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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net income (loss) $ 99,785 $ (40,053)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Gain on bargain purchase (74,408) 0
Depreciation and amortization, net of accretion 16,320 9,824
(Increase) decrease in cash surrender value of BOLI 230 (913)
Net realized investment (gains) losses (19,682) 8,688
Share-based compensation 2,184 2,032
Deferred income tax expense (benefit) (1,813) (12,827)
Policy acquisition costs, net of amortization (net deferral) (4,906) 3,317
Equity in (earnings) loss of unconsolidated subsidiaries (18,715) 26,917
Distributed earnings from unconsolidated subsidiaries 13,355 27,437
Other 198 2,755
Other changes in assets and liabilities:    
Premiums receivable 23,711 9,540
Reinsurance related assets and liabilities (9,213) (22,190)
Other assets 10,827 (22,740)
Reserve for losses and loss adjustment expenses 22,207 42,655
Unearned premiums (41,294) (20,585)
Other liabilities 12,229 (11,384)
Net cash provided (used) by operating activities 31,015 2,473
Purchases of:    
Fixed maturities, available-for-sale (765,518) (371,876)
Equity investments (119,661) (32,544)
Other investments (48,521) (21,238)
Investment in unconsolidated subsidiaries (9,476) (24,135)
Proceeds from sales or maturities of:    
Fixed maturities, available-for-sale 562,789 433,090
Equity investments 384,989 171,155
Other investments 23,207 19,868
Net sales or (purchases) of fixed maturities, trading 2,123 1,588
Return of invested capital from unconsolidated subsidiaries 37,420 21,742
Net sales or maturities (purchases) of short-term investments 46,987 (138,116)
Unsettled security transactions, net change 39,416 28,808
Purchases of capital assets (3,108) (4,483)
Purchases of intangible assets 0 (1,198)
Cash paid for acquisitions, net of cash acquired (221,576) 0
Other 0 (1,142)
Net cash provided (used) by investing activities (70,929) 81,519
Financing Activities    
Borrowings under Revolving Credit Agreement 15,000 0
Repayments of mortgage loans (16,368) (751)
Dividends to shareholders (5,376) (33,292)
Capital contribution received from (return of capital to) external segregated portfolio cell participants (8,064) (146)
Other (264) (904)
Net cash provided (used) by financing activities (15,072) (35,093)
Increase (decrease) in cash and cash equivalents (54,986) 48,899
Cash and cash equivalents at beginning of period 215,782 175,369
Cash and cash equivalents at end of period 160,796 224,268
Significant Non-Cash Transactions    
Dividends declared and not yet paid 2,700 2,693
Operating ROU assets obtained in exchange for operating lease liabilities 5,275 0
Fair value of Contribution Certificates issued in NORCAL acquisition 174,999 0
Fair value of contingent consideration in NORCAL acquisition $ 24,000 $ 0