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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities    
Net income $ 37,983 $ 56,986
Less net loss from discontinued operations, net of taxes 0 (1,912)
Adjustments to reconcile net income to net cash provided by operating activities    
Net accretion of bond premium 7,074 6,518
Depreciation and amortization 4,235 4,015
Stock-based compensation expense 5,248 4,040
Net realized investment (gains) losses (50,126) (7,404)
Net cash flows from equity and trading investments 911 21,253
Deferred income tax benefit 8,829 (6,259)
Changes in:    
Accrued investment income 170 (3,032)
Premiums receivable (40,792) (50,780)
Deferred policy acquisition costs (5,704) (7,038)
Reinsurance receivables 3,664 (2,954)
Prepaid reinsurance premiums (887) (2,107)
Income taxes receivable 3,029 (4,238)
Other assets (17,645) (223)
Losses and loss settlement expenses 48,056 53,894
Unearned premiums 35,296 43,459
Accrued expenses and other liabilities 16,821 (3,654)
Income taxes payable 0 0
Deferred income taxes (434) (8,298)
Other, net 437 3,951
Cash from operating activities - continuing operations 18,182 41,143
Cash from operating activities - discontinued operations 0 4,024
Cash from operating activities - gain on sale of discontinued operations 0 (34,851)
Total adjustments 18,182 10,316
Net cash provided by operating activities 56,165 69,214
Cash Flows From Investing Activities    
Proceeds from sale of available-for-sale investments 36,490 129,865
Proceeds from call and maturity of available-for-sale investments 206,478 101,837
Proceeds from short-term and other investments 3,607 8,527
Proceeds from the sale of discontinued operations 0 276,055
Purchase of available-for-sale investments (151,528) (485,656)
Purchase of mortgage loans (10,723) (14,896)
Purchase of short-term and other investments (16,939) (3,824)
Net purchases and sales of property and equipment (27,796) (23,760)
Cash from investing activities - continuing operations 39,589 (11,852)
Cash from investing activities - discontinued operations 0 14,343
Net cash provided by investing activities 39,589 2,491
Cash Flows From Financing Activities    
Payment of cash dividends (24,406) (97,635)
Repurchase of common stock (8,127) (5,404)
Issuance of common stock 2,033 6,391
Cash from financing activities - continuing operations (30,500) (96,648)
Cash from financing activities - discontinued operations 0 (11,547)
Net cash used in financing activities (30,500) (108,195)
Net Change in Cash and Cash Equivalents 65,254 (36,490)
Less: increase in cash and cash equivalents - discontinued operations 0 (6,820)
Net increase in cash and cash equivalents - continuing operations 65,254 (43,310)
Cash and Cash Equivalents at Beginning of Period - Continuing Operations 64,454 95,562
Cash and Cash Equivalents at End of Period - Continuing Operations $ 129,708 $ 52,252