v3.19.3
Fair Value Measurements (Tables)
|
9 Months Ended |
|
Fair Value Disclosures [Abstract] |
|
Schedule of Assets Measured at Fair Value on Recurring Basis |
At September 30, 2019, assets measured at fair value on a recurring basis are summarized below:
|
|
September 30, 2019 |
|
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
Total Fair
Value |
|
|
|
(in thousands) |
|
Financial instruments carried at fair value, classified as a part of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available-for-sale—fixed maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions |
|
$ |
— |
|
|
$ |
230,191 |
|
|
$ |
— |
|
|
$ |
230,191 |
|
Corporate bonds |
|
|
— |
|
|
|
145,421 |
|
|
|
— |
|
|
|
145,421 |
|
U.S. agency-based mortgage-backed securities |
|
|
— |
|
|
|
24,423 |
|
|
|
— |
|
|
|
24,423 |
|
U.S. Treasury securities |
|
|
40,182 |
|
|
|
— |
|
|
|
— |
|
|
|
40,182 |
|
Total securities available-for-sale—fixed maturity |
|
|
40,182 |
|
|
|
400,035 |
|
|
|
— |
|
|
|
440,217 |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic common stock |
|
|
25,936 |
|
|
|
— |
|
|
|
— |
|
|
|
25,936 |
|
Total |
|
$ |
66,118 |
|
|
$ |
400,035 |
|
|
$ |
— |
|
|
$ |
466,153 |
|
At December 31, 2018, assets measured at fair value on a recurring basis are summarized below:
|
|
December 31, 2018 |
|
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
Total Fair
Value |
|
|
|
(in thousands) |
|
Financial instruments carried at fair value, classified as part of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available-for-sale—fixed maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions |
|
$ |
— |
|
|
$ |
233,245 |
|
|
$ |
— |
|
|
$ |
233,245 |
|
Corporate bonds |
|
|
— |
|
|
|
173,214 |
|
|
|
— |
|
|
|
173,214 |
|
U.S. agency-based mortgage-backed securities |
|
|
— |
|
|
|
12,515 |
|
|
|
— |
|
|
|
12,515 |
|
U.S. Treasury securities and obligations
of U.S. government agencies |
|
|
59,756 |
|
|
|
— |
|
|
|
— |
|
|
|
59,756 |
|
Total securities available-for-sale—fixed maturity |
|
$ |
59,756 |
|
|
$ |
418,974 |
|
|
$ |
— |
|
|
$ |
478,730 |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic common stock |
|
|
18,651 |
|
|
|
— |
|
|
|
— |
|
|
|
18,651 |
|
Total |
|
$ |
78,407 |
|
|
$ |
418,974 |
|
|
$ |
— |
|
|
$ |
497,381 |
|
|
Schedule of Assets Measured at Amortized Cost |
At September 30, 2019, assets measured at amortized cost are summarized below:
|
|
September 30, 2019 |
|
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
Total Fair
Value |
|
|
|
(in thousands) |
|
Securities held-to-maturity—fixed maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions |
|
$ |
— |
|
|
$ |
458,030 |
|
|
$ |
— |
|
|
$ |
458,030 |
|
Corporate bonds |
|
|
— |
|
|
|
117,461 |
|
|
|
— |
|
|
|
117,461 |
|
U.S. agency-based mortgage-backed securities |
|
|
— |
|
|
|
12,516 |
|
|
|
— |
|
|
|
12,516 |
|
U.S. Treasury securities |
|
|
7,891 |
|
|
|
— |
|
|
|
— |
|
|
|
7,891 |
|
Obligations of U.S. government agencies |
|
|
— |
|
|
|
30,007 |
|
|
|
— |
|
|
|
30,007 |
|
Asset-backed securities |
|
|
— |
|
|
|
698 |
|
|
|
— |
|
|
|
698 |
|
Total held-to-maturity |
|
$ |
7,891 |
|
|
$ |
618,712 |
|
|
$ |
— |
|
|
$ |
626,603 |
|
At December 31, 2018, assets measured at amortized cost are summarized below:
|
|
December 31, 2018 |
|
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
Total Fair
Value |
|
|
|
(in thousands) |
|
Securities held-to-maturity—fixed maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions |
|
$ |
— |
|
|
$ |
448,947 |
|
|
$ |
— |
|
|
$ |
448,947 |
|
Corporate bonds |
|
|
— |
|
|
|
91,369 |
|
|
|
— |
|
|
|
91,369 |
|
U.S. agency-based mortgage-backed securities |
|
|
— |
|
|
|
8,349 |
|
|
|
— |
|
|
|
8,349 |
|
U.S. Treasury securities |
|
|
7,111 |
|
|
|
— |
|
|
|
— |
|
|
|
7,111 |
|
Obligations of U.S. government agencies |
|
|
— |
|
|
|
59,932 |
|
|
|
— |
|
|
|
59,932 |
|
Asset-backed securities |
|
|
— |
|
|
|
1,064 |
|
|
|
— |
|
|
|
1,064 |
|
Total held-to-maturity |
|
$ |
7,111 |
|
|
$ |
609,661 |
|
|
$ |
— |
|
|
$ |
616,772 |
|
|
Summary of Carrying Values and Corresponding Fair Values for Financial Instruments |
The following table summarizes the carrying values and corresponding fair values for financial instruments:
|
|
As of September 30, 2019 |
|
|
As of December 31, 2018 |
|
|
|
Carrying
Amount |
|
|
Fair
Value |
|
|
Carrying
Amount |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities—held-to-maturity |
|
$ |
604,161 |
|
|
$ |
626,603 |
|
|
$ |
613,878 |
|
|
$ |
616,772 |
|
Fixed maturity securities—available-for-sale |
|
|
440,217 |
|
|
|
440,217 |
|
|
|
478,730 |
|
|
|
478,730 |
|
Equity securities |
|
|
25,936 |
|
|
|
25,936 |
|
|
|
18,651 |
|
|
|
18,651 |
|
Short-term investments |
|
|
20,964 |
|
|
|
20,964 |
|
|
|
14,231 |
|
|
|
14,231 |
|
Cash and cash equivalents |
|
|
125,870 |
|
|
|
125,870 |
|
|
|
40,344 |
|
|
|
40,344 |
|
|
X |
- DefinitionFair value schedule of assets carried at amortized cost.
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- DefinitionTabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.
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X |
- DefinitionTabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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