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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities    
Net income (loss) $ 30,515 $ (49,308)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Net accretion of bond premium 3,921 5,238
Depreciation and amortization 8,316 7,841
Stock-based compensation expense 3,798 3,124
Net investment (gains) losses 4,403 2,384
Net cash flows from equity and trading investments 56,381 116,080
Deferred income tax expense (benefit) (8,611) (11,633)
Changes in:    
Accrued investment income (135) (2,789)
Premiums receivable (144,092) (109,903)
Deferred policy acquisition costs (22,506) (21,067)
Reinsurance receivables (26,773) (40,692)
Prepaid reinsurance premiums (14,331) (10,125)
Income taxes receivable 4,872 (5,051)
Other assets 7,670 (1,596)
Losses and loss settlement expenses 156,186 139,644
Unearned premiums 100,655 86,275
Accrued expenses and other liabilities 23,840 36,446
Other, net (159) 4,638
Cash from operating activities 153,435 198,814
Net cash provided by (used in) operating activities 183,950 149,506
Cash Flows From Investing Activities    
Proceeds from sale of available-for-sale investments 397,379 48,749
Proceeds from call and maturity of available-for-sale investments 136,227 46,397
Proceeds from sale of other investments 7,613 3,482
Purchase of investments in mortgage loans 0 (8,137)
Purchase of investments available-for-sale (671,083) (232,216)
Purchase of other investments (4,278) (14,899)
Net purchases and sales of property and equipment (8,930) (8,037)
Net cash provided by (used in) investing activities (143,072) (164,661)
Cash Flows From Financing Activities    
Debt Note Issuance 67,011 0
Issuance of common stock (410) (223)
Payment of cash dividends (12,154) (12,122)
Net cash provided by (used in) financing activities 54,447 (12,345)
Net Change in Cash and Cash Equivalents 95,325 (27,500)
Cash and Cash Equivalents at Beginning of Period 102,046 96,650
Cash and Cash Equivalents at End of Period 197,371 69,150
Supplemental Disclosures of Cash Flow Information    
Income taxes paid 10,712 1,336
Interest paid $ 4,800 $ 2,391