Document and Entity Information
| Document and Entity Information - shares | 6 Months Ended | |
| Jun. 30, 2022 | Jul. 22, 2022 | |
| Cover [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Jun. 30, 2022 | |
| Document Fiscal Year Focus | 2022 | |
| Document Fiscal Period Focus | Q2 | |
| Trading Symbol | AMSF | |
| Entity Registrant Name | AMERISAFE, INC. | |
| Entity Central Index Key | 0001018979 | |
| Entity Current Reporting Status | Yes | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Shell Company | false | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity File Number | 001-12251 | |
| Entity Tax Identification Number | 75-2069407 | |
| Entity Address, Address Line One | 2301 Highway 190 West | |
| Entity Address, City or Town | DeRidder | |
| Entity Address, State or Province | LA | |
| Entity Address, Postal Zip Code | 70634 | |
| City Area Code | 337 | |
| Local Phone Number | 463-9052 | |
| Entity Common Stock, Shares Outstanding | 19,283,980 | |
| Entity Incorporation, State or Country Code | TX | |
| Title of 12(b) Security | Common | |
| Security Exchange Name | NASDAQ | |
| Entity Interactive Data Current | Yes | |
| Document Quarterly Report | true | |
| Document Transition Report | false |
Consolidated Balance Sheets
| Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Investments: | ||
| Fixed maturity securities—held-to-maturity, at amortized cost net of allowance for credit losses of $276 and $195 in 2022 and 2021, respectively, (fair value $525,637 and $575,850 in 2022 and 2021, respectively) | $ 541,297 | $ 549,231 |
| Fixed maturity securities—available-for-sale, at fair value (amortized cost $341,297, allowance for credit losses of $0 in 2022 and amortized cost $324,597, allowance for credit losses of $0 in 2021) | 330,135 | 341,769 |
| Equity securities, at fair value (cost $49,422 and $44,175 in 2022 and 2021, respectively) | 60,485 | 64,140 |
| Short-term investments | 34,483 | 57,431 |
| Total investments | 966,400 | 1,012,571 |
| Cash and cash equivalents | 85,318 | 70,722 |
| Amounts recoverable from reinsurers (net of allowance for credit losses of $369 and $440 in 2022 and 2021, respectively) | 118,575 | 120,561 |
| Premiums receivable (net of allowance for credit losses of $4,746 and $4,386 in 2022 and 2021, respectively) | 143,307 | 135,100 |
| Deferred income taxes | 21,927 | 14,384 |
| Accrued interest receivable | 8,228 | 8,080 |
| Property and equipment, net | 6,889 | 6,459 |
| Deferred policy acquisition costs | 18,103 | 17,059 |
| Federal income tax recoverable | 289 | 6,414 |
| Other assets | 12,884 | 11,374 |
| Total assets | 1,381,920 | 1,402,724 |
| Liabilities: | ||
| Reserves for loss and loss adjustment expenses | 724,891 | 745,278 |
| Unearned premiums | 130,224 | 121,092 |
| Amounts held for others | 46,112 | 42,915 |
| Policyholder deposits | 37,632 | 39,383 |
| Insurance-related assessments | 18,566 | 16,850 |
| Accounts payable and other liabilities | 37,868 | 37,883 |
| Payable for investments purchased | 1,638 | |
| Total liabilities | 996,931 | 1,003,401 |
| Shareholders’ equity: | ||
| Common stock: voting—$0.01 par value authorized shares—50,000,000 in 2022 and 2021; 20,676,474 and 20,622,304 shares issued; and 19,296,632 and 19,364,054 shares outstanding in 2022 and 2021, respectively | 207 | 206 |
| Additional paid-in capital | 219,744 | 217,458 |
| Treasury stock, at cost (1,379,842 and 1,258,250 shares in 2022 and 2021, respectively) | (28,071) | (22,370) |
| Accumulated earnings | 201,983 | 190,492 |
| Accumulated other comprehensive income (loss), net | (8,874) | 13,537 |
| Total shareholders’ equity | 384,989 | 399,323 |
| Total liabilities and shareholders’ equity | $ 1,381,920 | $ 1,402,724 |
Consolidated Balance Sheets (Pa
| Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Statement Of Financial Position [Abstract] | ||
| Fixed maturity securities, held-to-maturity, allowance for credit losses | $ 276 | $ 195 |
| Fixed maturity securities, fair value | 525,637 | 575,850 |
| Fixed maturity securities, available-for-sale, allowance for credit losses | 0 | 0 |
| Fixed maturity securities, amortized cost | 341,297 | 324,597 |
| Equity securities, cost | 49,422 | 44,175 |
| Amounts recoverable from reinsurers, allowance for credit losses | 369 | 440 |
| Premiums receivable, allowance for credit losses | $ 4,746 | $ 4,386 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 50,000,000 | 50,000,000 |
| Common stock, shares issued | 20,676,474 | 20,622,304 |
| Common stock, shares outstanding | 19,296,632 | 19,364,054 |
| Treasury stock, shares | 1,379,842 | 1,258,250 |
Consolidated Statements of Inco
| Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
| Revenues | ||||
| Gross premiums written | $ 74,460 | $ 73,724 | $ 152,251 | $ 155,238 |
| Ceded premiums written | (2,725) | (2,486) | (5,284) | (5,003) |
| Net premiums written | 71,735 | 71,238 | 146,967 | 150,235 |
| Net premiums earned | 70,279 | 69,888 | 137,835 | 140,634 |
| Net investment income | 6,485 | 6,730 | 12,598 | 13,313 |
| Net realized gains on investments | 1,079 | 1,179 | 1,817 | 1,498 |
| Net unrealized gains (losses) on equity securities | (9,942) | 3,286 | (8,902) | 8,797 |
| Fee and other income | 135 | 74 | 248 | 266 |
| Total revenues | 68,036 | 81,157 | 143,596 | 164,508 |
| Expenses | ||||
| Loss and loss adjustment expenses incurred | 40,326 | 32,423 | 78,067 | 71,940 |
| Underwriting and certain other operating costs | 7,684 | 6,339 | 11,674 | 13,266 |
| Commissions | 5,453 | 5,309 | 10,661 | 10,783 |
| Salaries and benefits | 6,776 | 6,807 | 12,691 | 13,373 |
| Policyholder dividends | 688 | 1,117 | 1,877 | 2,467 |
| Provision for investment related credit loss expense (benefit) | (14) | (9) | 81 | (117) |
| Total expenses | 60,913 | 51,986 | 115,051 | 111,712 |
| Income before income taxes | 7,123 | 29,171 | 28,545 | 52,796 |
| Income tax expense | 991 | 5,404 | 5,082 | 9,717 |
| Net income | $ 6,132 | $ 23,767 | $ 23,463 | $ 43,079 |
| Earnings per share | ||||
| Basic | $ 0.32 | $ 1.23 | $ 1.22 | $ 2.23 |
| Diluted | $ 0.32 | $ 1.23 | $ 1.21 | $ 2.22 |
| Shares used in computing earnings per share | ||||
| Basic | 19,273,934 | 19,327,422 | 19,302,805 | 19,319,608 |
| Diluted | 19,332,168 | 19,380,611 | 19,367,085 | 19,384,078 |
| Cash dividends declared per common share | $ 0.31 | $ 0.29 | $ 0.62 | $ 0.58 |
Consolidated Statements of Comp
| Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
| Statement Of Income And Comprehensive Income [Abstract] | ||||
| Net income | $ 6,132 | $ 23,767 | $ 23,463 | $ 43,079 |
| Other comprehensive income (loss): | ||||
| Unrealized gain (loss) on debt securities, net of tax | (8,931) | 891 | (22,411) | (4,157) |
| Comprehensive income (loss) | $ (2,799) | $ 24,658 | $ 1,052 | $ 38,922 |
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, 2020 | $ 438,816 | $ 206 | $ 215,316 | $ (22,370) | $ 224,645 | $ 21,019 |
| Beginning Balance, Shares at Dec. 31, 2020 | 20,589,309 | (1,258,250) | ||||
| Comprehensive income (loss): | ||||||
| Net income | 43,079 | 43,079 | ||||
| Other comprehensive income (loss): | ||||||
| Change in unrealized gains on debt securities, net of tax | (4,157) | (4,157) | ||||
| Comprehensive income (loss) | 38,922 | |||||
| Common stock issued | $ 1,563 | 1,563 | ||||
| Common stock issued, Shares | 32,995 | |||||
| Purchase of treasury stock, Shares | 0 | |||||
| Share-based compensation | $ 286 | 286 | ||||
| Dividends to shareholders | (11,221) | (11,221) | ||||
| Ending Balance at Jun. 30, 2021 | 468,366 | $ 206 | 217,165 | $ (22,370) | 256,503 | 16,862 |
| Ending Balance, Shares at Jun. 30, 2021 | 20,622,304 | (1,258,250) | ||||
| Beginning Balance at Mar. 31, 2021 | 447,626 | $ 206 | 215,468 | $ (22,370) | 238,351 | 15,971 |
| Beginning Balance, Shares at Mar. 31, 2021 | 20,589,309 | (1,258,250) | ||||
| Comprehensive income (loss): | ||||||
| Net income | 23,767 | 23,767 | ||||
| Other comprehensive income (loss): | ||||||
| Change in unrealized gains on debt securities, net of tax | 891 | 891 | ||||
| Comprehensive income (loss) | 24,658 | |||||
| Common stock issued | $ 1,563 | 1,563 | ||||
| Common stock issued, Shares | 32,995 | |||||
| Purchase of treasury stock, Shares | 0 | |||||
| Share-based compensation | $ 134 | 134 | ||||
| Dividends to shareholders | (5,615) | (5,615) | ||||
| Ending Balance at Jun. 30, 2021 | 468,366 | $ 206 | 217,165 | $ (22,370) | 256,503 | 16,862 |
| Ending Balance, Shares at Jun. 30, 2021 | 20,622,304 | (1,258,250) | ||||
| Beginning Balance at Dec. 31, 2021 | $ 399,323 | $ 206 | 217,458 | $ (22,370) | 190,492 | 13,537 |
| Beginning Balance, Shares at Dec. 31, 2021 | 19,364,054 | 20,622,304 | (1,258,250) | |||
| Comprehensive income (loss): | ||||||
| Net income | $ 23,463 | 23,463 | ||||
| Other comprehensive income (loss): | ||||||
| Change in unrealized gains on debt securities, net of tax | (22,411) | (22,411) | ||||
| Comprehensive income (loss) | 1,052 | |||||
| Common stock issued | 1,970 | $ 1 | 1,969 | |||
| Common stock issued, Shares | 54,170 | |||||
| Purchase of treasury stock | $ (5,701) | $ (5,701) | ||||
| Purchase of treasury stock, Shares | (121,592) | (121,592) | ||||
| Share-based compensation | $ 317 | 317 | ||||
| Dividends to shareholders | (11,972) | (11,972) | ||||
| Ending Balance at Jun. 30, 2022 | $ 384,989 | $ 207 | 219,744 | $ (28,071) | 201,983 | (8,874) |
| Ending Balance, Shares at Jun. 30, 2022 | 19,296,632 | 20,676,474 | (1,379,842) | |||
| Beginning Balance at Mar. 31, 2022 | $ 395,273 | $ 206 | 217,605 | $ (24,429) | 201,834 | 57 |
| Beginning Balance, Shares at Mar. 31, 2022 | 20,622,565 | (1,302,143) | ||||
| Comprehensive income (loss): | ||||||
| Net income | 6,132 | 6,132 | ||||
| Other comprehensive income (loss): | ||||||
| Change in unrealized gains on debt securities, net of tax | (8,931) | (8,931) | ||||
| Comprehensive income (loss) | (2,799) | |||||
| Common stock issued | 1,970 | $ 1 | 1,969 | |||
| Common stock issued, Shares | 53,909 | |||||
| Purchase of treasury stock | $ (3,642) | $ (3,642) | ||||
| Purchase of treasury stock, Shares | (77,699) | (77,699) | ||||
| Share-based compensation | $ 170 | 170 | ||||
| Dividends to shareholders | (5,983) | (5,983) | ||||
| Ending Balance at Jun. 30, 2022 | $ 384,989 | $ 207 | $ 219,744 | $ (28,071) | $ 201,983 | $ (8,874) |
| Ending Balance, Shares at Jun. 30, 2022 | 19,296,632 | 20,676,474 | (1,379,842) |
Consolidated Statements of Cash
| Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
| Jun. 30, 2022 | Jun. 30, 2021 | |
| Operating activities | ||
| Net income | $ 23,463 | $ 43,079 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 602 | 510 |
| Net amortization of investments | 3,896 | 4,702 |
| Change in investment related allowance for credit losses | 81 | (117) |
| Deferred income taxes | (1,586) | 552 |
| Net realized gains on investments | (1,817) | (1,498) |
| Net unrealized (gains) losses on equity securities | 8,902 | (8,797) |
| Net realized gains on disposal of assets | (21) | |
| Share-based compensation | 841 | 1,307 |
| Changes in operating assets and liabilities: | ||
| Premiums receivable, net | (8,207) | (8,398) |
| Accrued interest receivable | (148) | (81) |
| Deferred policy acquisition costs | (1,044) | (1,047) |
| Amounts held by others | 70 | |
| Other assets | (1,500) | (729) |
| Reserves for loss and loss adjustment expenses | (20,387) | (15,592) |
| Unearned premiums | 9,132 | 9,601 |
| Reinsurance balances | 2,294 | (5,109) |
| Amounts held for others and policyholder deposits | 1,446 | 2,383 |
| Federal income taxes payable | 6,125 | 1,827 |
| Accounts payable and other liabilities | 2,895 | 3,352 |
| Net cash provided by operating activities | 24,988 | 25,994 |
| Investing activities | ||
| Purchases of investments held-to-maturity | (27,403) | (8,946) |
| Purchases of investments available-for-sale | (52,675) | (27,899) |
| Purchases of equity securities | (7,261) | (3,141) |
| Purchases of short-term investments | (25,327) | (94,448) |
| Proceeds from maturities of investments held-to-maturity | 33,567 | 38,165 |
| Proceeds from sales and maturities of investments available-for-sale | 36,056 | 67,669 |
| Proceeds from sales of equity securities | 3,877 | |
| Proceeds from sales and maturities of short-term investments | 47,545 | 10,288 |
| Purchases of property and equipment | (1,032) | (589) |
| Proceeds from sales of property and equipment | 23 | |
| Net cash provided by (used in) investing activities | 7,347 | (18,878) |
| Financing activities | ||
| Finance lease purchases | (23) | (21) |
| Purchase of treasury stock | 5,701 | |
| Dividends to shareholders | (12,015) | (11,311) |
| Net cash used in financing activities | (17,739) | (11,332) |
| Change in cash and cash equivalents | 14,596 | (4,216) |
| Cash and cash equivalents at beginning of period | 70,722 | 61,757 |
| Cash and cash equivalents at end of period | $ 85,318 | $ 57,541 |
Basis of Presentation
| Basis of Presentation | 6 Months Ended |
| Jun. 30, 2022 | |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
| Basis of Presentation | Note 1. Basis of Presentation AMERISAFE, Inc. (the Company) is an insurance holding company incorporated in the state of Texas. The accompanying unaudited consolidated financial statements include the accounts of AMERISAFE and its subsidiaries: American Interstate Insurance Company (AIIC) and its insurance subsidiaries, Silver Oak Casualty, Inc. (SOCI) and American Interstate Insurance Company of Texas (AIICTX), Amerisafe Risk Services, Inc. (RISK) and Amerisafe General Agency, Inc. (AGAI). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. RISK, a wholly owned subsidiary of the Company, is a claims and safety service company currently servicing only affiliated insurance companies. AGAI, a wholly owned subsidiary of the Company, is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers. The assets and operations of AGAI are not significant to that of the Company and its consolidated subsidiaries. The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires. The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, manufacturing, telecommunications, and maritime. Assets and revenues of AIIC and its subsidiaries represent at least 95% of comparable consolidated amounts of the Company for each of the six months ended June 30, 2022 and 2021. 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, 2021. 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. Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. Adopted Accounting Guidance The Company has not adopted any new accounting guidance in 2022. Prospective Accounting Guidance All issued but not yet effective accounting and reporting standards as of June 30, 2022 are either not applicable to the Company or are not expected to have a material impact on the Company. |
Restricted Stock and Stock Opti
| Restricted Stock and Stock Options | 6 Months Ended |
| Jun. 30, 2022 | |
| Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
| Restricted Stock and Stock Options | Note 2. Restricted Stock and Stock Options As of June 30, 2022, the Company has three equity incentive plans: the AMERISAFE Non-Employee Director Restricted Stock Plan (the Restricted Stock Plan), the AMERISAFE 2012 Equity and Incentive Compensation Plan (the 2012 Incentive Plan) and the 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan). In connection with the approval of the 2022 Incentive Plan by the Company’s shareholders at the annual meeting of shareholders in June 2022, no further grants will be made under the 2012 Incentive Plan. All grants made under the 2012 Incentive Plan will continue in effect, subject to the terms and conditions of the 2012 Incentive Plan. See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021 for additional information regarding the Company’s incentive plans. During the six months ended June 30, 2022, the Company issued 40,959 shares of common stock pursuant to vested performance awards. During the six months ended June 30, 2022, the Company issued 13,211 shares of restricted common stock to officers and non-employee directors. The market value of the se shares totaled $ 2.6 million. During the six months ended June 30, 2021 , the Company issued 24,288 shares of common stock pursuant to vested performance awards and 8,707 shares of restricted common stock to non-employee directors. The market value of th es e shares totaled $ 2.2 million. The Company had no stock options outstanding as of June 30, 2022. The Company recognized share-based compensation expense of $0.8 million in the quarter ended June 30, 2022 and $0.7 million in the same period in 2021. The Company recognized share-based compensation expense of $0.8 million in the six months ended June 30, 2022 and $1.3 million in the same period in 2021. |
Earnings Per Share
| Earnings Per Share | 6 Months Ended |
| Jun. 30, 2022 | |
| 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 restricted stock becomes vested. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands, except share and per share amounts) Basic EPS Net income $ 6,132 $ 23,767 $ 23,463 $ 43,079 Basic weighted average common shares 19,273,934 19,327,422 19,302,805 19,319,608 Basic earnings per common share $ 0.32 $ 1.23 $ 1.22 $ 2.23 Diluted EPS Net income $ 6,132 $ 23,767 $ 23,463 $ 43,079 Diluted weighted average common shares: Weighted average common shares 19,273,934 19,327,422 19,302,805 19,319,608 Restricted stock 58,234 53,189 64,280 64,470 Diluted weighted average common shares 19,332,168 19,380,611 19,367,085 19,384,078 Diluted earnings per common share $ 0.32 $ 1.23 $ 1.21 $ 2.22 |
Investments
| Investments | 6 Months Ended |
| Jun. 30, 2022 | |
| Investments Debt And Equity Securities [Abstract] | |
| Investments | Note 4. Investments The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at June 30, 2022 are summarized as follows: Amortized Cost Allowance for Credit Losses Carrying Amount Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (in thousands) States and political subdivisions $ 453,781 $ (44 ) $ 453,737 $ 2,160 $ (14,707 ) $ 441,190 Corporate bonds 66,419 (228 ) 66,191 37 (3,073 ) 63,155 U.S. agency-based mortgage-backed securities 4,102 — 4,102 106 (57 ) 4,151 U.S. Treasury securities and obligations of U.S. government agencies 17,182 — 17,182 67 (196 ) 17,053 Asset-backed securities 89 (4 ) 85 4 (1 ) 88 Totals $ 541,573 $ (276 ) $ 541,297 $ 2,374 $ (18,034 ) $ 525,637 The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at June 30, 2022 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (in thousands) States and political subdivisions $ 198,330 $ 1,150 $ (6,933 ) $ 192,547 $ — Corporate bonds 118,677 76 (4,155 ) 114,598 — U.S. agency-based mortgage-backed securities 6,555 — (307 ) 6,248 — U.S. Treasury securities and obligations of U.S. government agencies 17,735 — (993 ) 16,742 — Totals $ 341,297 $ 1,226 $ (12,388 ) $ 330,135 $ — The cost, gross unrealized gains and losses, and the fair value of equity securities at June 30, 2022 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 49,422 $ 11,063 $ — $ 60,485 Total equity securities $ 49,422 $ 11,063 $ — $ 60,485 The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at December 31, 2021 are summarized as follows: Amortized Cost Allowance for Credit Losses Carrying Amount Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (in thousands) States and political subdivisions $ 471,688 $ (48 ) $ 471,640 $ 25,175 $ (263 ) $ 496,552 Corporate bonds 56,756 (143 ) 56,613 1,344 (114 ) 57,843 U.S. agency-based mortgage-backed securities 4,623 — 4,623 377 — 5,000 U.S. Treasury securities and obligations of U.S. government agencies 16,251 — 16,251 132 (36 ) 16,347 Asset-backed securities 108 (4 ) 104 4 — 108 Totals $ 549,426 $ (195 ) $ 549,231 $ 27,032 $ (413 ) $ 575,850 The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2021 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (in thousands) States and political subdivisions $ 202,008 $ 14,538 $ (240 ) $ 216,306 $ — Corporate bonds 93,947 2,751 (272 ) 96,426 — U.S. agency-based mortgage-backed securities 7,944 158 (13 ) 8,089 — U.S. Treasury securities and obligations of U.S. government agencies 20,698 382 (132 ) 20,948 — Totals $ 324,597 $ 17,829 $ (657 ) $ 341,769 $ — The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2021 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 44,175 $ 19,965 $ — $ 64,140 Total equity securities $ 44,175 $ 19,965 $ — $ 64,140 A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows: June 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Maturity: Within one year $ 66,348 $ 66,309 $ 70,859 $ 71,455 After one year through five years 172,853 170,260 174,157 180,376 After five years through ten years 111,775 105,557 100,543 104,851 After ten years 186,134 179,272 198,945 214,060 U.S. agency-based mortgage-backed securities 4,102 4,151 4,623 5,000 Asset-backed securities 85 88 104 108 Totals $ 541,297 $ 525,637 $ 549,231 $ 575,850 A summary of the amortized cost and fair value of investments in fixed maturity securities classified as available-for-sale, by contractual maturity, is as follows: June 30, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 40,763 $ 40,363 $ 30,925 $ 31,258 After one year through five years 80,218 78,350 97,830 100,716 After five years through ten years 80,396 75,876 58,050 60,137 After ten years 133,365 129,298 129,848 141,569 U.S. agency-based mortgage-backed securities 6,555 6,248 7,944 8,089 Totals $ 341,297 $ 330,135 $ 324,597 $ 341,769 The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of June 30, 2022: Less Than 12 Months 12 Months or Greater Total Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses (in thousands) June 30, 2022 Available-for-Sale States and political subdivisions $ 124,916 $ 6,933 $ — $ — $ 124,916 $ 6,933 Corporate bonds 95,865 4,155 — — 95,865 4,155 U.S. agency-based mortgage-backed securities 6,248 307 — — 6,248 307 U.S. Treasury securities and obligations of U.S. government agencies 13,741 993 — — 13,741 993 Total available-for-sale securities $ 240,770 $ 12,388 $ — $ — $ 240,770 $ 12,388 At June 30, 2022, we held 178 individual fixed maturity securities classified as available-for-sale that were in an unrealized loss position, of which none were in a continuous unrealized loss position for longer than 12 months. The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of December 31, 2021: 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, 2021 Available-for-Sale States and political subdivisions $ 23,465 $ 240 $ — $ — $ 23,465 $ 240 Corporate bonds 36,443 272 — — 36,443 272 U.S. agency-based mortgage-backed securities 1,146 13 — — 1,146 13 U.S. Treasury securities and obligations of U.S. government agencies 6,771 132 — — 6,771 132 Total available-for-sale securities $ 67,825 $ 657 $ — $ — $ 67,825 $ 657 The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the quarter ended June 30, 2022. 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 March 31, 2022 $ 45 $ 241 $ — $ — $ 4 $ 290 Provision for credit loss benefit (1 ) (13 ) — — — (14 ) Balance at June 30, 2022 $ 44 $ 228 $ — $ — $ 4 $ 276 The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the six months ended June 30, 2022. 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 December 31, 2021 $ 48 $ 143 $ — $ — $ 4 $ 195 Provision for credit loss expense (benefit) (4 ) 85 — — — 81 Balance at June 30, 2022 $ 44 $ 228 $ — $ — $ 4 $ 276 The Company has established an allowance for credit losses on 353 held-to-maturity securities totaling $0.3 million. The majority of those securities were issued by states and political subdivisions (325 securities) and corporate bonds (25 securities). The Company has no allowance for credit losses on investments classified as available-for-sale for the period ended June 30, 2022. The credit rating used for held-to-maturity fixed income securities is the rating for each security as published by Moody’s, S&P, and Fitch to determine the probability of default. If there are two ratings, the lower rating is used. If there are three ratings, the median rating is used. If there is one rating, that rating is used. For corporate fixed income securities (given a rating), the probability of default comes from Moody’s annual study of corporate bond defaults published each February. The maximum maturity using the default rate is 20 years (any maturity greater than 20 years will use the 20-year rate). For municipal fixed income securities (given a rating), the probability of default comes from Moody’s annual study of municipal bond defaults published each July/August. The calculation of the credit loss allowance takes the amortized cost of the fixed income security and assumes default and recovery based on the average recovery rates from the Moody’s default studies. The amortized cost of the security, minus the amount recovered, is the estimated full amount the Company could lose in a default scenario. Then this amount is multiplied by the probability of default to determine the allowance for credit loss. The lower the security is rated, the higher likelihood of default, and therefore a higher allowance for credit loss. The longer to the maturity date of a security, the higher the default risk. The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of June 30, 2022. 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 $ 450,801 $ 26,995 $ 4,102 $ 17,182 $ 62 $ 499,142 Baa/BBB ratings 2,980 39,424 — — 12 42,416 B ratings — — — — 15 15 Total $ 453,781 $ 66,419 $ 4,102 $ 17,182 $ 89 $ 541,573 Net realized gains in the quarter ended June 30, 2022 were $1.1 million resulting from the sale of equity securities. Net realized gains in the quarter ended June 30, 2021 were $1.2 million resulting from the sale of fixed maturity securities classified as available-for-sale. Net realized gains in the six months ended June 30, 2022 were $1.8 million resulting primarily from the sale of equity and fixed maturity securities classified as available-for-sale. Net realized gains in the six months ended June 30, 2021 were $1.5 million resulting primarily from the sale of fixed maturity securities classified as available-for-sale and from called fixed maturity securities. During the second quarter of 2022, we recognized through income $9.9 million of net unrealized losses on equity securities. During the second quarter of 2021, we recognized through income $3.3 million of net unrealized gains on equity securities. During the six months ended June 30, 2022, we recognized through income $8.9 million of net unrealized losses on equity securities. During the six months ended June 30, 2021, we recognized through income $8.8 million of net unrealized gains on equity securities. Investment income is recognized as it is earned. The discount or premium on fixed maturity securities is amortized using the “constant yield” method. Anticipated prepayments, where applicable, are considered when determining the amortization of premiums or discounts. Realized investment gains and losses are determined using the specific identification method. |
Income Taxes
| Income Taxes | 6 Months Ended |
| Jun. 30, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 5. Income Taxes In accordance with FASB ASC Topic 740, “Income Taxes,” we provide for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of June 30, 2022, the Company had no valuation allowance against its deferred income tax assets and liabilities. As of June 30, 2021, the Company had a valuation allowance of $1.3 million against its deferred income tax benefits. Income tax expense from operations is different from the amount computed by applying the U.S. federal income tax statutory rate of 21% to income before income taxes primarily due to the impact of tax-exempt investment income and state income tax accruals. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions for the periods ended June 30, 2022 and 2021. Tax years 2018 through 2022 are subject to examination by the federal and state taxing authorities. |
Loss Reserves
| Loss Reserves | 6 Months Ended |
| Jun. 30, 2022 | |
| 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, 2021 for additional information regarding the Company’s loss and loss adjustment expense development. The following table provides the Company’s liability for unpaid loss and loss adjustment expenses, net of related amounts recoverable from reinsurers, for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 2021 (in thousands) Balance, beginning of period $ 745,278 $ 760,561 Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 119,266 105,707 Net balance, beginning of period 626,012 654,854 Add incurred related to: Current accident year 97,863 101,257 Prior accident years (19,796 ) (29,317 ) Total incurred 78,067 71,940 Less paid related to: Current accident year 14,063 12,786 Prior accident years 82,473 79,814 Total paid 96,536 92,600 Net balance, end of period 607,543 634,194 Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 117,348 110,775 Balance, end of period $ 724,891 $ 744,969 The foregoing reconciliation reflects favorable development of the net reserves at June 30, 2022 and June 30, 2021. The favorable development reduced loss and loss adjustment expenses incurred by $19.8 million and $29.3 million in 2022 and 2021, respectively. The revisions to the Company’s reserves reflect new information gained by claims adjusters in the normal course of adjusting claims and is reflected in the financial statements when the information becomes available. It is typical for more serious claims to take several years or longer to settle and the Company continually revises estimates as more information about claimants’ medical conditions and potential disability becomes known and the claims get closer to being settled. Multiple factors can cause loss development both unfavorable and favorable. The favorable loss development we experienced across accident years was largely due to favorable case reserve development from closed claims and claims where the worker had reached maximum medical improvement. The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the three and six months ended June 30, 2022 and 2021. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 388 $ 452 $ 440 $ 452 Provision for credit loss benefit (19 ) (3 ) (71 ) (3 ) Balance, end of period $ 369 $ 449 $ 369 $ 449 |
Comprehensive Income and Accumu
| Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
| Jun. 30, 2022 | |
| Equity [Abstract] | |
| Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | Note 7. Comprehensive Income and Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) includes net income plus unrealized gains (losses) on our available-for-sale investment securities, net of tax. In reporting comprehensive income (loss) on a net basis in the statements of comprehensive income (loss), we used a 21 percent tax rate in 2022 and 2021. The difference between net income as reported and comprehensive income (loss) was due primarily to changes in unrealized gains and losses, net of tax on available-for-sale debt securities. The following table illustrates the changes in the balance of each component of accumulated other comprehensive income (loss) for each period presented in the interim financial statements. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 57 $ 15,971 $ 13,537 $ 21,019 Other comprehensive income (loss) before reclassification (8,248 ) 2,139 (21,705 ) (2,596 ) Amounts reclassified from accumulated other comprehensive income (loss) (683 ) (1,248 ) (706 ) (1,561 ) Net current period other comprehensive income (loss) (8,931 ) 891 (22,411 ) (4,157 ) Balance, end of period $ (8,874 ) $ 16,862 $ (8,874 ) $ 16,862 The sale or credit loss allowance adjustment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive income (loss) to current period net income. The effects of reclassifications out of accumulated other comprehensive income (loss) by the respective line items of net income are presented in the following table. Component of Accumulated Other Three Months Ended Six Months Ended Affected line item in the Comprehensive Income (Loss) June 30, June 30, statement of income 2022 2021 2022 2021 (in thousands) Unrealized gains on debt securities, net of tax $ 865 $ 1,580 $ 894 $ 1,976 Net realized gains on investments 865 1,580 894 1,976 Income before income taxes Unrealized gains on debt securities, net of tax (182 ) (332 ) (188 ) (415 ) Income tax expense $ 683 $ 1,248 $ 706 $ 1,561 Net income |
Fair Value Measurements
| Fair Value Measurements | 6 Months Ended |
| Jun. 30, 2022 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | Note 8. Fair Value Measurements The Company carries available-for-sale securities at fair value in our consolidated financial statements and determines fair value measurements and disclosure in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements. Fair value is defined in ASC Topic 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is the price to sell an asset or transfer a liability and, therefore, represents an exit price, not an entry price. Fair value is the exit price in the principal market (or, if lacking a principal market, the most advantageous market) in which the reporting entity would transact. Fair value is a market-based measurement, not an entity-specific measurement, and, as such, is determined based on the assumptions that market participants would use in pricing the asset or liability. The exit price objective of a fair value measurement applies regardless of the reporting entity’s intent and/or ability to sell the asset or transfer the liability at the measurement date. ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset, also known as current replacement cost. Valuation techniques used to measure fair value are to be consistently applied. In ASC Topic 820, inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable: • Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. • Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Valuation techniques used to measure fair value are intended to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data. • Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are to be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. The fair values of the Company’s investments are based upon prices provided by an independent pricing service. The Company has reviewed these prices for reasonableness and has not adjusted any prices received from the independent provider. Securities reported at fair value utilizing Level 1 inputs represent assets whose fair value is determined based upon observable unadjusted quoted market prices for identical assets in active markets. Level 2 securities represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2022. At June 30, 2022, assets measu r June 30, 2022 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 $ — $ 192,547 $ — $ 192,547 Corporate bonds — 114,598 — 114,598 U.S. agency-based mortgage-backed securities — 6,248 — 6,248 U.S. Treasury securities 16,742 — — 16,742 Total securities available-for-sale—fixed maturity 16,742 313,393 — 330,135 Equity securities: Domestic common stock 60,485 — — 60,485 Total $ 77,227 $ 313,393 $ — $ 390,620 At June 30, 2022, assets measured at amortized cost net of allowance for credit losses are summarized below: June 30, 2022 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 441,190 $ — $ 441,190 Corporate bonds — 63,155 — 63,155 U.S. agency-based mortgage-backed securities — 4,151 — 4,151 U.S. Treasury securities 17,053 — — 17,053 Asset-backed securities — 88 — 88 Total held-to-maturity $ 17,053 $ 508,584 $ — $ 525,637 At December 31, 2021, assets measured at fair value on a recurring basis are summarized below: December 31, 2021 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 $ — $ 216,306 $ — $ 216,306 Corporate bonds — 96,426 — 96,426 U.S. agency-based mortgage-backed securities — 8,089 — 8,089 U.S. Treasury securities 20,948 — — 20,948 Total securities available-for-sale—fixed maturity $ 20,948 $ 320,821 $ — $ 341,769 Equity securities: Domestic common stock 64,140 — — 64,140 Total $ 85,088 $ 320,821 $ — $ 405,909 At December 31, 2021, assets measured at amortized cost net of allowance for credit losses are summarized below: December 31, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 496,552 $ — $ 496,552 Corporate bonds — 57,843 — 57,843 U.S. agency-based mortgage-backed securities — 5,000 — 5,000 U.S. Treasury securities 16,347 — — 16,347 Asset-backed securities — 108 — 108 Total held-to-maturity $ 16,347 $ 559,503 $ — $ 575,850 The Company determines fair value amounts for financial instruments using available third-party market information. When such information is not available, the Company determines the fair value amounts using appropriate valuation methodologies. Nonfinancial instruments such as real estate, property and equipment, deferred policy acquisition costs, deferred income taxes and loss and loss adjustment expense reserves are excluded from the fair value disclosure. Cash and Cash Equivalents —The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values, which are characterized as Level 1 assets. Investments —The fair values for fixed maturity and equity securities are based on prices obtained from an independent pricing service. Equity and treasury securities are characterized as Level 1 assets, as their fair values are based on quoted prices in active markets. Fixed maturity securities, other than treasury securities, are characterized as Level 2 assets, as their fair values are determined using observable market inputs. Short Term Investments —The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values. These securities are characterized as Level 2 assets in the fair value hierarchy. The following table summarizes the carrying amounts and corresponding fair values for financial instruments: As of June 30, 2022 As of December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 541,297 $ 525,637 $ 549,231 $ 575,850 Fixed maturity securities—available-for-sale 330,135 330,135 341,769 341,769 Equity securities 60,485 60,485 64,140 64,140 Short-term investments 34,483 34,483 57,431 57,431 Cash and cash equivalents 85,318 85,318 70,722 70,722 |
Treasury Stock
| Treasury Stock | 6 Months Ended |
| Jun. 30, 2022 | |
| Equity [Abstract] | |
| Treasury Stock | Note 9. Treasury Stock The Company’s Board of Directors initiated a share repurchase program in February 2010. In October 2016, the Board reauthorized this program with a limit of $25.0 million with no expiration date. As of June 30, 2022, $19.3 million was available for future purchases. Repurchases of shares may be made pursuant to pre-established trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934. During the three months ended June 30, 2022, 77,699 shares were purchased for $3.6 million, or an average price of $46.88 per share (including commissions). During the six months ended June 30, 2022, 121,592 shares were purchased for $5.7 million, or an average price of $46.88 per share (including commissions). There were no shares purchased in the three or six months ended June 30, 2021. |
Subsequent Events
| Subsequent Events | 6 Months Ended |
| Jun. 30, 2022 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Note 10. Subsequent Events On July 26, 2022, the Company’s Board of Directors declared a quarterly cash dividend of $0.31 per share payable on September 23, 2022 to shareholders of record as of September 9, 2022. The Board considers the payment of a regular cash dividend each calendar quarter. |
Basis of Presentation (Policies
| Basis of Presentation (Policies) | 6 Months Ended |
| Jun. 30, 2022 | |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
| Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. |
| Adopted Accounting Guidance | Adopted Accounting Guidance The Company has not adopted any new accounting guidance in 2022. |
| Prospective Accounting Guidance | Prospective Accounting Guidance All issued but not yet effective accounting and reporting standards as of June 30, 2022 are either not applicable to the Company or are not expected to have a material impact on the Company. |
Fair Value Measurements (Polici
| Fair Value Measurements (Policies) | 6 Months Ended |
| Jun. 30, 2022 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value Measurements | The Company carries available-for-sale securities at fair value in our consolidated financial statements and determines fair value measurements and disclosure in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures. The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements. |
Earnings Per Share (Tables)
| Earnings Per Share (Tables) | 6 Months Ended |
| Jun. 30, 2022 | |
| Earnings Per Share [Abstract] | |
| Calculation of Basic and Diluted Earnings Per Share | The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any restricted stock becomes vested. Three Months Ended Six Months Ended June 30, June 30, 2022 2021 2022 2021 (in thousands, except share and per share amounts) Basic EPS Net income $ 6,132 $ 23,767 $ 23,463 $ 43,079 Basic weighted average common shares 19,273,934 19,327,422 19,302,805 19,319,608 Basic earnings per common share $ 0.32 $ 1.23 $ 1.22 $ 2.23 Diluted EPS Net income $ 6,132 $ 23,767 $ 23,463 $ 43,079 Diluted weighted average common shares: Weighted average common shares 19,273,934 19,327,422 19,302,805 19,319,608 Restricted stock 58,234 53,189 64,280 64,470 Diluted weighted average common shares 19,332,168 19,380,611 19,367,085 19,384,078 Diluted earnings per common share $ 0.32 $ 1.23 $ 1.21 $ 2.22 |
Investments (Tables)
| Investments (Tables) | 6 Months Ended |
| Jun. 30, 2022 | |
| Gross Unrecognized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses, Carrying Amount and Fair Value of Investments Classified as Held-to-Maturity | The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at June 30, 2022 are summarized as follows: Amortized Cost Allowance for Credit Losses Carrying Amount Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (in thousands) States and political subdivisions $ 453,781 $ (44 ) $ 453,737 $ 2,160 $ (14,707 ) $ 441,190 Corporate bonds 66,419 (228 ) 66,191 37 (3,073 ) 63,155 U.S. agency-based mortgage-backed securities 4,102 — 4,102 106 (57 ) 4,151 U.S. Treasury securities and obligations of U.S. government agencies 17,182 — 17,182 67 (196 ) 17,053 Asset-backed securities 89 (4 ) 85 4 (1 ) 88 Totals $ 541,573 $ (276 ) $ 541,297 $ 2,374 $ (18,034 ) $ 525,637 The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at December 31, 2021 are summarized as follows: Amortized Cost Allowance for Credit Losses Carrying Amount Gross Unrecognized Gains Gross Unrecognized Losses Fair Value (in thousands) States and political subdivisions $ 471,688 $ (48 ) $ 471,640 $ 25,175 $ (263 ) $ 496,552 Corporate bonds 56,756 (143 ) 56,613 1,344 (114 ) 57,843 U.S. agency-based mortgage-backed securities 4,623 — 4,623 377 — 5,000 U.S. Treasury securities and obligations of U.S. government agencies 16,251 — 16,251 132 (36 ) 16,347 Asset-backed securities 108 (4 ) 104 4 — 108 Totals $ 549,426 $ (195 ) $ 549,231 $ 27,032 $ (413 ) $ 575,850 |
| Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-sale | The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at June 30, 2022 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (in thousands) States and political subdivisions $ 198,330 $ 1,150 $ (6,933 ) $ 192,547 $ — Corporate bonds 118,677 76 (4,155 ) 114,598 — U.S. agency-based mortgage-backed securities 6,555 — (307 ) 6,248 — U.S. Treasury securities and obligations of U.S. government agencies 17,735 — (993 ) 16,742 — Totals $ 341,297 $ 1,226 $ (12,388 ) $ 330,135 $ — The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2021 are summarized as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses (in thousands) States and political subdivisions $ 202,008 $ 14,538 $ (240 ) $ 216,306 $ — Corporate bonds 93,947 2,751 (272 ) 96,426 — U.S. agency-based mortgage-backed securities 7,944 158 (13 ) 8,089 — U.S. Treasury securities and obligations of U.S. government agencies 20,698 382 (132 ) 20,948 — Totals $ 324,597 $ 17,829 $ (657 ) $ 341,769 $ — |
| Gross Unrealized Gains and Losses and Cost of Equity | The cost, gross unrealized gains and losses, and the fair value of equity securities at June 30, 2022 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 49,422 $ 11,063 $ — $ 60,485 Total equity securities $ 49,422 $ 11,063 $ — $ 60,485 The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2021 are summarized as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (in thousands) Equity securities: Domestic common stock $ 44,175 $ 19,965 $ — $ 64,140 Total equity securities $ 44,175 $ 19,965 $ — $ 64,140 |
| Investment Securities Continuous Unrealized Loss Position | The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of June 30, 2022: Less Than 12 Months 12 Months or Greater Total Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses Fair Value of Investments with Unrealized Losses Gross Unrealized Losses (in thousands) June 30, 2022 Available-for-Sale States and political subdivisions $ 124,916 $ 6,933 $ — $ — $ 124,916 $ 6,933 Corporate bonds 95,865 4,155 — — 95,865 4,155 U.S. agency-based mortgage-backed securities 6,248 307 — — 6,248 307 U.S. Treasury securities and obligations of U.S. government agencies 13,741 993 — — 13,741 993 Total available-for-sale securities $ 240,770 $ 12,388 $ — $ — $ 240,770 $ 12,388 The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of December 31, 2021: 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, 2021 Available-for-Sale States and political subdivisions $ 23,465 $ 240 $ — $ — $ 23,465 $ 240 Corporate bonds 36,443 272 — — 36,443 272 U.S. agency-based mortgage-backed securities 1,146 13 — — 1,146 13 U.S. Treasury securities and obligations of U.S. government agencies 6,771 132 — — 6,771 132 Total available-for-sale securities $ 67,825 $ 657 $ — $ — $ 67,825 $ 657 |
| Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity | The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the quarter ended June 30, 2022. 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 March 31, 2022 $ 45 $ 241 $ — $ — $ 4 $ 290 Provision for credit loss benefit (1 ) (13 ) — — — (14 ) Balance at June 30, 2022 $ 44 $ 228 $ — $ — $ 4 $ 276 The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the six months ended June 30, 2022. 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 December 31, 2021 $ 48 $ 143 $ — $ — $ 4 $ 195 Provision for credit loss expense (benefit) (4 ) 85 — — — 81 Balance at June 30, 2022 $ 44 $ 228 $ — $ — $ 4 $ 276 |
| Schedule of Amortized Cost Held-to-Maturity Securities Aggregated By Credit Quality Indicator | The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of June 30, 2022. 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 $ 450,801 $ 26,995 $ 4,102 $ 17,182 $ 62 $ 499,142 Baa/BBB ratings 2,980 39,424 — — 12 42,416 B ratings — — — — 15 15 Total $ 453,781 $ 66,419 $ 4,102 $ 17,182 $ 89 $ 541,573 |
| Held-to-Maturity Securities [Member] | |
| Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows: June 30, 2022 December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Maturity: Within one year $ 66,348 $ 66,309 $ 70,859 $ 71,455 After one year through five years 172,853 170,260 174,157 180,376 After five years through ten years 111,775 105,557 100,543 104,851 After ten years 186,134 179,272 198,945 214,060 U.S. agency-based mortgage-backed securities 4,102 4,151 4,623 5,000 Asset-backed securities 85 88 104 108 Totals $ 541,297 $ 525,637 $ 549,231 $ 575,850 |
| Available-for-Sale Securities [Member] | |
| Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity | A summary of the amortized cost and fair value of investments in fixed maturity securities classified as available-for-sale, by contractual maturity, is as follows: June 30, 2022 December 31, 2021 Amortized Cost Fair Value Amortized Cost Fair Value (in thousands) Maturity: Within one year $ 40,763 $ 40,363 $ 30,925 $ 31,258 After one year through five years 80,218 78,350 97,830 100,716 After five years through ten years 80,396 75,876 58,050 60,137 After ten years 133,365 129,298 129,848 141,569 U.S. agency-based mortgage-backed securities 6,555 6,248 7,944 8,089 Totals $ 341,297 $ 330,135 $ 324,597 $ 341,769 |
Loss Reserves (Tables)
| Loss Reserves (Tables) | 6 Months Ended |
| Jun. 30, 2022 | |
| Insurance [Abstract] | |
| Liability for Unpaid Loss and Loss Adjustment Expenses, Net of Related Amounts Recoverable from Reinsurers | The following table provides the Company’s liability for unpaid loss and loss adjustment expenses, net of related amounts recoverable from reinsurers, for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 2021 (in thousands) Balance, beginning of period $ 745,278 $ 760,561 Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 119,266 105,707 Net balance, beginning of period 626,012 654,854 Add incurred related to: Current accident year 97,863 101,257 Prior accident years (19,796 ) (29,317 ) Total incurred 78,067 71,940 Less paid related to: Current accident year 14,063 12,786 Prior accident years 82,473 79,814 Total paid 96,536 92,600 Net balance, end of period 607,543 634,194 Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses 117,348 110,775 Balance, end of period $ 724,891 $ 744,969 |
| Change in Allowance for Credit Losses on Amounts Recoverable from Reinsurers | The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the three and six months ended June 30, 2022 and 2021. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 388 $ 452 $ 440 $ 452 Provision for credit loss benefit (19 ) (3 ) (71 ) (3 ) Balance, end of period $ 369 $ 449 $ 369 $ 449 |
Comprehensive Income and Accu_2
| Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
| Jun. 30, 2022 | |
| Equity [Abstract] | |
| Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) | The following table illustrates the changes in the balance of each component of accumulated other comprehensive income (loss) for each period presented in the interim financial statements. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (in thousands) Balance, beginning of period $ 57 $ 15,971 $ 13,537 $ 21,019 Other comprehensive income (loss) before reclassification (8,248 ) 2,139 (21,705 ) (2,596 ) Amounts reclassified from accumulated other comprehensive income (loss) (683 ) (1,248 ) (706 ) (1,561 ) Net current period other comprehensive income (loss) (8,931 ) 891 (22,411 ) (4,157 ) Balance, end of period $ (8,874 ) $ 16,862 $ (8,874 ) $ 16,862 |
| Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The effects of reclassifications out of accumulated other comprehensive income (loss) by the respective line items of net income are presented in the following table. Component of Accumulated Other Three Months Ended Six Months Ended Affected line item in the Comprehensive Income (Loss) June 30, June 30, statement of income 2022 2021 2022 2021 (in thousands) Unrealized gains on debt securities, net of tax $ 865 $ 1,580 $ 894 $ 1,976 Net realized gains on investments 865 1,580 894 1,976 Income before income taxes Unrealized gains on debt securities, net of tax (182 ) (332 ) (188 ) (415 ) Income tax expense $ 683 $ 1,248 $ 706 $ 1,561 Net income |
Fair Value Measurements (Tables
| Fair Value Measurements (Tables) | 6 Months Ended |
| Jun. 30, 2022 | |
| Fair Value Disclosures [Abstract] | |
| Schedule of Assets Measured at Fair Value on Recurring Basis | At June 30, 2022, assets measu r June 30, 2022 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 $ — $ 192,547 $ — $ 192,547 Corporate bonds — 114,598 — 114,598 U.S. agency-based mortgage-backed securities — 6,248 — 6,248 U.S. Treasury securities 16,742 — — 16,742 Total securities available-for-sale—fixed maturity 16,742 313,393 — 330,135 Equity securities: Domestic common stock 60,485 — — 60,485 Total $ 77,227 $ 313,393 $ — $ 390,620 At December 31, 2021, assets measured at fair value on a recurring basis are summarized below: December 31, 2021 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 $ — $ 216,306 $ — $ 216,306 Corporate bonds — 96,426 — 96,426 U.S. agency-based mortgage-backed securities — 8,089 — 8,089 U.S. Treasury securities 20,948 — — 20,948 Total securities available-for-sale—fixed maturity $ 20,948 $ 320,821 $ — $ 341,769 Equity securities: Domestic common stock 64,140 — — 64,140 Total $ 85,088 $ 320,821 $ — $ 405,909 |
| Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses | At June 30, 2022, assets measured at amortized cost net of allowance for credit losses are summarized below: June 30, 2022 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 441,190 $ — $ 441,190 Corporate bonds — 63,155 — 63,155 U.S. agency-based mortgage-backed securities — 4,151 — 4,151 U.S. Treasury securities 17,053 — — 17,053 Asset-backed securities — 88 — 88 Total held-to-maturity $ 17,053 $ 508,584 $ — $ 525,637 At December 31, 2021, assets measured at amortized cost net of allowance for credit losses are summarized below: December 31, 2021 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (in thousands) Securities held-to-maturity—fixed maturity: States and political subdivisions $ — $ 496,552 $ — $ 496,552 Corporate bonds — 57,843 — 57,843 U.S. agency-based mortgage-backed securities — 5,000 — 5,000 U.S. Treasury securities 16,347 — — 16,347 Asset-backed securities — 108 — 108 Total held-to-maturity $ 16,347 $ 559,503 $ — $ 575,850 |
| Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments | The following table summarizes the carrying amounts and corresponding fair values for financial instruments: As of June 30, 2022 As of December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value (in thousands) Assets: Fixed maturity securities—held-to-maturity $ 541,297 $ 525,637 $ 549,231 $ 575,850 Fixed maturity securities—available-for-sale 330,135 330,135 341,769 341,769 Equity securities 60,485 60,485 64,140 64,140 Short-term investments 34,483 34,483 57,431 57,431 Cash and cash equivalents 85,318 85,318 70,722 70,722 |
Basis of Presentation - Additio
| Basis of Presentation - Additional Information (Detail) | 6 Months Ended | |
| Jun. 30, 2022 | Jun. 30, 2021 | |
| Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
| Percentage of comparable consolidated amounts | 95% | 95% |
Restricted Stock and Stock Op_2
| Restricted Stock and Stock Options - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2022 USD ($) shares | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Incentive_Plan shares | Jun. 30, 2021 USD ($) shares | |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Number of equity incentive plans | Incentive_Plan | 3 | |||
| Market value of shares | $ | $ 2.6 | $ 2.2 | ||
| Stock options outstanding | 0 | 0 | ||
| Share-based compensation expense | $ | $ 0.8 | $ 0.7 | $ 0.8 | $ 1.3 |
| Performance Awards [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Common stock issued, shares | 40,959 | 24,288 | ||
| Restricted Stock [Member] | Employees and Non-employee Directors [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Common stock issued, shares | 13,211 | 8,707 | ||
Earnings Per Share - Calculatio
| Earnings Per Share - Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
| Earnings Per Share Basic [Abstract] | ||||
| Net income | $ 6,132 | $ 23,767 | $ 23,463 | $ 43,079 |
| Basic weighted average common shares | 19,273,934 | 19,327,422 | 19,302,805 | 19,319,608 |
| Basic earnings per common share | $ 0.32 | $ 1.23 | $ 1.22 | $ 2.23 |
| Net income | $ 6,132 | $ 23,767 | $ 23,463 | $ 43,079 |
| Weighted average common shares | 19,273,934 | 19,327,422 | 19,302,805 | 19,319,608 |
| Restricted stock | 58,234 | 53,189 | 64,280 | 64,470 |
| Diluted weighted average common shares | 19,332,168 | 19,380,611 | 19,367,085 | 19,384,078 |
| Diluted earnings per common share | $ 0.32 | $ 1.23 | $ 1.21 | $ 2.22 |
Investments - Gross Unrecognize
| Investments - Gross Unrecognized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses, Carrying Amount and Fair Value of Investments Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
| Schedule Of Held To Maturity Securities [Line Items] | |||
| Held-to-maturity, Amortized Cost, Totals | $ 541,573 | $ 549,426 | |
| Held-to-Maturity, Allowance for Credit Losses | (276) | $ (290) | (195) |
| Held-to-Maturity, Carrying Amount | 541,297 | 549,231 | |
| Held-to-Maturity, Gross Unrecognized Gains | 2,374 | 27,032 | |
| Held-to-Maturity, Gross Unrecognized Losses | (18,034) | (413) | |
| Held-to-Maturity, Fair Value | 525,637 | 575,850 | |
| States and Political Subdivisions [Member] | |||
| Schedule Of Held To Maturity Securities [Line Items] | |||
| Held-to-maturity, Amortized Cost, Totals | 453,781 | 471,688 | |
| Held-to-Maturity, Allowance for Credit Losses | (44) | (45) | (48) |
| Held-to-Maturity, Carrying Amount | 453,737 | 471,640 | |
| Held-to-Maturity, Gross Unrecognized Gains | 2,160 | 25,175 | |
| Held-to-Maturity, Gross Unrecognized Losses | (14,707) | (263) | |
| Held-to-Maturity, Fair Value | 441,190 | 496,552 | |
| Corporate Bonds [Member] | |||
| Schedule Of Held To Maturity Securities [Line Items] | |||
| Held-to-maturity, Amortized Cost, Totals | 66,419 | 56,756 | |
| Held-to-Maturity, Allowance for Credit Losses | (228) | (241) | (143) |
| Held-to-Maturity, Carrying Amount | 66,191 | 56,613 | |
| Held-to-Maturity, Gross Unrecognized Gains | 37 | 1,344 | |
| Held-to-Maturity, Gross Unrecognized Losses | (3,073) | (114) | |
| Held-to-Maturity, Fair Value | 63,155 | 57,843 | |
| U.S. Agency-Based Mortgage-Backed Securities [Member] | |||
| Schedule Of Held To Maturity Securities [Line Items] | |||
| Held-to-maturity, Amortized Cost, Totals | 4,102 | 4,623 | |
| Held-to-Maturity, Carrying Amount | 4,102 | 4,623 | |
| Held-to-Maturity, Gross Unrecognized Gains | 106 | 377 | |
| Held-to-Maturity, Gross Unrecognized Losses | (57) | ||
| Held-to-Maturity, Fair Value | 4,151 | 5,000 | |
| 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 | 17,182 | 16,251 | |
| Held-to-Maturity, Carrying Amount | 17,182 | 16,251 | |
| Held-to-Maturity, Gross Unrecognized Gains | 67 | 132 | |
| Held-to-Maturity, Gross Unrecognized Losses | (196) | (36) | |
| Held-to-Maturity, Fair Value | 17,053 | 16,347 | |
| Asset-Backed Securities [Member] | |||
| Schedule Of Held To Maturity Securities [Line Items] | |||
| Held-to-maturity, Amortized Cost, Totals | 89 | 108 | |
| Held-to-Maturity, Allowance for Credit Losses | (4) | $ (4) | (4) |
| Held-to-Maturity, Carrying Amount | 85 | 104 | |
| Held-to-Maturity, Gross Unrecognized Gains | 4 | 4 | |
| Held-to-Maturity, Gross Unrecognized Losses | (1) | ||
| Held-to-Maturity, Fair Value | $ 88 | $ 108 |
Investments - Gross Unrealized
| Investments - Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Schedule Of Available For Sale Securities [Line Items] | ||
| Available-for-sale, Amortized Cost | $ 341,297 | $ 324,597 |
| Available-for-sale, Gross Unrealized Gains | 1,226 | 17,829 |
| Available-for-sale, Gross Unrealized Losses | (12,388) | (657) |
| Available-for-sale, Fair Value | 330,135 | 341,769 |
| 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 | 198,330 | 202,008 |
| Available-for-sale, Gross Unrealized Gains | 1,150 | 14,538 |
| Available-for-sale, Gross Unrealized Losses | (6,933) | (240) |
| Available-for-sale, Fair Value | 192,547 | 216,306 |
| Corporate Bonds [Member] | ||
| Schedule Of Available For Sale Securities [Line Items] | ||
| Available-for-sale, Amortized Cost | 118,677 | 93,947 |
| Available-for-sale, Gross Unrealized Gains | 76 | 2,751 |
| Available-for-sale, Gross Unrealized Losses | (4,155) | (272) |
| Available-for-sale, Fair Value | 114,598 | 96,426 |
| U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
| Schedule Of Available For Sale Securities [Line Items] | ||
| Available-for-sale, Amortized Cost | 6,555 | 7,944 |
| Available-for-sale, Gross Unrealized Gains | 158 | |
| Available-for-sale, Gross Unrealized Losses | (307) | (13) |
| Available-for-sale, Fair Value | 6,248 | 8,089 |
| 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 | 17,735 | 20,698 |
| Available-for-sale, Gross Unrealized Gains | 382 | |
| Available-for-sale, Gross Unrealized Losses | (993) | (132) |
| Available-for-sale, Fair Value | $ 16,742 | $ 20,948 |
Investments - Gross Unrealize_2
| Investments - Gross Unrealized Gains and Losses and Cost of Equity (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
| Equity securities, Cost | $ 49,422 | $ 44,175 |
| Equity securities, Gross Unrealized Gains | 11,063 | 19,965 |
| Equity securities, Fair Value | 60,485 | 64,140 |
| Domestic Common Stock [Member] | ||
| Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
| Equity securities, Cost | 49,422 | 44,175 |
| Equity securities, Gross Unrealized Gains | 11,063 | 19,965 |
| Equity securities, Fair Value | $ 60,485 | $ 64,140 |
Investments - Summary of Carryi
| Investments - Summary of Carrying Amounts and Fair Value of Investments in Fixed Maturity Securities, Classified as Held-to-Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Schedule Of Held To Maturity Securities [Line Items] | ||
| Within one year, Carrying Amount | $ 66,348 | $ 70,859 |
| After one year through five years, Carrying Amount | 172,853 | 174,157 |
| After five years through ten years, Carrying Amount | 111,775 | 100,543 |
| After ten years, Carrying Amount | 186,134 | 198,945 |
| Held-to-maturity, Carrying Amount, Totals | 541,297 | 549,231 |
| Within one year, Fair Value | 66,309 | 71,455 |
| After one year through five years, Fair Value | 170,260 | 180,376 |
| After five years through ten years, Fair Value | 105,557 | 104,851 |
| After ten years, Fair Value | 179,272 | 214,060 |
| Held-to-maturity, Fair Value, Totals | 525,637 | 575,850 |
| U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
| Schedule Of Held To Maturity Securities [Line Items] | ||
| Without single maturity, Carrying Amount | 4,102 | 4,623 |
| Held-to-maturity, Carrying Amount, Totals | 4,102 | 4,623 |
| Without single maturity, Fair Value | 4,151 | 5,000 |
| Held-to-maturity, Fair Value, Totals | 4,151 | 5,000 |
| Asset-Backed Securities [Member] | ||
| Schedule Of Held To Maturity Securities [Line Items] | ||
| Without single maturity, Carrying Amount | 85 | 104 |
| Held-to-maturity, Carrying Amount, Totals | 85 | 104 |
| Without single maturity, Fair Value | 88 | 108 |
| Held-to-maturity, Fair Value, Totals | $ 88 | $ 108 |
Investments - Summary of Amorti
| Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Available-for-Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Schedule Of Available For Sale Securities [Line Items] | ||
| Within one year, Amortized Cost | $ 40,763 | $ 30,925 |
| After one year through five years, Amortized Cost | 80,218 | 97,830 |
| After five years through ten years, Amortized Cost | 80,396 | 58,050 |
| After ten years, Amortized Cost | 133,365 | 129,848 |
| Available-for-sale, Amortized Cost | 341,297 | 324,597 |
| Within one year, Fair Value | 40,363 | 31,258 |
| After one year through five years, Fair Value | 78,350 | 100,716 |
| After five years through ten years, Fair Value | 75,876 | 60,137 |
| After ten years, Fair Value | 129,298 | 141,569 |
| Available-for-sale, Fair Value | 330,135 | 341,769 |
| U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
| Schedule Of Available For Sale Securities [Line Items] | ||
| Without single maturity date, Amortized Cost | 6,555 | 7,944 |
| Available-for-sale, Amortized Cost | 6,555 | 7,944 |
| Without single maturity date, Fair value | 6,248 | 8,089 |
| Available-for-sale, Fair Value | $ 6,248 | $ 8,089 |
Investments - Investment Securi
| Investments - Investment Securities Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Marketable Securities [Line Items] | ||
| Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | $ 240,770 | $ 67,825 |
| Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 12,388 | 657 |
| Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 240,770 | 67,825 |
| Available-for Sale, Gross Unrealized Losses, Total | 12,388 | 657 |
| States and Political Subdivisions [Member] | ||
| Marketable Securities [Line Items] | ||
| Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 124,916 | 23,465 |
| Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 6,933 | 240 |
| Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 124,916 | 23,465 |
| Available-for Sale, Gross Unrealized Losses, Total | 6,933 | 240 |
| Corporate Bonds [Member] | ||
| Marketable Securities [Line Items] | ||
| Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 95,865 | 36,443 |
| Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 4,155 | 272 |
| Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 95,865 | 36,443 |
| Available-for Sale, Gross Unrealized Losses, Total | 4,155 | 272 |
| 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 | 6,248 | 1,146 |
| Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 307 | 13 |
| Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 6,248 | 1,146 |
| Available-for Sale, Gross Unrealized Losses, Total | 307 | 13 |
| U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
| Marketable Securities [Line Items] | ||
| Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months | 13,741 | 6,771 |
| Available-for Sale, Gross Unrealized Losses, Less Than 12 Months | 993 | 132 |
| Available-for Sale, Fair Value of Investments with Unrealized Losses, Total | 13,741 | 6,771 |
| Available-for Sale, Gross Unrealized Losses, Total | $ 993 | $ 132 |
Investments - Additional Inform
| Investments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
| Jun. 30, 2022 USD ($) Security | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) Security | Jun. 30, 2021 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
| Marketable Securities [Line Items] | ||||||
| Individual fixed maturity held in unrealized loss position | Security | 178 | 178 | ||||
| Individual fixed maturity held in unrealized loss position longer than 12 months | Security | 0 | 0 | ||||
| Number of fixed maturity securities, allowance for credit loss | Security | 353 | 353 | ||||
| Fixed maturity securities, allowance for credit loss | $ 276 | $ 276 | $ 290 | $ 195 | ||
| Available-for-sale, Allowance for Credit Losses | 0 | 0 | 0 | |||
| Net realized gains on investments | 1,079 | $ 1,179 | 1,817 | $ 1,498 | ||
| Net unrealized gains (losses) on equity securities | (9,942) | $ 3,286 | (8,902) | $ 8,797 | ||
| Corporate Bonds [Member] | ||||||
| Marketable Securities [Line Items] | ||||||
| Fixed maturity securities, allowance for credit loss | $ 228 | $ 228 | 241 | 143 | ||
| Number of majority securities | Security | 25 | 25 | ||||
| States and Political Subdivisions [Member] | ||||||
| Marketable Securities [Line Items] | ||||||
| Fixed maturity securities, allowance for credit loss | $ 44 | $ 44 | $ 45 | $ 48 | ||
| Number of majority securities | Security | 325 | 325 | ||||
| Corporate Fixed Income Securities [Member] | Maximum [Member] | ||||||
| Marketable Securities [Line Items] | ||||||
| Investments maturity period using default rate | 20 years | |||||
Investments - Changes in Allowa
| Investments - Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended |
| Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | |
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Balance | $ 290 | $ 195 |
| Provision for credit loss expense (benefit) | (14) | 81 |
| Balance | 276 | 276 |
| Amortized cost | 541,573 | 541,573 |
| AAA/AA/A Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 499,142 | 499,142 |
| Baa/BBB Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 42,416 | 42,416 |
| B Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 15 | 15 |
| States and Political Subdivisions [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Balance | 45 | 48 |
| Provision for credit loss expense (benefit) | (1) | (4) |
| Balance | 44 | 44 |
| Amortized cost | 453,781 | 453,781 |
| States and Political Subdivisions [Member] | AAA/AA/A Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 450,801 | 450,801 |
| States and Political Subdivisions [Member] | Baa/BBB Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 2,980 | 2,980 |
| Corporate Bonds [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Balance | 241 | 143 |
| Provision for credit loss expense (benefit) | (13) | 85 |
| Balance | 228 | 228 |
| Amortized cost | 66,419 | 66,419 |
| Corporate Bonds [Member] | AAA/AA/A Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 26,995 | 26,995 |
| Corporate Bonds [Member] | Baa/BBB Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 39,424 | 39,424 |
| U.S. Agency-Based Mortgage-Backed Securities [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 4,102 | 4,102 |
| 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 | 4,102 | 4,102 |
| U.S. Treasury Securities and Obligations of U.S. Government Agencies [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 17,182 | 17,182 |
| 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 | 17,182 | 17,182 |
| Asset-Backed Securities [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Balance | 4 | 4 |
| Balance | 4 | 4 |
| Amortized cost | 89 | 89 |
| Asset-Backed Securities [Member] | AAA/AA/A Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 62 | 62 |
| Asset-Backed Securities [Member] | Baa/BBB Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | 12 | 12 |
| Asset-Backed Securities [Member] | B Ratings [Member] | ||
| Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
| Amortized cost | $ 15 | $ 15 |
Income Taxes - Additional Infor
| Income Taxes - Additional Information (Detail) - USD ($) | 6 Months Ended | |
| Jun. 30, 2022 | Jun. 30, 2021 | |
| Income Tax Disclosure [Abstract] | ||
| Valuation allowance | $ 0 | $ 1,300,000 |
| U.S federal income tax statutory rate | 21% | 21% |
| Uncertain tax positions recognized | $ 0 | $ 0 |
Loss Reserves - Liability for U
| Loss Reserves - Liability for Unpaid Loss and Loss Adjustment Expenses, Net of Related Amounts Recoverable from Reinsurers (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
| Jun. 30, 2022 | Jun. 30, 2021 | |
| Roll Forward In Liability For Unpaid Claims And Claims Adjustment Expense [Abstract] | ||
| Balance, beginning of period | $ 745,278 | $ 760,561 |
| Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses | 119,266 | 105,707 |
| Net balance, beginning of period | 626,012 | 654,854 |
| Add incurred related to: | ||
| Current accident year | 97,863 | 101,257 |
| Prior accident years | (19,796) | (29,317) |
| Total incurred | 78,067 | 71,940 |
| Less paid related to: | ||
| Current accident year | 14,063 | 12,786 |
| Prior accident years | 82,473 | 79,814 |
| Total paid | 96,536 | 92,600 |
| Net balance, end of period | 607,543 | 634,194 |
| Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses | 117,348 | 110,775 |
| Balance, end of period | $ 724,891 | $ 744,969 |
Loss Reserves - Additional Info
| Loss Reserves - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
| Jun. 30, 2022 | Jun. 30, 2021 | |
| Insurance [Abstract] | ||
| Loss and LAE Related to Prior Periods | $ 19,796 | $ 29,317 |
Loss Reserves - Change in Allow
| Loss Reserves - Change in Allowance for Credit Losses on Amounts Recoverable from Reinsurers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
| Insurance [Abstract] | ||||
| Balance, beginning of period | $ 388 | $ 452 | $ 440 | $ 452 |
| Provision for credit loss benefit | (19) | (3) | (71) | (3) |
| Balance, end of period | $ 369 | $ 449 | $ 369 | $ 449 |
Comprehensive Income and Accu_3
| Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) | 6 Months Ended | |
| Jun. 30, 2022 | Jun. 30, 2021 | |
| Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||
| Comprehensive income tax rate | 21% | 21% |
Comprehensive Income and Accu_4
| Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||
| Beginning Balance | $ 395,273 | $ 447,626 | $ 399,323 | $ 438,816 |
| Other comprehensive income (loss) before reclassification | (8,248) | 2,139 | (21,705) | (2,596) |
| Amounts reclassified from accumulated other comprehensive income (loss) | (683) | (1,248) | (706) | (1,561) |
| Net current period other comprehensive income (loss) | (8,931) | 891 | (22,411) | (4,157) |
| Ending Balance | 384,989 | 468,366 | 384,989 | 468,366 |
| Accumulated Other Comprehensive Income (Loss) [Member] | ||||
| Accumulated Other Comprehensive Income Loss [Line Items] | ||||
| Beginning Balance | 57 | 15,971 | 13,537 | 21,019 |
| Ending Balance | $ (8,874) | $ 16,862 | $ (8,874) | $ 16,862 |
Comprehensive Income and Accu_5
| Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
| Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
| Net realized gains on investments | $ 1,079 | $ 1,179 | $ 1,817 | $ 1,498 |
| Income before income taxes | 7,123 | 29,171 | 28,545 | 52,796 |
| Income tax expense | (991) | (5,404) | (5,082) | (9,717) |
| Net income | 6,132 | 23,767 | 23,463 | 43,079 |
| Unrealized Gains On Debt Securities, Net Of Tax [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
| Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
| Net realized gains on investments | 865 | 1,580 | 894 | 1,976 |
| Income before income taxes | 865 | 1,580 | 894 | 1,976 |
| Income tax expense | (182) | (332) | (188) | (415) |
| Net income | $ 683 | $ 1,248 | $ 706 | $ 1,561 |
Fair Value Measurements - Sched
| Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Available-for-sale fixed maturity, Fair Value | $ 330,135 | $ 341,769 |
| Equity securities, Fair Value | 60,485 | 64,140 |
| 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 | 330,135 | 341,769 |
| Total | 390,620 | 405,909 |
| 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 | 16,742 | 20,948 |
| Total | 77,227 | 85,088 |
| 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 | 313,393 | 320,821 |
| Total | 313,393 | 320,821 |
| 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 | 192,547 | 216,306 |
| 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 | 192,547 | 216,306 |
| 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 | 114,598 | 96,426 |
| 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 | 114,598 | 96,426 |
| 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 | 6,248 | 8,089 |
| 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 | 6,248 | 8,089 |
| 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 | 16,742 | 20,948 |
| 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 | 16,742 | 20,948 |
| 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 | 60,485 | 64,140 |
| 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 | $ 60,485 | $ 64,140 |
Fair Value Measurements - Sch_2
| Fair Value Measurements - Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Securities held-to-maturity-fixed maturity, Fair Value | $ 525,637 | $ 575,850 |
| 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 | 441,190 | 496,552 |
| Corporate Bonds [Member] | ||
| Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
| Securities held-to-maturity-fixed maturity, Fair Value | 63,155 | 57,843 |
| 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 | 4,151 | 5,000 |
| 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 | 17,053 | 16,347 |
| 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 | 88 | 108 |
| 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 | 17,053 | 16,347 |
| 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 | 17,053 | 16,347 |
| 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 | 508,584 | 559,503 |
| 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 | 441,190 | 496,552 |
| 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 | 63,155 | 57,843 |
| 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 | 4,151 | 5,000 |
| 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 | $ 88 | $ 108 |
Fair Value Measurements - Summa
| Fair Value Measurements - Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Fixed maturity securities—held-to-maturity | $ 525,637 | $ 575,850 |
| Fixed maturity securities—available-for-sale | 330,135 | 341,769 |
| Equity securities | 60,485 | 64,140 |
| Short-term investments | 34,483 | 57,431 |
| Carrying Amount [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Fixed maturity securities—held-to-maturity | 541,297 | 549,231 |
| Fixed maturity securities—available-for-sale | 330,135 | 341,769 |
| Equity securities | 60,485 | 64,140 |
| Short-term investments | 34,483 | 57,431 |
| Cash and cash equivalents | 85,318 | 70,722 |
| Fair Value [Member] | ||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Fixed maturity securities—held-to-maturity | 525,637 | 575,850 |
| Fixed maturity securities—available-for-sale | 330,135 | 341,769 |
| Equity securities | 60,485 | 64,140 |
| Short-term investments | 34,483 | 57,431 |
| Cash and cash equivalents | $ 85,318 | $ 70,722 |
Treasury Stock - Additional Inf
| Treasury Stock - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
| Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Oct. 31, 2016 | |
| Equity [Abstract] | |||||
| Share repurchase program, new limit amount | $ 19,300,000 | $ 19,300,000 | $ 25,000,000 | ||
| Purchase of treasury stock, Shares | 77,699 | 0 | 121,592 | 0 | |
| Purchase of treasury stock | $ 3,642,000 | $ 5,701,000 | |||
| Shares purchased, average price | $ 46.88 | $ 46.88 | |||
Subsequent Events - Additional
| Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Dividend Declared [Member] | Jul. 26, 2022 $ / shares |
| Subsequent Event [Line Items] | |
| Date of dividend declared | Jul. 26, 2022 |
| Cash dividend per share | $ 0.31 |
| Date of payment for dividend | Sep. 23, 2022 |
| Date of record for dividend payment | Sep. 09, 2022 |