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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) after noncontrolling interests $ 79,034 $ (58,511) $ 1,856
Net income attributable to noncontrolling interests 10,223 3,908 5,386
Net (loss) income 89,257 (54,603) 7,242
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Stock-based compensation expense 9,348 15,107 13,754
Net (accretion of discount) amortization of premiums on investments in fixed-maturity securities (4,497) (961) 169
Depreciation and amortization 8,184 8,010 5,549
Deferred income tax (benefit) expense (1,102) (9,881) 1,142
Net realized investment losses (gains) 1,996 1,187 (6,472)
Net unrealized investment (gains) losses (3,215) 7,153 (1,363)
Credit loss expense - reinsurance recoverable (336) 364 5
Net (income) loss from unconsolidated joint venture 0 (495) (417)
Distributions received from unconsolidated joint venture 0 489 114
Net income from limited partnership investments (661) (3,963) (4,947)
Distributions received from limited partnership interests 1,148 3,001 3,604
Impairment loss 0 2,284 0
Loss on extinguishment of debt 177 0 0
Debt conversion expense 0 0 1,754
Gain on involuntary conversion 0 (13,402) 0
Gain on sale of real estate investments (8,811) (376) 0
Gain from remeasurement of contingent liabilities 0 (3,117) 0
Foreign currency remeasurement loss 60 108 64
Other non-cash items 158 (47) 61
Changes in operating assets and liabilities:      
Accrued interest and dividends receivable (1,555) (1,599) 235
Income taxes 10,509 1,277 470
Premiums receivable, net (3,039) 33,159 225
Assumed premiums receivable (19,954) 0 0
Prepaid reinsurance premiums (19,605) (40,272) 10,021
Reinsurance recoverable 338,401 (612,073) 8,491
Deferred policy acquisition costs 2,612 12,173 (13,837)
Funds withheld for assumed business 18,685 24,944 (73,716)
Other assets (19,893) (15,581) 4,487
Losses and loss adjustment expenses (278,692) 626,600 24,996
Unearned premiums 133,110 1,303 97,345
Advance premiums (2,692) 4,816 2,401
Reinsurance payable on paid losses and loss adjustment expenses (5,461) 4,589 4,017
Ceded reinsurance premiums payable (8,725) (1,672) 9,554
Assumed reinsurance balances payable 850 0 (87)
Reinsurance recovered in advance on unpaid losses (19,863) 19,863 0
Accrued expenses and other liabilities 14,264 (8,397) 1,642
Net cash (used in) provided by operating activities 230,658 (12) 96,503
Cash flows from investing activities:      
Investments in limited partnership interests (1,483) (1,967) (3,756)
Distributions received from limited partnership interests 3,115 5,360 4,657
Distributions received from unconsolidated joint venture 18 351 623
Purchase of property and equipment (6,502) (6,341) (3,318)
Purchase of real estate investments (21,405) (841) (1,367)
Purchase of intangible assets (1,786) (3,800) 0
Purchase of fixed-maturity securities (332,152) (614,843) (18,303)
Purchase of equity securities (20,501) (22,887) (102,801)
Purchase of short-term and other investments (81) (42) (1,307)
Compensation received for property relinquished through eminent domain 0 14,500 0
Proceeds from sales of real estate investments 21,746 667 0
Proceeds from sales of fixed-maturity securities 22,326 11,716 23,055
Proceeds from calls, repayments and maturities of fixed-maturity securities 328,719 151,415 23,430
Proceeds from sales of equity securities 12,202 31,605 112,310
Proceeds from sales, redemptions and maturities of short-term and other investments 53 570 3,629
Net cash (used in) provided by investing activities 4,269 (434,537) 36,852
Cash flows from financing activities:      
Cash dividends paid (13,719) (15,233) (14,065)
Cash dividends received under share repurchase forward contract 0 76 306
Net (repayment) borrowing under revolving credit facility 0 (15,000) (8,750)
Net proceeds from issuance of common stock 84,572 0 0
Proceeds from issuance of redeemable noncontrolling interest and warrants 0 0 100,000
Issuance costs - redeemable noncontrolling interest 0 0 (6,262)
Dividends paid (6,763) (5,508) (2,542)
Proceeds from issuance of long-term debt 12,000 172,500 0
Repayment of long-term debt (562) (1,009) (970)
Redemption of long-term debt (6,895) 0 0
Repurchases of common stock (784) (71,242) (1,314)
Repurchases of common stock under share repurchase plan 0 (17,070) 0
Purchase of noncontrolling interests (354) (406) (55)
Debt conversion expense paid 0 0 (1,895)
Debt issuance costs (378) (6,041) (152)
Net cash provided by (used in) financing activities 67,117 41,067 64,301
Effect of exchange rate changes on cash (42) (98) (54)
Net increase (decrease) in cash and cash equivalents 302,002 (393,580) 197,602
Cash, cash equivalents and restricted cash at beginning of year 237,763 631,343 433,741
Cash, cash equivalents and restricted cash at end of year 539,765 237,763 631,343
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 19,045 146 2,379
Cash paid for interest 9,248 6,155 7,110
Non-cash investing and financing activities:      
Unrealized loss on investments in available-for-sale securities, net of tax 6,961 (10,772) (1,068)
Payable on purchases of equity securities 379 0 0
Receivable from maturities of fixed-maturity securities 91,085 0 0
Common stock issued on conversions of 4.25% senior notes 0 0 114,928
Warrants issued in Centerbridge transaction 0 0 9,217
Asset acquired under finance lease 0 0 6
Assumed liability 4 0 0
Acquisition of intangibles:      
Common stock issued 0 0 5,410
Contingent consideration payable   1,069  
Contingent consideration payable $ 0 $ 1,069 $ 2,419