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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 130,710 $ 138,211 $ 99,601
Adjustments to reconcile net income to net cash provided by operating activities:      
Investment amortization, net 4,234 6,541 4,922
Fixed asset depreciation, net 6,896 7,527 5,485
Stock based compensation 6,292 7,459 6,030
Credit for deferred income taxes 5,323 5,159 4,757
Net realized gains on investments (14,885) (957) (2,976)
Net impairment losses on investments     889
Credit loss (benefit) expense (363) 1,054  
Earnings from partnership investments (13,896) (1,932) (904)
Change in net unrealized gains on equity securities (16,130) (10,449) (21,454)
Changes in assets and liabilities:      
Accounts receivable, net 8,194 14,222 (3,307)
Accrued investment income 644 359 16
Receivable from reinsurers 10,842 13,948 (11,602)
Ceded unearned premiums (1,389) 12,776 (1,208)
Deferred policy acquisition costs 1,938 (675) (932)
Taxes recoverable/payable (1,229) 724 (1,003)
Other assets (3,346) (15) (1,864)
Loss and loss adjustment expense reserves 3,070 (42,985) 25,847
Unearned premium reserves (8,414) (20,318) 6,839
Taxes payable     (6,090)
Accounts payable and accrued liabilities (2,876) 4,310 3,395
Payable to reinsurers 956 (4,675) 691
Other liabilities 24,823 (20,824) 5,324
Net cash provided by operating activities 141,394 109,460 112,456
Cash flows from investing activities:      
Fixed maturities purchased (355,561) (217,269) (219,875)
Short term investments purchased   (441)  
Equity securities purchased (59,296) (49,326) (28,586)
Other invested assets purchased (32,814) (11,868) (14,794)
Proceeds from sales and paydowns of fixed maturities 213,665 126,555 135,119
Proceeds from maturities, redemptions, and calls of fixed maturities 144,910 86,390 58,676
Proceed from sales of equity securities 26,724 34,542 23,966
Proceeds from other invested assets redeemed 4,608 5,839 2,124
Fixed assets purchased (8,225) (9,946) (9,594)
Net cash used for investing activities (65,989) (35,524) (52,964)
Cash flows from financing activities:      
Proceeds from FHLB loan   30,000  
Dividends paid to shareholders (54,008) (54,575) (52,667)
Acquisition of treasury stock (11,563) (39,999)  
Net cash used for financing activities (65,571) (64,574) (52,667)
Net increase in cash and cash equivalents 9,834 9,362 6,825
Cash and cash equivalents at beginning of year 53,769 44,407 37,582
Cash and cash equivalents at end of period 63,603 53,769 44,407
Supplemental disclosure of cash flow information:      
Federal and state income taxes 29,190 31,080 26,780
Interest $ 507 $ 388 $ 75