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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Operating Activities      
Net income $ 1,004 $ 47,057 $ 107,264
Adjustments to reconcile income to net cash provided by operating activities:      
Depreciation and amortization, net of accretion 18,665 21,255 28,796
(Increase) decrease in cash surrender value of BOLI (2,016) (1,983) (1,979)
Net realized investment (gains) losses (59,874) 43,488 (16,409)
Share-based compensation 3,527 5,321 10,615
Deferred income tax expense (benefit) (28,643) (11,824) 1,693
Policy acquisition costs, net of amortization (net deferral) (1,451) (3,855) (3,452)
Equity in (earnings) loss of unconsolidated subsidiaries 10,061 (8,948) (8,033)
Distributed earnings from unconsolidated subsidiaries 25,849 31,219 24,392
Other 2,175 1,168 108
Other changes in assets and liabilities:      
Premiums receivable 11,926 (23,381) (14,605)
Reinsurance related assets and liabilities (52,902) 4,697 (56,449)
Other assets (13,481) (4,206) (792)
Reserve for losses and loss adjustment expenses 226,679 71,466 54,953
Unearned premiums (2,125) 16,327 26,321
Other liabilities 8,772 (10,536) 20,965
Net cash provided (used) by operating activities 148,166 177,265 173,388
Purchases of:      
Fixed maturities, available for sale (695,552) (780,698) (614,440)
Fixed maturities, trading (8,254) (38,544) 0
Equity investments (116,092) (203,157) (207,857)
Other investments (28,851) (32,153) (50,362)
Funding of qualified affordable housing project tax credit partnerships (357) 0 (507)
Investment in unconsolidated subsidiaries (69,411) (78,141) (42,183)
Proceeds from sales or maturities of:      
Fixed maturities, available for sale 568,572 914,021 932,070
Equity investments 359,727 210,481 146,356
Other investments 29,017 29,815 25,372
Return of invested capital from unconsolidated subsidiaries 42,478 84,534 32,539
Net sales or maturities (purchases) of short-term investments (30,718) 123,886 4,167
Unsettled security transactions, net change (6,455) (4,022) (2,031)
Purchases of capital assets (9,586) (9,636) (10,485)
Repayments (advances) under Syndicate Credit Agreement 16,009 (184) (10,339)
Other (5) (1,305) (2,025)
Net cash provided (used) by investing activities 50,522 214,897 200,275
Financing Activities      
Borrowings (repayments) under Revolving Credit Agreement 0 (123,000) (77,000)
Proceeds (repayments) of Mortgage Loans (1,447) (1,396) 40,460
Dividends to shareholders (93,204) (316,476) (315,228)
Capital contribution received from (return of capital to) external segregated portfolio cell participants (5,024) (1,005) 2,936
Other (4,115) (4,309) (7,683)
Net cash provided (used) by financing activities (103,790) (446,186) (356,515)
Increase (decrease) in cash and cash equivalents 94,898 (54,024) 17,148
Cash and cash equivalents at beginning of period 80,471 134,495 117,347
Cash and cash equivalents at end of period 175,369 80,471 134,495
Supplemental Disclosure of Cash Flow Information      
Cash paid during the year for income taxes, net of refunds 2,748 5,726 17,193
Cash paid during the year for interest 14,294 16,165 15,892
Significant Non-Cash Transactions      
Operating ROU assets obtained in exchange for operating lease liabilities 5,436 0 0
Dividends declared and not yet paid $ 16,676 $ 43,446 $ 267,292