XML 20 R8.htm IDEA: XBRL DOCUMENT v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 15,739 $ 73,841
Adjustments to reconcile net income to net cash provided by operating activities:    
Investment amortization, net 446 2,057
Fixed asset depreciation, net 3,379 3,416
Stock based compensation 3,384 3,300
Provision (credit) for deferred income taxes 5,963 (1,822)
Net realized gains on investments (7,362) (6,281)
Credit loss (benefit) expense   (374)
Earnings from partnership investments (4,703) (3,655)
Change in net unrealized gains on equity securities 41,919 (14,861)
Changes in assets and liabilities:    
Accounts receivable, net (11,882) (4,075)
Accrued investment income 301 738
Receivable from reinsurers 9,625 8,247
Ceded unearned premiums (2,612) (1,319)
Deferred policy acquisition costs (494) 530
Taxes recoverable/payable (14,645) 5,244
Other assets (6,422) (4,780)
Loss and loss adjustment expense reserves (22,506) 9,370
Unearned premium reserves 7,968 5,214
Accounts payable and accrued liabilities (21,703) (20,908)
Payable to reinsurers 4,151 2,978
Other liabilities (821) 5,730
Net cash (used for) provided by operating activities (275) 62,590
Cash flows from investing activities:    
Fixed maturities purchased (113,425) (163,779)
Short term investments purchased (5)  
Equity securities purchased (26,677) (21,973)
Other invested assets purchased (11,798) (6,689)
Proceeds from sales and paydowns of fixed maturities 83,865 75,824
Proceeds from maturities, redemptions, and calls of fixed maturities 62,560 100,104
Proceed from sales of equity securities 22,401 11,740
Proceeds from other invested assets redeemed 887 3,483
Fixed assets purchased (691) (5,425)
Net cash provided by (used for) investing activities 17,117 (6,715)
Cash flows from financing activities:    
Dividends paid to shareholders (26,759) (27,280)
Acquisition of treasury stock (14,603)  
Net cash used for financing activities (41,362) (27,280)
Net (decrease) increase in cash and cash equivalents (24,520) 28,595
Cash and cash equivalents at beginning of year 63,603 53,769
Cash and cash equivalents at end of period $ 39,083 $ 82,364