XML 17 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities    
Net income $ 52,826 $ 45,582
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 748 760
Net amortization of investments 8,414 10,815
Deferred income taxes 1,388 342
Net realized losses on investments 1,471 761
Net unrealized gains on equity securities (259)  
Net realized losses on disposal of assets   2
Share-based compensation 1,074 1,283
Changes in operating assets and liabilities:    
Premiums receivable, net (4,391) (2,492)
Accrued interest receivable (141) 125
Deferred policy acquisition costs (1,075) (1,606)
Amounts held by others (7,855) 27,848
Other assets 2,692 (5,131)
Reserves for loss and loss adjustment expenses 19,284 12,250
Unearned premiums 7,897 3,792
Reinsurance balances (19,136) (1,320)
Amounts held for others and policyholder deposits 2,621 2,503
Accounts payable and other liabilities 5,185 6,813
Net cash provided by operating activities 70,743 102,327
Investing activities    
Purchases of investments held-to-maturity (71,872) (149,981)
Purchases of investments available-for-sale (82,519) (79,116)
Purchases of equity securities (5,251) (7,499)
Purchases of short-term investments (133,355) (53,789)
Proceeds from maturities of investments held-to-maturity 85,322 112,715
Proceeds from sales and maturities of investments available-for-sale 79,539 82,270
Proceeds from sales and maturities of short-term investments 48,965 17,610
Proceeds from redemptions of other investments 130 9,000
Purchases of property and equipment (1,083) (446)
Net cash used in investing activities (80,124) (69,236)
Financing activities    
Proceeds from stock option exercises 67  
Dividends to shareholders (12,921) (11,649)
Net cash used in financing activities (12,854) (11,649)
Change in cash and cash equivalents (22,235) 21,442
Cash and cash equivalents at beginning of period 55,559 58,936
Cash and cash equivalents at end of period $ 33,324 $ 80,378