AMERISAFE (AMSF) 10-Q 29 Jul 22 2022 Q2 Quarterly report Financial data

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