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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 7,838 $ 36,174
Adjustments to reconcile net income to net cash provided by operating activities:    
Investment amortization, net 412 733
Fixed asset depreciation, net 1,703 1,883
Stock based compensation 2,083 1,860
Provision (credit) for deferred income taxes 2,312 (987)
Net realized gains on investments (4,210) (2,875)
Credit loss (benefit) expense   (181)
Earnings from partnership investments 1,264 (4,291)
Change in net unrealized gains on equity securities 13,034 (6,207)
Changes in assets and liabilities:    
Accounts receivable, net 3,857 8,232
Accrued investment income (291) (1,283)
Receivable from reinsurers 9,558 3,899
Ceded unearned premiums (997) 882
Deferred policy acquisition costs 2,212 2,659
Taxes recoverable/payable (3,017) 279
Other assets (971) (416)
Loss and loss adjustment expense reserves (10,630) 9,685
Unearned premium reserves (8,040) (9,514)
Taxes payable   6,055
Accounts payable and accrued liabilities (25,067) (34,086)
Payable to reinsurers (6,449) (7,711)
Other liabilities 123 7,733
Net cash (used for) provided by operating activities (15,276) 12,523
Cash flows from investing activities:    
Fixed maturities purchased (64,272) (67,867)
Short term investments purchased (5)  
Equity securities purchased (15,733) (9,810)
Other invested assets purchased (4,960) (2,762)
Proceeds from sales and paydowns of fixed maturities 51,321 31,573
Proceeds from maturities, redemptions, and calls of fixed maturities 36,363 43,821
Proceed from sales of equity securities 12,868 6,730
Proceeds from other invested assets redeemed 233 374
Fixed assets purchased (691) (2,873)
Net cash provided by (used for) investing activities 15,124 (814)
Cash flows from financing activities:    
Dividends paid to shareholders (13,617) (13,915)
Acquisition of treasury stock (14,603)  
Net cash used for financing activities (28,220) (13,915)
Net increase in cash and cash equivalents (28,372) (2,206)
Cash and cash equivalents at beginning of year 63,603 53,769
Cash and cash equivalents at end of period $ 35,231 $ 51,563