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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 99,601 $ 83,195 $ 62,387
Adjustments to reconcile net income to net cash provided by operating activities:      
Investment amortization, net 4,922 5,273 6,962
Fixed Asset depreciation, net 5,485 5,467 5,037
Stock based compensation 6,030 6,579 5,166
Provision (credit) for deferred income taxes 4,757 (5,600) 2,085
Net realized gains on investments (2,976) (3,226) (6,036)
Net impairment losses on investments 889 228 256
Earnings from partnership investments (904) (650) (2,082)
Change in net unrealized gains on equity investments (21,454) 16,324  
Changes in assets and liabilities:      
Accounts receivable (3,307) 587 (2,953)
Accrued investment income 16 456 (18)
Receivable from reinsurers (11,602) (14,228) 5,367
Ceded unearned premiums (1,208) (1,799) (3,590)
Deferred policy acquisition costs (932) (1,153) (1,206)
Taxes recoverable (1,003) 908 (908)
Other assets (1,864) 2,565 (5,400)
Loss and loss adjustment expense reserves 25,847 10,665 13,733
Unearned premium reserves 6,839 7,123 10,224
Taxes payable (6,090) 6,090 (1,110)
Accounts payable and accrued liabilities 3,395 10,678 (6,333)
Payable to reinsurers 691 (1,581) 299
Other liabilities 5,324 (210) 160
Net cash provided by operating activities 112,456 127,691 82,040
Cash flows from investing activities:      
Fixed maturities purchased (219,875) (304,654) (205,226)
Equity securities purchased (28,586) (66,832) (27,440)
Other invested assets purchased (14,794) (6,648) (7,492)
Proceeds from sales and paydowns of fixed maturities 135,119 217,221 151,071
Proceeds from maturities, redemptions, and calls of fixed maturities 58,676 63,628 37,868
Proceed from sales of equity securities 23,966 18,654 34,664
Proceeds from other invested assets redeemed 2,124 6,810 7,589
Fixed assets purchased (9,594) (11,183) (5,958)
Net cash used for investing activities (52,964) (83,004) (14,924)
Cash flows from financing activities:      
Dividends paid to shareholders (52,667) (48,813) (45,460)
Net cash used for financing activities (52,667) (48,813) (45,460)
Net increase (decrease) in cash and cash equivalents 6,825 (4,126) 21,656
Cash and cash equivalents at beginning of year 37,582 41,708 20,052
Cash and cash equivalents at end of period 44,407 37,582 41,708
Supplemental disclosure of cash flow information:      
Federal and state income taxes 26,780 20,115 23,721
Interest $ 75 $ 75 $ 75