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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 (loss) income after noncontrolling interests $ (58,511) $ 1,856 $ 27,580
Net income attributable to noncontrolling interests 3,908 5,386 0
Net (loss) income (54,603) 7,242 27,580
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Stock-based compensation expense 15,107 13,754 8,133
Net (accretion of discount) amortization of premiums on investments in fixed-maturity securities (961) 169 (100)
Depreciation and amortization 8,010 5,549 8,747
Deferred income tax (benefit) expense (9,881) 1,142 8,123
Net realized investment losses (gains) 1,187 (6,472) (1,000)
Net unrealized investment losses (gains) 7,153 (1,363) (679)
Credit loss expense - investments 0 0 611
Credit loss expense - reinsurance recoverable 364 5 (368)
Net (income) loss from unconsolidated joint venture (495) (417) 57
Distributions received from unconsolidated joint venture 489 114 0
Net (income) loss from limited partnership interests (3,963) (4,947) 1,595
Distributions received from limited partnership interests 3,001 3,604 1,215
Impairment loss 2,284 0 0
Loss on repurchases of convertible senior notes 0 0 150
Loss on extinguishment of debt 0 0 98
Debt conversion expense 0 1,754 0
Gain on involuntary conversion (13,402) 0 (36,969)
Gain on sale of real estate investments (376) 0 0
Gain from remeasurement of contingent liabilities (3,117) 0 0
Foreign currency remeasurement loss 108 64 32
Other non-cash items (47) 61 46
Changes in operating assets and liabilities:      
Accrued interest and dividends receivable (1,599) 235 1,028
Income taxes 1,277 470 (3,514)
Premiums receivable, net 33,159 225 (48,127)
Prepaid reinsurance premiums (40,272) 10,021 (18,393)
Reinsurance recoverable (612,073) 8,491 47,447
Deferred policy acquisition costs 12,173 (13,837) (22,195)
Funds withheld for assumed business 24,944 (73,716) 0
Other assets (15,581) 4,487 (4,578)
Losses and loss adjustment expenses 626,600 24,996 (2,528)
Unearned premiums 1,303 97,345 88,236
Advance premiums 4,816 2,401 5,781
Assumed reinsurance balances payable 0 (87) 11
Reinsurance payable on paid losses and loss adjustment expenses 4,589 4,017 0
Reinsurance recovered in advance on unpaid losses 19,863 0 0
Ceded reinsurance premiums payable (1,672) 9,554 (3,431)
Accrued expenses and other liabilities (8,397) 1,642 20,303
Net cash (used in) provided by operating activities (12) 96,503 77,311
Cash flows from investing activities:      
Investments in limited partnership interests (1,967) (3,756) (4,241)
Distributions received from limited partnership interests 5,360 4,657 2,086
Distributions received from unconsolidated joint venture 351 623 0
Purchase of property and equipment (6,341) (3,318) (6,437)
Purchase of real estate investments (841) (1,367) (3,020)
Purchase of intangible assets (3,800) 0 0
Purchase of fixed-maturity securities (614,843) (18,303) (34,951)
Purchase of equity securities (22,887) (102,801) (68,223)
Purchase of short-term and other investments (42) (1,307) (200)
Compensation received for property relinquished through eminent domain 14,500 0 44,000
Proceeds from sales of real estate investments 667 0 0
Proceeds from sales of fixed-maturity securities 11,716 23,055 81,433
Proceeds from calls, repayments and maturities of fixed-maturity securities 151,415 23,430 84,459
Proceeds from sales of equity securities 31,605 112,310 47,312
Proceeds from sales, redemptions and maturities of short-term and other investments 570 3,629 997
Net cash (used in) provided by investing activities (434,537) 36,852 143,215
Cash flows from financing activities:      
Cash dividends paid (15,233) (14,065) (12,694)
Cash dividends received under share repurchase forward contract 76 306 306
Net (repayment) borrowing under revolving credit facility (15,000) (8,750) 14,000
Proceeds from exercise of common stock options 0 0 63
Proceeds from issuance of redeemable noncontrolling interest and warrants 0 100,000 0
Issuance costs - redeemable noncontrolling interest 0 (6,262) 0
Cash dividends paid to redeemable noncontrolling interest (5,508) (2,542) 0
Proceeds from issuance of long-term debt 172,500 0 10,000
Repayment of long-term debt (1,009) (970) (17,048)
Repurchases of convertible senior notes 0 0 (4,459)
Repurchases of common stock (71,242) (1,314) (1,547)
Repurchases of common stock under share repurchase plan (17,070) 0 (5,161)
Purchase of noncontrolling interests (406) (55) 0
Debt conversion expense paid 0 (1,895) 0
Debt issuance costs (6,041) (152) (165)
Net cash provided by (used in) financing activities 41,067 64,301 (16,705)
Effect of exchange rate changes on cash (98) (54) 2
Net (decrease) increase in cash, cash equivalents, and restricted cash (393,580) 197,602 203,823
Cash, cash equivalents and restricted cash at beginning of year 631,343 433,741 229,918
Cash, cash equivalents and restricted cash at end of year 237,763 631,343 433,741
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 146 2,379 6,202
Cash paid for interest 6,155 7,110 7,476
Non-cash investing and financing activities:      
Unrealized loss on investments in available-for-sale securities, net of tax (10,772) (1,068) (634)
Receivable from sales of equity securities 0 0 5,240
Payable on purchases of equity securities 0 0 7
Common stock issued on conversions of 4.25% senior notes 0 114,928 0
Warrants issued in Centerbridge transaction 0 9,217 0
Asset acquired under finance lease 0 6 0
Acquisition of intangibles:      
Common stock issued 0 5,410 0
Contingent consideration payable $ 1,069 $ 2,419 $ 0