AMERISAFE (AMSF) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 27, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	AMSF
Entity Registrant Name	AMERISAFE, INC.
Entity Central Index Key	0001018979
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	001-12251
Entity Tax Identification Number	75-2069407
Entity Address, Address Line One	2301 Highway 190 West
Entity Address, City or Town	DeRidder
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70634
City Area Code	337
Local Phone Number	463-9052
Entity Common Stock, Shares Outstanding		19,302,784
Entity Incorporation, State or Country Code	TX
Title of 12(b) Security	Common
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments:
Fixed maturity securities—held-to-maturity, at amortized cost net of allowance for credit losses of $275 and $0 in 2020 and 2019, respectively, (fair value $631,688 and $621,343 in 2020 and 2019, respectively)	$ 608,315	$ 599,421
Fixed maturity securities—available-for-sale, at fair value (amortized cost $401,671, allowance for credit losses of $0 in 2020 and amortized cost $425,698, allowance for credit losses of $0 in 2019)	419,036	441,146
Equity securities, at fair value (cost $33,227 and $24,457 in 2020 and 2019, respectively)	27,910	27,903
Short-term investments	44,121	56,548
Total investments	1,099,382	1,125,018
Cash and cash equivalents	79,523	43,813
Amounts recoverable from reinsurers (net of allowance for credit losses of $449 and $0 in 2020 and 2019, respectively)	105,128	95,913
Premiums receivable (net of allowance for credit losses of $5,050 and $5,112 in 2020 and 2019, respectively)	169,127	157,953
Deferred income taxes	17,750	17,513
Accrued interest receivable	10,218	9,730
Property and equipment, net	6,305	6,331
Deferred policy acquisition costs	19,719	19,048
Other assets	17,009	17,587
Total assets	1,524,161	1,492,906
Liabilities:
Reserves for loss and loss adjustment expenses	779,283	772,887
Unearned premiums	146,171	140,873
Amounts held for others	39,439	37,937
Policyholder deposits	44,052	44,718
Insurance-related assessments	24,155	22,967
Federal income tax payable	6,431	3,220
Accounts payable and other liabilities	39,386	40,089
Payable for investments purchased	8,288
Total liabilities	1,087,205	1,062,691
Shareholders’ equity:
Common stock: voting—$0.01 par value authorized shares—50,000,000 in 2020 and 2019; 20,561,034 and 20,560,833 shares issued and 19,302,784 and 19,302,583 shares outstanding in 2020 and 2019, respectively	205	205
Additional paid-in capital	213,267	213,004
Treasury stock, at cost (1,258,250 shares in 2020 and 2019)	(22,370)	(22,370)
Accumulated earnings	232,159	227,165
Accumulated other comprehensive income, net	13,695	12,211
Total shareholders’ equity	436,956	430,215
Total liabilities and shareholders’ equity	$ 1,524,161	$ 1,492,906

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Fixed maturity securities, held-to-maturity, allowance for credit losses	$ 275,000	$ 0
Fixed maturity securities, fair value	631,688,000	621,343,000
Fixed maturity securities, available-for-sale, allowance for credit losses	0	0
Fixed maturity securities, amortized cost	401,671,000	425,698,000
Equity securities, cost	33,227,000	24,457,000
Amounts recoverable from reinsurers, allowance for credit losses	449,000	0
Premiums receivable, allowance for credit losses	$ 5,050,000	$ 5,112,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	20,561,034	20,560,833
Common stock, shares outstanding	19,302,784	19,302,583
Treasury stock, shares	1,258,250	1,258,250

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Gross premiums written	$ 87,071	$ 93,107
Ceded premiums written	(2,783)	(2,430)
Net premiums written	84,288	90,677
Net premiums earned	78,990	84,948
Net investment income	7,749	8,015
Net realized gains on investments	992	59
Net unrealized gains (losses) on equity securities	(8,763)	2,158
Fee and other income	201	10
Total revenues	79,169	95,190
Expenses
Loss and loss adjustment expenses incurred	43,647	49,614
Underwriting and certain other operating costs	8,217	7,552
Commissions	6,055	6,368
Salaries and benefits	7,012	6,747
Policyholder dividends	1,023	1,100
Provision for investment related credit loss benefit	(26)
Total expenses	65,928	71,381
Income before income taxes	13,241	23,809
Income tax expense	2,441	4,409
Net income	$ 10,800	$ 19,400
Earnings per share
Basic	$ 0.56	$ 1.01
Diluted	$ 0.56	$ 1.01
Shares used in computing earnings per share
Basic	19,266,016	19,229,134
Diluted	19,352,245	19,298,036
Cash dividends declared per common share	$ 0.27	$ 0.25

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 10,800	$ 19,400
Other comprehensive income:
Unrealized gain on debt securities, net of tax	1,484	5,992
Change in deferred tax valuation allowance		(198)
Comprehensive income	$ 12,284	$ 25,194

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Dec. 31, 2018	$ 409,762	$ 205	$ 211,431	$ (22,370)	$ 221,328	$ (832)
Beginning Balance, Shares at Dec. 31, 2018		20,528,230
Treasury Stock Beginning Balance, Shares at Dec. 31, 2018				(1,258,250)
Impact of adoption of ASU | ASU 2016-02 [Member]	(1)				(1)
Comprehensive income:
Net income	19,400				19,400
Other comprehensive income:
Change in unrealized gains (losses), net of tax	5,992					5,992
Change in deferred tax valuation allowance	(198)					(198)
Comprehensive income	25,194
Common stock issued upon exercise of options	$ 20		20
Common stock issued upon exercise of options, Shares	5,000	5,000
Share-based compensation	$ 249		249
Dividends to shareholders	(4,819)				(4,819)
Ending Balance at Mar. 31, 2019	430,405	$ 205	211,700	$ (22,370)	235,908	4,962
Ending Balance, Shares at Mar. 31, 2019		20,533,230
Treasury Stock Ending Balance, Shares at Mar. 31, 2019				(1,258,250)
Beginning Balance at Dec. 31, 2019	$ 430,215	$ 205	213,004	$ (22,370)	227,165	12,211
Beginning Balance, Shares at Dec. 31, 2019	19,302,583	20,560,833
Treasury Stock Beginning Balance, Shares at Dec. 31, 2019	(1,258,250)			(1,258,250)
Impact of adoption of ASU | ASU 2016-13 [Member]	$ (594)				(594)
Comprehensive income:
Net income	10,800				10,800
Other comprehensive income:
Change in unrealized gains (losses), net of tax	1,484					1,484
Comprehensive income	$ 12,284
Common stock issued upon exercise of options, Shares	0
Common stock issued, Shares		201
Share-based compensation	$ 263		263
Dividends to shareholders	(5,212)				(5,212)
Ending Balance at Mar. 31, 2020	$ 436,956	$ 205	$ 213,267	$ (22,370)	$ 232,159	$ 13,695
Ending Balance, Shares at Mar. 31, 2020	19,302,784	20,561,034
Treasury Stock Ending Balance, Shares at Mar. 31, 2020	(1,258,250)			(1,258,250)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating activities
Net income	$ 10,800,000	$ 19,400,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	247,000	241,000
Net amortization of investments	2,074,000	2,347,000
Change in investment related allowance for credit losses	(26,000)
Deferred income taxes	(481,000)	5,000
Net realized gains on investments	(992,000)	(59,000)
Net unrealized (gains) losses on equity securities	8,763,000	(2,158,000)
Share-based compensation	760,000	565,000
Changes in operating assets and liabilities:
Premiums receivable, net	(11,174,000)	(11,832,000)
Accrued interest receivable	(488,000)	(720,000)
Deferred policy acquisition costs	(671,000)	(699,000)
Other assets	234,000	(998,000)
Reserves for loss and loss adjustment expenses	6,396,000	2,171,000
Unearned premiums	5,298,000	5,730,000
Reinsurance balances	(9,658,000)	824,000
Amounts held for others and policyholder deposits	836,000	871,000
Accounts payable and other liabilities	3,294,000	4,588,000
Net cash provided by operating activities	15,212,000	20,276,000
Investing activities
Purchases of investments held-to-maturity	(26,201,000)	(26,174,000)
Purchases of investments available-for-sale	(21,592,000)	(10,394,000)
Purchases of equity securities	(8,770,000)	(807,000)
Purchases of short-term investments	(40,250,000)	(64,320,000)
Proceeds from maturities of investments held-to-maturity	22,018,000	40,578,000
Proceeds from sales and maturities of investments available-for-sale	47,812,000	26,365,000
Proceeds from sales and maturities of short-term investments	52,959,000	13,959,000
Purchases of property and equipment	(221,000)	(22,000)
Net cash provided by (used in) investing activities	25,755,000	(20,815,000)
Financing activities
Proceeds from stock option exercises		19,800
Finance lease purchases	(12,000)	(12,000)
Dividends to shareholders	(5,245,000)	(4,918,000)
Net cash used in financing activities	(5,257,000)	(4,910,000)
Change in cash and cash equivalents	35,710,000	(5,449,000)
Cash and cash equivalents at beginning of period	43,813,000	40,344,000
Cash and cash equivalents at end of period	$ 79,523,000	$ 34,895,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
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, agriculture, maritime, and oil and gas. Assets and revenues of AIIC and its subsidiaries represent at least 95 % of comparable consolidated amounts of the Company for each of the three months ended March 31, 2020 and 2019. 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, 2019. 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 On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses (“CECL”). The prior 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 derived from historical, current and reasonable supporting forecasts, including prepayments and estimates, and are recorded through a valuation account. The same method is used for available-for-sale securities, but the valuation account is limited to the amount by which the fair value is below amortized cost. The Company implemented the new standard using the modified retrospective approach. Results for reporting periods beginning after January 1, 2020 are presented under the new guidance while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to Retained Earnings of $594 thousand as of January 1, 2020, for the cumulative effect of adopting ASU 2016-13. The transition adjustment includes a $243 thousand impact to establish a credit loss allowance for held-to-maturity securities. The remaining $351 thousand of the transition adjustment was due to the creation of the reinsurance recoverable credit allowance. The Company believes that under the standard there is no current expected credit allowance necessary for U.S. Government Securities in its judgment as: 1) Treasury securities typically are the most highly rated securities among rating agencies; 2) Treasury securities have a long history of no credit losses; 3) Treasury securities are guaranteed by a sovereign entity (the U.S. Government) that can print its own money and whose currency (the U.S. dollar) is the reserve currency. The Company believes that under the standard there is no current expected credit allowance necessary for GNMA Securities in its judgment as: 1) GNMA securities typically are the most highly rated securities among rating agencies; 2) GNMA securities have a long history of no credit losses and payments are explicitly guaranteed by the United States; 3) Underlying mortgage loans for GNMA securities are insured by the Federal Housing Administration or guaranteed by the U.S. Department of Veteran Affairs; 4) the U.S. Government can print its own money to retire GNMA obligations. The Company believes that under the standard there is no current expected credit allowance necessary for FNMA or Freddie Mac (FHLMC) Securities in its judgment as: 1) These securities typically are among the most highly rated securities among rating agencies; 2) There is a long history of no credit losses; 3) Principal and interest payments are guaranteed by the issuing agency; 4) There is an explicit guarantee by the U.S. Government that can print its own money and whose currency (the U.S. dollar) is the reserve currency. The Company researched various options and methodologies and has chosen to use Moody’s default rates and recovery rates for our held-to-maturity fixed income securities based on the current credit rating of the security and the time period to the stated maturity date. This is a probability of default (PD) and loss given default (LGD) methodology. The credit rating used for held-to-maturity fixed income securities is the rating for each security as published by Moody’s, S&P, and Fitch to determine the probability of default. If there are two ratings, the lower rating is used. If there are three ratings, the median rating is used. If there is one rating, that rating is used. This methodology provides additional conservatism in determining the credit loss allowance needed. For corporate fixed income securities, the probability of default (given a rating) comes from Moody’s annual study of Corporate Bond defaults published each February. This study also contains the average recovery rates based on the historical defaults in the Moody’s study. We have chosen to use the 1983-2018 data as more reflective of the current historical pattern of defaults (the study goes back to 1920). The maximum maturity using the default rate is 20 years (any maturity greater than 20 years will use the 20-year rate). For municipal fixed income securities the probability of default (given a rating) comes from Moody’s annual study of Municipal Bond defaults published each July/August. This study also contains the average recovery rates based on the historical defaults in the Moody’s study. This study covers 1970-2018 data, which we believe is reflective of the current historical pattern of defaults. The maximum maturity using the default rate is 20 years (any maturity greater than 20 years will use the 20-year rate). The Company did not record a credit allowance for available-for-sale securities. The available-for-sale portfolio is composed of highly rated securities, which carry a low risk of default. The Company’s concentrations in municipal bonds have helped lower default risk, as the historical default rates and recovery rates for municipal bonds has been much better than corporate bonds rated at the same level. The Company creates a watch list of available-for-sale securities that are below book value at the end of each quarter. This watch list excludes US Treasury securities, GNMA Securities, and government agency securities (FNMA, etc.) as none of those securities will have an expected credit loss. The watch list will also exclude those securities that are trading at least at $95 or above (par value $100) as the Company believes any slight difference between $95 and par likely reflect interest rate changes and liquidity only and are not a sign of credit impairment or market expectations for any current expected credit loss. The list is reviewed by the Management Investment Committee to evaluate any security where the discounted cash flows expected no longer exceed the book value of the security. If the Company intends to sell the security (or more likely than not be required to sell the security before recovery of the loss) the Company will write down the security to fair value through earnings. If the Company intends to hold the security, the Company will establish a credit loss allowance for the security through earnings, and adjust the allowance each quarter through earnings, as the security changes in value. In determining the amount the credit loss allowance, the Company will consider all of the following factors: 1. The extent to which the fair value is less than the amortized cost basis 2. Adverse conditions in the security, industry, or geography, including: a.) Changes in technology b.) Discontinuation of a segment of business that may affect future earnings c.) Changes in the quality of the credit enhancement, if any 3. Changes in the payment structure of the debt security 4. Failure of the issuer to make scheduled interest or principal payments 5. Any changes to the rating of the security by a rating agency The calculation of the credit loss allowance will not take into account the amount of time the security has been below book value or when the security might be expected to recover in value. The Company has researched various options and methodologies and has chosen to use Moody’s default rates and recovery rates for our unsecured reinsurance recoverables based on the current credit rating of the reinsurer and a time period of ten years. This is a probability of default (PD) and loss given default (LGD) methodology. The ten-year period is consistent with our current working layer reinsurance treaty where we have a three-year The credit rating used for reinsurance recoverables uses the average rating for each reinsurer as published by Moody’s, S&P, Fitch and A.M. Best to determine the probability of default. The median rating is used if there are three ratings. The probability of default (given a rating) comes from Moody’s annual study of Corporate Bond defaults published each February. This study also contains the average recovery rates based on the historical defaults in the Moody’s study. We have chosen to use the 1983-2018 data as more reflective of the current historical pattern of defaults (the study goes back to 1920). The Company does not hold any debt securities for which an other-than-temporary impairment has been recognized. Additionally, the Company does not hold any financial assets purchased with credit deterioration. The Company’s internal working group evaluated the existing allowance for doubtful accounts reserving methodology for premiums receivable and determined the calculation was consistent with the new credit loss guidance. There was no impact to the premiums receivable balance as a result of the adoption of the new standard. The Company has elected not to establish a credit allowance for interest receivable. The Company plans to continue use of the current policy for writing off balances receivable over ninety days old. Prospective Accounting Guidance All issued but not yet effective accounting and reporting standards as of March 31, 2020 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	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Options and Restricted Stock	Note 2. Stock Options and Restricted Stock As of March 31, 2020, 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, 2019 for additional information regarding the Company’s incentive plans. During the three months ended March 31, 2020, the Company issued 201 shares of restricted common stock to non-employee directors. The market value of these shares totaled $13.7 thousand. During the three months ended March 31, 2019, the Company issued no shares of common stock. During the three months ended March 31, 2020, there were no exercises of options to purchase common stock. During the three months ended March 31, 2019, options to purchase 5,000 shares of common stock were exercised. In connection with these exercises, the Company received $19.8 thousand of stock option proceeds. The Company had no stock options outstanding as of March 31, 2020. The Company recognized share-based compensation expense of $0.8 million in the quarter ended March 31, 2020 and $0.6 million for the same period in 2019.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (in thousands, except share and per share amounts) Basic EPS Net income $ 10,800 $ 19,400 Basic weighted average common shares 19,266,016 19,229,134 Basic earnings per common share $ 0.56 $ 1.01 Diluted EPS Net income $ 10,800 $ 19,400 Diluted weighted average common shares: Weighted average common shares 19,266,016 19,229,134 Stock options and restricted stock 86,229 68,902 Diluted weighted average common shares 19,352,245 19,298,036 Diluted earnings per common share $ 0.56 $ 1.01

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Investments	Note 4. Investments The gross unrecognized gains and losses on, and the amortized cost, allowance for credit losses, and fair value of, those investments classified as held-to-maturity at March 31, 2020 are summarized as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Allowance for Credit Losses Fair Value (in thousands) States and political subdivisions $ 483,340 $ 21,875 $ (145 ) $ (50 ) $ 505,020 Corporate bonds 100,969 1,200 (790 ) (215 ) 101,164 U.S. agency-based mortgage-backed securities 10,352 720 — — 11,072 U.S. Treasury securities and obligations of U.S. government agencies 13,721 513 — — 14,234 Asset-backed securities 208 — — (10 ) 198 Totals $ 608,590 $ 24,308 $ (935 ) $ (275 ) $ 631,688 The gross unrealized gains and losses on, and the amortized cost, allowance for credit losses, and fair value of, those investments classified as available-for-sale at March 31, 2020 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (in thousands) States and political subdivisions $ 225,122 $ 12,798 $ (6 ) $ 237,914 $ — Corporate bonds 111,249 2,887 (323 ) 113,813 — U.S. agency-based mortgage-backed securities 33,400 813 — 34,213 — U.S. Treasury securities and obligations of U.S. government agencies 31,900 1,196 — 33,096 — Totals $ 401,671 $ 17,694 $ (329 ) $ 419,036 $ — The gross unrealized gains and losses on, and the cost of equity securities at March 31, 2020 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 33,227 $ — $ (5,317 ) $ 27,910 Total equity securities $ 33,227 $ — $ (5,317 ) $ 27,910 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, 2019 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 466,270 $ 19,570 $ (193 ) $ 485,647 Corporate bonds 109,241 1,684 — 110,925 U.S. agency-based mortgage-backed securities 10,967 544 — 11,511 U.S. Treasury securities and obligations of U.S. government agencies 12,723 330 (12 ) 13,041 Asset-backed securities 220 — (1 ) 219 Totals $ 599,421 $ 22,128 $ (206 ) $ 621,343 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, 2019 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 225,895 $ 11,906 $ (26 ) $ 237,775 Corporate bonds 130,453 3,326 (1 ) 133,778 U.S. agency-based mortgage-backed securities 29,499 64 (96 ) 29,467 U.S. Treasury securities and obligations of U.S. government agencies 39,851 317 (42 ) 40,126 Totals $ 425,698 $ 15,613 $ (165 ) $ 441,146 The gross unrealized gains and losses on, and the cost of equity securities at December 31, 2019 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 24,457 $ 3,446 $ — $ 27,903 Total equity securities $ 24,457 $ 3,446 $ — $ 27,903 A summary of the carrying amounts and fair value of investments in fixed maturity securities, classified as held-to-maturity by contractual maturity, is as follows: March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Maturity: Within one year $ 84,032 $ 84,737 $ 49,967 $ 50,348 After one year through five years 184,810 188,832 198,025 202,109 After five years through ten years 91,537 94,545 110,460 113,877 After ten years 237,386 252,304 229,782 243,279 U.S. agency-based mortgage-backed securities 10,352 11,072 10,967 11,511 Asset-backed securities 198 198 220 219 Totals $ 608,315 $ 631,688 $ 599,421 $ 621,343 A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as available-for-sale by contractual maturity, is as follows: March 31, 2020 December 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 45,964 $ 46,148 $ 27,160 $ 27,194 After one year through five years 117,341 120,232 144,142 146,469 After five years through ten years 40,164 42,920 47,175 49,419 After ten years 164,802 175,523 177,722 188,597 U.S. agency-based mortgage-backed securities 33,400 34,213 29,499 29,467 Totals $ 401,671 $ 419,036 $ 425,698 $ 441,146 The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of March 31, 2020: 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) March 31, 2020 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 6,260 $ 6 $ — $ — $ 6,260 $ 6 Corporate bonds 23,585 323 — — 23,585 323 U.S. agency-based mortgage-backed securities — — — — — — U.S. Treasury securities and obligations of U.S. government agencies — — — — — — Total available-for-sale securities $ 29,845 $ 329 $ — $ — $ 29,845 $ 329 At March 31, 2020, we held 20 individual fixed maturity securities classified as available-for-sale that were in an unrealized loss position, of which no individual fixed maturity security classified as available-for-sale was in a continuous unrealized loss position for longer than 12 months. 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 as of December 31, 2019: 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, 2019 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 21,074 $ 193 $ — $ — $ 21,074 $ 193 U.S. Treasury securities and obligations of U.S. government agencies — — 3,243 12 3,243 12 Asset-backed securities — — 68 1 68 1 Total held-to-maturity securities 21,074 193 3,311 13 24,385 206 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 4,140 $ 26 $ — $ — $ 4,140 $ 26 Corporate bonds 6,426 1 — — 6,426 1 U.S. agency-based mortgage-backed securities 13,007 95 1,152 1 14,159 96 U.S. Treasury securities and obligations of U.S. government agencies — — 17,068 42 17,068 42 Total available-for-sale securities 23,573 122 18,220 43 41,793 165 Total $ 44,647 $ 315 $ 21,531 $ 56 $ 66,178 $ 371 The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the period ended March 31, 2020. States and Political Subdivisions Corporate Bonds U.S. Agency- Based Mortgage- Backed Securities U.S. Treasury Securities and Obligations of U.S. Government Agencies Asset- Backed Securities Totals (in thousands) Balance at January 1, 2020 $ 45 $ 245 $ — $ — $ 11 $ 301 Provision for credit loss expense (benefit) 5 (30 ) — — (1 ) (26 ) Allowance for securities purchased with credit deterioration — — — — — — Securities charged off — — — — — — Recoveries — — — — — — Balance at March 31, 2020 $ 50 $ 215 $ — $ — $ 10 $ 275 The Company has established an allowance for credit losses on 419 held-to-maturity securities totaling $275 thousand. The majority of those securities were corporate bonds and states and political subdivisions at 48 and 368, respectively. The Company has no allowance for credit losses on investments classified as available-for-sale for the period ended March 31, 2020. The credit rating used for held-to-maturity fixed income securities is the rating for each security as published by Moody’s, S&P, and Fitch to determine the probability of default. If there are two ratings, the lower rating is used. If there are three ratings, the median rating is used. If there is one rating, that rating is used. For corporate fixed income securities the probability of default (given a rating) comes from Moody’s annual study of corporate bond defaults published each February. The maximum maturity using the default rate is 20 years (any maturity greater than 20 years will use the 20-year rate). For municipal fixed income securities the probability of default (given a rating) comes from Moody’s annual study of municipal bond defaults published each July/August. For municipal fixed income securities the probability of default (given a rating) comes from Moody’s annual study of municipal bond defaults published each July/August. The calculation of the credit loss allowance takes the amortized cost of the fixed income security and assumes default and recovery based on the average recovery rates from the Moody’s default studies. The amortized cost of the security, minus the amount recovered, is the estimated full amount the Company could lose in a default scenario. Then this amount is multiplied by the probability of default to determine the allowance for credit loss. The lower the security is rated, the higher likelihood of default, and therefore a higher allowance for credit loss. The longer to the maturity date of a security, the higher the default risk. The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of March 31, 2020. States and Political Subdivisions Corporate Bonds U.S. Agency- Based Mortgage- Backed Securities U.S. Treasury Securities and Obligations of U.S. Government Agencies Asset-Backed Securities Totals Amortized cost (in thousands) AAA/AA/A ratings $ 480,900 $ 39,849 $ 10,352 $ 13,721 $ 143 $ 544,965 Baa/BBB ratings 2,440 61,120 — — 18 63,578 B ratings — — — — 47 47 Total $ 483,340 $ 100,969 $ 10,352 $ 13,721 $ 208 $ 608,590 Net realized gains in the three months ended March 31, 2020 were $1.0 million. Net realized gains in the three months ended March 31, 2019 were immaterial. During the first quarter of 2020, we recognized through income $8.8 million of net unrealized losses on equity securities held as of March 31, 2020. During the first quarter of 2019, we recognized through income $2.2 million of net unrealized gains on equity securities held as of March 31, 2019. Investment income is recognized as it is earned. The discount or premium on fixed maturity securities is amortized using the “constant yield” method. Anticipated prepayments, where applicable, are considered when determining the amortization of premiums or discounts. Realized investment gains and losses are determined using the specific identification method.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
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. The Company had a valuation allowance of $0.4 million and $0.3 million against its deferred income tax benefits as of March 31, 2020 and 2019, respectively. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions for the periods ended March 31, 2020 and 2019. Tax years 2017 through 2020 are subject to examination by the federal and state taxing authorities.

Loss Reserves

Loss Reserves	3 Months Ended
	Mar. 31, 2020
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, 2019 for additional information regarding the Company’s loss and loss adjustment expense development. The following table provides the Company’s liability for unpaid loss and loss adjustment expenses, net of related amounts recoverable from reinsurers, for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 (in thousands) Balance, beginning of period $ 772,887 $ 798,409 Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 95,343 107,216 Net balance, beginning of period 677,544 691,193 Add incurred related to: Current accident year 57,268 61,587 Prior accident years (13,621 ) (11,974 ) Total incurred 43,647 49,613 Less paid related to: Current accident year 2,984 3,381 Prior accident years 43,890 43,180 Total paid 46,874 46,561 Net balance, end of period 674,317 694,245 Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 104,966 106,335 Balance, end of period $ 779,283 $ 800,580 The foregoing reconciliation reflects favorable development of the net reserves at March 31, 2020 and March 31, 2019. The favorable development reduced loss and loss adjustment expenses incurred by $13.6 million and $12.0 million in 2020 and 2019, respectively. The revisions to the Company’s reserves reflect new information gained by claims adjusters in the normal course of adjusting claims and is reflected in the financial statements when the information becomes available. It is typical for more serious claims to take several years or longer to settle and the Company continually revises estimates as more information about claimants’ medical conditions and potential disability becomes known and the claims get closer to being settled. Multiple factors can cause loss development both unfavorable and favorable. The favorable loss development we experienced across accident years was largely due to favorable case reserve development from closed claims and claims where the worker had reached maximum medical improvement. The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the three months ended March 31, 2020. Three Months Ended March 31, 2020 (in thousands) Balance at January 1, 2020 $ 444 Provision for credit loss expense 5 Balance at March 31, 2020 $ 449

Comprehensive Income and Accumu

Comprehensive Income and Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Comprehensive Income and Accumulated Other Comprehensive Income	Note 7. Comprehensive Income and Accumulated Other Comprehensive Income Comprehensive income was $12.3 million for the three months ended March 31, 2020, compared to $25.2 million for the three months ended March 31, 2019. The difference between net income as reported and comprehensive income was due primarily to changes in unrealized gains and losses, net of tax on available-for-sale debt securities. 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 2020 and 2019. 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 March 31, 2020 2019 (in thousands) Balance, beginning of period $ 12,211 $ (832 ) Other comprehensive income before reclassification 1,830 5,981 Amounts reclassified from accumulated other comprehensive income (346 ) 11 Change in deferred tax valuation allowance — (198 ) Net current period other comprehensive income 1,484 5,794 Balance, end of period $ 13,695 $ 4,962 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 Comprehensive Income Three Months Ended March 31, Affected line item in the statement of income 2020 2019 (in thousands) Unrealized gains (losses) on available-for- sale securities $ 438 $ (14 ) Net realized gains on investments 438 (14 ) Income before income taxes (92 ) 3 Income tax expense $ 346 $ (11 ) Net income

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 8. Fair Value Measurements The Company carries available-for-sale securities at fair value in our consolidated financial statements and determines fair value measurements and disclosure in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements. Fair value is defined in ASC Topic 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is the price to sell an asset or transfer a liability and, therefore, represents an exit price, not an entry price. Fair value is the exit price in the principal market (or, if lacking a principal market, the most advantageous market) in which the reporting entity would transact. Fair value is a market-based measurement, not an entity-specific measurement, and, as such, is determined based on the assumptions that market participants would use in pricing the asset or liability. The exit price objective of a fair value measurement applies regardless of the reporting entity’s intent and/or ability to sell the asset or transfer the liability at the measurement date. ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset, also known as current replacement cost. Valuation techniques used to measure fair value are to be consistently applied. In ASC Topic 820, inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable: • Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. • Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Valuation techniques used to measure fair value are intended to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data. • Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are to be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. The fair values of the Company’s investments are based upon prices provided by an independent pricing service. The Company has reviewed these prices for reasonableness and has not adjusted any prices received from the independent provider. Securities reported at fair value utilizing Level 1 inputs represent assets whose fair value is determined based upon observable unadjusted quoted market prices for identical assets in active markets. Level 2 securities represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2020. At March 31, 2020, assets measu r March 31, 2020 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 $ — $ 237,914 $ — $ 237,914 Corporate bonds — 113,813 — 113,813 U.S. agency-based mortgage-backed securities — 34,213 — 34,213 U.S. Treasury securities 33,096 — — 33,096 Total securities available-for-sale—fixed maturity 33,096 385,940 — 419,036 Equity securities: Domestic common stock 27,910 — — 27,910 Total $ 61,006 $ 385,940 $ — $ 446,946 At March 31, 2020, assets measured at amortized cost net of allowance for credit losses are summarized below: March 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 505,020 $ — $ 505,020 Corporate bonds — 101,164 — 101,164 U.S. agency-based mortgage-backed securities — 11,072 — 11,072 U.S. Treasury securities 9,061 — — 9,061 Obligations of U.S. government agencies — 5,173 — 5,173 Asset-backed securities — 198 — 198 Total held-to-maturity $ 9,061 $ 622,627 $ — $ 631,688 At December 31, 2019, assets measured at fair value on a recurring basis are summarized below: December 31, 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 $ — $ 237,775 $ — $ 237,775 Corporate bonds — 133,778 — 133,778 U.S. agency-based mortgage-backed securities — 29,467 — 29,467 U.S. Treasury securities 40,126 — — 40,126 Total securities available-for-sale—fixed maturity $ 40,126 $ 401,020 $ — $ 441,146 Equity securities: Domestic common stock 27,903 — — 27,903 Total $ 68,029 $ 401,020 $ — $ 469,049 At December 31, 2019, assets measured at amortized cost are summarized below: December 31, 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 $ — $ 485,647 $ — $ 485,647 Corporate bonds — 110,925 — 110,925 U.S. agency-based mortgage-backed securities — 11,511 — 11,511 U.S. Treasury securities 7,873 — — 7,873 Obligations of U.S. government agencies — 5,168 — 5,168 Asset-backed securities — 219 — 219 Total held-to-maturity $ 7,873 $ 613,470 $ — $ 621,343 The Company determines fair value amounts for financial instruments using available third-party market information. When such information is not available, the Company determines the fair value amounts using appropriate valuation methodologies. Nonfinancial instruments such as real estate, property and equipment, deferred policy acquisition costs, deferred income taxes and loss and loss adjustment expense reserves are excluded from the fair value disclosure. Cash and Cash Equivalents —The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values, which are characterized as Level 1 assets. Investments —The fair values for fixed maturity and equity securities are based on prices obtained from an independent pricing service. Equity and treasury securities are characterized as Level 1 assets, as their fair values are based on quoted prices in active markets. Fixed maturity securities, other than treasury securities, are characterized as Level 2 assets, as their fair values are determined using observable market inputs. Short Term Investments —The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values. These securities are characterized as Level 2 assets in the fair value hierarchy. The following table summarizes the carrying amounts and corresponding fair values for financial instruments: As of March 31, 2020 As of December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 608,315 $ 631,688 $ 599,421 $ 621,343 Fixed maturity securities—available-for-sale 419,036 419,036 441,146 441,146 Equity securities 27,910 27,910 27,903 27,903 Short-term investments 44,121 44,121 56,548 56,548 Cash and cash equivalents 79,523 79,523 43,813 43,813

Treasury Stock

Treasury Stock	3 Months Ended
	Mar. 31, 2020
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 three months ended March 31, 2020 and 2019.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 10. Subsequent Events On April 28, 2020, the Company’s Board of Directors declared a quarterly cash dividend of $0.27 per share payable on June 26, 2020 to shareholders of record as of June 12, 2020. The Board considers the payment of a regular cash dividend each calendar quarter.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	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, agriculture, maritime, and oil and gas. Assets and revenues of AIIC and its subsidiaries represent at least 95 % of comparable consolidated amounts of the Company for each of the three months ended March 31, 2020 and 2019. 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, 2019. 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	Adopted Accounting Guidance On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses (“CECL”). The prior 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 derived from historical, current and reasonable supporting forecasts, including prepayments and estimates, and are recorded through a valuation account. The same method is used for available-for-sale securities, but the valuation account is limited to the amount by which the fair value is below amortized cost. The Company implemented the new standard using the modified retrospective approach. Results for reporting periods beginning after January 1, 2020 are presented under the new guidance while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to Retained Earnings of $594 thousand as of January 1, 2020, for the cumulative effect of adopting ASU 2016-13. The transition adjustment includes a $243 thousand impact to establish a credit loss allowance for held-to-maturity securities. The remaining $351 thousand of the transition adjustment was due to the creation of the reinsurance recoverable credit allowance. The Company believes that under the standard there is no current expected credit allowance necessary for U.S. Government Securities in its judgment as: 1) Treasury securities typically are the most highly rated securities among rating agencies; 2) Treasury securities have a long history of no credit losses; 3) Treasury securities are guaranteed by a sovereign entity (the U.S. Government) that can print its own money and whose currency (the U.S. dollar) is the reserve currency. The Company believes that under the standard there is no current expected credit allowance necessary for GNMA Securities in its judgment as: 1) GNMA securities typically are the most highly rated securities among rating agencies; 2) GNMA securities have a long history of no credit losses and payments are explicitly guaranteed by the United States; 3) Underlying mortgage loans for GNMA securities are insured by the Federal Housing Administration or guaranteed by the U.S. Department of Veteran Affairs; 4) the U.S. Government can print its own money to retire GNMA obligations. The Company believes that under the standard there is no current expected credit allowance necessary for FNMA or Freddie Mac (FHLMC) Securities in its judgment as: 1) These securities typically are among the most highly rated securities among rating agencies; 2) There is a long history of no credit losses; 3) Principal and interest payments are guaranteed by the issuing agency; 4) There is an explicit guarantee by the U.S. Government that can print its own money and whose currency (the U.S. dollar) is the reserve currency. The Company researched various options and methodologies and has chosen to use Moody’s default rates and recovery rates for our held-to-maturity fixed income securities based on the current credit rating of the security and the time period to the stated maturity date. This is a probability of default (PD) and loss given default (LGD) methodology. The credit rating used for held-to-maturity fixed income securities is the rating for each security as published by Moody’s, S&P, and Fitch to determine the probability of default. If there are two ratings, the lower rating is used. If there are three ratings, the median rating is used. If there is one rating, that rating is used. This methodology provides additional conservatism in determining the credit loss allowance needed. For corporate fixed income securities, the probability of default (given a rating) comes from Moody’s annual study of Corporate Bond defaults published each February. This study also contains the average recovery rates based on the historical defaults in the Moody’s study. We have chosen to use the 1983-2018 data as more reflective of the current historical pattern of defaults (the study goes back to 1920). The maximum maturity using the default rate is 20 years (any maturity greater than 20 years will use the 20-year rate). For municipal fixed income securities the probability of default (given a rating) comes from Moody’s annual study of Municipal Bond defaults published each July/August. This study also contains the average recovery rates based on the historical defaults in the Moody’s study. This study covers 1970-2018 data, which we believe is reflective of the current historical pattern of defaults. The maximum maturity using the default rate is 20 years (any maturity greater than 20 years will use the 20-year rate). The Company did not record a credit allowance for available-for-sale securities. The available-for-sale portfolio is composed of highly rated securities, which carry a low risk of default. The Company’s concentrations in municipal bonds have helped lower default risk, as the historical default rates and recovery rates for municipal bonds has been much better than corporate bonds rated at the same level. The Company creates a watch list of available-for-sale securities that are below book value at the end of each quarter. This watch list excludes US Treasury securities, GNMA Securities, and government agency securities (FNMA, etc.) as none of those securities will have an expected credit loss. The watch list will also exclude those securities that are trading at least at $95 or above (par value $100) as the Company believes any slight difference between $95 and par likely reflect interest rate changes and liquidity only and are not a sign of credit impairment or market expectations for any current expected credit loss. The list is reviewed by the Management Investment Committee to evaluate any security where the discounted cash flows expected no longer exceed the book value of the security. If the Company intends to sell the security (or more likely than not be required to sell the security before recovery of the loss) the Company will write down the security to fair value through earnings. If the Company intends to hold the security, the Company will establish a credit loss allowance for the security through earnings, and adjust the allowance each quarter through earnings, as the security changes in value. In determining the amount the credit loss allowance, the Company will consider all of the following factors: 1. The extent to which the fair value is less than the amortized cost basis 2. Adverse conditions in the security, industry, or geography, including: a.) Changes in technology b.) Discontinuation of a segment of business that may affect future earnings c.) Changes in the quality of the credit enhancement, if any 3. Changes in the payment structure of the debt security 4. Failure of the issuer to make scheduled interest or principal payments 5. Any changes to the rating of the security by a rating agency The calculation of the credit loss allowance will not take into account the amount of time the security has been below book value or when the security might be expected to recover in value. The Company has researched various options and methodologies and has chosen to use Moody’s default rates and recovery rates for our unsecured reinsurance recoverables based on the current credit rating of the reinsurer and a time period of ten years. This is a probability of default (PD) and loss given default (LGD) methodology. The ten-year period is consistent with our current working layer reinsurance treaty where we have a three-year The credit rating used for reinsurance recoverables uses the average rating for each reinsurer as published by Moody’s, S&P, Fitch and A.M. Best to determine the probability of default. The median rating is used if there are three ratings. The probability of default (given a rating) comes from Moody’s annual study of Corporate Bond defaults published each February. This study also contains the average recovery rates based on the historical defaults in the Moody’s study. We have chosen to use the 1983-2018 data as more reflective of the current historical pattern of defaults (the study goes back to 1920). The Company does not hold any debt securities for which an other-than-temporary impairment has been recognized. Additionally, the Company does not hold any financial assets purchased with credit deterioration. The Company’s internal working group evaluated the existing allowance for doubtful accounts reserving methodology for premiums receivable and determined the calculation was consistent with the new credit loss guidance. There was no impact to the premiums receivable balance as a result of the adoption of the new standard. The Company has elected not to establish a credit allowance for interest receivable. The Company plans to continue use of the current policy for writing off balances receivable over ninety days old.
Prospective Accounting Guidance	Prospective Accounting Guidance All issued but not yet effective accounting and reporting standards as of March 31, 2020 are either not applicable to the Company or are not expected to have a material impact on the Company.
Fair Value Measurements	The Company carries available-for-sale securities at fair value in our consolidated financial statements and determines fair value measurements and disclosure in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (in thousands, except share and per share amounts) Basic EPS Net income $ 10,800 $ 19,400 Basic weighted average common shares 19,266,016 19,229,134 Basic earnings per common share $ 0.56 $ 1.01 Diluted EPS Net income $ 10,800 $ 19,400 Diluted weighted average common shares: Weighted average common shares 19,266,016 19,229,134 Stock options and restricted stock 86,229 68,902 Diluted weighted average common shares 19,352,245 19,298,036 Diluted earnings per common share $ 0.56 $ 1.01

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Gross Unrecognized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Held-to-Maturity	The gross unrecognized gains and losses on, and the amortized cost, allowance for credit losses, and fair value of, those investments classified as held-to-maturity at March 31, 2020 are summarized as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Allowance for Credit Losses Fair Value (in thousands) States and political subdivisions $ 483,340 $ 21,875 $ (145 ) $ (50 ) $ 505,020 Corporate bonds 100,969 1,200 (790 ) (215 ) 101,164 U.S. agency-based mortgage-backed securities 10,352 720 — — 11,072 U.S. Treasury securities and obligations of U.S. government agencies 13,721 513 — — 14,234 Asset-backed securities 208 — — (10 ) 198 Totals $ 608,590 $ 24,308 $ (935 ) $ (275 ) $ 631,688 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, 2019 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 466,270 $ 19,570 $ (193 ) $ 485,647 Corporate bonds 109,241 1,684 — 110,925 U.S. agency-based mortgage-backed securities 10,967 544 — 11,511 U.S. Treasury securities and obligations of U.S. government agencies 12,723 330 (12 ) 13,041 Asset-backed securities 220 — (1 ) 219 Totals $ 599,421 $ 22,128 $ (206 ) $ 621,343
Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-sale	The gross unrealized gains and losses on, and the amortized cost, allowance for credit losses, and fair value of, those investments classified as available-for-sale at March 31, 2020 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (in thousands) States and political subdivisions $ 225,122 $ 12,798 $ (6 ) $ 237,914 $ — Corporate bonds 111,249 2,887 (323 ) 113,813 — U.S. agency-based mortgage-backed securities 33,400 813 — 34,213 — U.S. Treasury securities and obligations of U.S. government agencies 31,900 1,196 — 33,096 — Totals $ 401,671 $ 17,694 $ (329 ) $ 419,036 $ — 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, 2019 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) States and political subdivisions $ 225,895 $ 11,906 $ (26 ) $ 237,775 Corporate bonds 130,453 3,326 (1 ) 133,778 U.S. agency-based mortgage-backed securities 29,499 64 (96 ) 29,467 U.S. Treasury securities and obligations of U.S. government agencies 39,851 317 (42 ) 40,126 Totals $ 425,698 $ 15,613 $ (165 ) $ 441,146
Gross Unrealized Gains and Losses and Cost of Equity	The gross unrealized gains and losses on, and the cost of equity securities at March 31, 2020 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 33,227 $ — $ (5,317 ) $ 27,910 Total equity securities $ 33,227 $ — $ (5,317 ) $ 27,910 The gross unrealized gains and losses on, and the cost of equity securities at December 31, 2019 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 24,457 $ 3,446 $ — $ 27,903 Total equity securities $ 24,457 $ 3,446 $ — $ 27,903
Summary of Carrying Amount and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity	A summary of the carrying amounts and fair value of investments in fixed maturity securities, classified as held-to-maturity by contractual maturity, is as follows: March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Maturity: Within one year $ 84,032 $ 84,737 $ 49,967 $ 50,348 After one year through five years 184,810 188,832 198,025 202,109 After five years through ten years 91,537 94,545 110,460 113,877 After ten years 237,386 252,304 229,782 243,279 U.S. agency-based mortgage-backed securities 10,352 11,072 10,967 11,511 Asset-backed securities 198 198 220 219 Totals $ 608,315 $ 631,688 $ 599,421 $ 621,343
Investment Securities Continuous Unrealized Loss Position	The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of March 31, 2020: 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) March 31, 2020 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 6,260 $ 6 $ — $ — $ 6,260 $ 6 Corporate bonds 23,585 323 — — 23,585 323 U.S. agency-based mortgage-backed securities — — — — — — U.S. Treasury securities and obligations of U.S. government agencies — — — — — — Total available-for-sale securities $ 29,845 $ 329 $ — $ — $ 29,845 $ 329 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 as of December 31, 2019: 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, 2019 Held-to-Maturity Fixed maturity securities: States and political subdivisions $ 21,074 $ 193 $ — $ — $ 21,074 $ 193 U.S. Treasury securities and obligations of U.S. government agencies — — 3,243 12 3,243 12 Asset-backed securities — — 68 1 68 1 Total held-to-maturity securities 21,074 193 3,311 13 24,385 206 Available-for-Sale Fixed maturity securities: States and political subdivisions $ 4,140 $ 26 $ — $ — $ 4,140 $ 26 Corporate bonds 6,426 1 — — 6,426 1 U.S. agency-based mortgage-backed securities 13,007 95 1,152 1 14,159 96 U.S. Treasury securities and obligations of U.S. government agencies — — 17,068 42 17,068 42 Total available-for-sale securities 23,573 122 18,220 43 41,793 165 Total $ 44,647 $ 315 $ 21,531 $ 56 $ 66,178 $ 371
Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity	The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the period ended March 31, 2020. States and Political Subdivisions Corporate Bonds U.S. Agency- Based Mortgage- Backed Securities U.S. Treasury Securities and Obligations of U.S. Government Agencies Asset- Backed Securities Totals (in thousands) Balance at January 1, 2020 $ 45 $ 245 $ — $ — $ 11 $ 301 Provision for credit loss expense (benefit) 5 (30 ) — — (1 ) (26 ) Allowance for securities purchased with credit deterioration — — — — — — Securities charged off — — — — — — Recoveries — — — — — — Balance at March 31, 2020 $ 50 $ 215 $ — $ — $ 10 $ 275
Schedule of Amortized Cost Held-to-Maturity Securities Aggregated By Credit Quality Indicator	The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of March 31, 2020. States and Political Subdivisions Corporate Bonds U.S. Agency- Based Mortgage- Backed Securities U.S. Treasury Securities and Obligations of U.S. Government Agencies Asset-Backed Securities Totals Amortized cost (in thousands) AAA/AA/A ratings $ 480,900 $ 39,849 $ 10,352 $ 13,721 $ 143 $ 544,965 Baa/BBB ratings 2,440 61,120 — — 18 63,578 B ratings — — — — 47 47 Total $ 483,340 $ 100,969 $ 10,352 $ 13,721 $ 208 $ 608,590
Available-for-Sale Securities [Member]
Summary of Carrying Amount and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity	A summary of the amortized cost and fair value of investments in fixed maturity securities, classified as available-for-sale by contractual maturity, is as follows: March 31, 2020 December 31, 2019 Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 45,964 $ 46,148 $ 27,160 $ 27,194 After one year through five years 117,341 120,232 144,142 146,469 After five years through ten years 40,164 42,920 47,175 49,419 After ten years 164,802 175,523 177,722 188,597 U.S. agency-based mortgage-backed securities 33,400 34,213 29,499 29,467 Totals $ 401,671 $ 419,036 $ 425,698 $ 441,146

Loss Reserves (Tables)

Loss Reserves (Tables)	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Liability for Unpaid Loss and Loss Adjustment Expenses, Net of Related Amounts Recoverable from Reinsurers	The following table provides the Company’s liability for unpaid loss and loss adjustment expenses, net of related amounts recoverable from reinsurers, for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 (in thousands) Balance, beginning of period $ 772,887 $ 798,409 Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 95,343 107,216 Net balance, beginning of period 677,544 691,193 Add incurred related to: Current accident year 57,268 61,587 Prior accident years (13,621 ) (11,974 ) Total incurred 43,647 49,613 Less paid related to: Current accident year 2,984 3,381 Prior accident years 43,890 43,180 Total paid 46,874 46,561 Net balance, end of period 674,317 694,245 Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 104,966 106,335 Balance, end of period $ 779,283 $ 800,580
Change in Allowance for Credit Losses on Amounts Recoverable from Reinsurers	The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the three months ended March 31, 2020. Three Months Ended March 31, 2020 (in thousands) Balance at January 1, 2020 $ 444 Provision for credit loss expense 5 Balance at March 31, 2020 $ 449

Comprehensive Income and Accu_2

Comprehensive Income and Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 (in thousands) Balance, beginning of period $ 12,211 $ (832 ) Other comprehensive income before reclassification 1,830 5,981 Amounts reclassified from accumulated other comprehensive income (346 ) 11 Change in deferred tax valuation allowance — (198 ) Net current period other comprehensive income 1,484 5,794 Balance, end of period $ 13,695 $ 4,962
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 Comprehensive Income Three Months Ended March 31, Affected line item in the statement of income 2020 2019 (in thousands) Unrealized gains (losses) on available-for- sale securities $ 438 $ (14 ) Net realized gains on investments 438 (14 ) Income before income taxes (92 ) 3 Income tax expense $ 346 $ (11 ) Net income

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets Measured at Fair Value on Recurring Basis	At March 31, 2020, assets measu r March 31, 2020 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 $ — $ 237,914 $ — $ 237,914 Corporate bonds — 113,813 — 113,813 U.S. agency-based mortgage-backed securities — 34,213 — 34,213 U.S. Treasury securities 33,096 — — 33,096 Total securities available-for-sale—fixed maturity 33,096 385,940 — 419,036 Equity securities: Domestic common stock 27,910 — — 27,910 Total $ 61,006 $ 385,940 $ — $ 446,946 At December 31, 2019, assets measured at fair value on a recurring basis are summarized below: December 31, 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 $ — $ 237,775 $ — $ 237,775 Corporate bonds — 133,778 — 133,778 U.S. agency-based mortgage-backed securities — 29,467 — 29,467 U.S. Treasury securities 40,126 — — 40,126 Total securities available-for-sale—fixed maturity $ 40,126 $ 401,020 $ — $ 441,146 Equity securities: Domestic common stock 27,903 — — 27,903 Total $ 68,029 $ 401,020 $ — $ 469,049
Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses	At March 31, 2020, assets measured at amortized cost net of allowance for credit losses are summarized below: March 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 505,020 $ — $ 505,020 Corporate bonds — 101,164 — 101,164 U.S. agency-based mortgage-backed securities — 11,072 — 11,072 U.S. Treasury securities 9,061 — — 9,061 Obligations of U.S. government agencies — 5,173 — 5,173 Asset-backed securities — 198 — 198 Total held-to-maturity $ 9,061 $ 622,627 $ — $ 631,688 At December 31, 2019, assets measured at amortized cost are summarized below: December 31, 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 $ — $ 485,647 $ — $ 485,647 Corporate bonds — 110,925 — 110,925 U.S. agency-based mortgage-backed securities — 11,511 — 11,511 U.S. Treasury securities 7,873 — — 7,873 Obligations of U.S. government agencies — 5,168 — 5,168 Asset-backed securities — 219 — 219 Total held-to-maturity $ 7,873 $ 613,470 $ — $ 621,343
Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments	The following table summarizes the carrying amounts and corresponding fair values for financial instruments: As of March 31, 2020 As of December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 608,315 $ 631,688 $ 599,421 $ 621,343 Fixed maturity securities—available-for-sale 419,036 419,036 441,146 441,146 Equity securities 27,910 27,910 27,903 27,903 Short-term investments 44,121 44,121 56,548 56,548 Cash and cash equivalents 79,523 79,523 43,813 43,813

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($)	Jan. 01, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Percentage of comparable consolidated amounts		95.00%	95.00%
Credit allowance for held-to-maturity fixed income securities		$ 275,000		$ 0
Credit allowance for reinsurance recoverables		449,000		0
Available-for-sale securities, credit allowance		$ 0		$ 0
Trading securities, par value per share		$ 100
Reinsurance recoverables, current credit rating period		10 years
Reinsurance treaty term to be commuted by end of current credit rating period		3 years
Other-than-temporary impairment loss, debt securities, portion recognized in earnings		$ 0
Financial assets purchased with credit deterioration, financing receivable		0
Financial assets purchased with credit deterioration, held-to-maturity debt securities		0
Financial assets purchased with credit deterioration, available-for-sale debt securities		$ 0
Threshold period for writing off balances receivable		90 days
Minimum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Trading price of securities excluded from watch list		$ 95
Corporate Fixed Income Securities [Member] | Maximum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Investments maturity period using default rate		20 years
Municipal Fixed Income Securities [Member] | Maximum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Investments maturity period using default rate		20 years
ASU 2016-13 [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Net decrease to retained earnings, cumulative effect	$ 594,000
Credit allowance for held-to-maturity fixed income securities	243,000
Credit allowance for reinsurance recoverables	$ 351,000

Stock Options and Restricted _2

Stock Options and Restricted Stock - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)Incentive_Planshares	Mar. 31, 2019USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans | Incentive_Plan	2
Stock options outstanding	0
Market value of shares | $	$ 13,700
Common stock issued, shares		0
Stock options exercised, Shares	0	5,000
Proceeds from stock option exercises | $		$ 19,800
Share-based compensation expense | $	$ 800,000	$ 600,000
Restricted Stock [Member] | Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued, shares	201
2005 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options outstanding	0
2005 Incentive Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding	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
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share Basic [Abstract]
Net income	$ 10,800	$ 19,400
Basic weighted average common shares	19,266,016	19,229,134
Basic earnings per common share	$ 0.56	$ 1.01
Net income	$ 10,800	$ 19,400
Weighted average common shares	19,266,016	19,229,134
Stock options and restricted stock	86,229	68,902
Diluted weighted average common shares	19,352,245	19,298,036
Diluted earnings per common share	$ 0.56	$ 1.01

Investments - Gross Unrecognize

Investments - Gross Unrecognized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	$ 608,590	$ 599,421
Held-to-Maturity, Gross Unrecognized Gains	24,308	22,128
Held-to-Maturity, Gross Unrecognized Losses	(935)	(206)
Held-to-Maturity, Allowance for Credit Losses	(275)	0
Held-to-Maturity, Fair Value	631,688	621,343
States and Political Subdivisions [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	483,340	466,270
Held-to-Maturity, Gross Unrecognized Gains	21,875	19,570
Held-to-Maturity, Gross Unrecognized Losses	(145)	(193)
Held-to-Maturity, Allowance for Credit Losses	(50)
Held-to-Maturity, Fair Value	505,020	485,647
Corporate Bonds [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	100,969	109,241
Held-to-Maturity, Gross Unrecognized Gains	1,200	1,684
Held-to-Maturity, Gross Unrecognized Losses	(790)
Held-to-Maturity, Allowance for Credit Losses	(215)
Held-to-Maturity, Fair Value	101,164	110,925
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	10,352	10,967
Held-to-Maturity, Gross Unrecognized Gains	720	544
Held-to-Maturity, Fair Value	11,072	11,511
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	13,721	12,723
Held-to-Maturity, Gross Unrecognized Gains	513	330
Held-to-Maturity, Gross Unrecognized Losses		(12)
Held-to-Maturity, Fair Value	14,234	13,041
Asset-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Held-to-maturity, Amortized Cost, Totals	208	220
Held-to-Maturity, Gross Unrecognized Losses		(1)
Held-to-Maturity, Allowance for Credit Losses	(10)
Held-to-Maturity, Fair Value	$ 198	$ 219

Investments - Gross Unrealized

Investments - Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-Sale (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	$ 401,671,000	$ 425,698,000
Available-for-sale, Gross Unrealized Gains	17,694,000	15,613,000
Available-for-sale, Gross Unrealized Losses	(329,000)	(165,000)
Available-for-sale, Fair Value	419,036,000	441,146,000
Available-for-sale, Allowance for Credit Losses	0	0
States and Political Subdivisions [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	225,122,000	225,895,000
Available-for-sale, Gross Unrealized Gains	12,798,000	11,906,000
Available-for-sale, Gross Unrealized Losses	(6,000)	(26,000)
Available-for-sale, Fair Value	237,914,000	237,775,000
Corporate Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	111,249,000	130,453,000
Available-for-sale, Gross Unrealized Gains	2,887,000	3,326,000
Available-for-sale, Gross Unrealized Losses	(323,000)	(1,000)
Available-for-sale, Fair Value	113,813,000	133,778,000
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale, Amortized Cost	33,400,000	29,499,000
Available-for-sale, Gross Unrealized Gains	813,000	64,000
Available-for-sale, Gross Unrealized Losses		(96,000)
Available-for-sale, Fair Value	34,213,000	29,467,000
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	31,900,000	39,851,000
Available-for-sale, Gross Unrealized Gains	1,196,000	317,000
Available-for-sale, Gross Unrealized Losses		(42,000)
Available-for-sale, Fair Value	$ 33,096,000	$ 40,126,000

Investments - Gross Unrealize_2

Investments - Gross Unrealized Gains and Losses and Cost of Equity (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity securities, Cost	$ 33,227	$ 24,457
Equity securities, Gross Unrealized Gains		3,446
Equity securities, Gross Unrealized Losses	(5,317)
Equity securities, Fair Value	27,910	27,903
Domestic Common Stock [Member]
Schedule Of Trading Securities And Other Trading Assets [Line Items]
Equity securities, Cost	33,227	24,457
Equity securities, Gross Unrealized Gains		3,446
Equity securities, Gross Unrealized Losses	(5,317)
Equity securities, Fair Value	$ 27,910	$ 27,903

Investments - Summary of Carryi

Investments - Summary of Carrying Amounts and Fair Value of Investments in Fixed Maturity Securities, Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Held To Maturity Securities [Line Items]
Within one year, Carrying Amount	$ 84,032	$ 49,967
After one year through five years, Carrying Amount	184,810	198,025
After five years through ten years, Carrying Amount	91,537	110,460
After ten years, Carrying Amount	237,386	229,782
Held-to-maturity, Carrying Amount, Totals	608,315	599,421
Within one year, Fair Value	84,737	50,348
After one year through five years, Fair Value	188,832	202,109
After five years through ten years, Fair Value	94,545	113,877
After ten years, Fair Value	252,304	243,279
Held-to-maturity, Fair Value, Totals	631,688	621,343
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Without single maturity, Carrying Amount	10,352	10,967
Without single maturity, Fair Value	11,072	11,511
Held-to-maturity, Fair Value, Totals	11,072	11,511
Asset-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Without single maturity, Carrying Amount	198	220
Without single maturity, Fair Value	198	219
Held-to-maturity, Fair Value, Totals	$ 198	$ 219

Investments - Summary of Amorti

Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Within one year, Amortized Cost	$ 45,964	$ 27,160
After one year through five years, Amortized Cost	117,341	144,142
After five years through ten years, Amortized Cost	40,164	47,175
After ten years, Amortized Cost	164,802	177,722
Available-for-sale, Amortized Cost	401,671	425,698
Within one year, Fair Value	46,148	27,194
After one year through five years, Fair Value	120,232	146,469
After five years through ten years, Fair Value	42,920	49,419
After ten years, Fair Value	175,523	188,597
Available-for-sale, Fair Value	419,036	441,146
U.S. Agency-Based Mortgage-Backed Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Without single maturity date, Amortized Cost	33,400	29,499
Available-for-sale, Amortized Cost	33,400	29,499
Without single maturity date, Fair value	34,213	29,467
Available-for-sale, Fair Value	$ 34,213	$ 29,467

Investments - Investment Securi

Investments - Investment Securities Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Marketable Securities [Line Items]
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Less Than 12 Months		$ 21,074
Held-to-Maturity, Gross Unrealized Losses, Less Than 12 Months		193
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, 12 Months or Greater		3,311
Held-to-Maturity, Gross Unrealized Losses, 12 Months or Greater		13
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total		24,385
Held-to-Maturity, Gross Unrealized Losses, Total	$ 935	206
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	29,845	23,573
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	329	122
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater		18,220
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater		43
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	29,845	41,793
Available-for Sale, Gross Unrealized Losses, Total	329	165
Fair Value of Investments with Unrealized Losses, Less Than 12 months		44,647
Gross Unrealized Loss, Less Than 12 Months		315
Fair Value of Investments with Unrealized Losses, 12 Months or Greater		21,531
Gross Unrealized Losses, 12 Months or Greater		56
Fair Value of Investments with Unrealized Losses, Total		66,178
Gross Unrealized Losses, Total		371
States and Political Subdivisions [Member]
Marketable Securities [Line Items]
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Less Than 12 Months		21,074
Held-to-Maturity, Gross Unrealized Losses, Less Than 12 Months		193
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total		21,074
Held-to-Maturity, Gross Unrealized Losses, Total	145	193
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	6,260	4,140
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	6	26
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	6,260	4,140
Available-for Sale, Gross Unrealized Losses, Total	6	26
Corporate Bonds [Member]
Marketable Securities [Line Items]
Held-to-Maturity, Gross Unrealized Losses, Total	790
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	23,585	6,426
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	323	1
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	23,585	6,426
Available-for Sale, Gross Unrealized Losses, Total	$ 323	1
U.S. Agency-Based Mortgage-Backed Securities [Member]
Marketable Securities [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months		13,007
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months		95
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater		1,152
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater		1
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total		14,159
Available-for Sale, Gross Unrealized Losses, Total		96
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, 12 Months or Greater		3,243
Held-to-Maturity, Gross Unrealized Losses, 12 Months or Greater		12
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total		3,243
Held-to-Maturity, Gross Unrealized Losses, Total		12
Available-for Sale, Fair Value of Investments with Unrealized Losses, 12 Months or Greater		17,068
Available-for Sale, Gross Unrealized Losses, 12 Months or Greater		42
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total		17,068
Available-for Sale, Gross Unrealized Losses, Total		42
Asset-Backed Securities [Member]
Marketable Securities [Line Items]
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, 12 Months or Greater		68
Held-to-Maturity, Gross Unrealized Losses, 12 Months or Greater		1
Held-to-Maturity, Fair Value of Investments with Unrealized Losses, Total		68
Held-to-Maturity, Gross Unrealized Losses, Total		$ 1

Investments - Additional Inform

Investments - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)Security	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Marketable Securities [Line Items]
Individual fixed maturity held in unrealized loss position | Security	20
Individual fixed maturity held in unrealized loss position longer than 12 months | Security	0
Number of fixed maturity securities, allowance for credit loss | Security	419
Fixed maturity securities, allowance for credit loss	$ 275,000		$ 0
Fixed maturity securities, available-for-sale, allowance for credit losses	0		$ 0
Net realized gains	1,000,000
Net unrealized gains (losses) on equity securities	(8,763,000)	$ 2,158,000
Corporate Bonds [Member]
Marketable Securities [Line Items]
Fixed maturity securities, allowance for credit loss	$ 215,000
Number of majority securities | Security	48
States and Political Subdivisions [Member]
Marketable Securities [Line Items]
Fixed maturity securities, allowance for credit loss	$ 50,000
Number of majority securities | Security	368
Corporate Fixed Income Securities [Member] | Maximum [Member]
Marketable Securities [Line Items]
Investments maturity period using default rate	20 years

Investments - Changes in Allowa

Investments - Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Schedule Of Held To Maturity Securities [Line Items]
Balance at January 1, 2020	$ 301
Provision for credit loss expense (benefit)	(26)
Balance at March 31, 2020	275
States and Political Subdivisions [Member]
Schedule Of Held To Maturity Securities [Line Items]
Balance at January 1, 2020	45
Provision for credit loss expense (benefit)	5
Balance at March 31, 2020	50
Corporate Bonds [Member]
Schedule Of Held To Maturity Securities [Line Items]
Balance at January 1, 2020	245
Provision for credit loss expense (benefit)	(30)
Balance at March 31, 2020	215
Asset-Backed Securities [Member]
Schedule Of Held To Maturity Securities [Line Items]
Balance at January 1, 2020	11
Provision for credit loss expense (benefit)	(1)
Balance at March 31, 2020	$ 10

Investments - Schedule of Amort

Investments - Schedule of Amortized Cost Held-to-Maturity Securities Aggregated By Credit Quality Indicator (Detail) $ in Thousands	Mar. 31, 2020USD ($)
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	$ 608,590
AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	544,965
Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	63,578
B Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	47
States and Political Subdivisions [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	483,340
States and Political Subdivisions [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	480,900
States and Political Subdivisions [Member] | Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	2,440
Corporate Bonds [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	100,969
Corporate Bonds [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	39,849
Corporate Bonds [Member] | Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	61,120
U.S. Agency-Based Mortgage-Backed Securities [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	10,352
U.S. Agency-Based Mortgage-Backed Securities [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	10,352
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	13,721
U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	13,721
Asset-Backed Securities [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	208
Asset-Backed Securities [Member] | AAA/AA/A Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	143
Asset-Backed Securities [Member] | Baa/BBB Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	18
Asset-Backed Securities [Member] | B Ratings [Member]
Debt Securities Held To Maturity Credit Quality Indicator [Line Items]
Amortized cost	$ 47

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Valuation allowance	$ 400,000	$ 300,000
Uncertain tax positions recognized	$ 0	$ 0

Loss Reserves - Liability for U

Loss Reserves - Liability for Unpaid Loss and Loss Adjustment Expenses, Net of Related Amounts Recoverable from Reinsurers (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Roll Forward In Liability For Unpaid Claims And Claims Adjustment Expense [Abstract]
Balance, beginning of period	$ 772,887	$ 798,409
Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses	95,343	107,216
Net balance, beginning of period	677,544	691,193
Add incurred related to:
Current accident year	57,268	61,587
Prior accident years	(13,621)	(11,974)
Total incurred	43,647	49,613
Less paid related to:
Current accident year	2,984	3,381
Prior accident years	43,890	43,180
Total paid	46,874	46,561
Net balance, end of period	674,317	694,245
Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses	104,966	106,335
Balance, end of period	$ 779,283	$ 800,580

Loss Reserves - Additional Info

Loss Reserves - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Insurance [Abstract]
Loss and LAE Related to Prior Periods	$ 13,621	$ 11,974

Loss Reserves - Change in Allow

Loss Reserves - Change in Allowance for Credit Losses on Amounts Recoverable from Reinsurers (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Insurance [Abstract]
Balance at January 1, 2020	$ 444
Provision for credit loss expense	5
Balance at March 31, 2020	$ 449

Comprehensive Income and Accu_3

Comprehensive Income and Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Comprehensive income	$ 12,284	$ 25,194
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
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 430,215	$ 409,762
Other comprehensive income before reclassification	1,830	5,981
Amounts reclassified from accumulated other comprehensive income	(346)	11
Change in deferred tax valuation allowance		(198)
Net current period other comprehensive income	1,484	5,794
Ending Balance	436,956	430,405
Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	12,211	(832)
Ending Balance	$ 13,695	$ 4,962

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
	Mar. 31, 2020	Mar. 31, 2019
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Net realized gains on investments	$ 992	$ 59
Income before income taxes	13,241	23,809
Income tax expense	(2,441)	(4,409)
Net income	10,800	19,400
Unrealized Gains (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 gains on investments	438	(14)
Income before income taxes	438	(14)
Income tax expense	(92)	3
Net income	$ 346	$ (11)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale—fixed maturity, Fair Value	$ 419,036	$ 441,146
Equity securities, Fair Value	27,910	27,903
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	419,036	441,146
Total	446,946	469,049
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	33,096	40,126
Total	61,006	68,029
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	385,940	401,020
Total	385,940	401,020
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	237,914	237,775
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	237,914	237,775
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	113,813	133,778
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	113,813	133,778
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	34,213	29,467
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	34,213	29,467
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	33,096	40,126
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	33,096	40,126
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	27,910	27,903
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	$ 27,910	$ 27,903

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	$ 631,688	$ 621,343
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	505,020	485,647
Corporate Bonds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	101,164	110,925
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	11,072	11,511
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	9,061	7,873
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	5,173	5,168
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	198	219
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	9,061	7,873
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	9,061	7,873
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	622,627	613,470
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	505,020	485,647
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	101,164	110,925
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	11,072	11,511
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	5,173	5,168
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	$ 198	$ 219

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities—held-to-maturity	$ 631,688	$ 621,343
Fixed maturity securities—available-for-sale	419,036	441,146
Equity securities	27,910	27,903
Short-term investments	44,121	56,548
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities—held-to-maturity	608,315	599,421
Fixed maturity securities—available-for-sale	419,036	441,146
Equity securities	27,910	27,903
Short-term investments	44,121	56,548
Cash and cash equivalents	79,523	43,813
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed maturity securities—held-to-maturity	631,688	621,343
Fixed maturity securities—available-for-sale	419,036	441,146
Equity securities	27,910	27,903
Short-term investments	44,121	56,548
Cash and cash equivalents	$ 79,523	$ 43,813

Treasury Stock - Additional Inf

Treasury Stock - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Oct. 31, 2016
Equity [Abstract]
Share repurchase program, new limit amount			$ 25,000,000
Shares repurchased under the program	0	0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Dividend Declared [Member]	Apr. 28, 2020$ / shares
Subsequent Event [Line Items]
Date of dividend declared	Apr. 28, 2020
Cash dividend per share	$ 0.27
Date of payment for dividend	Jun. 26, 2020
Date of record for dividend payment	Jun. 12, 2020