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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Operating Activities      
Net income $ 151,081 $ 116,197 $ 196,565
Adjustments to reconcile income to net cash provided by operating activities:      
Amortization, net of accretion 26,337 28,781 32,638
Depreciation 6,452 7,437 6,956
(Increase) decrease in cash surrender value of BOLI (2,008) (2,032) (2,007)
Net realized investment (gains) losses (34,875) 41,639 (14,654)
Share-based compensation 12,455 9,166 10,056
Deferred income taxes 8,534 (15,994) 6,795
Policy acquisition costs, net amortization (net deferral) (2,421) (5,598) 10
Equity in earnings (loss) of unconsolidated subsidiaries 5,762 (3,682) (3,986)
Other 1,772 466 (4,769)
Other changes in assets and liabilities, excluding effect of business combinations:      
Premiums receivable (6,446) (14,506) (15,136)
Receivable from reinsurers on paid losses and loss adjustment expenses 3,803 (2,755) 3,263
Receivable from reinsurers on unpaid losses and loss adjustment expenses (24,125) (11,384) 27,114
Prepaid reinsurance premiums (5,673) (1,935) (5,672)
Other assets 15,665 (10,458) 36,924
Reserve for losses and loss adjustment expenses (11,898) (52,940) (167,747)
Unearned premiums 10,497 16,238 10,097
Reinsurance premiums payable (113) 12,663 (26,377)
Other liabilities 14,321 (179) 5,932
Net cash provided (used) by operating activities 169,120 111,124 96,002
Purchases of:      
Fixed maturities, available for sale (636,377) (580,577) (645,114)
Equity securities, trading (112,912) (271,608) (119,865)
Other investments (18,613) (33,366) (25,109)
Funding of qualified affordable housing tax credit limited partnerships (1,019) (12,477) (8,611)
Investment in unconsolidated subsidiaries (50,890) (61,444) (52,295)
Proceeds from sales or maturities of:      
Fixed maturities, available for sale 752,516 886,886 703,828
Equity securities, trading 85,226 236,476 134,005
Other investments 13,797 33,638 19,942
Distributions from unconsolidated subsidiaries 16,947 28,017 5,428
Net sales or maturities (purchases) of short-term investments (322,872) 11,932 140,411
Cash received in (paid in) acquisition 0 0 35,013
Unsettled security transactions, net change 1,388 2,339 (2,953)
Funds at Lloyd's in support of Syndicate 1729, returned (deposited) 0 0 8,690
(Increase) decrease in restricted cash 0 0 78,000
Purchases of capital assets (10,922) (9,524) (2,883)
Other 4,792 (2,505) (1,507)
Net cash provided (used) by investing activities (278,939) 227,787 266,980
Financing Activities      
Borrowing under revolving credit agreement 100,000 100,000 0
Repurchase of common stock (2,106) (172,772) (222,360)
External capital contribution received for segregated portfolio cells 9,952 836 0
Excess tax benefit from share-based payment arrangements 778 494 2,702
Dividends to shareholders (118,812) (217,626) (71,252)
Other (3,746) (5,783) (4,415)
Net cash provided (used) by financing activities (13,934) (294,851) (295,325)
Increase (decrease) in cash and cash equivalents (123,753) 44,060 67,657
Cash and cash equivalents at beginning of period 241,100 197,040 129,383
Cash and cash equivalents at end of period 117,347 241,100 197,040
Supplemental Disclosure of Cash Flow Information      
Cash paid during the year for income taxes, net of refunds (8,683) 42,784 22,968
Cash paid during the year for interest 14,732 13,996 13,408
Significant non-cash transactions      
Deposit transferred as consideration for acquisition 0 0 205,244
Dividends declared and not yet paid $ 265,659 $ 69,447 $ 167,744