Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 29, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | AMSF | |
Entity Registrant Name | AMERISAFE INC | |
Entity Central Index Key | 0001018979 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-12251 | |
Entity Tax Identification Number | 75-2069407 | |
Entity Address, Address Line One | 2301 Highway 190 West | |
Entity Address, City or Town | DeRidder | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70634 | |
City Area Code | 337 | |
Local Phone Number | 463-9052 | |
Entity Common Stock, Shares Outstanding | 19,300,309 | |
Entity Incorporation, State or Country Code | TX | |
Title of 12(b) Security | Common | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investments: | ||
Fixed maturity securities—held-to-maturity, at amortized cost (fair value $626,603 and $616,772 in 2019 and 2018, respectively) | $ 604,161 | $ 613,878 |
Fixed maturity securities—available-for-sale, at fair value (amortized cost $424,270 and $479,772 in 2019 and 2018, respectively) | 440,217 | 478,730 |
Equity securities, at fair value (cost $24,082 and $19,962 in 2019 and 2018, respectively) | 25,936 | 18,651 |
Short-term investments | 20,964 | 14,231 |
Total investments | 1,091,278 | 1,125,490 |
Cash and cash equivalents | 125,870 | 40,344 |
Amounts recoverable from reinsurers | 102,866 | 112,006 |
Premiums receivable, net of allowance | 170,649 | 162,478 |
Deferred income taxes | 18,480 | 21,852 |
Accrued interest receivable | 10,404 | 10,197 |
Property and equipment, net | 6,430 | 6,258 |
Deferred policy acquisition costs | 20,341 | 19,734 |
Other assets | 28,221 | 17,572 |
Total assets | 1,574,539 | 1,515,931 |
Liabilities: | ||
Reserves for loss and loss adjustment expenses | 790,812 | 798,409 |
Unearned premiums | 154,635 | 149,296 |
Amounts held for others | 45,216 | 41,388 |
Policyholder deposits | 45,383 | 46,795 |
Insurance-related assessments | 29,035 | 28,258 |
Federal income tax payable | 1,549 | 3,412 |
Accounts payable and other liabilities | 39,180 | 38,611 |
Total liabilities | 1,105,810 | 1,106,169 |
Shareholders’ equity: | ||
Common stock: voting—$0.01 par value authorized shares—50,000,000 in 2019 and 2018; 20,558,559 and 20,528,230 shares issued and 19,300,309 and 19,269,980 shares outstanding in 2019 and 2018, respectively | 205 | 205 |
Additional paid-in capital | 212,743 | 211,431 |
Treasury stock, at cost (1,258,250 shares in 2019 and 2018) | (22,370) | (22,370) |
Accumulated earnings | 265,536 | 221,328 |
Accumulated other comprehensive income (loss), net | 12,615 | (832) |
Total shareholders’ equity | 468,729 | 409,762 |
Total liabilities and shareholders’ equity | $ 1,574,539 | $ 1,515,931 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Fixed maturity securities, fair value | $ 626,603 | $ 616,772 |
Fixed maturity securities, amortized cost | 424,270 | 479,772 |
Equity securities, cost | $ 24,082 | $ 19,962 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 20,558,559 | 20,528,230 |
Common stock, shares outstanding | 19,300,309 | 19,269,980 |
Treasury stock, shares | 1,258,250 | 1,258,250 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | ||||
Gross premiums written | $ 82,629 | $ 85,324 | $ 262,754 | $ 276,368 |
Ceded premiums written | (2,170) | (2,283) | (6,804) | (6,982) |
Net premiums written | 80,459 | 83,041 | 255,950 | 269,386 |
Net premiums earned | 82,712 | 85,184 | 250,611 | 261,489 |
Net investment income | 8,264 | 7,884 | 24,448 | 22,396 |
Net realized losses on investments | (4) | (329) | (27) | (1,471) |
Net unrealized gains on equity securities | 365 | 573 | 3,165 | 259 |
Fee and other income | 151 | 217 | 234 | 411 |
Total revenues | 91,488 | 93,529 | 278,431 | 283,084 |
Expenses | ||||
Loss and loss adjustment expenses incurred | 44,325 | 47,598 | 142,807 | 152,836 |
Underwriting and certain other operating costs | 6,736 | 8,011 | 21,704 | 23,842 |
Commissions | 6,153 | 6,416 | 18,764 | 19,526 |
Salaries and benefits | 6,396 | 6,179 | 19,202 | 18,786 |
Policyholder dividends | 1,265 | 865 | 3,363 | 3,290 |
Total expenses | 64,875 | 69,069 | 205,840 | 218,280 |
Income before income taxes | 26,613 | 24,460 | 72,591 | 64,804 |
Income tax expense | 5,227 | 4,759 | 13,915 | 11,978 |
Net income | $ 21,386 | $ 19,701 | $ 58,676 | $ 52,826 |
Earnings per share | ||||
Basic | $ 1.11 | $ 1.03 | $ 3.05 | $ 2.75 |
Diluted | $ 1.11 | $ 1.02 | $ 3.04 | $ 2.74 |
Shares used in computing earnings per share | ||||
Basic | 19,256,069 | 19,216,545 | 19,243,689 | 19,204,196 |
Diluted | 19,302,551 | 19,272,984 | 19,320,199 | 19,281,036 |
Cash dividends declared per common share | $ 0.25 | $ 0.22 | $ 0.75 | $ 0.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 21,386 | $ 19,701 | $ 58,676 | $ 52,826 |
Other comprehensive income: | ||||
Unrealized gain (loss) on debt securities, net of tax | 2,475 | (2,118) | 13,447 | (7,813) |
Comprehensive income | $ 23,861 | $ 17,583 | $ 72,123 | $ 45,013 |
Consolidated Statement of Chang
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, 2017 | $ 425,423 | $ 204 | $ 210,081 | $ (22,370) | $ 233,896 | $ 3,612 |
Beginning Balance, Shares at Dec. 31, 2017 | 20,504,165 | (1,258,250) | ||||
Comprehensive income: | ||||||
Impact of adoption of ASU | ASU 2016-01 [Member] | 614 | 614 | ||||
Impact of adoption of ASU | ASU 2018-02 [Member] | (414) | (414) | ||||
Net income | 52,826 | 52,826 | ||||
Other comprehensive income: | ||||||
Change in unrealized gains (losses), net of tax | (7,813) | (7,813) | ||||
Comprehensive income | 45,013 | |||||
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 | 813 | 813 | ||||
Dividends to shareholders | (12,716) | (12,716) | ||||
Ending Balance at Sep. 30, 2018 | 458,996 | $ 205 | 211,156 | $ (22,370) | 274,206 | (4,201) |
Ending Balance, Shares at Sep. 30, 2018 | 20,528,230 | (1,258,250) | ||||
Beginning Balance at Jun. 30, 2018 | 445,391 | $ 205 | 210,895 | $ (22,370) | 258,744 | (2,083) |
Beginning Balance, Shares at Jun. 30, 2018 | 20,528,230 | (1,258,250) | ||||
Comprehensive income: | ||||||
Net income | 19,701 | 19,701 | ||||
Other comprehensive income: | ||||||
Change in unrealized gains (losses), net of tax | (2,118) | (2,118) | ||||
Comprehensive income | 17,583 | |||||
Share-based compensation | 261 | 261 | ||||
Dividends to shareholders | (4,239) | (4,239) | ||||
Ending Balance at Sep. 30, 2018 | 458,996 | $ 205 | 211,156 | $ (22,370) | 274,206 | (4,201) |
Ending Balance, Shares at Sep. 30, 2018 | 20,528,230 | (1,258,250) | ||||
Beginning Balance at Dec. 31, 2018 | $ 409,762 | $ 205 | 211,431 | $ (22,370) | 221,328 | (832) |
Beginning Balance, Shares at Dec. 31, 2018 | 19,269,980 | 20,528,230 | (1,258,250) | |||
Comprehensive income: | ||||||
Impact of adoption of ASU | ASU 2016-02 [Member] | $ (1) | (1) | ||||
Net income | 58,676 | 58,676 | ||||
Other comprehensive income: | ||||||
Change in unrealized gains (losses), net of tax | 13,447 | 13,447 | ||||
Comprehensive income | 72,123 | |||||
Common stock issued upon exercise of options | $ 20 | 20 | ||||
Common stock issued upon exercise of options, Shares | 5,000 | 5,000 | ||||
Common stock issued | $ 559 | 559 | ||||
Common stock issued, Shares | 25,329 | |||||
Share-based compensation | 733 | 733 | ||||
Dividends to shareholders | (14,467) | (14,467) | ||||
Ending Balance at Sep. 30, 2019 | $ 468,729 | $ 205 | 212,743 | $ (22,370) | 265,536 | 12,615 |
Ending Balance, Shares at Sep. 30, 2019 | 19,300,309 | 20,558,559 | (1,258,250) | |||
Beginning Balance at Jun. 30, 2019 | $ 449,443 | $ 205 | 212,493 | $ (22,370) | 248,975 | 10,140 |
Beginning Balance, Shares at Jun. 30, 2019 | 20,556,511 | (1,258,250) | ||||
Comprehensive income: | ||||||
Net income | 21,386 | 21,386 | ||||
Other comprehensive income: | ||||||
Change in unrealized gains (losses), net of tax | 2,475 | 2,475 | ||||
Comprehensive income | 23,861 | |||||
Common stock issued | (1) | (1) | ||||
Common stock issued, Shares | 2,048 | |||||
Share-based compensation | 251 | 251 | ||||
Dividends to shareholders | (4,825) | (4,825) | ||||
Ending Balance at Sep. 30, 2019 | $ 468,729 | $ 205 | $ 212,743 | $ (22,370) | $ 265,536 | $ 12,615 |
Ending Balance, Shares at Sep. 30, 2019 | 19,300,309 | 20,558,559 | (1,258,250) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net income | $ 58,676,000 | $ 52,826,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 684,000 | 748,000 |
Net amortization of investments | 6,520,000 | 8,414,000 |
Deferred income taxes | (203,000) | 1,388,000 |
Net realized losses on investments | 27,000 | 1,471,000 |
Net unrealized gains on equity securities | (3,165,000) | (259,000) |
Net realized losses on disposal of assets | 2,000 | |
Share-based compensation | 882,000 | 1,074,000 |
Changes in operating assets and liabilities: | ||
Premiums receivable, net | (8,171,000) | (4,391,000) |
Accrued interest receivable | (207,000) | (141,000) |
Deferred policy acquisition costs | (607,000) | (1,075,000) |
Amounts held by others | (7,855,000) | |
Other assets | (949,000) | 2,692,000 |
Reserves for loss and loss adjustment expenses | (7,597,000) | 19,284,000 |
Unearned premiums | 5,339,000 | 7,897,000 |
Reinsurance balances | 9,140,000 | (19,136,000) |
Amounts held for others and policyholder deposits | 2,416,000 | 2,621,000 |
Accounts payable and other liabilities | (309,000) | 5,185,000 |
Net cash provided by operating activities | 62,478,000 | 70,743,000 |
Investing activities | ||
Purchases of investments held-to-maturity | (115,712,000) | (71,872,000) |
Purchases of investments available-for-sale | (46,104,000) | (82,519,000) |
Purchases of equity securities | (4,120,000) | (5,251,000) |
Purchases of short-term investments | (79,224,000) | (133,355,000) |
Proceeds from maturities of investments held-to-maturity | 120,498,000 | 85,322,000 |
Proceeds from sales and maturities of investments available-for-sale | 90,244,000 | 79,539,000 |
Proceeds from sales and maturities of short-term investments | 73,039,000 | 48,965,000 |
Proceeds from redemptions of other investments | 130,000 | |
Purchases of property and equipment | (858,000) | (1,083,000) |
Net cash provided by (used in) investing activities | 37,763,000 | (80,124,000) |
Financing activities | ||
Proceeds from stock option exercises | 19,800 | 66,900 |
Finance lease purchases | (35,000) | |
Dividends to shareholders | (14,700,000) | (12,921,000) |
Net cash used in financing activities | (14,715,000) | (12,854,000) |
Change in cash and cash equivalents | 85,526,000 | (22,235,000) |
Cash and cash equivalents at beginning of period | 40,344,000 | 55,559,000 |
Cash and cash equivalents at end of period | $ 125,870,000 | $ 33,324,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation AMERISAFE, Inc. (the “Company”) is an insurance holding company incorporated in the state of Texas. The accompanying unaudited consolidated financial statements include the accounts of AMERISAFE and its subsidiaries: American Interstate Insurance Company (“AIIC”) and its insurance subsidiaries, Silver Oak Casualty, Inc. (“SOCI”) and American Interstate Insurance Company of Texas (“AIICTX”), Amerisafe Risk Services, Inc. (“RISK”) and Amerisafe General Agency, Inc. (“AGAI”). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. RISK, a wholly owned subsidiary of the Company, is a claims and safety service company currently servicing only affiliated insurance companies. AGAI, a wholly owned subsidiary of the Company, is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers. The assets and operations of AGAI are not significant to that of the Company and its consolidated subsidiaries. The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires. The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, manufacturing, and agriculture. Assets and revenues of AIIC and its subsidiaries represent at least 95% of comparable consolidated amounts of the Company for each of the nine months ended September 30, 2019 and 2018. In the opinion of management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934 and therefore do not include all information and footnotes to be in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited consolidated financial statements contained herein should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of our assets, liabilities, revenues and expenses and related disclosures. Some of the estimates result from judgments that can be subjective and complex and, consequently, actual results in future periods might differ from these estimates. Adopted Accounting Guidance In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new guidance requires a lessee to recognize a lease liability and a right of use asset for all leases extending beyond twelve months. This standard was effective for us beginning in the first quarter of 2019. We elected the new transition method under the transition guidance within the new standard. Therefore, prior comparative periods are not adjusted. We also elected the package of practical expedients, which among other things, allows us to carryforward the historical lease classification. We made an accounting policy election not to recognize lease assets and lease liabilities for short-term operating leases. Adoption of the new guidance resulted in the Company recognizing right-of-use assets of $0.4 million and lease liabilities of $0.3 million. The cumulative effect adjustment to the opening balance of retained earnings was minimal. Adoption of this new guidance did not have a material effect on the Company’s consolidated financial statements as the Company does not have any significant leases. Prospective Accounting Guidance In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses. The current guidance delays the recognition of credit losses until a probable loss has occurred. 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 account. The same method will be used for available-for-sale securities, but the valuation account 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. Implementation of the new guidance requires a modified retrospective approach without restatement, which means the first cumulative adjustment required will be a charge to retained earnings, with subsequent changes in the valuation account reported in the income statement. The financial statement impact will be determined by the nature of the portfolio held and the economic conditions at the time of implementation. In establishing a current expected credit allowance for held-to-maturity fixed income securities under the new accounting standard, the Company will use a probability of default and loss given default methodology based on the securities credit rating and maturity date of the specific security. The amount is currently estimated to be in the range of $250,000 to $400,000. This estimated amount will change depending on the amount of held-to-maturity fixed income securities, the credit ratings and maturity dates of those securities, at the time of implementation of the new current expected credit loss accounting standard. In establishing a current expected credit allowance for reinsurance recoverables under the new accounting standard, the Company will use a probability of default and loss given default methodology based on the credit ratings of our reinsurers. The amount is currently estimated to be in the range of $400,000 to $600,000. This estimated amount will change depending on the amount of reinsurance recoverables and the ratings of our reinsurers at the time of implementation of the new current expected credit loss accounting standard. The Company’s internal working group has evaluated the remainder of the balance sheet assets, including available-for-sale securities and net premiums receivable, and determined the implementation of the new credit loss guidance in relation to those assets will have an immaterial impact on the financial statements. The estimated impacts could change based upon economic changes, events or conditions. The Company will continue to monitor and evaluate the financial impact as the implementation date approaches. All other issued but not yet effective accounting and reporting standards as of September 30, 2019 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 | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Options and Restricted Stock | Note 2. Stock Options and Restricted Stock As of September 30, 2019, the Company has two equity incentive plans: 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 were made under the AMERISAFE 2005 Incentive Plan. There are no outstanding options or restricted stock awards under 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, 2018 for additional information regarding the Company’s incentive plans. During the nine months ended September 30, 2019, the Company issued 9,391 shares of common stock pursuant to vested performance awards, 11,048 shares of restricted common stock to officers, and 4,890 shares of restricted common stock to non-employee directors. The market value of these shares totaled $1.5 million. During the nine months ended September 30, 2018, the Company issued 3,304 shares of common stock pursuant to vested performance awards to executive officers and 5,761 shares of restricted common stock to non-employee directors. The market value of these shares totaled $0.5 million. During the nine months ended September 30, 2019 and 2018, options to purchase 5,000 and 15,000 shares of common stock were exercised, respectively. In connection with these exercises, the Company received $19.8 thousand of stock option proceeds in the current year and $66.9 thousand of stock option proceeds in the same period of 2018. The Company had no stock options outstanding as of September 30, 2019. The Company recognized share-based compensation expense of $0.4 million in the quarter ended September 30, 2019 and $0.3 million for the same period in 2018. The Company recognized share-based compensation expense of $0.9 million in the nine months ended September 30, 2019 and $1.1 million for the same period in 2018. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2019 | |
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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (in thousands, except share and per share amounts) Basic EPS Net income $ 21,386 $ 19,701 $ 58,676 $ 52,826 Basic weighted average common shares 19,256,069 19,216,545 19,243,689 19,204,196 Basic earnings per common share $ 1.11 $ 1.03 $ 3.05 $ 2.75 Diluted EPS Net income $ 21,386 $ 19,701 $ 58,676 $ 52,826 Diluted weighted average common shares: Weighted average common shares 19,256,069 19,216,545 19,243,689 19,204,196 Stock options and restricted stock 46,482 56,439 76,510 76,840 Diluted weighted average common shares 19,302,551 19,272,984 19,320,199 19,281,036 Diluted earnings per common share $ 1.11 $ 1.02 $ 3.04 $ 2.74 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 438,055 $ 19,978 $ (3 ) $ 458,030 Corporate bonds 115,982 1,587 (108 ) 117,461 U.S. agency-based mortgage-backed securities 11,910 607 (1 ) 12,516 U.S. Treasury securities and obligations of U.S. government agencies 37,513 406 (21 ) 37,898 Asset-backed securities 701 1 (4 ) 698 Totals $ 604,161 $ 22,579 $ (137 ) $ 626,603 The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as available-for-sale at September 30, 2019 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 217,944 $ 12,249 $ (2 ) $ 230,191 Corporate bonds 142,011 3,417 (7 ) 145,421 U.S. agency-based mortgage-backed securities 24,458 20 (55 ) 24,423 U.S. Treasury securities and obligations of U.S. government agencies 39,857 406 (81 ) 40,182 Totals $ 424,270 $ 16,092 $ (145 ) $ 440,217 The gross unrealized gains and losses on, and the cost of equity securities at September 30, 2019 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 24,082 $ 1,854 $ — $ 25,936 Total equity securities $ 24,082 $ 1,854 $ — $ 25,936 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, 2018 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 445,922 $ 5,109 $ (2,084 ) $ 448,947 Corporate bonds 91,762 62 (455 ) 91,369 U.S. agency-based mortgage-backed securities 8,102 327 (80 ) 8,349 U.S. Treasury securities and obligations of U.S. government agencies 67,042 340 (339 ) 67,043 Asset-backed securities 1,050 22 (8 ) 1,064 Totals $ 613,878 $ 5,860 $ (2,966 ) $ 616,772 The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2018 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 231,848 $ 3,515 $ (2,118 ) $ 233,245 Corporate bonds 173,904 243 (933 ) 173,214 U.S. agency-based mortgage-backed securities 12,835 — (320 ) 12,515 U.S. Treasury securities and obligations of U.S. government agencies 61,185 — (1,429 ) 59,756 Totals $ 479,772 $ 3,758 $ (4,800 ) $ 478,730 The gross unrealized gains and losses on, and the cost of equity securities at December 31, 2018 are summarized as follows: Cost Gross Gains Gross Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 19,962 $ 30 $ (1,341 ) $ 18,651 Total equity securities $ 19,962 $ 30 $ (1,341 ) $ 18,651 A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at September 30, 2019, by contractual maturity, is as follows: Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 60,720 $ 61,141 After one year through five years 207,941 211,604 After five years through ten years 101,986 105,588 After ten years 220,903 235,056 U.S. agency-based mortgage-backed securities 11,910 12,516 Asset-backed securities 701 698 Totals $ 604,161 $ 626,603 A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as available-for-sale at September 30, 2019, by contractual maturity, is as follows: Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 38,130 $ 38,207 After one year through five years 137,900 140,142 After five years through ten years 45,985 48,358 After ten years 177,797 189,087 U.S. agency-based mortgage-backed securities 24,458 24,423 Totals $ 424,270 $ 440,217 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) September 30, 2019 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 4,277 $ 3 $ — $ — $ 4,277 $ 3 Corporate bonds 13,241 67 8,208 41 21,449 108 U.S. agency-based mortgage-backed securities 404 1 — — 404 1 U.S. Treasury securities and obligations of U.S. government agencies — — 3,236 21 3,236 21 Asset-backed securities 363 1 169 3 532 4 Total held-to-maturity securities 18,285 72 11,613 65 29,898 137 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 4,189 $ 2 $ — $ — $ 4,189 $ 2 Corporate bonds — — 7,093 7 7,093 7 U.S. agency-based mortgage-backed securities 13,194 35 3,928 20 17,122 55 U.S. Treasury securities and obligations of U.S. government agencies 1,008 2 17,048 79 18,056 81 Total available-for-sale securities 18,391 39 28,069 106 46,460 145 Total $ 36,676 $ 111 $ 39,682 $ 171 $ 76,358 $ 282 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, 2018 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 28,369 $ 59 $ 180,550 $ 2,025 $ 208,919 $ 2,084 Corporate bonds 17,448 36 48,315 419 65,763 455 U.S. agency-based mortgage-backed securities — — 2,287 80 2,287 80 U.S. Treasury securities and obligations of U.S. government agencies 2,865 4 46,486 335 49,351 339 Asset-backed securities — — 525 8 525 8 Total held-to-maturity securities 48,682 99 278,163 2,867 326,845 2,966 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 16,109 $ 81 $ 76,255 $ 2,037 $ 92,364 $ 2,118 Corporate bonds 59,099 279 70,306 654 129,405 933 U.S. agency-based mortgage-backed securities — — 12,515 320 12,515 320 U.S. Treasury securities and obligations of U.S. government agencies — — 59,756 1,429 59,756 1,429 Total available-for-sale securities 75,208 360 218,832 4,440 294,040 4,800 Total $ 123,890 $ 459 $ 496,995 $ 7,307 $ 620,885 $ 7,766 At September 30, 2019, we held 43 individual fixed maturity securities that were in an unrealized loss position, of which 21 individual fixed maturity securities were in a continuous unrealized loss position for longer than 12 months. During the third quarter of 2019, we recognized through income $0.4 million of net unrealized gains on equity securities held as of September 30, 2019. During the third quarter of 2018, we recognized through income $0.6 million of net unrealized gains on equity securities held as of September 30, 2018. During the nine months ended September 30, 2019, we recognized through income $3.2 million of net unrealized gains on equity securities held as of September 30, 2019. During the nine months ended September 30, 2018, we recognized through income $0.3 million of net unrealized gains on equity securities held as of September 30, 2018. 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 existence of other-than-temporary declines in the fair value of 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 required 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. We 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. 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 its amortized cost basis. During the three and nine months ended September 30, 2019 and 2018, there were no impairment losses recognized for other-than-temporary declines in the fair value of our investments. Net realized losses in the quarter ended September 30, 2019 were immaterial. Net realized losses in the quarter ended September 30, 2018 were $0.3 million resulting from called fixed maturity securities. Net realized losses in the nine months ended September 30, 2019 were immaterial. Net realized losses in the nine months ended September 30, 2018 were $1.5 million resulting from the sale of equity and fixed maturity securities classified as available-for-sale and called fixed maturity securities. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019, the Company had a valuation allowance of $0.2 million against its deferred income tax benefits. 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 September 30, 2019 and 2018. Tax years 2015 through 2018 are subject to examination by the federal and state taxing authorities. |
Loss Reserves
Loss Reserves | 9 Months Ended |
Sep. 30, 2019 | |
Insurance [Abstract] | |
Loss Reserves | Note 6. Loss Reserves We record reserves for estimated losses under insurance policies that we write and for loss adjustment expenses related to the investigation and settlement of policy claims. Our reserves for loss and loss adjustment expenses represent the estimated cost of all reported and unreported loss and loss adjustment expenses incurred and unpaid as of a given point in time. The reserves for loss and loss adjustment expenses are estimated using individual case-basis valuations, statistical analyses and estimates based upon experience for unreported claims and their associated loss and loss adjustment expenses. Such estimates may be more or less than the amounts ultimately paid when the claims are settled. The estimates are subject to the effects of trends in loss severity and frequency. Although considerable variability is inherent in these estimates, management believes that the reserves for loss and loss adjustment expenses are adequate. The estimates are continually reviewed internally and periodically evaluated with our independent actuary. Adjustments are made as experience develops and new information becomes known. Any such adjustments are included in income from current operations. See Note 9 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 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 nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 (in thousands) Balance, beginning of period $ 798,409 $ 771,845 Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 107,216 84,889 Net balance, beginning of period 691,193 686,956 Add incurred related to: Current accident year 181,693 186,964 Prior accident years (38,886 ) (34,128 ) Total incurred 142,807 152,836 Less paid related to: Current accident year 35,512 37,901 Prior accident years 105,590 115,194 Total paid 141,102 153,095 Net balance, end of period 692,898 686,697 Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 97,914 104,432 Balance, end of period $ 790,812 $ 791,129 The foregoing reconciliation reflects favorable development of the net reserves at September 30, 2019 and September 30, 2018. The favorable development reduced loss and loss adjustment expenses incurred by $38.9 million and $34.1 million in 2019 and 2018, 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 | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Comprehensive Income and Accumulated Other Comprehensive Income | Note 7. Comprehensive Income and Accumulated Other Comprehensive Income Comprehensive income was $23.9 million for the three months ended September 30, 2019, compared to $17.6 million for the three months ended September 30, 2018. Comprehensive income was $72.1 million for the nine months ended September 30, 2019, compared to $45.0 million for the same period in 2018. 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 investment 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 2019 and 2018. 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Balance, beginning of period $ 10,140 $ (2,083 ) $ (832 ) $ 3,612 Other comprehensive income (loss) before reclassification 2,467 (2,143 ) 12,844 (7,964 ) Amounts reclassified from accumulated other comprehensive income 8 25 603 151 Net current period other comprehensive income (loss) 2,475 (2,118 ) 13,447 (7,813 ) Balance, end of period $ 12,615 $ (4,201 ) $ 12,615 $ (4,201 ) 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 Nine Months Ended Affected line item in the Comprehensive Income September 30, September 30, statement of income 2019 2018 2019 2018 (in thousands) Unrealized losses on available-for-sale securities $ (10 ) $ (32 ) $ (764 ) $ (445 ) Net realized losses on investments (10 ) (32 ) (764 ) (445 ) Income before income taxes 2 7 161 40 Income tax expense $ (8 ) $ (25 ) $ (603 ) $ (405 ) Net income |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
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 nine months ended September 30, 2019. At September 30, 2019, assets measu r September 30, 2019 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 $ — $ 230,191 $ — $ 230,191 Corporate bonds — 145,421 — 145,421 U.S. agency-based mortgage-backed securities — 24,423 — 24,423 U.S. Treasury securities 40,182 — — 40,182 Total securities available-for-sale—fixed maturity 40,182 400,035 — 440,217 Equity securities: Domestic common stock 25,936 — — 25,936 Total $ 66,118 $ 400,035 $ — $ 466,153 At September 30, 2019, assets measured at amortized cost are summarized below: September 30, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 458,030 $ — $ 458,030 Corporate bonds — 117,461 — 117,461 U.S. agency-based mortgage-backed securities — 12,516 — 12,516 U.S. Treasury securities 7,891 — — 7,891 Obligations of U.S. government agencies — 30,007 — 30,007 Asset-backed securities — 698 — 698 Total held-to-maturity $ 7,891 $ 618,712 $ — $ 626,603 At December 31, 2018, assets measured at fair value on a recurring basis are summarized below: December 31, 2018 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 $ — $ 233,245 $ — $ 233,245 Corporate bonds — 173,214 — 173,214 U.S. agency-based mortgage-backed securities — 12,515 — 12,515 U.S. Treasury securities and obligations of U.S. government agencies 59,756 — — 59,756 Total securities available-for-sale—fixed maturity $ 59,756 $ 418,974 $ — $ 478,730 Equity securities: Domestic common stock 18,651 — — 18,651 Total $ 78,407 $ 418,974 $ — $ 497,381 At December 31, 2018, assets measured at amortized cost are summarized below: December 31, 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 $ — $ 448,947 $ — $ 448,947 Corporate bonds — 91,369 — 91,369 U.S. agency-based mortgage-backed securities — 8,349 — 8,349 U.S. Treasury securities 7,111 — — 7,111 Obligations of U.S. government agencies — 59,932 — 59,932 Asset-backed securities — 1,064 — 1,064 Total held-to-maturity $ 7,111 $ 609,661 $ — $ 616,772 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. At September 30, 2019, the Company did not hold any securities measured at fair value on a nonrecurring basis due to impairment. 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 September 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 604,161 $ 626,603 $ 613,878 $ 616,772 Fixed maturity securities—available-for-sale 440,217 440,217 478,730 478,730 Equity securities 25,936 25,936 18,651 18,651 Short-term investments 20,964 20,964 14,231 14,231 Cash and cash equivalents 125,870 125,870 40,344 40,344 |
Treasury Stock
Treasury Stock | 9 Months Ended |
Sep. 30, 2019 | |
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 nine months ended September 30, 2019 and 2018. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 10. Leases The Company has operating and finance leases for office space and equipment. Our leases have remaining lease terms of four months to 52 months Supplemental balance sheet information related to leases is as follows: September 30, 2019 Balance Sheet Classification (in thousands) Operating leases: Operating lease right-of-use assets $ 469 Other assets Operating lease liabilities $ 469 Accounts payable and other liabilities Finance leases: Finance lease right-of-use assets $ 185 Finance lease accumulated amortization right-of-use assets (164 ) Property and equipment, net $ 21 Property and equipment, net Finance lease liabilities $ 67 Accounts payable and other liabilities |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events On October 29, 2019, the Company’s Board of Directors declared an extraordinary dividend of $3.50 per share payable on November 20, 2019 to shareholders of record as of November 13, 2019. On October 29, 2019, the Company’s Board of Directors declared a quarterly cash dividend of $0.25 per share payable on December 27, 2019 to shareholders of record as of December 13, 2019. The Board considers the payment of a regular cash dividend each calendar quarter. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Adopted Accounting Guidance | Adopted Accounting Guidance In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The new guidance requires a lessee to recognize a lease liability and a right of use asset for all leases extending beyond twelve months. This standard was effective for us beginning in the first quarter of 2019. We elected the new transition method under the transition guidance within the new standard. Therefore, prior comparative periods are not adjusted. We also elected the package of practical expedients, which among other things, allows us to carryforward the historical lease classification. We made an accounting policy election not to recognize lease assets and lease liabilities for short-term operating leases. Adoption of the new guidance resulted in the Company recognizing right-of-use assets of $0.4 million and lease liabilities of $0.3 million. The cumulative effect adjustment to the opening balance of retained earnings was minimal. Adoption of this new guidance did not have a material effect on the Company’s consolidated financial statements as the Company does not have any significant leases. |
Prospective Accounting Guidance | Prospective Accounting Guidance In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses. The current guidance delays the recognition of credit losses until a probable loss has occurred. 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 account. The same method will be used for available-for-sale securities, but the valuation account 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. Implementation of the new guidance requires a modified retrospective approach without restatement, which means the first cumulative adjustment required will be a charge to retained earnings, with subsequent changes in the valuation account reported in the income statement. The financial statement impact will be determined by the nature of the portfolio held and the economic conditions at the time of implementation. In establishing a current expected credit allowance for held-to-maturity fixed income securities under the new accounting standard, the Company will use a probability of default and loss given default methodology based on the securities credit rating and maturity date of the specific security. The amount is currently estimated to be in the range of $250,000 to $400,000. This estimated amount will change depending on the amount of held-to-maturity fixed income securities, the credit ratings and maturity dates of those securities, at the time of implementation of the new current expected credit loss accounting standard. In establishing a current expected credit allowance for reinsurance recoverables under the new accounting standard, the Company will use a probability of default and loss given default methodology based on the credit ratings of our reinsurers. The amount is currently estimated to be in the range of $400,000 to $600,000. This estimated amount will change depending on the amount of reinsurance recoverables and the ratings of our reinsurers at the time of implementation of the new current expected credit loss accounting standard. The Company’s internal working group has evaluated the remainder of the balance sheet assets, including available-for-sale securities and net premiums receivable, and determined the implementation of the new credit loss guidance in relation to those assets will have an immaterial impact on the financial statements. The estimated impacts could change based upon economic changes, events or conditions. The Company will continue to monitor and evaluate the financial impact as the implementation date approaches. All other issued but not yet effective accounting and reporting standards as of September 30, 2019 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) | 9 Months Ended |
Sep. 30, 2019 | |
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) | 9 Months Ended |
Sep. 30, 2019 | |
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 Nine Months Ended September 30, September 30, 2019 2018 2019 2018 (in thousands, except share and per share amounts) Basic EPS Net income $ 21,386 $ 19,701 $ 58,676 $ 52,826 Basic weighted average common shares 19,256,069 19,216,545 19,243,689 19,204,196 Basic earnings per common share $ 1.11 $ 1.03 $ 3.05 $ 2.75 Diluted EPS Net income $ 21,386 $ 19,701 $ 58,676 $ 52,826 Diluted weighted average common shares: Weighted average common shares 19,256,069 19,216,545 19,243,689 19,204,196 Stock options and restricted stock 46,482 56,439 76,510 76,840 Diluted weighted average common shares 19,302,551 19,272,984 19,320,199 19,281,036 Diluted earnings per common share $ 1.11 $ 1.02 $ 3.04 $ 2.74 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 438,055 $ 19,978 $ (3 ) $ 458,030 Corporate bonds 115,982 1,587 (108 ) 117,461 U.S. agency-based mortgage-backed securities 11,910 607 (1 ) 12,516 U.S. Treasury securities and obligations of U.S. government agencies 37,513 406 (21 ) 37,898 Asset-backed securities 701 1 (4 ) 698 Totals $ 604,161 $ 22,579 $ (137 ) $ 626,603 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, 2018 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 445,922 $ 5,109 $ (2,084 ) $ 448,947 Corporate bonds 91,762 62 (455 ) 91,369 U.S. agency-based mortgage-backed securities 8,102 327 (80 ) 8,349 U.S. Treasury securities and obligations of U.S. government agencies 67,042 340 (339 ) 67,043 Asset-backed securities 1,050 22 (8 ) 1,064 Totals $ 613,878 $ 5,860 $ (2,966 ) $ 616,772 |
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 amortized cost and fair value of, those investments classified as available-for-sale at September 30, 2019 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 217,944 $ 12,249 $ (2 ) $ 230,191 Corporate bonds 142,011 3,417 (7 ) 145,421 U.S. agency-based mortgage-backed securities 24,458 20 (55 ) 24,423 U.S. Treasury securities and obligations of U.S. government agencies 39,857 406 (81 ) 40,182 Totals $ 424,270 $ 16,092 $ (145 ) $ 440,217 The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2018 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 231,848 $ 3,515 $ (2,118 ) $ 233,245 Corporate bonds 173,904 243 (933 ) 173,214 U.S. agency-based mortgage-backed securities 12,835 — (320 ) 12,515 U.S. Treasury securities and obligations of U.S. government agencies 61,185 — (1,429 ) 59,756 Totals $ 479,772 $ 3,758 $ (4,800 ) $ 478,730 |
Gross Unrealized Gains and Losses and Cost of Equity | The gross unrealized gains and losses on, and the cost of equity securities at September 30, 2019 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 24,082 $ 1,854 $ — $ 25,936 Total equity securities $ 24,082 $ 1,854 $ — $ 25,936 The gross unrealized gains and losses on, and the cost of equity securities at December 31, 2018 are summarized as follows: Cost Gross Gains Gross Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 19,962 $ 30 $ (1,341 ) $ 18,651 Total equity securities $ 19,962 $ 30 $ (1,341 ) $ 18,651 |
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) September 30, 2019 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 4,277 $ 3 $ — $ — $ 4,277 $ 3 Corporate bonds 13,241 67 8,208 41 21,449 108 U.S. agency-based mortgage-backed securities 404 1 — — 404 1 U.S. Treasury securities and obligations of U.S. government agencies — — 3,236 21 3,236 21 Asset-backed securities 363 1 169 3 532 4 Total held-to-maturity securities 18,285 72 11,613 65 29,898 137 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 4,189 $ 2 $ — $ — $ 4,189 $ 2 Corporate bonds — — 7,093 7 7,093 7 U.S. agency-based mortgage-backed securities 13,194 35 3,928 20 17,122 55 U.S. Treasury securities and obligations of U.S. government agencies 1,008 2 17,048 79 18,056 81 Total available-for-sale securities 18,391 39 28,069 106 46,460 145 Total $ 36,676 $ 111 $ 39,682 $ 171 $ 76,358 $ 282 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, 2018 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 28,369 $ 59 $ 180,550 $ 2,025 $ 208,919 $ 2,084 Corporate bonds 17,448 36 48,315 419 65,763 455 U.S. agency-based mortgage-backed securities — — 2,287 80 2,287 80 U.S. Treasury securities and obligations of U.S. government agencies 2,865 4 46,486 335 49,351 339 Asset-backed securities — — 525 8 525 8 Total held-to-maturity securities 48,682 99 278,163 2,867 326,845 2,966 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 16,109 $ 81 $ 76,255 $ 2,037 $ 92,364 $ 2,118 Corporate bonds 59,099 279 70,306 654 129,405 933 U.S. agency-based mortgage-backed securities — — 12,515 320 12,515 320 U.S. Treasury securities and obligations of U.S. government agencies — — 59,756 1,429 59,756 1,429 Total available-for-sale securities 75,208 360 218,832 4,440 294,040 4,800 Total $ 123,890 $ 459 $ 496,995 $ 7,307 $ 620,885 $ 7,766 |
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 September 30, 2019, by contractual maturity, is as follows: Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 60,720 $ 61,141 After one year through five years 207,941 211,604 After five years through ten years 101,986 105,588 After ten years 220,903 235,056 U.S. agency-based mortgage-backed securities 11,910 12,516 Asset-backed securities 701 698 Totals $ 604,161 $ 626,603 |
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 September 30, 2019, by contractual maturity, is as follows: Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 38,130 $ 38,207 After one year through five years 137,900 140,142 After five years through ten years 45,985 48,358 After ten years 177,797 189,087 U.S. agency-based mortgage-backed securities 24,458 24,423 Totals $ 424,270 $ 440,217 |
Loss Reserves (Tables)
Loss Reserves (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 nine months ended September 30, 2019 and 2018: Nine Months Ended September 30, 2019 2018 (in thousands) Balance, beginning of period $ 798,409 $ 771,845 Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 107,216 84,889 Net balance, beginning of period 691,193 686,956 Add incurred related to: Current accident year 181,693 186,964 Prior accident years (38,886 ) (34,128 ) Total incurred 142,807 152,836 Less paid related to: Current accident year 35,512 37,901 Prior accident years 105,590 115,194 Total paid 141,102 153,095 Net balance, end of period 692,898 686,697 Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 97,914 104,432 Balance, end of period $ 790,812 $ 791,129 |
Comprehensive Income and Accu_2
Comprehensive Income and Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 (in thousands) Balance, beginning of period $ 10,140 $ (2,083 ) $ (832 ) $ 3,612 Other comprehensive income (loss) before reclassification 2,467 (2,143 ) 12,844 (7,964 ) Amounts reclassified from accumulated other comprehensive income 8 25 603 151 Net current period other comprehensive income (loss) 2,475 (2,118 ) 13,447 (7,813 ) Balance, end of period $ 12,615 $ (4,201 ) $ 12,615 $ (4,201 ) |
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 Nine Months Ended Affected line item in the Comprehensive Income September 30, September 30, statement of income 2019 2018 2019 2018 (in thousands) Unrealized losses on available-for-sale securities $ (10 ) $ (32 ) $ (764 ) $ (445 ) Net realized losses on investments (10 ) (32 ) (764 ) (445 ) Income before income taxes 2 7 161 40 Income tax expense $ (8 ) $ (25 ) $ (603 ) $ (405 ) Net income |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | At September 30, 2019, assets measu r September 30, 2019 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 $ — $ 230,191 $ — $ 230,191 Corporate bonds — 145,421 — 145,421 U.S. agency-based mortgage-backed securities — 24,423 — 24,423 U.S. Treasury securities 40,182 — — 40,182 Total securities available-for-sale—fixed maturity 40,182 400,035 — 440,217 Equity securities: Domestic common stock 25,936 — — 25,936 Total $ 66,118 $ 400,035 $ — $ 466,153 At December 31, 2018, assets measured at fair value on a recurring basis are summarized below: December 31, 2018 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 $ — $ 233,245 $ — $ 233,245 Corporate bonds — 173,214 — 173,214 U.S. agency-based mortgage-backed securities — 12,515 — 12,515 U.S. Treasury securities and obligations of U.S. government agencies 59,756 — — 59,756 Total securities available-for-sale—fixed maturity $ 59,756 $ 418,974 $ — $ 478,730 Equity securities: Domestic common stock 18,651 — — 18,651 Total $ 78,407 $ 418,974 $ — $ 497,381 |
Schedule of Assets Measured at Amortized Cost | At September 30, 2019, assets measured at amortized cost are summarized below: September 30, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 458,030 $ — $ 458,030 Corporate bonds — 117,461 — 117,461 U.S. agency-based mortgage-backed securities — 12,516 — 12,516 U.S. Treasury securities 7,891 — — 7,891 Obligations of U.S. government agencies — 30,007 — 30,007 Asset-backed securities — 698 — 698 Total held-to-maturity $ 7,891 $ 618,712 $ — $ 626,603 At December 31, 2018, assets measured at amortized cost are summarized below: December 31, 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 $ — $ 448,947 $ — $ 448,947 Corporate bonds — 91,369 — 91,369 U.S. agency-based mortgage-backed securities — 8,349 — 8,349 U.S. Treasury securities 7,111 — — 7,111 Obligations of U.S. government agencies — 59,932 — 59,932 Asset-backed securities — 1,064 — 1,064 Total held-to-maturity $ 7,111 $ 609,661 $ — $ 616,772 |
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 September 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 604,161 $ 626,603 $ 613,878 $ 616,772 Fixed maturity securities—available-for-sale 440,217 440,217 478,730 478,730 Equity securities 25,936 25,936 18,651 18,651 Short-term investments 20,964 20,964 14,231 14,231 Cash and cash equivalents 125,870 125,870 40,344 40,344 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases is as follows: September 30, 2019 Balance Sheet Classification (in thousands) Operating leases: Operating lease right-of-use assets $ 469 Other assets Operating lease liabilities $ 469 Accounts payable and other liabilities Finance leases: Finance lease right-of-use assets $ 185 Finance lease accumulated amortization right-of-use assets (164 ) Property and equipment, net $ 21 Property and equipment, net Finance lease liabilities $ 67 Accounts payable and other liabilities |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jan. 01, 2019 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Percentage of comparable consolidated amounts | 95.00% | 95.00% | |
Right-of-use assets | $ 469 | ||
Operating lease liabilities | 469 | ||
ASU 2016-02 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Right-of-use assets | $ 400 | ||
Operating lease liabilities | $ 300 | ||
ASU 2016-13 [Member] | Minimum [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Credit allowance for held-to-maturity fixed income securities | 250,000 | ||
Credit allowance for reinsurance recoverables | 400,000 | ||
ASU 2016-13 [Member] | Maximum [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Credit allowance for held-to-maturity fixed income securities | 400,000 | ||
Credit allowance for reinsurance recoverables | $ 600,000 |
Stock Options and Restricted _2
Stock Options and Restricted Stock - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Incentive_Planshares | Sep. 30, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of equity incentive plans | Incentive_Plan | 2 | |||
Stock options outstanding | 0 | 0 | ||
Market value of shares | $ | $ 1,500,000 | $ 500,000 | ||
Stock options exercised, Shares | 5,000 | 15,000 | ||
Proceeds from stock option exercises | $ | $ 19,800 | $ 66,900 | ||
Share-based compensation expense | $ | $ 400,000 | $ 300,000 | $ 900,000 | $ 1,100,000 |
Restricted Stock [Member] | Executive Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock issued, shares | 11,048 | |||
Restricted Stock [Member] | Non-employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock issued, shares | 4,890 | 5,761 | ||
Performance Awards [Member] | Executive Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock issued, shares | 9,391 | 3,304 | ||
2005 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding | 0 | 0 | ||
2005 Incentive Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock outstanding | 0 | 0 |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share Basic [Abstract] | ||||
Net income | $ 21,386 | $ 19,701 | $ 58,676 | $ 52,826 |
Basic weighted average common shares | 19,256,069 | 19,216,545 | 19,243,689 | 19,204,196 |
Basic earnings per common share | $ 1.11 | $ 1.03 | $ 3.05 | $ 2.75 |
Net income | $ 21,386 | $ 19,701 | $ 58,676 | $ 52,826 |
Weighted average common shares | 19,256,069 | 19,216,545 | 19,243,689 | 19,204,196 |
Stock options and restricted stock | 46,482 | 56,439 | 76,510 | 76,840 |
Diluted weighted average common shares | 19,302,551 | 19,272,984 | 19,320,199 | 19,281,036 |
Diluted earnings per common share | $ 1.11 | $ 1.02 | $ 3.04 | $ 2.74 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | $ 604,161 | $ 613,878 |
Held-to-Maturity, Gross Unrealized Gains | 22,579 | 5,860 |
Held-to-Maturity, Gross Unrealized Losses | (137) | (2,966) |
Held-to-Maturity, Fair Value | 626,603 | 616,772 |
States and Political Subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 438,055 | 445,922 |
Held-to-Maturity, Gross Unrealized Gains | 19,978 | 5,109 |
Held-to-Maturity, Gross Unrealized Losses | (3) | (2,084) |
Held-to-Maturity, Fair Value | 458,030 | 448,947 |
Corporate Bonds [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 115,982 | 91,762 |
Held-to-Maturity, Gross Unrealized Gains | 1,587 | 62 |
Held-to-Maturity, Gross Unrealized Losses | (108) | (455) |
Held-to-Maturity, Fair Value | 117,461 | 91,369 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 11,910 | 8,102 |
Held-to-Maturity, Gross Unrealized Gains | 607 | 327 |
Held-to-Maturity, Gross Unrealized Losses | (1) | (80) |
Held-to-Maturity, Fair Value | 12,516 | 8,349 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 37,513 | 67,042 |
Held-to-Maturity, Gross Unrealized Gains | 406 | 340 |
Held-to-Maturity, Gross Unrealized Losses | (21) | (339) |
Held-to-Maturity, Fair Value | 37,898 | 67,043 |
Asset-Backed Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held-to-maturity, Amortized Cost, Totals | 701 | 1,050 |
Held-to-Maturity, Gross Unrealized Gains | 1 | 22 |
Held-to-Maturity, Gross Unrealized Losses | (4) | (8) |
Held-to-Maturity, Fair Value | $ 698 | $ 1,064 |
Investments - Gross Unrealize_2
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | $ 424,270 | $ 479,772 |
Available-for-sale, Gross Unrealized Gains | 16,092 | 3,758 |
Available-for-sale, Gross Unrealized Losses | (145) | (4,800) |
Available-for-sale, Fair Value | 440,217 | 478,730 |
States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 217,944 | 231,848 |
Available-for-sale, Gross Unrealized Gains | 12,249 | 3,515 |
Available-for-sale, Gross Unrealized Losses | (2) | (2,118) |
Available-for-sale, Fair Value | 230,191 | 233,245 |
Corporate Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 142,011 | 173,904 |
Available-for-sale, Gross Unrealized Gains | 3,417 | 243 |
Available-for-sale, Gross Unrealized Losses | (7) | (933) |
Available-for-sale, Fair Value | 145,421 | 173,214 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 24,458 | 12,835 |
Available-for-sale, Gross Unrealized Gains | 20 | |
Available-for-sale, Gross Unrealized Losses | (55) | (320) |
Available-for-sale, Fair Value | 24,423 | 12,515 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale, Amortized Cost | 39,857 | 61,185 |
Available-for-sale, Gross Unrealized Gains | 406 | |
Available-for-sale, Gross Unrealized Losses | (81) | (1,429) |
Available-for-sale, Fair Value | $ 40,182 | $ 59,756 |
Investments - Gross Unrealize_3
Investments - Gross Unrealized Gains and Losses and Cost of Equity (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities, Cost | $ 24,082 | $ 19,962 |
Equity securities, Gross Unrealized Gains | 1,854 | 30 |
Equity securities, Gross Unrealized Losses | (1,341) | |
Equity securities, Fair Value | 25,936 | 18,651 |
Domestic Common Stock [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Equity securities, Cost | 24,082 | 19,962 |
Equity securities, Gross Unrealized Gains | 1,854 | 30 |
Equity securities, Gross Unrealized Losses | (1,341) | |
Equity securities, Fair Value | $ 25,936 | $ 18,651 |
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 | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Within one year, Amortized Cost | $ 60,720 | |
After one year through five years, Amortized Cost | 207,941 | |
After five years through ten years, Amortized Cost | 101,986 | |
After ten years, Amortized Cost | 220,903 | |
Held-to-maturity, Amortized Cost, Totals | 604,161 | $ 613,878 |
Within one year, Fair Value | 61,141 | |
After one year through five years, Fair Value | 211,604 | |
After five years through ten years, Fair Value | 105,588 | |
After ten years, Fair Value | 235,056 | |
Held-to-maturity, Fair Value, Totals | 626,603 | 616,772 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Without single maturity, Amortized Cost | 11,910 | |
Held-to-maturity, Amortized Cost, Totals | 11,910 | 8,102 |
Without single maturity, Fair Value | 12,516 | |
Held-to-maturity, Fair Value, Totals | 12,516 | 8,349 |
Asset-Backed Securities [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Without single maturity, Amortized Cost | 701 | |
Held-to-maturity, Amortized Cost, Totals | 701 | 1,050 |
Without single maturity, Fair Value | 698 | |
Held-to-maturity, Fair Value, Totals | $ 698 | $ 1,064 |
Investments - Summary of Amor_2
Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Within one year, Amortized Cost | $ 38,130 | |
After one year through five years, Amortized Cost | 137,900 | |
After five years through ten years, Amortized Cost | 45,985 | |
After ten years, Amortized Cost | 177,797 | |
Available-for-sale, Amortized Cost | 424,270 | $ 479,772 |
Within one year, Fair Value | 38,207 | |
After one year through five years, Fair Value | 140,142 | |
After five years through ten years, Fair Value | 48,358 | |
After ten years, Fair Value | 189,087 | |
Available-for-sale, Fair Value | 440,217 | 478,730 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Without single maturity date, Amortized Cost | 24,458 | |
Available-for-sale, Amortized Cost | 24,458 | 12,835 |
Without single maturity date, Fair value | 24,423 | |
Available-for-sale, Fair Value | $ 24,423 | $ 12,515 |
Investments - Investment Securi
Investments - Investment Securities Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Marketable Securities [Line Items] | ||
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | $ 18,285 | $ 48,682 |
Held-to-Maturity, Gross Unrealized Losses, Less Than 12 Months | 72 | 99 |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 11,613 | 278,163 |
Held-to-Maturity, Gross Unrealized Losses, 12 Months or Greater | 65 | 2,867 |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total | 29,898 | 326,845 |
Held-to-Maturity, Gross Unrealized Losses, Total | 137 | 2,966 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 18,391 | 75,208 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 39 | 360 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 28,069 | 218,832 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 106 | 4,440 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 46,460 | 294,040 |
Available-for Sale, Gross Unrealized Losses, Total | 145 | 4,800 |
Fair Value of Investments with Unrealized Losses, Less Than 12 months | 36,676 | 123,890 |
Gross Unrealized Loss, Less Than 12 Months | 111 | 459 |
Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 39,682 | 496,995 |
Gross Unrealized Losses, 12 Months or Greater | 171 | 7,307 |
Fair Value of Investments with Unrealized Losses, Total | 76,358 | 620,885 |
Gross Unrealized Losses, Total | 282 | 7,766 |
States and Political Subdivisions [Member] | ||
Marketable Securities [Line Items] | ||
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 4,277 | 28,369 |
Held-to-Maturity, Gross Unrealized Losses, Less Than 12 Months | 3 | 59 |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 180,550 | |
Held-to-Maturity, Gross Unrealized Losses, 12 Months or Greater | 2,025 | |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total | 4,277 | 208,919 |
Held-to-Maturity, Gross Unrealized Losses, Total | 3 | 2,084 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 4,189 | 16,109 |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 2 | 81 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 76,255 | |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 2,037 | |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 4,189 | 92,364 |
Available-for Sale, Gross Unrealized Losses, Total | 2 | 2,118 |
Corporate Bonds [Member] | ||
Marketable Securities [Line Items] | ||
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 13,241 | 17,448 |
Held-to-Maturity, Gross Unrealized Losses, Less Than 12 Months | 67 | 36 |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 8,208 | 48,315 |
Held-to-Maturity, Gross Unrealized Losses, 12 Months or Greater | 41 | 419 |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total | 21,449 | 65,763 |
Held-to-Maturity, Gross Unrealized Losses, Total | 108 | 455 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 59,099 | |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 279 | |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 7,093 | 70,306 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 7 | 654 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 7,093 | 129,405 |
Available-for Sale, Gross Unrealized Losses, Total | 7 | 933 |
U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 404 | |
Held-to-Maturity, Gross Unrealized Losses, Less Than 12 Months | 1 | |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 2,287 | |
Held-to-Maturity, Gross Unrealized Losses, 12 Months or Greater | 80 | |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total | 404 | 2,287 |
Held-to-Maturity, Gross Unrealized Losses, Total | 1 | 80 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 13,194 | |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 35 | |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 3,928 | 12,515 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 20 | 320 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 17,122 | 12,515 |
Available-for Sale, Gross Unrealized Losses, Total | 55 | 320 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
Marketable Securities [Line Items] | ||
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 2,865 | |
Held-to-Maturity, Gross Unrealized Losses, Less Than 12 Months | 4 | |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 3,236 | 46,486 |
Held-to-Maturity, Gross Unrealized Losses, 12 Months or Greater | 21 | 335 |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total | 3,236 | 49,351 |
Held-to-Maturity, Gross Unrealized Losses, Total | 21 | 339 |
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 1,008 | |
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 2 | |
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 17,048 | 59,756 |
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater | 79 | 1,429 |
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 18,056 | 59,756 |
Available-for Sale, Gross Unrealized Losses, Total | 81 | 1,429 |
Asset-Backed Securities [Member] | ||
Marketable Securities [Line Items] | ||
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Less Than 12 Months | 363 | |
Held-to-Maturity, Gross Unrealized Losses, Less Than 12 Months | 1 | |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, 12 Months or Greater | 169 | 525 |
Held-to-Maturity, Gross Unrealized Losses, 12 Months or Greater | 3 | 8 |
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total | 532 | 525 |
Held-to-Maturity, Gross Unrealized Losses, Total | $ 4 | $ 8 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Security | Sep. 30, 2018USD ($) | |
Investments Debt And Equity Securities [Abstract] | ||||
Individual fixed maturity held in unrealized loss position | Security | 43 | 43 | ||
Individual fixed maturity held in unrealized loss position longer than 12 months | Security | 21 | 21 | ||
Net unrealized gains (losses) on equity securities | $ 365,000 | $ 573,000 | $ 3,165,000 | $ 259,000 |
Impairment losses recognized | $ 0 | 0 | $ 0 | 0 |
Net realized losses on sale of equity and fixed maturity securities and called fixed maturity securities | $ 300,000 | $ 1,500,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 200,000 | |
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 | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Roll Forward In Liability For Unpaid Claims And Claims Adjustment Expense [Abstract] | ||
Balance, beginning of period | $ 798,409 | $ 771,845 |
Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses | 107,216 | 84,889 |
Net balance, beginning of period | 691,193 | 686,956 |
Add incurred related to: | ||
Current accident year | 181,693 | 186,964 |
Prior accident years | (38,886) | (34,128) |
Total incurred | 142,807 | 152,836 |
Less paid related to: | ||
Current accident year | 35,512 | 37,901 |
Prior accident years | 105,590 | 115,194 |
Total paid | 141,102 | 153,095 |
Net balance, end of period | 692,898 | 686,697 |
Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses | 97,914 | 104,432 |
Balance, end of period | $ 790,812 | $ 791,129 |
Loss Reserves - Additional Info
Loss Reserves - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Insurance [Abstract] | ||
Loss and LAE Related to Prior Periods | $ 38,886 | $ 34,128 |
Comprehensive Income and Accu_3
Comprehensive Income and Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Comprehensive income | $ 23,861 | $ 17,583 | $ 72,123 | $ 45,013 |
Comprehensive income tax rate | 21.00% | 21.00% |
Comprehensive Income and Accu_4
Comprehensive Income and Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | $ 449,443 | $ 445,391 | $ 409,762 | $ 425,423 |
Ending Balance | 468,729 | 458,996 | 468,729 | 458,996 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | 10,140 | (2,083) | (832) | 3,612 |
Other comprehensive income (loss) before reclassification | 2,467 | (2,143) | 12,844 | (7,964) |
Amounts reclassified from accumulated other comprehensive income | 8 | 25 | 603 | 151 |
Net current period other comprehensive income (loss) | 2,475 | (2,118) | 13,447 | (7,813) |
Ending Balance | $ 12,615 | $ (4,201) | $ 12,615 | $ (4,201) |
Comprehensive Income and Accu_5
Comprehensive Income and Accumulated Other Comprehensive Income - Reclassification Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized losses on investments | $ (4) | $ (329) | $ (27) | $ (1,471) |
Income before income taxes | 26,613 | 24,460 | 72,591 | 64,804 |
Income tax expense | (5,227) | (4,759) | (13,915) | (11,978) |
Net income | 21,386 | 19,701 | 58,676 | 52,826 |
Unrealized Losses on Available-for-Sale Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized losses on investments | (10) | (32) | (764) | (445) |
Income before income taxes | (10) | (32) | (764) | (445) |
Income tax expense | 2 | 7 | 161 | 40 |
Net income | $ (8) | $ (25) | $ (603) | $ (405) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | $ 440,217 | $ 478,730 |
Equity securities, Fair Value | 25,936 | 18,651 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 440,217 | 478,730 |
Total | 466,153 | 497,381 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 40,182 | 59,756 |
Total | 66,118 | 78,407 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 400,035 | 418,974 |
Total | 400,035 | 418,974 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 230,191 | 233,245 |
Fair Value, Measurements, Recurring [Member] | States and Political Subdivisions [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 230,191 | 233,245 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 145,421 | 173,214 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 145,421 | 173,214 |
Fair Value, Measurements, Recurring [Member] | U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 24,423 | 12,515 |
Fair Value, Measurements, Recurring [Member] | U.S. Agency-Based Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 24,423 | 12,515 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 40,182 | 59,756 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale—fixed maturity, Fair Value | 40,182 | 59,756 |
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities, Fair Value | 25,936 | 18,651 |
Fair Value, Measurements, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities, Fair Value | $ 25,936 | $ 18,651 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Assets Measured at Amortized Cost (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | $ 626,603 | $ 616,772 |
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 | 458,030 | 448,947 |
Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity-fixed maturity, Fair Value | 117,461 | 91,369 |
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 | 12,516 | 8,349 |
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 | 7,891 | 7,111 |
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 | 30,007 | 59,932 |
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 | 698 | 1,064 |
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 | 7,891 | 7,111 |
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 | 7,891 | 7,111 |
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 | 618,712 | 609,661 |
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 | 458,030 | 448,947 |
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 | 117,461 | 91,369 |
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 | 12,516 | 8,349 |
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 | 30,007 | 59,932 |
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 | $ 698 | $ 1,064 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Carrying Values and Corresponding Fair Values for Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities—held-to-maturity | $ 626,603 | $ 616,772 |
Fixed maturity securities—available-for-sale | 440,217 | 478,730 |
Equity securities | 25,936 | 18,651 |
Short-term investments | 20,964 | 14,231 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities—held-to-maturity | 604,161 | 613,878 |
Fixed maturity securities—available-for-sale | 440,217 | 478,730 |
Equity securities | 25,936 | 18,651 |
Short-term investments | 20,964 | 14,231 |
Cash and cash equivalents | 125,870 | 40,344 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturity securities—held-to-maturity | 626,603 | 616,772 |
Fixed maturity securities—available-for-sale | 440,217 | 478,730 |
Equity securities | 25,936 | 18,651 |
Short-term investments | 20,964 | 14,231 |
Cash and cash equivalents | $ 125,870 | $ 40,344 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Oct. 31, 2016 | |
Equity [Abstract] | |||
Share repurchase program, new limit amount | $ 25,000,000 | ||
Shares repurchased under the program | 0 | 0 |
Leases - Additional Information
Leases - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Lessee Lease Description [Line Items] | |
Operating lease, existence of option to extend | true |
Finance lease, existence of option to extend | true |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease, remaining lease term | 4 months |
Finance lease, remaining lease term | 4 months |
Maximum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease, remaining lease term | 52 months |
Finance lease, remaining lease term | 52 months |
Operating lease, options to extend lease term | 5 years |
Finance lease, options to extend lease term | 5 years |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 469 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets |
Operating lease liabilities | $ 469 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | amsf:AccountsPayableAndOtherLiabilities |
Finance lease right-of-use assets | $ 185 |
Finance lease accumulated amortization right-of-use assets | (164) |
Property and equipment, net | $ 21 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet |
Finance lease liabilities | $ 67 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | amsf:AccountsPayableAndOtherLiabilities |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | Oct. 29, 2019$ / shares |
Extraordinary Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Cash dividend per share | $ 3.50 |
Date of payment for dividend | Nov. 20, 2019 |
Date of record for dividend payment | Nov. 13, 2019 |
Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Cash dividend per share | $ 0.25 |
Date of payment for dividend | Dec. 27, 2019 |
Date of record for dividend payment | Dec. 13, 2019 |