Donegal (DGICA) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	DONEGAL GROUP INC
Entity Central Index Key	0000800457
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Address, State or Province	PA
Entity Address, Address Line One	1195 River Road, P.O. Box 302
Entity Address, City or Town	Marietta
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		23,453,398
Title of 12(b) Security	Common Stock
Trading Symbol	DGICA
Security Exchange Name	NASDAQ
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,576,775
Title of 12(b) Security	Common Stock
Trading Symbol	DGICB
Security Exchange Name	NASDAQ

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fixed maturities
Held to maturity, at amortized cost	$ 487,156,618	$ 476,093,782
Available for sale, at fair value	554,463,492	564,951,803
Equity securities, at fair value	46,179,107	55,477,556
Short-term investments, at cost, which approximates fair value	72,719,077	14,030,222
Total investments	1,160,518,294	1,110,553,363
Cash	52,281,735	49,318,930
Accrued investment income	7,800,132	7,066,029
Premiums receivable	182,064,297	165,732,949
Reinsurance receivable	374,758,028	367,021,468
Deferred policy acquisition costs	60,314,704	59,284,859
Deferred tax asset, net	9,665,172	8,514,311
Prepaid reinsurance premiums	163,622,680	142,475,767
Property and equipment, net	4,497,502	4,558,072
Accounts receivable - securities	23,211	4,961
Goodwill	5,625,354	5,625,354
Other intangible assets	958,010	958,010
Other	1,242,243	2,047,058
Total assets	2,023,371,362	1,923,161,131
Liabilities
Unpaid losses and loss expenses	888,212,299	869,673,849
Unearned premiums	542,278,223	510,147,485
Accrued expenses	22,025,916	28,453,744
Reinsurance balances payable	2,594,034	2,116,084
Borrowings under lines of credit	85,000,000	35,000,000
Cash dividends declared to stockholders		4,075,234
Subordinated debentures	5,000,000	5,000,000
Accounts payable - securities	2,920,388	1,119
Income taxes payable	870,829	84,831
Due to affiliate	7,189,211	10,069,171
Other	7,719,531	7,524,095
Total liabilities	1,563,810,431	1,472,145,612
Stockholders' Equity
Preferred stock, $.01 par value, authorized 2,000,000 shares; none issued	0
Additional paid-in capital	269,888,980	268,151,601
Accumulated other comprehensive income	3,704,010	504,170
Retained earnings	226,874,806	223,267,573
Treasury stock, at cost	(41,226,357)	(41,226,357)
Total stockholders' equity	459,560,931	451,015,519
Total liabilities and stockholders' equity	2,023,371,362	1,923,161,131
Class A Common Stock [Member]
Stockholders' Equity
Common stock value	263,000	262,040
Total stockholders' equity	263,000	262,040
Class B Common Stock [Member]
Stockholders' Equity
Common stock value	56,492	56,492
Total stockholders' equity	$ 56,492	$ 56,492

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Preferred stock, par value	$ 0.01		$ 0.01
Preferred stock, shares authorized	2,000,000		2,000,000
Preferred stock, shares issued	0	0
Class A Common Stock [Member]
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	50,000,000		50,000,000
Common stock, shares issued	26,299,946		26,203,935
Common stock, shares outstanding	23,297,358		23,201,347
Class B Common Stock [Member]
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	10,000,000		10,000,000
Common stock, shares issued	5,649,240		5,649,240
Common stock, shares outstanding	5,576,775		5,576,775

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Net premiums earned	$ 187,252,778	$ 188,073,242
Investment income, net of investment expenses	7,376,284	7,048,503
Net investment (losses) gains	(10,694,843)	18,097,113
Lease income	109,267	111,099
Installment payment fees	867,720	1,088,917
Equity in earnings of Donegal Financial Services Corporation	0	295,000
Total revenues	184,911,206	214,713,874
Expenses:
Net losses and loss expenses	117,246,526	123,110,656
Amortization of deferred policy acquisition costs	29,937,000	30,592,000
Other underwriting expenses	32,597,629	30,684,883
Policyholder dividends	1,842,000	2,349,648
Interest	224,330	565,292
Other expenses, net	560,550	566,371
Total expenses	182,408,035	187,868,850
Income before income tax (benefit) expense	2,503,171	26,845,024
Income tax (benefit) expense	(1,227,950)	3,821,860
Net income	$ 3,731,121	$ 23,023,164
Class A Common Stock [Member]
Earnings per common share:
common stock - basic and diluted	$ 0.13	$ 0.82
Class B Common Stock [Member]
Earnings per common share:
common stock - basic and diluted	$ 0.12	$ 0.75

Consolidated Statements of In_2

Consolidated Statements of Income (Loss) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net investment (losses) gains	$ (10,694,843)	$ 18,097,113
Income tax (benefit) expense	(1,227,950)	3,821,860
Reclassification out of Accumulated Other Comprehensive Income [Member]
Net investment (losses) gains	421,835	39,264
Income tax (benefit) expense	$ 88,585	$ 8,245

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 3,731,121	$ 23,023,164
Unrealized gain on securities:
Unrealized holding gain during the period, net of income tax expense	3,533,090	6,437,454
Reclassification adjustment for (gains) losses included in net income, net of income tax expense (benefit)	(333,250)	31,019
Other comprehensive income	3,199,840	6,468,473
Comprehensive income	$ 6,930,961	$ 29,491,637

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Unrealized holding gain during the period, net of income tax expense	$ 939,175	$ 1,711,222
Income tax expense (benefit) on reclassification adjustment for gains	$ 88,585	$ 8,245

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity - USD ($)	Total	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive (Loss) Income [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Class A Common Stock [Member]	Class B Common Stock [Member]
Beginning balance at Dec. 31, 2018	$ 398,869,901	$ 261,258,423	$ (14,228,059)	$ 192,751,208	$ (41,226,357)	$ 258,194	$ 56,492
Beginning balance, shares at Dec. 31, 2018						25,819,341	5,649,240
Issuance of common stock (stock compensation plans)	404,055	403,722				$ 333
Issuance of common stock (stock compensation plans), shares						33,334
Share-based compensation	442,920	442,920
Net income	23,023,164			23,023,164
Cash dividends declared	(4,752)			(4,752)
Grant of stock options		144,226		(144,226)
Other comprehensive income	6,468,473		6,468,473
Ending balance at Mar. 31, 2019	429,203,761	262,249,291	(7,759,586)	215,625,394	(41,226,357)	$ 258,527	$ 56,492
Ending balance, shares at Mar. 31, 2019						25,852,675	5,649,240
Beginning balance at Dec. 31, 2019	451,015,519	268,151,601	504,170	223,267,573	(41,226,357)	$ 262,040	$ 56,492
Beginning balance, shares at Dec. 31, 2019						26,203,935	5,649,240
Issuance of common stock (stock compensation plans)	376,828	376,539				$ 289
Issuance of common stock (stock compensation plans), shares						28,924
Share-based compensation	1,242,986	1,242,315				$ 671
Share-based compensation, shares						67,087
Net income	3,731,121			3,731,121
Cash dividends declared	(5,363)			(5,363)
Grant of stock options		118,525		(118,525)
Other comprehensive income	3,199,840		3,199,840
Ending balance at Mar. 31, 2020	$ 459,560,931	$ 269,888,980	$ 3,704,010	$ 226,874,806	$ (41,226,357)	$ 263,000	$ 56,492
Ending balance, shares at Mar. 31, 2020						26,299,946	5,649,240

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash Flows from Operating Activities:
Net income	$ 3,731,121	$ 23,023,164
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other non-cash items	1,737,307	1,460,943
Net investment losses (gains)	10,694,843	(18,097,113)
Equity in earnings of Donegal Financial Services Corporation	0	(295,000)
Changes in assets and liabilities:
Losses and loss expenses	18,538,450	21,854,552
Unearned premiums	32,130,738	17,174,323
Premiums receivable	(16,331,348)	(14,813,728)
Deferred acquisition costs	(1,029,845)	(1,731,579)
Deferred income taxes	(2,001,451)	962,330
Reinsurance receivable	(7,736,560)	(7,335,564)
Prepaid reinsurance premiums	(21,146,913)	(5,332,159)
Accrued investment income	(734,103)	(532,403)
Due to affiliate	(2,879,960)	(2,908,940)
Reinsurance balances payable	477,950	(1,136,290)
Current income taxes	785,998	2,872,028
Accrued expenses	(6,427,828)	(3,943,576)
Other, net	1,000,247	233,485
Net adjustments	7,077,525	(11,568,691)
Net cash provided by operating activities	10,808,646	11,454,473
Cash Flows from Investing Activities:
Purchases of fixed maturities, held to maturity	(19,222,869)	(8,396,937)
Purchases of fixed maturities, available for sale	(13,558,579)	(53,176,164)
Purchases of equity securities, available for sale	(5,020,901)	(30,672)
Maturity of fixed maturities:
Held to maturity	9,287,575	3,852,973
Available for sale	29,078,287	15,904,570
Sales of fixed maturities, available for sale		19,527,660
Sales of equity securities, available for sale	3,202,672	20,537,415
Net (purchases) sales of property and equipment	(5,905)	1,171,305
Net purchases of short-term investments	(58,688,855)	(24,088,831)
Net cash (used in) provided by investing activities	(54,928,575)	9,224,092
Cash Flows from Financing Activities:
Cash dividends paid	(4,080,597)	(3,953,236)
Issuance of common stock	1,163,331	288,115
Borrowing under lines of credit	50,000,000
Payments on lines of credit		(25,000,000)
Net cash provided by (used in) financing activities	47,082,734	(28,665,121)
Net increase (decrease) in cash	2,962,805	(7,986,556)
Cash at beginning of period	49,318,930	52,594,461
Cash at end of period	52,281,735	44,607,905
Cash paid during period - Interest	$ 161,830	325,325
Donegal Financial Services Corporation [Member]
Maturity of fixed maturities:
Sale of investment in Donegal Financial Services Corporation		$ 33,922,773

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1 - Organization Donegal Mutual Insurance Company (“Donegal Mutual”) organized us as an insurance holding company on August 26, 1986. Our insurance subsidiaries, Atlantic States Insurance Company (“Atlantic States”), Southern Insurance Company of Virginia (“Southern”), the Peninsula Insurance Group (“Peninsula”), which consists of Peninsula Indemnity Company and The Peninsula Insurance Company and Michigan Insurance Company (“MICO”), write property and casualty insurance exclusively through independent insurance agents in certain Mid-Atlantic, At March 31, 2020, we had three segments: our investment function, our personal lines of insurance and our commercial lines of insurance. The personal lines products of our insurance subsidiaries consist primarily of homeowners and private passenger automobile policies. The commercial lines products of our insurance subsidiaries consist primarily of commercial automobile, commercial multi-peril and workers’ compensation policies. At March 31, 2020, Donegal Mutual held approximately 42 84 71 Atlantic States, our largest subsidiary, participates in a pooling agreement with Donegal Mutual. Under the pooling agreement, the two companies pool their insurance business and each company receives an allocated percentage of the pooled business. Atlantic States has an 80% share of the results of the pooled business, and Donegal Mutual has a 20% share of the results of the pooled business. The same executive management and underwriting personnel administer products, classes of business underwritten, pricing practices and underwriting standards of Donegal Mutual and our insurance subsidiaries. In addition, as the Donegal Insurance Group, Donegal Mutual and our insurance subsidiaries share a combined business plan to achieve market penetration and underwriting profitability objectives. The products our insurance subsidiaries and Donegal Mutual market are generally complementary, thereby allowing the Donegal Insurance Group to offer a broader range of products to a given market and to expand the Donegal Insurance Group’s ability to service entire personal lines or commercial lines accounts. Distinctions within the products Donegal Mutual and our insurance subsidiaries offer relate generally to specific risk profiles targeted within similar classes of business, such as preferred tier products versus standard tier products, but we do not allocate all of the standard risk gradients to any specific company within the Donegal Insurance Group. Therefore, the underwriting profitability of the business the individual companies write directly will vary. However, because the risk characteristics of all business Donegal Mutual and Atlantic States write directly are homogenized within the underwriting pool, Donegal Mutual and Atlantic States share the underwriting results in proportion to their respective participation in the underwriting pool. We and Donegal Mutual sold Donegal Financial Services Corporation (“DFSC”) to Northwest Bancshares, Inc. (“Northwest”) on March 8, 2019, resulting in proceeds valued at approximately $85.8 million in a combination of cash and Northwest common stock. Immediately prior to the closing of the merger, DFSC paid a dividend of approximately $29.2 million to us and Donegal Mutual. As the owner of 48.2% of DFSC’s common stock, we received a dividend payment from DFSC of approximately $14.1 million and consideration from Northwest that included a combination of cash in the amount of $20.5 million and Northwest common stock with a fair value at the closing date of $20.9 million. We recorded a gain of $12.7 million from the sale of DFSC in our results of operations for the first quarter of 2019. We sold the Northwest common stock that we received as part of the consideration during the first quarter of 2019. This transaction represented the culmination of a banking strategy that began with the formation of DFSC in 2000. On July 18, 2013, our board of directors authorized a share repurchase program pursuant to which we have the authority to purchase up to 500,000 shares of our Class A common stock at prices prevailing from time to time in the open market subject to the provisions of applicable rules of the Securities and Exchange Commission (“SEC”) and in privately negotiated transactions. We did not purchase any shares of our Class A common stock under this program during the three March 1 20 9

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	2 - Basis of Presentation Our financial information for the interim periods included in this Form 10-Q 10-Q We recommend you read the interim financial statements we include in this Form 10-Q 10-K

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	3 - Earnings Per Share We have two classes of common stock, which we refer to as our Class A common stock and our Class B common stock. Our certificate of incorporation provides that whenever our board of directors declares a dividend on our Class B common stock, our board of directors shall simultaneously declare a dividend on our Class A common stock that is payable to the holders of our Class A common stock at the same time and as of the same record date at a rate that is at least 10% greater than the rate at which our board of directors declared a dividend on our Class B common stock. Accordingly, we use the two-class two-class Three Months Ended March 31, 2020 2019 Class A Class B Class A Class B (in thousands, except per share data) Basic earnings per share: Numerator: Allocation of net income $ 3,064 $ 667 $ 18,843 $ 4,180 Denominator: Weighted-average shares outstanding 23,260 5,577 22,850 5,577 Basic earnings per share $ 0.13 $ 0.12 $ 0.82 $ 0.75 Diluted earnings per share: Numerator: Allocation of net income $ 3,064 $ 667 $ 18,843 $ 4,180 Denominator: Number of shares used in basic computation 23,260 5,577 22,850 5,577 Weighted-average shares effect of dilutive securities: Director and employee stock options 188 — 71 — Number of shares used in diluted computation 23,448 5,577 22,921 5,577 Diluted earnings per share $ 0.13 $ 0.12 $ 0.82 $ 0.75 We did not include outstanding options to purchase the following number of shares of Class A common stock in our computation of diluted earnings per share because the exercise price of the options exceeded the average market price of our Class A common stock during the applicable periods. Three Months Ended March 31, 2020 2019 Number of options to purchase Class A shares excluded 6,196,526 8,967,857

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2020
Insurance [Abstract]
Reinsurance	4 - Reinsurance Atlantic States and Donegal Mutual have participated in a pooling agreement since 1986 under which they pool their direct premiums written, and Atlantic States and Donegal Mutual then share the underwriting results of the pool in accordance with the terms of the pooling agreement. Atlantic States has an 80% share of the results of the pool, and Donegal Mutual has a 20% share of the results of the pool. Donegal Mutual currently excludes from the pool its underwriting results in four Southwestern states in which Donegal Mutual markets its products together with its insurance subsidiaries as the Mountain States Insurance Group. Donegal Mutual currently plans to place the business of the Mountain States Insurance Group into the pool beginning with policies effective in 2021. Our insurance subsidiaries and Donegal Mutual have a combined third-party reinsurance program. The coverage and parameters of the program are common to all of our insurance subsidiaries and Donegal Mutual. Our insurance subsidiaries use several different reinsurers, all of which have an A.M. Best rating of A- A- • excess of loss reinsurance, under which the losses of Donegal Mutual and our insurance subsidiaries are automatically reinsured, through a series of contracts, over a set retention of $2.0 million ; and • catastrophe reinsurance, under which Donegal Mutual and our insurance subsidiaries recover, through a series of reinsurance agreements, 100% of an accumulation of many losses resulting from a single event, including natural disasters, over a set retention of $15.0 million up to aggregate losses of $185.0 million per occurrence. In addition to the pooling agreement and third-party reinsurance, our insurance subsidiaries have a catastrophe reinsurance agreement with Donegal Mutual, under which each of our insurance subsidiaries recovers 100% of an accumulation of multiple losses resulting from a single event, including natural disasters, over a set retention of $2.0 million up to aggregate losses of $13.0 million per occurrence. The agreement also provides additional coverage for an accumulation of losses from a single event including a combination of our insurance subsidiaries over a combined retention of $5.0 million. Our insurance subsidiaries and Donegal Mutual also purchase facultative reinsurance to cover certain exposures, including property exposures that exceeded the limits provided by their respective treaty reinsurance.

Investments

Investments	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Investments	5 - Investments The amortized cost and estimated fair values of our fixed maturities at March 31, 2020 were as follows: Amortized Gross Unrealized Gross Unrealized Estimated Va (in thousands) Held to Maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 81,198 $ 4,589 $ — $ 85,787 Obligations of states and political subdivisions 214,108 15,793 89 229,812 Corporate securities 161,681 5,041 4,199 162,523 Mortgage-backed securities 30,170 1,424 — 31,594 Totals $ 487,157 $ 26,847 $ 4,288 $ 509,716 Available for Sale U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 15,850 $ 571 $ — $ 16,421 Obligations of states and political subdivisions 61,607 1,868 135 63,340 Corporate securities 152,968 2,622 2,045 153,545 Mortgage-backed securities 312,136 9,141 120 321,157 Totals $ 542,561 $ 14,202 $ 2,300 $ 554,463 At March 31, 2020, our holdings of obligations of states and political subdivisions included general obligation bonds with an aggregate fair value of $195.5 million and an amortized cost of $184.3 million. Our holdings at March 31, 2020 also included special revenue bonds with an aggregate fair value of $97.7 million and an amortized cost of $91.4 million. With respect to both categories of those bonds at March 31, 2020, we held no securities of any issuer that comprised more than 10% of our holdings of either bond category. Education bonds and water and sewer utility bonds represented 42% and 38%, respectively, of our total investments in special revenue bonds based on the carrying values of these investments at March 31, 2020. Many of the issuers of the special revenue bonds we held at March 31, 2020 have the authority to impose ad valorem taxes. In that respect, many of the special revenue bonds we held at March 31, 2020 are similar to general obligation bonds. The amortized cost and estimated fair values of our fixed maturities at December 31, 2019 were as follows: Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair (in thousands) Held to Maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 82,916 $ 1,803 $ 69 $ 84,650 Obligations of states and political subdivisions 204,634 14,237 288 218,583 Corporate securities 156,398 8,275 333 164,340 Mortgage-backed securities 32,146 611 16 32,741 Totals $ 476,094 $ 24,926 $ 706 $ 500,314 Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair (in thousands) Available for Sale U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 19,302 $ 82 $ 19 $ 19,365 Obligations of states and political subdivisions 55,162 1,641 7 56,796 Corporate securities 154,946 4,477 180 159,243 Mortgage-backed securities 327,429 2,857 738 329,548 Totals $ 556,839 $ 9,057 $ 944 $ 564,952 At December 31, 2019, our holdings of obligations of states and political subdivisions included general obligation bonds with an aggregate fair value of $182.0 million and an amortized cost of $172.3 million. Our holdings also included special revenue bonds with an aggregate fair value of $93.4 million and an amortized cost of $87.5 million. With respect to both categories of bonds, we held no securities of any issuer that comprised more than 10% of that category at December 31, 2019. Education bonds and water and sewer utility bonds represented 44% and 35%, respectively, of our total investments in special revenue bonds based on their carrying values at December 31, 2019. Many of the issuers of the special revenue bonds we held at December 31, 2019 have the authority to impose ad valorem taxes. In that respect, many of the special revenue bonds we held are similar to general obligation bonds. We made reclassifications from available for sale to held to maturity of certain fixed maturities at fair value on November 30, 2013. We segregated within accumulated other comprehensive income the net unrealized losses of $15.1 million arising prior to the November 30, 2013 reclassifications. We are amortizing this balance over the remaining life of the related securities as an adjustment to yield in a manner consistent with the accretion of discount on the same fixed maturities. We recorded amortization of $260,368 and $270,543 in other comprehensive income during the three months ended March 31, 2020 and 2019, respectively. At March 31, 2020 and December 31, 2019, net unrealized losses of $7.2 million and $7.5 million, respectively, remained within accumulated other comprehensive income. We show below the amortized cost and estimated fair value of our fixed maturities at March 31, 2020 by contractual maturity. Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Estimated Fair (in thousands) Held to maturity Due in one year or less $ 32,274 $ 32,482 Due after one year through five years 84,232 88,324 Due after five years through ten years 184,263 191,792 Due after ten years 156,218 165,524 Mortgage-backed securities 30,170 31,594 Total held to maturity $ 487,157 $ 509,716 Available for sale Due in one year or less $ 33,593 $ 33,619 Due after one year through five years 95,836 97,160 Due after five years through ten years 89,588 90,691 Due after ten years 11,408 11,836 Mortgage-backed securities 312,136 321,157 Total available for sale $ 542,561 $ 554,463 The cost and estimated fair values of our equity securities at March 31, 2020 were as follows: Cost Gross Gains Gross Losses Estimated Fair (in thousands) Equity securities $ 42,523 $ 6,815 $ 3,159 $ 46,179 The cost and estimated fair values of our equity securities at December 31, 2019 were as follows: Cost Gross Gains Gross Losses Estimated Fair (in thousands) Equity securities $ 43,419 $ 12,180 $ 121 $ 55,478 Gross investment gains and losses before applicable income taxes for the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 (in thousands) Gross investment gains: Fixed maturities $ 423 $ 358 Equity securities 431 5,986 Investment in affiliate — 12,662 854 19,006 Gross investment losses: Fixed maturities 1 318 Equity securities 11,548 591 11,549 909 Net investment (losses) gains $ (10,695 ) $ 18,097 We recognized $430,676 of gains and $8.5 of losses on equity securities we held at March 31, 2020 in net investment losses for the three months ended March 31, 2020. We recognized $6.0 million of gains and $7,040 of losses on equity securities we We held fixed maturities with unrealized losses representing declines that we considered temporary at March 31, 2020 as follows: Less Than 12 Months More Than 12 Months Fair Value Unrealized Losses Fair Unrealized Losses (in thousands) Obligations of states and political subdivisions $ 11,918 $ 224 $ — $ — Corporate securities 111,062 4,957 11,196 1,287 Mortgage-backed securities 5,681 59 4,287 61 Totals $ 128,661 $ 5,240 $ 15,483 $ 1,348 We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2019 as follows: Less Than 12 Months More Than 12 Months Fair Value Unrealized Losses Fair Unrealized Losses (in thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 7,461 $ 46 $ 5,395 $ 42 Obligations of states and political subdivisions 23,339 293 2,327 2 Corporate securities 19,363 263 18,803 250 Mortgage-backed securities 28,507 56 74,089 698 Totals $ 78,670 $ 658 $ 100,614 $ 992 We make estimates concerning the valuation of our investments and the recognition of other-than-temporary declines in the value of our investments. For equity securities, we measure investments at fair value, and we recognize changes in fair value in our results of operations. With respect to a debt security that is in an unrealized loss position, we first assess if we intend to sell the debt security. If we determine we intend to sell the debt security, we recognize the impairment loss in our results of operations. If we do not intend to sell the debt security, we determine whether it is more likely than not that we will be required to sell the debt security prior to recovery. If we determine it is more likely than not that we will be required to sell the debt security prior to recovery, we recognize the impairment loss in our results of operations. If we determine it is more likely than not that we will not be required to sell the debt security prior to recovery, we then evaluate whether a credit loss has occurred with respect to that security. We determine whether a credit loss has occurred by comparing the amortized cost of the debt security to the present value of the cash flows we expect to collect. If we expect a cash flow shortfall, we consider that a credit loss has occurred. If we determine that a credit loss has occurred, we consider the impairment to be other than temporary. We then recognize the amount of the impairment loss related to the credit loss in our results of operations, and we recognize the remaining portion of the impairment loss in our other comprehensive income, net of applicable taxes. In addition, we may write down securities in an unrealized loss position based on a number of other factors, including when the fair value of an investment is significantly below its cost, when the financial condition of the issuer of a security has deteriorated, the occurrence of industry, issuer or geographic events that have negatively impacted the value of a security and rating agency downgrades. We held 141 We amortize premiums and discounts on debt securities over the life of the security as an adjustment to yield using the effective interest method. We compute realized investment gains and losses using the specific identification method. We amortize premiums and discounts on mortgage-backed debt securities using anticipated prepayments.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	6 - Segment Information We evaluate the performance of our personal lines and commercial lines segments based upon the underwriting results of our insurance subsidiaries using statutory accounting principles (“SAP”) that various state insurance departments prescribe or permit. Our management uses SAP to measure the performance of our insurance subsidiaries instead of United States generally accepted accounting principles (“GAAP”). SAP financial measures are considered non-GAAP Financial data by segment for the three months ended March 31, 2020 and 2019 is as follows: Three Months Ended March 31, 2020 2019 (in thousands) Revenues: Premiums earned: Commercial lines $ 101,775 $ 91,481 Personal lines 85,478 96,592 Premiums earned 187,253 188,073 Net investment income 7,376 7,049 Investment (losses) gains (10,695 ) 18,097 Equity in earnings of DFSC — 295 Other 977 1,200 Total revenues $ 184,911 $ 214,714 Income before income tax expense: Underwriting income (loss): Commercial lines $ (566 ) $ (1,688 ) Personal lines 4,811 2,473 SAP underwriting income 4,245 785 GAAP adjustments 1,385 551 GAAP underwriting income 5,630 1,336 Net investment income 7,376 7,049 Investment (losses) gains (10,695 ) 18,097 Equity in earnings of DFSC — 295 Other 192 68 Income before income tax (benefit) expense $ 2,503 $ 26,845

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Borrowings	7 - Borrowings Lines of Credit In March 2019, we terminated our previous credit agreement with Manufacturers and Traders Trust Company (“M&T”) and entered into a new credit agreement with M&T. The new credit agreement relates to a $30.0 million unsecured revolving line of credit. The line of credit expires in July 2020. At March 31, 2020, we had no outstanding borrowings from M&T and had the ability to borrow up to $30.0 million at interest rates equal to M&T’s current prime rate or the then-current LIBOR rate plus 2.25%. We pay a fee of 0.15% per annum on the loan commitment amount regardless of usage. The credit agreement requires our compliance with certain covenants. These covenants include minimum levels of our net worth, leverage ratio, statutory surplus and the A.M. Best ratings of our insurance subsidiaries. In addition, Atlantic States has guaranteed our payment obligations under the new credit agreement. With the exception of a requirement that we not incur any additional indebtedness beyond that which existed as of March 2019 or pursuant to the credit agreement with M&T, we complied with the requirements of the credit agreement during the three months ended March 31, 2020. M&T waived the additional indebtedness requirement prior to Atlantic States issuing additional debt to the Federal Home Loan Bank (“FHLB”) of Pittsburgh in March 2020. Atlantic States is a member of the FHLB of Pittsburgh. Through its membership, Atlantic States has the ability to issue debt to the FHLB of Pittsburgh in exchange for cash advances. In August 2019, Atlantic States exchanged a variable-rate cash advance of $35.0 million that was due in March 2020 for a fixed-rate cash advance of $35.0 million that was outstanding at March 31, 2020. Atlantic States incurred a penalty of $176,000 related to the early termination of its previous cash advance. The new cash advance carries a fixed interest rate of 1.74% and is due in August 2024. In March 2020, Atlantic States Insurance Company issued $50.0 million of debt to the FHLB COVID-19 FHLB of Pittsburgh stock purchased and owned $ 3,639,200 Collateral pledged, at par (carrying value $107,645,543) 106,140,378 Borrowing capacity currently available 21,278,660 Subordinated Debentures Donegal Mutual holds a $5.0 million surplus note that MICO issued to increase MICO’s statutory surplus. The surplus note carries an interest rate of 5.00%, and any repayment of principal or payment of interest on the surplus note requires prior approval of the Michigan Department of Insurance and Financial Services.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	8 - Share–Based Compensation We measure all share-based payments to employees, including grants of stock options, and use a fair-value-based method for the recording of related compensation expense in our results of operations. In determining the expense we record for stock options granted to directors and employees of our subsidiaries and affiliates, we estimate the fair value of each option award on the date of grant using the Black-Scholes option pricing model. The significant assumptions we utilize in applying the Black-Scholes option pricing model are the risk-free interest rate, the expected term, the dividend yield and the expected volatility. We charged compensation expense related to our stock compensation plans against income before income taxes of $330,304 and $442,653 for the three months ended March 31, 2020 and 2019, respectively, with a corresponding income tax benefit of $69,364 and $92,957, respectively. At March 31, 2020, we had $1.6 million of unrecognized compensation expense related to nonvested share-based compensation granted under our stock compensation plans that we expect to recognize over a weighted average period of approximately 1.7 We received cash from option exercises under all stock compensation plans during the three months ended March 31, 2020 of $912,388. We did not receive any cash from option exercises during the three months ended March 31, 2019. We realized actual tax benefits for the tax deductions related to those option exercises of $14,657

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	9 - Fair Value Measurements We account for financial assets using a framework that establishes a hierarchy that ranks the quality and reliability of the inputs, or assumptions, we use in the determination of fair value, and we classify financial assets and liabilities carried at fair value in one of the following three categories: Level 1 – quoted prices in active markets for identical assets and liabilities; Level 2 – directly or indirectly observable inputs other than Level 1 quoted prices; and Level 3 – unobservable inputs not corroborated by market data. For investments that have quoted market prices in active markets, we use the quoted market price as fair value and include these investments in Level 1 of the fair value hierarchy. We classify publicly-traded equity securities as Level 1. When quoted market prices in active markets are not available, we base fair values on quoted market prices of comparable instruments or price estimates we obtain from independent pricing services and include these investments in Level 2 of the fair value hierarchy. We classify our fixed maturity investments as Level 2. Our fixed maturity investments consist of U.S. Treasury securities and obligations of U.S. government corporations and agencies, obligations of states and political subdivisions, corporate securities and mortgage-backed securities. We present our investments in available-for-sale We present our cash and short-term investments at estimated fair value. We classify these items as Level 1. The carrying values we report in our balance sheet for premium receivables and reinsurance receivables and payables for premiums and paid losses and loss expenses approximate their fair values. The carrying amounts we report in our balance sheets for our subordinated debentures and borrowings under lines of credit approximate their fair values. We classify these items as Level 3. We evaluate our assets and liabilities to determine the appropriate level at which to classify them for each reporting period. The following table presents our fair value measurements for our investments in available-for-sale Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 16,421 $ — $ 16,421 $ — Obligations of states and political subdivisions 63,340 — 63,340 — Corporate securities 153,545 — 153,545 — Mortgage-backed securities 321,157 — 321,157 — Equity securities 46,179 41,826 4,353 — Total investments in the fair value hierarchy $ 600,642 $ 41,826 $ 558,816 $ — The following table presents our fair value measurements for our investments in available-for-sale Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Significant (in thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 19,364 $ — $ 19,364 $ — Obligations of states and political subdivisions 56,796 — 56,796 — Corporate securities 159,243 — 159,243 — Mortgage-backed securities 329,548 — 329,548 — Equity securities 55,478 53,124 2,354 — Totals $ 620,429 $ 53,124 $ 567,305 $ —

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	10 - Income Taxes On March 27, 2020, the Coronavirus Aid, Relief and Security Act (the “CARES Act”) was signed into law. The CARES Act amended net operating loss provisions in effect prior to its enactment. The CARES Act allows for the carryback of losses arising in taxable years beginning after December 31, 2017 and before January 1, 2021 to each of the five taxable years preceding the taxable year of such loss. As a result, we will file amended tax returns to carry back net operating losses from taxable year 2018 to past tax years. We recorded a tax benefit of $1.6 million in the first quarter of 2020 in anticipation of a refund of taxes we paid in prior years as a result of the carryback. At March 31, 2020 and December 31, 2019, respectively, we had no material unrecognized tax benefits or accrued interest and penalties. Tax years 2016 through 2019 remained open for examination at March 31, 2020. We provide a valuation allowance when we believe it is more likely than not that we will not realize some portion of our tax assets. We established a valuation allowance of

Liability for Losses and Loss E

Liability for Losses and Loss Expenses	3 Months Ended
	Mar. 31, 2020
Text Block [Abstract]
Liability for Losses and Loss Expenses	11 - Liability for Losses and Loss Expenses The establishment of an appropriate liability for losses and loss expenses is an inherently uncertain process, and we can provide no assurance that our insurance subsidiaries’ ultimate liability for losses and loss expenses will not exceed their loss and loss expense reserves and have an adverse effect on our results of operations and financial condition. Furthermore, we cannot predict the timing, frequency and extent of adjustments to our insurance subsidiaries’ estimated future liabilities, because the historical conditions and events that serve as a basis for our insurance subsidiaries’ estimates of ultimate claim costs may change. As is the case for substantially all property and casualty insurance companies, our insurance subsidiaries have found it necessary in the past to increase their estimated future liabilities for losses and loss expenses in certain periods, and, in other periods, their estimated future liabilities for losses and loss expenses have exceeded their actual liabilities for losses and loss expenses. Changes in our insurance subsidiaries’ estimate of their liability for losses and loss expenses generally reflect actual payments and their evaluation of information received subsequent to the prior reporting period. We summarize activity in our insurance subsidiaries’ liability for losses and loss expenses as follows: Three Months Ended 2020 2019 (in thousands) Balance at January 1 $ 869,674 $ 814,665 Less reinsurance recoverable (362,768 ) (339,267 ) Net balance at January 1 506,906 475,398 Incurred related to: Current year 121,551 127,117 Prior years (4,304 ) (4,006 ) Total incurred 117,247 123,111 Paid related to: Current year 39,689 43,232 Prior years 68,050 66,305 Total paid 107,739 109,537 Net balance at end of period 516,414 488,972 Plus reinsurance recoverable 371,798 347,548 Balance at end of period $ 888,212 $ 836,520 Our insurance subsidiaries recognized a decrease in their liability for losses and loss expenses of prior years of $4.3 million of the December 31, 2019 net carried reserves and resulted primarily from lower-than-expected severity in ne arly represented 0.8% of the December 31, 2018 net carried reserves and resulted primarily from lower-than-expected severity in the workers’ compensation line of business. The majority of the 2019 development related to decreases in the liability for losses and loss expenses of prior years for Michigan. Short-duration contracts are contracts for which our insurance subsidiaries receive premiums that they recognize as revenue over the period of the contract in proportion to the amount of insurance protection our insurance subsidiaries provide. Our insurance subsidiaries consider the policies they issue to be short-duration contracts. We consider the material lines of business of our insurance subsidiaries to be personal automobile, homeowners, commercial automobile, commercial multi-peril and workers’ compensation. Our insurance subsidiaries determine incurred but not reported (“IBNR”) reserves by subtracting the cumulative loss and loss expense amounts our insurance subsidiaries have paid and the case reserves our insurance subsidiaries have established at the balance sheet date from their actuaries’ estimate of the ultimate cost of losses and loss expenses. Accordingly, the IBNR reserves of our insurance subsidiaries include their actuaries’ projections of the cost of unreported claims as well as their actuaries’ projected development of case reserves on known claims and reopened claims. Our insurance subsidiaries’ methodology for estimating IBNR reserves has been in place for many years, and their actuaries made no significant changes to that methodology during the three months ended March 31, 2020. The actuaries for our insurance subsidiaries generally prepare an initial estimate for ultimate losses and loss expenses for the current accident year by multiplying earned premium by an expected loss ratio for each line of business our insurance subsidiaries write. Expected loss ratios represent the actuaries’ expectation of losses at the time our insurance subsidiaries price and write their policies and before the emergence of any actual claims experience. The actuaries determine an expected loss ratio by analyzing historical experience and adjusting for loss cost trends, loss frequency and severity trends, premium rate level changes, reported and paid loss emergence patterns and other known or observed factors. The actuaries use a variety of actuarial methods to estimate the ultimate cost of losses and loss expenses. These methods include paid loss development, incurred loss development and the Bornhuetter-Ferguson method. The actuaries base their selection of a point estimate on a judgmental weighting of the estimates each of these methods produce. The actuaries consider loss frequency and severity trends when they develop expected loss ratios and point estimates. Loss frequency is a measure of the number of claims per unit of insured exposure, and loss severity is a measure of the average size of claims. Factors that affect loss frequency include changes in weather patterns and economic activity. Factors that affect loss severity include changes in policy limits, reinsurance retentions, inflation rates and judicial interpretations. Our insurance subsidiaries create a claim file when they receive notice of an actual demand for payment, an event that may lead to a demand for payment or when they otherwise determine that a demand for payment could potentially lead to a future demand for payment on another coverage under the same policy or another policy they have issued. In recent years, our insurance subsidiaries have noted an increase in the period of time between the occurrence of a casualty loss event and the date at which they receive notice of a liability claim. Changes in the length of time between the loss occurrence date and the claim reporting date affect the actuaries’ ability to predict loss frequency accurately and the amount of IBNR reserves our insurance subsidiaries require. Our insurance subsidiaries generally create a claim file for a policy at the claimant level by type of coverage and generally recognize one count for each claim event. In certain lines of business where it is common for multiple parties to claim damages arising from a single claim event, our insurance subsidiaries recognize one count for each claimant involved in the event. Atlantic States recognizes one count for each claim event, or claimant involved in a multiple-party claim event, related to losses Atlantic States assumes through its participation in its pooling agreement with Donegal Mutual. Our insurance subsidiaries accumulate the claim counts and report them by line of business.

Impact of New Accounting Standa

Impact of New Accounting Standards	3 Months Ended
	Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Impact of New Accounting Standards	12 - Impact of New Accounting Standards In February 2016, the FASB issued guidance that requires lessees to recognize leases, including operating leases, on the lessee’s balance sheet, unless a lease is considered a short-term lease. This guidance also requires entities to make new judgments to identify leases. The guidance is effective for annual and interim reporting periods beginning after December 15, 2018 and permits early adoption. Our adoption of this guidance on January 1, 2019 did not have a significant impact on our financial position, results of operations or cash flows. In January 2017, the FASB issued guidance that simplifies the measurement of goodwill by modifying the goodwill impairment test previous guidance required. The guidance requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize impairment for the amount by which the reporting unit’s carrying amount exceeds its fair value. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019 and permits early adoption. We early adopted this guidance in 2019. The adoption of this guidance did not have a significant impact on our financial position, results of operations or cash flows. In August 2018, the FASB issued guidance that modifies disclosure requirements related to fair value measurements. The guidance removes the requirements to disclose the amounts of, and reasons for, transfers between Level 1 and Level 2 of the fair value hierarchy. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019 and permits early adoption. We early adopted this guidance in 2019. The adoption of this guidance on January 1, 2019 did not have a significant impact on our financial position, results of operations or cash flows. In June 2016, the FASB issued guidance that amends previous guidance on the impairment of financial instruments by adding an impairment model that requires an entity to recognize expected credit losses as an allowance rather than impairments as credit losses are incurred. The intent of this guidance is to reduce complexity and result in a more timely recognition of expected credit losses. In November 2019, the FASB issued guidance that delays the effective date for “smaller reporting companies,” as defined in Item 10(f)(1) of Regulation S-K, to We are a smaller reporting company and In December 2019, the FASB issued guidance that simplifies accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The guidance is effective January 1, 2021, using the retrospective method or modified retrospective method for certain changes and the prospective method for all other changes, and permits early adoption. We are in the process of evaluating the impact of the adoption of this guidance on our financial position, results of operations and cash flows.

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2020
Risks and Uncertainties [Abstract]
Risks and Uncertainties	13 - Risks and Uncertainties Beginning in March 2020, the COVID-19 COVID-19 COVID-19 • the revenues of our insurance subsidiaries may decrease as a result of reduced demand for their insurance products as the ongoing economic disruption adversely impacts current and potential insurance customers; • our insurance subsidiaries may incur an increase in their losses and loss expenses in certain lines of business as a result of COVID-19 • our insurance subsidiaries may incur increased costs related to legal disputes over policy coverages or exclusions and their defense against litigation related to COVID-19; • legislative, judicial and regulatory actions may expand coverage definitions, retroactively mandate coverage or otherwise require our insurance subsidiaries to pay losses for damages that their policies explicitly excluded or did not intend to cover; • legislative, judicial and regulatory actions may require our insurance subsidiaries to reduce or refund premiums, suspend cancellation of policies for non-payment • our insurance subsidiaries may not be able to collect premium balances due to them, resulting in reduced operating cash flows and an increase in premium write-offs that would increase their operating expenses; • our insurance subsidiaries may suffer declines in the market values of their investments as a result of financial market volatility related to COVID-19 • our insurance subsidiaries may experience declines in investment income as a result of lower interest rates that may be available upon reinvestment of the proceeds of maturing investments.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Summary of Reconciliation of Numerators and Denominators Used in Basic and Diluted Per Share Computations	The table below presents for the periods indicated a reconciliation of the numerators and denominators we used to compute basic and diluted net income per share for our Class A common stock and our Class B common stock: Three Months Ended March 31, 2020 2019 Class A Class B Class A Class B (in thousands, except per share data) Basic earnings per share: Numerator: Allocation of net income $ 3,064 $ 667 $ 18,843 $ 4,180 Denominator: Weighted-average shares outstanding 23,260 5,577 22,850 5,577 Basic earnings per share $ 0.13 $ 0.12 $ 0.82 $ 0.75 Diluted earnings per share: Numerator: Allocation of net income $ 3,064 $ 667 $ 18,843 $ 4,180 Denominator: Number of shares used in basic computation 23,260 5,577 22,850 5,577 Weighted-average shares effect of dilutive securities: Director and employee stock options 188 — 71 — Number of shares used in diluted computation 23,448 5,577 22,921 5,577 Diluted earnings per share $ 0.13 $ 0.12 $ 0.82 $ 0.75
Summary of Antidilutive Securities Excluded From Computation Of Earnings Per Share	Three Months Ended March 31, 2020 2019 Number of options to purchase Class A shares excluded 6,196,526 8,967,857

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of Amortized Cost and Estimated Fair Values of Fixed Maturities	The amortized cost and estimated fair values of our fixed maturities at March 31, 2020 were as follows: Amortized Gross Unrealized Gross Unrealized Estimated Va (in thousands) Held to Maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 81,198 $ 4,589 $ — $ 85,787 Obligations of states and political subdivisions 214,108 15,793 89 229,812 Corporate securities 161,681 5,041 4,199 162,523 Mortgage-backed securities 30,170 1,424 — 31,594 Totals $ 487,157 $ 26,847 $ 4,288 $ 509,716 Available for Sale U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 15,850 $ 571 $ — $ 16,421 Obligations of states and political subdivisions 61,607 1,868 135 63,340 Corporate securities 152,968 2,622 2,045 153,545 Mortgage-backed securities 312,136 9,141 120 321,157 Totals $ 542,561 $ 14,202 $ 2,300 $ 554,463 The amortized cost and estimated fair values of our fixed maturities at December 31, 2019 were as follows: Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair (in thousands) Held to Maturity U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 82,916 $ 1,803 $ 69 $ 84,650 Obligations of states and political subdivisions 204,634 14,237 288 218,583 Corporate securities 156,398 8,275 333 164,340 Mortgage-backed securities 32,146 611 16 32,741 Totals $ 476,094 $ 24,926 $ 706 $ 500,314 Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair (in thousands) Available for Sale U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 19,302 $ 82 $ 19 $ 19,365 Obligations of states and political subdivisions 55,162 1,641 7 56,796 Corporate securities 154,946 4,477 180 159,243 Mortgage-backed securities 327,429 2,857 738 329,548 Totals $ 556,839 $ 9,057 $ 944 $ 564,952
Summary of Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity	Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Cost Estimated Fair (in thousands) Held to maturity Due in one year or less $ 32,274 $ 32,482 Due after one year through five years 84,232 88,324 Due after five years through ten years 184,263 191,792 Due after ten years 156,218 165,524 Mortgage-backed securities 30,170 31,594 Total held to maturity $ 487,157 $ 509,716 Available for sale Due in one year or less $ 33,593 $ 33,619 Due after one year through five years 95,836 97,160 Due after five years through ten years 89,588 90,691 Due after ten years 11,408 11,836 Mortgage-backed securities 312,136 321,157 Total available for sale $ 542,561 $ 554,463
Summary of Cost and Estimated Fair Values of Equity Securities	The cost and estimated fair values of our equity securities at March 31, 2020 were as follows: Cost Gross Gains Gross Losses Estimated Fair (in thousands) Equity securities $ 42,523 $ 6,815 $ 3,159 $ 46,179 The cost and estimated fair values of our equity securities at December 31, 2019 were as follows: Cost Gross Gains Gross Losses Estimated Fair (in thousands) Equity securities $ 43,419 $ 12,180 $ 121 $ 55,478
Summary of Gross Investment Gains and Losses before Applicable Income Taxes	Gross investment gains and losses before applicable income taxes for the three months ended March 31, 2020 and 2019 were as follows: Three Months Ended March 31, 2020 2019 (in thousands) Gross investment gains: Fixed maturities $ 423 $ 358 Equity securities 431 5,986 Investment in affiliate — 12,662 854 19,006 Gross investment losses: Fixed maturities 1 318 Equity securities 11,548 591 11,549 909 Net investment (losses) gains $ (10,695 ) $ 18,097
Summary of Fixed Maturities with Unrealized Losses	We held fixed maturities with unrealized losses representing declines that we considered temporary at March 31, 2020 as follows: Less Than 12 Months More Than 12 Months Fair Value Unrealized Losses Fair Unrealized Losses (in thousands) Obligations of states and political subdivisions $ 11,918 $ 224 $ — $ — Corporate securities 111,062 4,957 11,196 1,287 Mortgage-backed securities 5,681 59 4,287 61 Totals $ 128,661 $ 5,240 $ 15,483 $ 1,348 We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2019 as follows: Less Than 12 Months More Than 12 Months Fair Value Unrealized Losses Fair Unrealized Losses (in thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 7,461 $ 46 $ 5,395 $ 42 Obligations of states and political subdivisions 23,339 293 2,327 2 Corporate securities 19,363 263 18,803 250 Mortgage-backed securities 28,507 56 74,089 698 Totals $ 78,670 $ 658 $ 100,614 $ 992

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of Financial Data by Segment	Financial data by segment for the three months ended March 31, 2020 and 2019 is as follows: Three Months Ended March 31, 2020 2019 (in thousands) Revenues: Premiums earned: Commercial lines $ 101,775 $ 91,481 Personal lines 85,478 96,592 Premiums earned 187,253 188,073 Net investment income 7,376 7,049 Investment (losses) gains (10,695 ) 18,097 Equity in earnings of DFSC — 295 Other 977 1,200 Total revenues $ 184,911 $ 214,714 Income before income tax expense: Underwriting income (loss): Commercial lines $ (566 ) $ (1,688 ) Personal lines 4,811 2,473 SAP underwriting income 4,245 785 GAAP adjustments 1,385 551 GAAP underwriting income 5,630 1,336 Net investment income 7,376 7,049 Investment (losses) gains (10,695 ) 18,097 Equity in earnings of DFSC — 295 Other 192 68 Income before income tax (benefit) expense $ 2,503 $ 26,845

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2020
FHLB of Pittsburgh [Member]
Amount of FHLB of Indianapolis/Pittsburgh Stock Purchased, Collateral Pledged and Assets Related to MICO's/Atlantic States Agreement	The table below presents the amount of FHLB of Pittsburgh stock Atlantic States purchased, collateral pledged and assets related to Atlantic States’ membership in the FHLB of Pittsburgh at March 31, 2020. FHLB of Pittsburgh stock purchased and owned $ 3,639,200 Collateral pledged, at par (carrying value $107,645,543) 106,140,378 Borrowing capacity currently available 21,278,660

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements for Investments in Available-for-Sale Fixed Maturity and Equity Securities	The following table presents our fair value measurements for our investments in available-for-sale Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 16,421 $ — $ 16,421 $ — Obligations of states and political subdivisions 63,340 — 63,340 — Corporate securities 153,545 — 153,545 — Mortgage-backed securities 321,157 — 321,157 — Equity securities 46,179 41,826 4,353 — Total investments in the fair value hierarchy $ 600,642 $ 41,826 $ 558,816 $ — The following table presents our fair value measurements for our investments in available-for-sale Fair Value Measurements Using Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Significant (in thousands) U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 19,364 $ — $ 19,364 $ — Obligations of states and political subdivisions 56,796 — 56,796 — Corporate securities 159,243 — 159,243 — Mortgage-backed securities 329,548 — 329,548 — Equity securities 55,478 53,124 2,354 — Totals $ 620,429 $ 53,124 $ 567,305 $ —

Liability for Losses and Loss_2

Liability for Losses and Loss Expenses (Tables)	3 Months Ended
	Mar. 31, 2020
Text Block [Abstract]
Summary of Insurance Subsidiaries' Liability for Losses and Loss Expenses	We summarize activity in our insurance subsidiaries’ liability for losses and loss expenses as follows: Three Months Ended 2020 2019 (in thousands) Balance at January 1 $ 869,674 $ 814,665 Less reinsurance recoverable (362,768 ) (339,267 ) Net balance at January 1 506,906 475,398 Incurred related to: Current year 121,551 127,117 Prior years (4,304 ) (4,006 ) Total incurred 117,247 123,111 Paid related to: Current year 39,689 43,232 Prior years 68,050 66,305 Total paid 107,739 109,537 Net balance at end of period 516,414 488,972 Plus reinsurance recoverable 371,798 347,548 Balance at end of period $ 888,212 $ 836,520

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Millions	3 Months Ended	80 Months Ended
	Mar. 31, 2020USD ($)Segment	Mar. 31, 2020shares	Mar. 08, 2019USD ($)	Jul. 18, 2013shares
Business Acquisition [Line Items]
Operations commenced date	Aug. 26, 1986
Number of operating segments | Segment	3
Voting power percentage of outstanding common stock	71.00%
Atlantic States [Member]
Business Acquisition [Line Items]
Percentage of share in results of pooled business subsidiary	80.00%
Donegal Mutual [Member]
Business Acquisition [Line Items]
Percentage of share in results of pooled business owned by third party	20.00%
DFSC and North West [Member]
Business Acquisition [Line Items]
Consideration from sale of business	$ 20.5
Consideration from sale of business fair value at closing date	20.9
DFSC and North West [Member] | Donegal Mutual Insurance Company [Member]
Business Acquisition [Line Items]
Consideration from sale of business	85.8
Proceeds from dividend	$ 29.2
Donegal Financial Services Corporation [Member]
Business Acquisition [Line Items]
Outstanding stock ownership percentage	48.20%	48.20%
Gain (Loss) on Sale of Equity Investments	$ 12.7
Donegal Financial Services Corporation [Member] | DFSC and North West [Member]
Business Acquisition [Line Items]
Dividend payment to be received			$ 14.1
Class A Common Stock [Member]
Business Acquisition [Line Items]
Stock ownership percentage held by major shareholder	42.00%
Class A Common Stock [Member] | Stock Repurchase Program Two [Member]
Business Acquisition [Line Items]
Authority to purchase shares | shares				500,000
Common stock shares purchased | shares		57,658
Class B Common Stock [Member]
Business Acquisition [Line Items]
Stock ownership percentage held by major shareholder	84.00%

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Minimum percentage of class A common stock declared dividend excess over class B dividend	10.00%

Earnings Per Share - Summary of

Earnings Per Share - Summary of Reconciliation of Numerators and Denominators Used in Basic and Diluted Per Share Computations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class A Common Stock [Member]
Numerator:
Allocation of net income (loss)	$ 3,064	$ 18,843
Denominator:
Weighted-average shares outstanding	23,260	22,850
Basic earnings (loss) per share	$ 0.13	$ 0.82
Numerator:
Allocation of net income (loss)	$ 3,064	$ 18,843
Denominator:
Number of shares used in basic computation	23,260	22,850
Weighted-average shares effect of dilutive securities:
Director and employee stock options	188	71
Number of shares used in diluted computation	23,448	22,921
Diluted earnings (loss) per share	$ 0.13	$ 0.82
Class B Common Stock [Member]
Numerator:
Allocation of net income (loss)	$ 667	$ 4,180
Denominator:
Weighted-average shares outstanding	5,577	5,577
Basic earnings (loss) per share	$ 0.12	$ 0.75
Numerator:
Allocation of net income (loss)	$ 667	$ 4,180
Denominator:
Number of shares used in basic computation	5,577	5,577
Weighted-average shares effect of dilutive securities:
Director and employee stock options	0
Number of shares used in diluted computation	5,577	5,577
Diluted earnings (loss) per share	$ 0.12	$ 0.75

Earnings Per Share - Summary _2

Earnings Per Share - Summary of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of options to purchase Class A shares excluded	6,196,526	8,967,857

Reinsurance - Additional Inform

Reinsurance - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020USD ($)
Ceded Credit Risk [Line Items]
Loss reinsurance, set retention amount for property losses	$ 2,000,000
Third Party Reinsurance [Member]
Ceded Credit Risk [Line Items]
Percentage of accumulation of losses	100.00%
Catastrophe reinsurance, set retention amount	$ 15,000,000
Maximum amount of loss coverage under reinsurance agreement of property catastrophe	$ 185,000,000
Atlantic States [Member]
Ceded Credit Risk [Line Items]
Percentage of share in results of pooled business subsidiary	80.00%
Donegal Mutual [Member]
Ceded Credit Risk [Line Items]
Percentage of share in results of pooled business owned by third party	20.00%
Percentage of accumulation of losses	100.00%
Catastrophe reinsurance, set retention amount	$ 2,000,000
Maximum amount of loss coverage under reinsurance agreement of property catastrophe	13,000,000
Additional coverage amount	$ 5,000,000

Investments - Summary of Amorti

Investments - Summary of Amortized Cost and Estimated Fair Values of Fixed Maturities (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Total held to maturity, Amortized Cost	$ 487,156,618	$ 476,093,782
Held to Maturity, Gross Unrealized Gains	26,847,000	24,926,000
Held to Maturity, Gross Unrealized Losses	4,288,000	706,000
Total held to maturity, Estimated Fair Value	509,716,000	500,314,000
Available for Sale, Amortized Cost	542,561,000	556,839,000
Available for Sale, Gross Unrealized Gains	14,202,000	9,057,000
Available for Sale, Gross Unrealized Losses	2,300,000	944,000
Available for Sale, Estimated Fair Value	554,463,000	564,952,000
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member]
Schedule of Equity Method Investments [Line Items]
Total held to maturity, Amortized Cost	81,198,000	82,916,000
Held to Maturity, Gross Unrealized Gains	4,589,000	1,803,000
Held to Maturity, Gross Unrealized Losses		69,000
Total held to maturity, Estimated Fair Value	85,787,000	84,650,000
Available for Sale, Amortized Cost	15,850,000	19,302,000
Available for Sale, Gross Unrealized Gains	571,000	82,000
Available for Sale, Gross Unrealized Losses		19,000
Available for Sale, Estimated Fair Value	16,421,000	19,365,000
Obligations of States and Political Subdivisions [Member]
Schedule of Equity Method Investments [Line Items]
Total held to maturity, Amortized Cost	214,108,000	204,634,000
Held to Maturity, Gross Unrealized Gains	15,793,000	14,237,000
Held to Maturity, Gross Unrealized Losses	89,000	288,000
Total held to maturity, Estimated Fair Value	229,812,000	218,583,000
Available for Sale, Amortized Cost	61,607,000	55,162,000
Available for Sale, Gross Unrealized Gains	1,868,000	1,641,000
Available for Sale, Gross Unrealized Losses	135,000	7,000
Available for Sale, Estimated Fair Value	63,340,000	56,796,000
Corporate Securities [Member]
Schedule of Equity Method Investments [Line Items]
Total held to maturity, Amortized Cost	161,681,000	156,398,000
Held to Maturity, Gross Unrealized Gains	5,041,000	8,275,000
Held to Maturity, Gross Unrealized Losses	4,199,000	333,000
Total held to maturity, Estimated Fair Value	162,523,000	164,340,000
Available for Sale, Amortized Cost	152,968,000	154,946,000
Available for Sale, Gross Unrealized Gains	2,622,000	4,477,000
Available for Sale, Gross Unrealized Losses	2,045,000	180,000
Available for Sale, Estimated Fair Value	153,545,000	159,243,000
Mortgage-Backed Securities [Member]
Schedule of Equity Method Investments [Line Items]
Total held to maturity, Amortized Cost	30,170,000	32,146,000
Held to Maturity, Gross Unrealized Gains	1,424,000	611,000
Held to Maturity, Gross Unrealized Losses		16,000
Total held to maturity, Estimated Fair Value	31,594,000	32,741,000
Available for Sale, Amortized Cost	312,136,000	327,429,000
Available for Sale, Gross Unrealized Gains	9,141,000	2,857,000
Available for Sale, Gross Unrealized Losses	120,000	738,000
Available for Sale, Estimated Fair Value	$ 321,157,000	$ 329,548,000

Investments - Additional Inform

Investments - Additional Information (Detail)	Nov. 30, 2013USD ($)	Mar. 31, 2020USD ($)Securities	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Schedule of Investments [Line Items]
Net unrealized losses arising prior to reclassification date	$ 15,100,000
Amortization of unrealized losses recorded in accumulated other comprehensive income (loss)		$ 260,368	$ 270,543
Accumulated other comprehensive loss		3,704,010		$ 504,170
Equity [Member]
Schedule of Investments [Line Items]
Gain on equity securities		430,676	6,000,000
Loss on equity securities		8,500,000	$ 7,040
Obligations of States and Political Subdivisions [Member]
Schedule of Investments [Line Items]
Aggregate fair value of bond held		195,500,000		182,000,000
Amortized cost of bond held		184,300,000		172,300,000
Special Revenue Bonds [Member]
Schedule of Investments [Line Items]
Aggregate fair value of bond held		97,700,000		93,400,000
Amortized cost of bond held		$ 91,400,000		$ 87,500,000
Education Bonds [Member]
Schedule of Investments [Line Items]
Percentage of investments in special revenue bonds		42.00%		44.00%
Water and Sewer Utility Bonds [Member]
Schedule of Investments [Line Items]
Percentage of investments in special revenue bonds		38.00%		35.00%
Fixed Maturities [Member]
Schedule of Investments [Line Items]
Number of fixed maturity securities classified as available for sale | Securities		141
Accumulated Net Unrealized Investment Losses [Member]
Schedule of Investments [Line Items]
Accumulated other comprehensive loss		$ 7,200,000		$ 7,500,000
Minimum [Member]
Schedule of Investments [Line Items]
Percentage of which the company held security of any issuer		10.00%		10.00%

Investments - Summary of Amor_2

Investments - Summary of Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity (Detail) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Held to maturity
Due in one year or less, Amortized Cost	$ 32,274,000
Due after one year through five years, Amortized Cost	84,232,000
Due after five years through ten years, Amortized Cost	184,263,000
Due after ten years, Amortized Cost	156,218,000
Mortgage-backed securities, Amortized Cost	30,170,000
Total held to maturity, Amortized Cost	487,156,618	$ 476,093,782
Available for sale
Due in one year or less, Amortized Cost	33,593,000
Due after one year through five years, Amortized Cost	95,836,000
Due after five years through ten years, Amortized Cost	89,588,000
Due after ten years, Amortized Cost	11,408,000
Mortgage-backed securities, Amortized Cost	312,136,000
Total available for sale, Amortized Cost	542,561,000
Held to maturity
Due in one year or less, Estimated Fair Value	32,482,000
Due after one year through five years, Estimated Fair Value	88,324,000
Due after five years through ten years, Estimated Fair Value	191,792,000
Due after ten years, Estimated Fair Value	165,524,000
Mortgage-backed securities, Estimated Fair Value	31,594,000
Total held to maturity, Estimated Fair Value	509,716,000	500,314,000
Available for sale
Due in one year or less, Estimated Fair Value	33,619,000
Due after one year through five years, Estimated Fair Value	97,160,000
Due after five years through ten years, Estimated Fair Value	90,691,000
Due after ten years, Estimated Fair Value	11,836,000
Mortgage-backed securities, Estimated Fair Value	321,157,000
Total available for sale, Estimated Fair Value	$ 554,463,492	$ 564,951,803

Investments - Summary of Cost a

Investments - Summary of Cost and Estimated Fair Value of Equity Securities (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Cost	$ 42,523,000	$ 43,419,000
Gross Gains	6,815,000	12,180,000
Gross Losses	3,159,000	121,000
Estimated Fair Value	$ 46,179,107	$ 55,477,556

Investments - Summary of Gross

Investments - Summary of Gross Investment Gains and Losses before Applicable Income Taxes (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Gain (Loss) on Securities [Line Items]
Gross investment gains	$ 854,000	$ 19,006,000
Gross investment losses	11,549,000	909,000
Net investment (losses) gains	(10,694,843)	18,097,113
Fixed Maturities [Member]
Gain (Loss) on Securities [Line Items]
Gross investment gains	423,000	358,000
Gross investment losses	1,000	318,000
Investments In Affiliates [Member]
Gain (Loss) on Securities [Line Items]
Gross investment gains		12,662,000
Equity Securities [Member]
Gain (Loss) on Securities [Line Items]
Gross investment gains	431,000	5,986,000
Gross investment losses	$ 11,548,000	$ 591,000

Investments - Summary of Fixed

Investments - Summary of Fixed Maturities with Unrealized Losses (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	$ 128,661	$ 78,670
Less Than 12 Months, Unrealized Losses	5,240	658
More Than 12 Months, Fair Value	15,483	100,614
More Than 12 Months, Unrealized Losses	1,348	992
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member]
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value		7,461
Less Than 12 Months, Unrealized Losses		46
More Than 12 Months, Fair Value		5,395
More Than 12 Months, Unrealized Losses		42
Obligations of States and Political Subdivisions [Member]
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	11,918	23,339
Less Than 12 Months, Unrealized Losses	224	293
More Than 12 Months, Fair Value		2,327
More Than 12 Months, Unrealized Losses		2
Corporate Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	111,062	19,363
Less Than 12 Months, Unrealized Losses	4,957	263
More Than 12 Months, Fair Value	11,196	18,803
More Than 12 Months, Unrealized Losses	1,287	250
Mortgage-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	5,681	28,507
Less Than 12 Months, Unrealized Losses	59	56
More Than 12 Months, Fair Value	4,287	74,089
More Than 12 Months, Unrealized Losses	$ 61	$ 698

Segment Information - Summary o

Segment Information - Summary of Financial Data by Segment (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Premiums earned:
Premiums earned	$ 187,252,778	$ 188,073,242
Net investment income	7,376,284	7,048,503
Investment (losses) gains	(10,694,843)	18,097,113
Equity in earnings of DFSC	0	295,000
Other	977,000	1,200,000
Total revenues	184,911,206	214,713,874
Underwriting income (loss):
SAP underwriting income	4,245,000	785,000
GAAP adjustments	1,385,000	551,000
GAAP underwriting income	5,630,000	1,336,000
Net investment income	7,376,284	7,048,503
Investment (losses) gains	(10,694,843)	18,097,113
Equity in earnings of DFSC	0	295,000
Other	192,000	68,000
Income before income tax (benefit) expense	2,503,171	26,845,024
Commercial Lines [Member]
Premiums earned:
Premiums earned	101,775,000	91,481,000
Underwriting income (loss):
SAP underwriting income	(566,000)	(1,688,000)
Personal Lines [Member]
Premiums earned:
Premiums earned	85,478,000	96,592,000
Underwriting income (loss):
SAP underwriting income	$ 4,811,000	$ 2,473,000

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Line of Credit Facility [Line Items]
Line of credit expiration month and year	2020-07
Line of credit, interest rate description	interest rates equal to M&T’s current prime rate or the then-current LIBOR rate plus 2.25%
Percentage commitment fee	0.15%
Manufacturers and Traders Trust Company [Member]
Line of Credit Facility [Line Items]
Line of credit facility remaining borrowing capacity		$ 30,000,000
Line of credit covenant description	The credit agreement requires our compliance with certain covenants. These covenants include minimum levels of our net worth, leverage ratio, statutory surplus and the A.M. Best ratings of our insurance subsidiaries. In addition, Atlantic States has guaranteed our payment obligations under the new credit agreement. We complied with all requirements of the credit agreement during the three months ended March 31, 2020.
FHLB of Pittsburgh [Member] | Atlantic States [Member]
Line of Credit Facility [Line Items]
Right to request for extension of credit agreement with Manufacturers and Traders Trust Company	$ 21,278,660
Outstanding advances	35,000,000
Federal home loan bank, fixed rate advances	35,000,000
Pre-Payment of Penalty	176,000
Revolving Credit Facility [Member] | Manufacturers and Traders Trust Company [Member]
Line of Credit Facility [Line Items]
Right to request for extension of credit agreement with Manufacturers and Traders Trust Company		$ 30,000,000
Line of credit facility amount outstanding	$ 0
Debt Instrument variable interest rate spread	2.25%
Line of Credit [Member] | FHLB of Pittsburgh [Member] | Atlantic States [Member]
Line of Credit Facility [Line Items]
Interest rate on advances	1.74%
Subordinated Debentures [Member]
Line of Credit Facility [Line Items]
Debt instrument stated interest rate	5.00%
Subordinated Debentures [Member] | West Bend Mutual Insurance Company [Member]
Line of Credit Facility [Line Items]
Surplus note	$ 5,000,000
Subordinated Debentures [Member] | FHLB of Pittsburgh [Member] | Line of Credit [Member] | March 2021 Due [Member]
Line of Credit Facility [Line Items]
Outstanding advances	$ 50,000,000
Interest rate on advances	0.83%

Borrowings - Amount of FHLB of

Borrowings - Amount of FHLB of Indianapolis/Pittsburgh Stock Purchased, Collateral Pledged and Assets Related to MICO's/Atlantic States Agreement (Detail) - Atlantic States [Member] - FHLB of Pittsburgh [Member]	Mar. 31, 2020USD ($)
Amount of FHLB of Indianapolis/Pittsburgh stock purchased, collateral pledged and assets related to MICO's/Atlantic States Agreement
FHLB stock purchased and owned	$ 3,639,200
Collateral pledged, at par	106,140,378
Borrowing capacity currently available	$ 21,278,660

Borrowings - Amount of FHLB o_2

Borrowings - Amount of FHLB of Indianapolis/Pittsburgh Stock Purchased, Collateral Pledged and Assets Related to MICO's/Atlantic States Agreement (Parenthetical) (Detail)	Mar. 31, 2020USD ($)
FHLB of Pittsburgh [Member] | Atlantic States [Member]
Line of Credit Facility [Line Items]
Collateral Pledged at carrying value	$ 107,645,543

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation expense in stock compensation plans	$ 330,304	$ 442,653
Income tax benefit of stock compensation plans	69,364	92,957
Unrecognized compensation expense related to nonvested share-based compensation granted under the plan	$ 1,600,000
Weighted average period of unrecognized compensation expense	1 year 8 months 12 days
Cash from option exercises	$ 912,388	0
Tax benefit for tax deductions related to option exercises	$ 14,657	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurements for Investments in Available-for-Sale Fixed Maturity and Equity Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	$ 554,463	$ 564,952
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	16,421	19,365
Obligations of States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	63,340	56,796
Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	153,545	159,243
Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	321,157	329,548
Assets and Liabilities on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure		620,429
Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	600,642
Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	16,421	19,364
Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	63,340	56,796
Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	153,545	159,243
Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	321,157	329,548
Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	46,179	55,478
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Assets and Liabilities on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure		53,124
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	41,826
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	41,826	53,124
Significant Other Observable Inputs (Level 2) [Member] | Assets and Liabilities on Recurring Basis [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure		567,305
Significant Other Observable Inputs (Level 2) [Member] | Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	558,816
Significant Other Observable Inputs (Level 2) [Member] | Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	16,421	19,364
Significant Other Observable Inputs (Level 2) [Member] | Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | Obligations of States and Political Subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	63,340	56,796
Significant Other Observable Inputs (Level 2) [Member] | Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | Corporate Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	153,545	159,243
Significant Other Observable Inputs (Level 2) [Member] | Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | Mortgage-Backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	321,157	329,548
Significant Other Observable Inputs (Level 2) [Member] | Assets and Liabilities on Recurring Basis [Member] | Total Investments in the Fair Value Hierarchy [Member] | Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities, Fair Value Disclosure	$ 4,353	$ 2,354

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Other deferred tax assets, net	$ 25,000	$ 26,100
Income tax refund receivable	1,600
Parent Company [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance related to the portion of operating loss carryforwards	$ 7,500
Earliest Tax Year [Member]
Operating Loss Carryforwards [Line Items]
Tax years open for examination	2016
Latest Tax Year [Member]
Operating Loss Carryforwards [Line Items]
Tax years open for examination	2019
Le Mars [Member]
Operating Loss Carryforwards [Line Items]
Valuation allowance related to the portion of operating loss carryforwards	$ 18,033
Operating loss carryforwards	$ 581,305
Operating loss carryforwards expiration period	2020
Operating loss carryforwards annual limitations in amount on use	$ 376,000

Liability for Losses and Loss_3

Liability for Losses and Loss Expenses - Summary of Insurance Subsidiaries' Liability for Losses and Loss Expenses (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Liability for Claims and Claims Adjustment Expense [Abstract]
Balance at January 1	$ 869,673,849	$ 814,665,000
Less reinsurance recoverable	(362,768,000)	(339,267,000)
Net balance at January 1	506,906,000	475,398,000
Incurred related to:
Current year	121,551,000	127,117,000
Prior years	(4,304,000)	(4,006,000)
Total incurred	117,247,000	123,111,000
Paid related to:
Current year	39,689,000	43,232,000
Prior years	68,050,000	66,305,000
Total paid	107,739,000	109,537,000
Net balance at end of period	516,414,000	488,972,000
Plus reinsurance recoverable	371,798,000	347,548,000
Balance at end of period	$ 888,212,299	$ 836,520,000

Liability for Losses and Loss_4

Liability for Losses and Loss Expenses - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Increase (Decrease) in liability for losses and loss expenses of prior years	$ (4,304)	$ (4,006)
Percentage of 2010 development	0.80%	0.80%