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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income after noncontrolling interests $ 903 $ 6,148
Net income attributable to noncontrolling interests 1,888 697
Net income 2,791 6,845
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 4,337 2,342
Net (accretion of discount) amortization of premiums on investments in fixed-maturity securities (3) 77
Depreciation and amortization 1,516 1,363
Deferred income tax benefit (5,967) (847)
Net realized investment losses (gains) 314 (1,113)
Net unrealized investment losses 3,576 269
Credit loss expense - reinsurance recoverable (11) (12)
Loss from unconsolidated joint venture 13 25
Net income from limited partnership interests (1,780) (787)
Distributions received from limited partnership interests 811 478
Foreign currency remeasurement loss 19 9
Other non-cash items 11 21
Changes in operating assets and liabilities:    
Accrued interest and dividends receivable (321) (7)
Income taxes 7,145 4,073
Premiums receivable, net 28,267 38,923
Prepaid reinsurance premiums 14,794 21,402
Reinsurance recoverable 7,065 13,436
Deferred policy acquisition costs 4,025 3,392
Funds withheld for assumed business (10,352) (41,355)
Other assets (3,102) (4,453)
Losses and loss adjustment expenses (2,373) (6,396)
Unearned premiums (1,632) (5,094)
Advance premiums 10,127 12,921
Assumed reinsurance balances payable 0 1
Reinsurance payable on paid losses and loss adjustment expenses 2,640 2,317
Ceded reinsurance premiums payable 1,581 (449)
Accrued expenses and other liabilities (6,142) (11,241)
Net cash provided by operating activities 57,349 36,140
Cash flows from investing activities:    
Investments in limited partnership interests 0 (272)
Return of excess investments in limited partnership interests 151 0
Distributions received from limited partnership interests 785 1,546
Purchase of property and equipment (1,861) (697)
Purchase of real estate investments 0 (55)
Purchase of intangible assets (3,800) 0
Purchase of fixed-maturity securities (122,557) (1,263)
Purchase of equity securities (11,486) (27,128)
Purchase of short-term and other investments 0 (990)
Proceeds from sales of fixed-maturity securities 9,058 36
Proceeds from calls, repayments and maturities of fixed-maturity securities 1,250 12,486
Proceeds from sales of equity securities 18,369 34,378
Proceeds from sales, redemptions and maturities of short-term and other investments 192 1,100
Net cash (used in) provided by investing activities (109,899) 19,141
Cash flows from financing activities:    
Cash dividends paid (4,123) (2,869)
Cash dividends received under share repurchase forward contract 77 76
Net repayment under revolving credit facility 0 (23,750)
Proceeds from issuance of redeemable noncontrolling interest and warrants 0 100,000
Issuance costs - redeemable noncontrolling interest 0 (6,262)
Cash dividends paid to redeemable noncontrolling interest (2,508) 0
Repayment of long-term debt (249) (239)
Repurchases of common stock (398) (20)
Purchase of noncontrolling interests (127) 0
Debt issuance costs 0 (152)
Net cash (used in) provided by financing activities (7,328) 66,784
Effect of exchange rate changes on cash (25) (9)
Net (decrease) increase in cash, cash equivalents, and restricted cash (59,903) 122,056
Cash, cash equivalents, and restricted cash at beginning of period 631,343 433,741
Cash, cash equivalents, and restricted cash at end of period 571,440 555,797
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 32 31
Cash paid for interest 727 3,186
Non-cash investing and financing activities:    
Unrealized loss on investments in available-for-sale securities, net of tax (2,784) (140)
Receivable from maturities of fixed-maturity securities 0 46
Warrants issued in Centerbridge transaction 0 9,217
Acquisition of intangibles:    
Common stock issued 0 5,410
Contingent consideration payable $ 1,069 $ 2,419