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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 46,561 $ 130,710 $ 138,211
Adjustments to reconcile net income to net cash provided by operating activities:      
Investment amortization, net 1,693 4,234 6,541
Fixed asset depreciation, net 6,610 6,896 7,527
Stock based compensation 5,980 6,292 7,459
(Credit) provision for deferred income taxes (8,371) 5,323 5,159
Net realized gains on investments (9,190) (14,885) (957)
Credit loss (benefit) expense (14) (363) 1,054
Earnings from partnership investments (8,388) (13,896) (1,932)
Change in net unrealized gains on equity securities 44,386 (16,130) (10,449)
Changes in assets and liabilities:      
Accounts receivable, net (21,589) 8,194 14,222
Accrued investment income (811) 644 359
Receivable from reinsurers 2,519 10,842 13,948
Ceded unearned premiums (4,658) (1,389) 12,776
Deferred policy acquisition costs (2,558) 1,938 (675)
Taxes recoverable/payable 3,237 (1,229) 724
Other assets (6,477) (3,346) (15)
Loss and loss adjustment expense reserves (21,053) 3,070 (42,985)
Unearned premium reserves 19,888 (8,414) (20,318)
Accounts payable and accrued liabilities (2,680) (2,876) 4,310
Payable to reinsurers 2,252 956 (4,675)
Other liabilities (3,011) 24,823 (20,824)
Net cash provided by operating activities 44,326 141,394 109,460
Cash flows from investing activities:      
Fixed maturities purchased (215,092) (355,561) (217,269)
Short term investments purchased     (441)
Equity securities purchased (52,192) (59,296) (49,326)
Other invested assets purchased (20,204) (32,814) (11,868)
Proceeds from sales and paydowns of fixed maturities 154,491 213,665 126,555
Proceeds from maturities, redemptions, and calls of fixed maturities 86,406 144,910 86,390
Proceed from sales of equity securities 43,348 26,724 34,542
Proceeds from other invested assets redeemed 2,933 4,608 5,839
Acquisition net of cash received (17,586)    
Fixed assets purchased (2,092) (8,225) (9,946)
Net cash used for investing activities (19,988) (65,989) (35,524)
Cash flows from financing activities:      
Proceeds from FHLB loan 5,000   30,000
Dividends paid to shareholders (53,038) (54,008) (54,575)
Acquisition of treasury stock (14,603) (11,563) (39,999)
Net cash used for financing activities (62,641) (65,571) (64,574)
Net decrease in cash and cash equivalents (38,303) 9,834 9,362
Cash and cash equivalents at beginning of year 63,603 53,769 44,407
Cash and cash equivalents at end of period 25,300 63,603 53,769
Supplemental disclosure of cash flow information:      
Federal and state income taxes 19,119 29,190 31,080
Interest $ 507 $ 507 $ 388