1,016 1,021 35 122,869 1,051 U.S. agency-based mortgage-backed securities 11,557 312 1,805 56 13,362 368 U.S. Treasury securities and obligations of U.S. government agencies 18,071 630 47,070 1,480 65,141 2,110 Total available-for-sale securities 228,835 3,314 65,372 2,710 294,207 6,024 Total $ 566,556 $ 7,127 $ 91,692 $ 3,284 $ 658,248 $ 10,411 Less Than 12 Months 12 Months or Greater Total Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses (in thousands) December 31, 2017 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 110,698 $ 654 $ 19,895 $ 301 $ 130,593 $ 955 Corporate bonds 56,425 156 4,121 11 60,546 167 U.S. agency-based mortgage-backed securities 2,798 40 — — 2,798 40 U.S. Treasury securities and obligations of U.S. government agencies 48,153 122 3,948 76 52,101 198 Asset-backed securities — — 967 15 967 15 Total held-to-maturity securities 218,074 972 28,931 403 247,005 1,375 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 23,365 $ 86 $ 19,153 $ 491 $ 42,518 $ 577 Corporate bonds 82,795 171 5,888 41 88,683 212 U.S. agency-based mortgage-backed securities 14,686 59 3,328 740 18,014 799 U.S. Treasury securities and obligations of U.S. government agencies 14,730 204 47,716 922 62,446 1,126 Total available-for-sale securities 135,576 520 76,085 2,194 211,661 2,714 Total $ 353,650 $ 1,492 $ 105,016 $ 2,597 $ 458,666 $ 4,089 At June 30, 2018, the Company held 419 individual fixed maturity securities that were in an unrealized loss position, of which 46 individual fixed maturity securities were in a continuous unrealized loss position for longer than 12 months. 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. We regularly review our investment portfolio to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of specific investments. We consider various factors in determining if a decline in the fair value of an individual security is other-than-temporary. The key factors we consider are: • any reduction or elimination of preferred dividends, or nonpayment of scheduled principal or interest payments; • the financial condition and near-term prospects of the issuer of the applicable security, including any specific events that may affect its operations or earnings; • how long and by how much the fair value of the security has been below its cost or amortized cost; • any downgrades of the security by a rating agency; • our intent not to sell the security for a sufficient time period for it to recover its value; • the likelihood of being forced to sell the security before the recovery of its value; and • an evaluation as to whether there are any credit losses on debt securities. We reviewed all securities with unrealized losses in accordance with the impairment policy described above. The Company determined that the unrealized losses in the fixed maturity securities portfolio related primarily to changes in market interest rates since the date of purchase, current conditions in the capital markets and the impact of those conditions on market liquidity and prices generally. During the six months ended June 30, 2018, unrealized losses increased as rising interest rates decreased the fair value of securities held in the fixed maturity securities portfolio. We expect to recover the carrying value of these securities as it is not more likely than not that we will be required to sell the securities before the recovery of the amortized cost basis. During the six months ended June 30, 2018 and 2017, there were no impairment losses recognized for other-than-temporary declines in the fair value of our investments. Net realized losses in the six months ended June 30, 2018 were $1.1 million resulting from the sale of fixed maturity securities classified as available-for-sale. Net realized losses in the six months ended June 30, 2017 were $0.6 million resulting from called fixed maturity securities. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. In December 2017, the Tax Act was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017. As a result, we recorded a decrease to our net deferred tax assets revalued at the new lower rate of 21% in the fourth quarter of 2017, the period in which the legislation was enacted. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions recognized for the periods ended June 30, 2018 and 2017. Tax years 2014 through 2017 are subject to examination by the federal and state taxing authorities. |
Loss Reserves
Loss Reserves | 6 Months Ended |
Jun. 30, 2018 | |
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 and adjusted as necessary as experience develops or new information becomes known. Any adjustments are included in 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, 2017 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, 2018 and 2017: Six Months Ended June 30, 2018 2017 (in thousands) Balance, beginning of period $ 771,845 $ 742,776 Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 84,889 78,256 Net balance, beginning of period 686,956 664,520 Add incurred related to: Current accident year 126,060 119,828 Prior accident years (20,822 ) (17,184 ) Total incurred 105,238 102,644 Less paid related to: Current accident year 18,386 15,298 Prior accident years 84,194 80,571 Total paid 102,580 95,869 Net balance, end of period 689,614 671,295 Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 93,987 78,464 Balance, end of period $ 783,601 $ 749,759 The foregoing reconciliation reflects favorable development of the net reserves at June 30, 2018 and June 30, 2017. The favorable development reduced loss and loss adjustment expenses incurred by $20.8 million and $17.2 million in 2018 and 2017, 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. |
Comprehensive Income and Accumu
Comprehensive Income and Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Comprehensive Income and Accumulated Other Comprehensive Income | Note 7. Comprehensive Income and Accumulated Other Comprehensive Income Comprehensive income was $17.1 million for the three months ended June 30, 2018, compared to $17.4 million for the three months ended June 30, 2017. Comprehensive income was $27.4 million for the six months ended June 30, 2018, compared to $31.9 million for the same period in 2017. The difference between net income as reported and comprehensive income was due to changes in unrealized gains and losses, net of tax on available-for-sale debt securities. Comprehensive income includes net income plus unrealized gains (losses) on our available-for-sale debt securities, net of tax. In reporting comprehensive income on a net basis in the statements of comprehensive income, we used a 21 percent tax rate in 2018 and a 35 percent tax rate in 2017. The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands) Beginning balance $ (2,236 ) $ 460 $ 3,612 $ (492 ) Other comprehensive income (loss) before reclassification (449 ) 2,038 (5,863 ) 3,094 Amounts reclassified from accumulated other comprehensive income 602 (82 ) 168 (186 ) Net current period other comprehensive income (loss) 153 1,956 (5,695 ) 2,908 Ending balance $ (2,083 ) $ 2,416 $ (2,083 ) $ 2,416 The sale or other-than-temporary impairment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive income to current period net income. The effects of reclassifications out of accumulated other comprehensive income 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 June 30, June 30, statement of income 2018 2017 2018 2017 (in thousands) Unrealized gains (losses) on available-for-sale securities $ (762 ) $ 126 $ (466 ) $ 286 Net realized losses on investments (762 ) 126 (466 ) 286 Income before income taxes 160 (44 ) 44 (100 ) Income tax expense $ (602 ) $ 82 $ (422 ) $ 186 Net income |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018. At June 30, 2018, assets measured at fair value on a recurring basis are summarized below: June 30, 2018 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Financial instruments carried at fair value, classified as a part of: Securities available-for-sale—fixed maturity: States and political subdivisions $ — $ 218,300 $ — $ 218,300 Corporate bonds — 143,959 — 143,959 U.S. agency-based mortgage-backed securities — 13,362 — 13,362 U.S. Treasury securities 65,141 — — 65,141 Total securities available-for-sale—fixed maturity 65,141 375,621 — 440,762 Securities available-for-sale—equity: Domestic common stock 13,588 — 2 13,590 Total available-for-sale $ 78,729 $ 375,621 $ 2 $ 454,352 At June 30, 2018, assets measured at amortized cost are summarized below: June 30, 2018 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 434,737 $ — $ 434,737 Corporate bonds — 98,016 — 98,016 U.S. agency-based mortgage-backed securities — 9,387 — 9,387 U.S. Treasury securities 7,095 — — 7,095 Obligations of U.S. government agencies — 56,662 — 56,662 Asset-backed securities — 1,175 — 1,175 Total held-to-maturity $ 7,095 $ 599,977 $ — $ 607,072 At December 31, 2017, assets measured at fair value on a recurring basis are summarized below: December 31, 2017 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Financial instruments carried at fair value, classified as part of: Securities available-for-sale—fixed maturity: States and political subdivisions $ — $ 251,140 $ — $ 251,140 Corporate bonds — 130,222 — 130,222 U.S. agency-based mortgage-backed securities — 18,014 — 18,014 U.S. Treasury securities and obligations of U.S. government agencies 66,218 — — 66,218 Total available-for-sale—fixed maturity $ 66,218 $ 399,376 $ — $ 465,594 Securities available-for-sale—equity: Domestic common stock 9,248 — 34 9,282 Total available-for-sale $ 75,466 $ 399,376 $ 34 $ 474,876 At December 31, 2017, assets measured at amortized cost are summarized below: December 31, 2017 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 469,101 $ — $ 469,101 Corporate bonds — 100,047 — 100,047 U.S. agency-based mortgage-backed securities — 10,845 — 10,845 U.S. Treasury securities 6,750 — — 6,750 Obligations of U.S. government agencies — 51,257 — 51,257 Asset-backed securities — 1,309 — 1,309 Total held-to-maturity $ 6,750 $ 632,559 $ — $ 639,309 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. The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input. Six Months Ended Twelve Months Ended June 30, 2018 December 31, 2017 (in thousands) Balance, beginning of period $ 34 $ — Transfer into Level 3 — 34 Unrealized loss on equity security (32 ) — Balance, end of period $ 2 $ 34 At June 30, 2018, the Company held one security measured at fair value on a nonrecurring basis due to a recognized impairment of $100,000. The security was valued at fair value at the time of impairment and is currently being carried at the adjusted amortized cost value of $12,000 at June 30, 2018. The security is valued using Level 2 inputs and had a fair value of $32,000 at June 30, 2018. 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 values and corresponding fair values for financial instruments: As of June 30, 2018 As of December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 605,877 $ 607,072 $ 629,668 $ 639,309 Fixed maturity securities—available-for-sale 440,762 440,762 465,594 465,594 Equity securities 13,590 13,590 9,282 9,282 Short-term investments 106,811 106,811 25,770 25,770 Cash and cash equivalents 21,176 21,176 55,559 55,559 |
Treasury Stock
Treasury Stock | 6 Months Ended |
Jun. 30, 2018 | |
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. There were no shares repurchased under this program in the six months ended June 30, 2018 and 2017. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10. Subsequent Events On July 31, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.22 per share payable on September 21, 2018 to shareholders of record as of September 7, 2018. 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, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Adopted Accounting Guidance | Adopted Accounting Guidance In January 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance requires fair value measurement for equity investments (not including those that result in consolidation of the investee or use the equity method of accounting) and the recognition of changes in fair value to be presented as a component of net income. The guidance also revises the disclosure requirements related to fair value changes of liabilities presented in comprehensive income, eliminates disclosure related to the methods and assumptions underlying fair value for financial instruments measured at amortized cost, and simplifies impairment assessments for equity investments without readily determinable fair values. The adoption of this new guidance in the first quarter of 2018 resulted in an immaterial decrease in net income of $390 thousand or a $0.02 decrease in our diluted earnings per common share. In May 2014, the FASB issued ASU 2014-09 (Topic 606): Revenue from Contract s In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220). This ASU provided new guidance on reclassification from Other Comprehensive Income (“OCI”) of tax effects related to the recently passed tax reform legislation (the “Tax Act”). The guidance gives entities the option to reclassify to retained earnings tax effects related to items in accumulated OCI deemed to be stranded as a result of tax reform. The guidance was effective for us in the first quarter of 2018 and was applied retrospectively. The Company’s policy for releasing income tax effects from accumulated OCI was the individual securities approach for available-for-sale securities. The adoption of this guidance did not have a material impact on our financial condition and results of operations. In December 2017, the SEC issued Staff Accounting Bulletin (SAB) 118 which provided guidance on accounting for tax effects of the Tax Act. Among many changes of the Tax Act which affected Property and Casualty Insurers, the Tax Act required property and casualty taxpayers to discount loss reserves based solely on IRS factors and no longer by reference to historical payment patterns. As the IRS has yet to release the 2018 discount factors, we have used the 2017 IRS discount factors to estimate the impact of the change in loss reserve discounting factors and adjusted our deferred tax balances for the impact of these changes. Once the IRS has released the 2018 loss reserve discount factors, we will complete our analysis and include the effect of the difference in the reserve discount factors in the period the analysis is complete or the impact is reasonably estimable. |
Prospective Accounting Guidance | Prospective Accounting Guidance In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under current guidance for lessees, leases are only included on the balance sheet if certain criteria, classifying the contract as a capital lease, are met. The new guidance requires a lessee to recognize a lease liability and a right of use asset for all leases extending beyond twelve months. The new guidance is effective for us in the first quarter of 2019. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. Adoption of the guidance is not expected to have a material effect on the Company’s consolidated financial statements as the Company does not have any significant leases. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses. The new guidance replaces the methodology of credit loss impairment, which currently, delays the recognition of credit losses until a probable loss has been incurred. The new guidance requires credit losses for securities measured at amortized cost to be determined using current expected credit loss estimates. These estimates are to be derived from historical, current and reasonable supporting forecasts, including prepayments and estimates, and will be recorded through a valuation allowance account that will run through the income statement. The same method will be used for available-for-sale securities, but the valuation allowance will be limited to the amount by which the fair value is below amortized cost. The standard is effective for us in the first quarter of 2020. The Company will continue to monitor and evaluate the impact as the implementation date approaches. All other issued but not yet effective accounting and reporting standards as of June 30, 2018 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, 2018 | |
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, 2018 | |
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 outstanding options were exercised or restricted stock becomes vested. Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 (in thousands, except share and per share amounts) Basic EPS Net income - basic $ 16,956 $ 15,481 $ 33,125 $ 29,005 Basic weighted average common shares 19,208,601 19,162,049 19,197,925 19,156,250 Basic earnings per common share $ 0.88 $ 0.81 $ 1.73 $ 1.51 Diluted EPS Net income - diluted $ 16,956 $ 15,481 $ 33,125 $ 29,005 Diluted weighted average common shares: Weighted average common shares 19,208,601 19,162,049 19,197,925 19,156,250 Stock options and restricted stock 58,134 65,911 77,958 71,747 Diluted weighted average common shares 19,266,735 19,227,960 19,275,883 19,227,997 Diluted earnings per common share $ 0.88 $ 0.81 $ 1.72 $ 1.51 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-maturity | The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2018 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 432,914 $ 4,714 $ (2,891 ) $ 434,737 Corporate bonds 98,702 38 (724 ) 98,016 U.S. agency-based mortgage-backed securities 9,038 420 (71 ) 9,387 U.S. Treasury securities and obligations of U.S. government agencies 64,063 385 (691 ) 63,757 Asset-backed securities 1,160 25 (10 ) 1,175 Totals $ 605,877 $ 5,582 $ (4,387 ) $ 607,072 The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2017 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 460,428 $ 9,628 $ (955 ) $ 469,101 Corporate bonds 100,024 190 (167 ) 100,047 U.S. agency-based mortgage-backed securities 10,260 625 (40 ) 10,845 U.S. Treasury securities and obligations of U.S. government agencies 57,657 548 (198 ) 58,007 Asset-backed securities 1,299 25 (15 ) 1,309 Totals $ 629,668 $ 11,016 $ (1,375 ) $ 639,309 |
Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-sale | The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2018 are summarized as follows: Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Fixed maturity: States and political subdivisions $ 217,427 $ 3,368 $ (2,495 ) $ 218,300 Corporate bonds 144,950 60 (1,051 ) 143,959 U.S. agency-based mortgage-backed securities 13,730 — (368 ) 13,362 U.S. Treasury securities and obligations of U.S. government agencies 67,251 — (2,110 ) 65,141 Total fixed maturity 443,358 3,428 (6,024 ) 440,762 Equity securities 13,590 — — 13,590 Totals $ 456,948 $ 3,428 $ (6,024 ) $ 454,352 The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2017 are summarized as follows: Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Fixed maturity: States and political subdivisions $ 244,898 $ 6,819 $ (577 ) $ 251,140 Corporate bonds 130,210 224 (212 ) 130,222 U.S. agency-based mortgage-backed securities 18,813 — (799 ) 18,014 U.S. Treasury securities and obligations of U.S. government agencies 67,315 29 (1,126 ) 66,218 Total fixed maturity 461,236 7,072 (2,714 ) 465,594 Equity securities 8,503 779 — 9,282 Totals $ 469,739 $ 7,851 $ (2,714 ) $ 474,876 |
Investment Securities Continuous Unrealized Loss Position | The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position: Less Than 12 Months 12 Months or Greater Total Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses (in thousands) June 30, 2018 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 204,459 $ 2,568 $ 12,424 $ 323 $ 216,883 $ 2,891 Corporate bonds 86,816 703 2,237 21 89,053 724 U.S. agency-based mortgage-backed securities 2,524 71 — — 2,524 71 U.S. Treasury securities and obligations of U.S. government agencies 43,357 461 11,659 230 55,016 691 Asset-backed securities 565 10 — — 565 10 Total held-to-maturity securities 337,721 3,813 26,320 574 364,041 4,387 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 77,359 $ 1,356 $ 15,476 $ 1,139 $ 92,835 $ 2,495 Corporate bonds 121,848 1,016 1,021 35 122,869 1,051 U.S. agency-based mortgage-backed securities 11,557 312 1,805 56 13,362 368 U.S. Treasury securities and obligations of U.S. government agencies 18,071 630 47,070 1,480 65,141 2,110 Total available-for-sale securities 228,835 3,314 65,372 2,710 294,207 6,024 Total $ 566,556 $ 7,127 $ 91,692 $ 3,284 $ 658,248 $ 10,411 Less Than 12 Months 12 Months or Greater Total Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses (in thousands) December 31, 2017 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 110,698 $ 654 $ 19,895 $ 301 $ 130,593 $ 955 Corporate bonds 56,425 156 4,121 11 60,546 167 U.S. agency-based mortgage-backed securities 2,798 40 — — 2,798 40 U.S. Treasury securities and obligations of U.S. government agencies 48,153 122 3,948 76 52,101 198 Asset-backed securities — — 967 15 967 15 Total held-to-maturity securities 218,074 972 28,931 403 247,005 1,375 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 23,365 $ 86 $ 19,153 $ 491 $ 42,518 $ 577 Corporate bonds 82,795 171 5,888 41 88,683 212 U.S. agency-based mortgage-backed securities 14,686 59 3,328 740 18,014 799 U.S. Treasury securities and obligations of U.S. government agencies 14,730 204 47,716 922 62,446 1,126 Total available-for-sale securities 135,576 520 76,085 2,194 211,661 2,714 Total $ 353,650 $ 1,492 $ 105,016 $ 2,597 $ 458,666 $ 4,089 |
Held-to-Maturity Securities [Member] | |
Summary of 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 held-to-maturity at June 30, 2018, by contractual maturity, is as follows: Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 91,818 $ 92,103 After one year through five years 252,775 252,787 After five years through ten years 90,966 91,281 After ten years 160,120 160,339 U.S. agency-based mortgage-backed securities 9,038 9,387 Asset-backed securities 1,160 1,175 Totals $ 605,877 $ 607,072 |
Available-for-Sale Securities [Member] | |
Summary of 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 at June 30, 2018, by contractual maturity, is as follows: Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 69,793 $ 69,608 After one year through five years 158,974 156,733 After five years through ten years 32,366 31,784 After ten years 168,495 169,275 U.S. agency-based mortgage-backed securities 13,730 13,362 Totals $ 443,358 $ 440,762 |
Loss Reserves (Tables)
Loss Reserves (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and 2017: Six Months Ended June 30, 2018 2017 (in thousands) Balance, beginning of period $ 771,845 $ 742,776 Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 84,889 78,256 Net balance, beginning of period 686,956 664,520 Add incurred related to: Current accident year 126,060 119,828 Prior accident years (20,822 ) (17,184 ) Total incurred 105,238 102,644 Less paid related to: Current accident year 18,386 15,298 Prior accident years 84,194 80,571 Total paid 102,580 95,869 Net balance, end of period 689,614 671,295 Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 93,987 78,464 Balance, end of period $ 783,601 $ 749,759 |
Comprehensive Income and Accu23
Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) | The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements. Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (in thousands) Beginning balance $ (2,236 ) $ 460 $ 3,612 $ (492 ) Other comprehensive income (loss) before reclassification (449 ) 2,038 (5,863 ) 3,094 Amounts reclassified from accumulated other comprehensive income 602 (82 ) 168 (186 ) Net current period other comprehensive income (loss) 153 1,956 (5,695 ) 2,908 Ending balance $ (2,083 ) $ 2,416 $ (2,083 ) $ 2,416 |
Reclassification Out of Accumulated Other Comprehensive Income | The effects of reclassifications out of accumulated other comprehensive income 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 June 30, June 30, statement of income 2018 2017 2018 2017 (in thousands) Unrealized gains (losses) on available-for-sale securities $ (762 ) $ 126 $ (466 ) $ 286 Net realized losses on investments (762 ) 126 (466 ) 286 Income before income taxes 160 (44 ) 44 (100 ) Income tax expense $ (602 ) $ 82 $ (422 ) $ 186 Net income |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | At June 30, 2018, assets measured at fair value on a recurring basis are summarized below: June 30, 2018 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Financial instruments carried at fair value, classified as a part of: Securities available-for-sale—fixed maturity: States and political subdivisions $ — $ 218,300 $ — $ 218,300 Corporate bonds — 143,959 — 143,959 U.S. agency-based mortgage-backed securities — 13,362 — 13,362 U.S. Treasury securities 65,141 — — 65,141 Total securities available-for-sale—fixed maturity 65,141 375,621 — 440,762 Securities available-for-sale—equity: Domestic common stock 13,588 — 2 13,590 Total available-for-sale $ 78,729 $ 375,621 $ 2 $ 454,352 At December 31, 2017, assets measured at fair value on a recurring basis are summarized below: December 31, 2017 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Financial instruments carried at fair value, classified as part of: Securities available-for-sale—fixed maturity: States and political subdivisions $ — $ 251,140 $ — $ 251,140 Corporate bonds — 130,222 — 130,222 U.S. agency-based mortgage-backed securities — 18,014 — 18,014 U.S. Treasury securities and obligations of U.S. government agencies 66,218 — — 66,218 Total available-for-sale—fixed maturity $ 66,218 $ 399,376 $ — $ 465,594 Securities available-for-sale—equity: Domestic common stock 9,248 — 34 9,282 Total available-for-sale $ 75,466 $ 399,376 $ 34 $ 474,876 |
Schedule of Assets Measured at Amortized Cost | At June 30, 2018, assets measured at amortized cost are summarized below: June 30, 2018 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 434,737 $ — $ 434,737 Corporate bonds — 98,016 — 98,016 U.S. agency-based mortgage-backed securities — 9,387 — 9,387 U.S. Treasury securities 7,095 — — 7,095 Obligations of U.S. government agencies — 56,662 — 56,662 Asset-backed securities — 1,175 — 1,175 Total held-to-maturity $ 7,095 $ 599,977 $ — $ 607,072 At December 31, 2017, assets measured at amortized cost are summarized below: December 31, 2017 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 469,101 $ — $ 469,101 Corporate bonds — 100,047 — 100,047 U.S. agency-based mortgage-backed securities — 10,845 — 10,845 U.S. Treasury securities 6,750 — — 6,750 Obligations of U.S. government agencies — 51,257 — 51,257 Asset-backed securities — 1,309 — 1,309 Total held-to-maturity $ 6,750 $ 632,559 $ — $ 639,309 |
Summary of Information Regarding Changes in Fair Value of Assets Measured at Fair Value | The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input. Six Months Ended Twelve Months Ended June 30, 2018 December 31, 2017 (in thousands) Balance, beginning of period $ 34 $ — Transfer into Level 3 — 34 Unrealized loss on equity security (32 ) — Balance, end of period $ 2 $ 34 |
Summary of Carrying Values and Corresponding Fair Values for Financial Instruments | The following table summarizes the carrying values and corresponding fair values for financial instruments: As of June 30, 2018 As of December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 605,877 $ 607,072 $ 629,668 $ 639,309 Fixed maturity securities—available-for-sale 440,762 440,762 465,594 465,594 Equity securities 13,590 13,590 9,282 9,282 Short-term investments 106,811 106,811 25,770 25,770 Cash and cash equivalents 21,176 21,176 55,559 55,559 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Percentage of comparable consolidated amounts | 95.00% | 95.00% |
ASU 2016-01 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Decrease in net income | $ 390 | |
ASU 2016-01 [Member] | Common Shares [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Decrease in diluted earnings per common share | $ 0.02 |
Stock Options and Restricted 26
Stock Options and Restricted Stock - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Incentive_Planshares | Jun. 30, 2017USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of equity incentive plans | Incentive_Plan | 3 | |||
Market value of shares granted | $ | $ 500 | $ 700 | ||
Stock options exercised, Shares | shares | 15,000 | 0 | ||
Proceeds from stock option exercises | $ | $ 67 | |||
Share-based compensation expense | $ | $ 800 | $ 500 | $ 800 | $ 900 |
Executive Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock granted, shares | shares | 3,304 | 7,434 | ||
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock granted, shares | shares | 5,761 | 6,454 |
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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share Basic [Abstract] | ||||
Net income - basic | $ 16,956 | $ 15,481 | $ 33,125 | $ 29,005 |
Basic weighted average common shares | 19,208,601 | 19,162,049 | 19,197,925 | 19,156,250 |
Basic earnings per common share | $ 0.88 | $ 0.81 | $ 1.73 | $ 1.51 |
Net income - diluted | $ 16,956 | $ 15,481 | $ 33,125 | $ 29,005 |
Weighted average common shares | 19,208,601 | 19,162,049 | 19,197,925 | 19,156,250 |
Stock options and restricted stock | 58,134 | 65,911 | 77,958 | 71,747 |
Diluted weighted average common shares | 19,266,735 | 19,227,960 | 19,275,883 | 19,227,997 |
Diluted earnings per common share | $ 0.88 | $ 0.81 | $ 1.72 | $ 1.51 |
Investments - Gross Unrealized
Investments - Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | $ 605,877 | $ 629,668 |
Held-to-Maturity, Gross Unrealized Gains | 5,582 | 11,016 |
Held-to-Maturity, Gross Unrealized Losses | (4,387) | (1,375) |
Held-to-Maturity, Fair Value | 607,072 | 639,309 |
States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 432,914 | 460,428 |
Held-to-Maturity, Gross Unrealized Gains | 4,714 | 9,628 |
Held-to-Maturity, Gross Unrealized Losses | (2,891) | (955) |
Held-to-Maturity, Fair Value | 434,737 | 469,101 |
Corporate Bonds [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 98,702 | 100,024 |
Held-to-Maturity, Gross Unrealized Gains | 38 | 190 |
Held-to-Maturity, Gross Unrealized Losses | (724) | (167) |
Held-to-Maturity, Fair Value | 98,016 | 100,047 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 9,038 | 10,260 |
Held-to-Maturity, Gross Unrealized Gains | 420 | 625 |
Held-to-Maturity, Gross Unrealized Losses | (71) | (40) |
Held-to-Maturity, Fair Value | 9,387 | 10,845 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 64,063 | 57,657 |
Held-to-Maturity, Gross Unrealized Gains | 385 | 548 |
Held-to-Maturity, Gross Unrealized Losses | (691) | (198) |
Held-to-Maturity, Fair Value | 63,757 | 58,007 |
Asset-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 1,160 | 1,299 |
Held-to-Maturity, Gross Unrealized Gains | 25 | 25 |
Held-to-Maturity, Gross Unrealized Losses | (10) | (15) |
Held-to-Maturity, Fair Value | $ 1,175 | $ 1,309 |
Investments - Gross Unrealize29
Investments - Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||
Fixed maturity, Cost or Amortized Cost | $ 443,358 | $ 461,236 |
Fixed maturity, Gross Unrealized Gains | 3,428 | 7,072 |
Fixed maturity, Gross Unrealized Losses | (6,024) | (2,714) |
Fixed maturity, Fair Value | 440,762 | 465,594 |
Equity securities, Cost or Amortized Cost | 13,590 | 8,503 |
Equity securities, Gross Unrealized Gains | 779 | |
Equity securities, Gross Unrealized Losses | ||
Equity securities, Fair Value | 13,590 | 9,282 |
Totals, Cost or Amortized Cost | 456,948 | 469,739 |
Totals, Gross Unrealized Gains | 3,428 | 7,851 |
Totals, Gross Unrealized Losses | (6,024) | (2,714) |
Totals, Fair Value | 454,352 | 474,876 |
States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Fixed maturity, Cost or Amortized Cost | 217,427 | 244,898 |
Fixed maturity, Gross Unrealized Gains | 3,368 | 6,819 |
Fixed maturity, Gross Unrealized Losses | (2,495) | (577) |
Fixed maturity, Fair Value | 218,300 | 251,140 |
Corporate Bonds [Member] | ||
Investment [Line Items] | ||
Fixed maturity, Cost or Amortized Cost | 144,950 | 130,210 |
Fixed maturity, Gross Unrealized Gains | 60 | 224 |
Fixed maturity, Gross Unrealized Losses | (1,051) | (212) |
Fixed maturity, Fair Value | 143,959 | 130,222 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Fixed maturity, Cost or Amortized Cost | 13,730 | 18,813 |
Fixed maturity, Gross Unrealized Losses | (368) | (799) |
Fixed maturity, Fair Value | 13,362 | 18,014 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Investment [Line Items] | ||
Fixed maturity, Cost or Amortized Cost | 67,251 | 67,315 |
Fixed maturity, Gross Unrealized Gains | 29 | |
Fixed maturity, Gross Unrealized Losses | (2,110) | (1,126) |
Fixed maturity, Fair Value | $ 65,141 | $ 66,218 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||
Within one year, Amortized Cost | $ 91,818 | |
After one year through five years, Amortized Cost | 252,775 | |
After five years through ten years, Amortized Cost | 90,966 | |
After ten years, Amortized Cost | 160,120 | |
Held-to-maturity, Amortized Cost, Totals | 605,877 | $ 629,668 |
Within one year, Fair Value | 92,103 | |
After one year through five years, Fair Value | 252,787 | |
After five years through ten years, Fair Value | 91,281 | |
After ten years, Fair Value | 160,339 | |
Held-to-maturity, Fair Value, Totals | 607,072 | 639,309 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost | 9,038 | |
Held-to-maturity, Amortized Cost, Totals | 9,038 | 10,260 |
Held-to-maturity, Fair Value | 9,387 | |
Held-to-maturity, Fair Value, Totals | 9,387 | 10,845 |
Asset-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity, Amortized Cost | 1,160 | |
Held-to-maturity, Amortized Cost, Totals | 1,160 | 1,299 |
Held-to-maturity, Fair Value | 1,175 | |
Held-to-maturity, Fair Value, Totals | $ 1,175 | $ 1,309 |
Investments - Summary of Amor31
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, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||
Within one year, Amortized Cost | $ 69,793 | |
After one year through five years, Amortized Cost | 158,974 | |
After five years through ten years, Amortized Cost | 32,366 | |
After ten years, Amortized Cost | 168,495 | |
Fixed maturity, Cost or Amortized Cost | 443,358 | $ 461,236 |
Within one year, Fair Value | 69,608 | |
After one year through five years, Fair Value | 156,733 | |
After five years through ten years, Fair Value | 31,784 | |
After ten years, Fair Value | 169,275 | |
Total, Fair Value | 440,762 | 465,594 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Available-for-sale securities, Amortized Cost | 13,730 | |
Fixed maturity, Cost or Amortized Cost | 13,730 | 18,813 |
Available-for-sale securities, Fair value | 13,362 | |
Total, Fair Value | $ 13,362 | $ 18,014 |
Investments - Investment Securi
Investments - Investment Securities Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | $ 337,721 | $ 218,074 |
Held-to-maturity securities, Gross Unrealized Losses, Less Than 12 Months | 3,813 | 972 |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 26,320 | 28,931 |
Held-to-maturity securities, Gross Unrealized Losses, 12 Months or Greater | 574 | 403 |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Total | 364,041 | 247,005 |
Held-to-maturity securities, Gross Unrealized Losses, Total | 4,387 | 1,375 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 228,835 | 135,576 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 3,314 | 520 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 65,372 | 76,085 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 2,710 | 2,194 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 294,207 | 211,661 |
Available-for Sale, Gross Unrealized Losses, Total | 6,024 | 2,714 |
Fair Value of Investments with Unrealized Losses, Less Than 12 months | 566,556 | 353,650 |
Gross Unrealized Loss, Less Than 12 Months | 7,127 | 1,492 |
Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 91,692 | 105,016 |
Gross Unrealized Losses, 12 Months or Greater | 3,284 | 2,597 |
Fair Value of Investments with Unrealized Losses, Total | 658,248 | 458,666 |
Gross Unrealized Losses, Total | 10,411 | 4,089 |
States and Political Subdivisions [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 204,459 | 110,698 |
Held-to-maturity securities, Gross Unrealized Losses, Less Than 12 Months | 2,568 | 654 |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 12,424 | 19,895 |
Held-to-maturity securities, Gross Unrealized Losses, 12 Months or Greater | 323 | 301 |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Total | 216,883 | 130,593 |
Held-to-maturity securities, Gross Unrealized Losses, Total | 2,891 | 955 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 77,359 | 23,365 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 1,356 | 86 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 15,476 | 19,153 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 1,139 | 491 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 92,835 | 42,518 |
Available-for Sale, Gross Unrealized Losses, Total | 2,495 | 577 |
Corporate Bonds [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 86,816 | 56,425 |
Held-to-maturity securities, Gross Unrealized Losses, Less Than 12 Months | 703 | 156 |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 2,237 | 4,121 |
Held-to-maturity securities, Gross Unrealized Losses, 12 Months or Greater | 21 | 11 |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Total | 89,053 | 60,546 |
Held-to-maturity securities, Gross Unrealized Losses, Total | 724 | 167 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 121,848 | 82,795 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 1,016 | 171 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 1,021 | 5,888 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 35 | 41 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 122,869 | 88,683 |
Available-for Sale, Gross Unrealized Losses, Total | 1,051 | 212 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 2,524 | 2,798 |
Held-to-maturity securities, Gross Unrealized Losses, Less Than 12 Months | 71 | 40 |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Total | 2,524 | 2,798 |
Held-to-maturity securities, Gross Unrealized Losses, Total | 71 | 40 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 11,557 | 14,686 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 312 | 59 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 1,805 | 3,328 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 56 | 740 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 13,362 | 18,014 |
Available-for Sale, Gross Unrealized Losses, Total | 368 | 799 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 43,357 | 48,153 |
Held-to-maturity securities, Gross Unrealized Losses, Less Than 12 Months | 461 | 122 |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 11,659 | 3,948 |
Held-to-maturity securities, Gross Unrealized Losses, 12 Months or Greater | 230 | 76 |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Total | 55,016 | 52,101 |
Held-to-maturity securities, Gross Unrealized Losses, Total | 691 | 198 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 18,071 | 14,730 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 630 | 204 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 47,070 | 47,716 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 1,480 | 922 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 65,141 | 62,446 |
Available-for Sale, Gross Unrealized Losses, Total | 2,110 | 1,126 |
Asset-Backed Securities [Member] | ||
Investment [Line Items] | ||
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 565 | |
Held-to-maturity securities, Gross Unrealized Losses, Less Than 12 Months | 10 | |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 967 | |
Held-to-maturity securities, Gross Unrealized Losses, 12 Months or Greater | 15 | |
Held-to-maturity securities, Fair Value of Investments with Unrealized Losses, Total | 565 | 967 |
Held-to-maturity securities, Gross Unrealized Losses, Total | $ 10 | $ 15 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($) | |
Investments Schedule [Abstract] | ||||
Individual fixed maturity held in unrealized loss position | Security | 419 | 419 | ||
Individual fixed maturity held in unrealized loss position longer than 12 months | Security | 46 | 46 | ||
Impairment losses recognized | $ | $ 0 | $ 0 | ||
Net realized losses on investments | $ | $ (1,111,000) | $ (388,000) | $ (1,142,000) | $ (569,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized tax benefits | $ 0 | |||
U.S. federal income tax statutory rate | 21.00% | 21.00% | 35.00% | |
Company recognized uncertain tax positions | $ 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, 2018 | Jun. 30, 2017 | |
Roll Forward In Liability For Unpaid Claims And Claims Adjustment Expense [Abstract] | ||
Balance, beginning of period | $ 771,845 | $ 742,776 |
Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses | 84,889 | 78,256 |
Net balance, beginning of period | 686,956 | 664,520 |
Add incurred related to: | ||
Current accident year | 126,060 | 119,828 |
Prior accident years | (20,822) | (17,184) |
Total incurred | 105,238 | 102,644 |
Less paid related to: | ||
Current accident year | 18,386 | 15,298 |
Prior accident years | 84,194 | 80,571 |
Total paid | 102,580 | 95,869 |
Net balance, end of period | 689,614 | 671,295 |
Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses | 93,987 | 78,464 |
Balance, end of period | $ 783,601 | $ 749,759 |
Loss Reserves - Additional Info
Loss Reserves - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Insurance [Abstract] | ||
Loss and LAE Related to Prior Periods | $ 20,822 | $ 17,184 |
Comprehensive Income and Accu37
Comprehensive Income and Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Comprehensive income | $ 17,109 | $ 17,437 | $ 27,430 | $ 31,913 |
Comprehensive income tax rate | 21.00% | 35.00% |
Comprehensive Income and Accu38
Comprehensive Income and Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | $ 425,423 | |||
Ending Balance | $ 445,391 | 445,391 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | (2,236) | $ 460 | 3,612 | $ (492) |
Other comprehensive income (loss) before reclassification | (449) | 2,038 | (5,863) | 3,094 |
Amounts reclassified from accumulated other comprehensive income | 602 | (82) | 168 | (186) |
Net current period other comprehensive income (loss) | 153 | 1,956 | (5,695) | 2,908 |
Ending Balance | $ (2,083) | $ 2,416 | $ (2,083) | $ 2,416 |
Comprehensive Income and Accu39
Comprehensive Income and Accumulated Other Comprehensive Income - Reclassification Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before income taxes | $ 20,930 | $ 22,151 | $ 40,344 | $ 40,884 |
Income tax expense | (3,974) | (6,670) | (7,219) | (11,879) |
Net income | 16,956 | 15,481 | 33,125 | 29,005 |
Unrealized Gains on Available-for-Sale Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized gains (losses) on available-for-sale securities | (762) | 126 | (466) | 286 |
Income before income taxes | (762) | 126 | (466) | 286 |
Income tax expense | 160 | (44) | 44 | (100) |
Net income | $ (602) | $ 82 | $ (422) | $ 186 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fixed maturity securities—available-for-sale, at fair value (cost $443,358 and $461,236 in 2018 and 2017, respectively) | $ 440,762 | $ 465,594 |
Available-for-sale—equity, Fair Value | 13,590 | 9,282 |
Total available-for-sale | 454,352 | 474,876 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 440,762 | 465,594 |
Total available-for-sale | 454,352 | 474,876 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 65,141 | 66,218 |
Total available-for-sale | 78,729 | 75,466 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 375,621 | 399,376 |
Total available-for-sale | 375,621 | 399,376 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total available-for-sale | 2 | 34 |
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—equity, Fair Value | 13,590 | 9,282 |
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] | ||
Available-for-sale—equity, Fair Value | 13,588 | 9,248 |
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—equity, Fair Value | 2 | 34 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 218,300 | 251,140 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 218,300 | 251,140 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 143,959 | 130,222 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 143,959 | 130,222 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 13,362 | 18,014 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 13,362 | 18,014 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | 65,141 | 66,218 |
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 (cost $443,358 and $461,236 in 2018 and 2017, respectively) | $ 65,141 | $ 66,218 |
Fair Value Measurements - Sch41
Fair Value Measurements - Schedule of Assets Measured at Amortized Cost (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | $ 607,072 | $ 639,309 |
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 | 434,737 | 469,101 |
Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 98,016 | 100,047 |
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 | 9,387 | 10,845 |
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 | 7,095 | 6,750 |
Obligations of U.S. Government Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 56,662 | 51,257 |
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 | 1,175 | 1,309 |
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 | 7,095 | 6,750 |
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 | 7,095 | 6,750 |
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 | 599,977 | 632,559 |
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 | 434,737 | 469,101 |
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 | 98,016 | 100,047 |
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 | 9,387 | 10,845 |
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. Government Agencies [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 56,662 | 51,257 |
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 | $ 1,175 | $ 1,309 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Information Regarding Changes in Fair Value of Assets Measured at Fair Value (Detail) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of period | $ 34 | |
Transfer into Level 3 | $ 34 | |
Unrealized loss on equity security | (32) | |
Balance, end of period | $ 2 | $ 34 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities held to maturity, carrying value | $ 605,877,000 | $ 629,668,000 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Recognized impairment | 100,000 | |
Securities held to maturity, carrying value | 12,000 | |
Securities held to maturity, fair value | $ 32,000 |
Fair Value Measurements - Sum44
Fair Value Measurements - Summary of Carrying Values and Corresponding Fair Values for Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities-held-to-maturity | $ 605,877 | $ 629,668 |
Fixed maturity securities-held-to-maturity | 607,072 | 639,309 |
Fixed maturity securities-available-for-sale | 440,762 | 465,594 |
Equity securities | 13,590 | 9,282 |
Short-term investments | 106,811 | 25,770 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities-held-to-maturity | 607,072 | 639,309 |
Fixed maturity securities-available-for-sale | 440,762 | 465,594 |
Equity securities | 13,590 | 9,282 |
Short-term investments | 106,811 | 25,770 |
Cash and cash equivalents | 21,176 | 55,559 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities-available-for-sale | 440,762 | 465,594 |
Equity securities | 13,590 | 9,282 |
Short-term investments | 106,811 | 25,770 |
Cash and cash equivalents | $ 21,176 | $ 55,559 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Oct. 31, 2016 | |
Equity [Abstract] | |||
Share repurchase program, new limit amount | $ 25,000,000 | ||
Shares repurchased under the program | 0 | 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Dividend Declared [Member] | Jul. 31, 2018$ / shares |
Subsequent Event [Line Items] | |
Date of declared to shareholders entitled to dividends | Jul. 31, 2018 |
Cash dividend per share | $ 0.22 |
Date of payment to shareholders entitled to dividends | Sep. 21, 2018 |
Date of record of shareholders entitled to dividends | Sep. 7, 2018 |