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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income after noncontrolling interests $ 47,611 $ 15,338
Net income attributable to noncontrolling interests 9,345 2,455
Net income 56,956 17,793
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 1,582 2,106
Net accretion of discount on investments in fixed-maturity securities (2,148) (1,845)
Depreciation and amortization 1,003 2,230
Deferred income tax expense 5,604 3,266
Net realized investment losses 0 1,149
Net unrealized investment gains (2,635) (529)
Credit loss expense - reinsurance recoverable (49) (1)
Net income from limited partnership interests (195) (553)
Distributions received from limited partnership interests 0 303
Loss on extinguishment of debt 0 177
Gain on sales of real estate investments 0 (8,936)
Foreign currency remeasurement (gain) loss (1) 1
Other non-cash items (19) 71
Changes in operating assets and liabilities:    
Accrued interest and dividends receivable (545) (573)
Income taxes 14,831 2,100
Premiums receivable, net (5,254) (9,968)
Assumed premiums receivable 19,954 0
Prepaid reinsurance premiums 52,107 39,564
Reinsurance recoverable 19,673 91,660
Deferred policy acquisition costs (2,242) (1,110)
Funds withheld for assumed business 15,906 3,498
Other assets (6,657) (5,590)
Losses and loss adjustment expenses (6,361) (57,457)
Unearned premiums (1,658) 19,786
Advance premiums 10,623 7,247
Assumed reinsurance balances payable 1,831 0
Reinsurance payable on paid losses and loss adjustment expenses (3,145) (1,563)
Reinsurance recovered in advance on unpaid losses 0 (19,863)
Ceded reinsurance premiums payable 1,772 (3,523)
Accrued expenses and other liabilities 11,056 19,669
Net cash provided by operating activities 181,989 99,109
Cash flows from investing activities:    
Investments in limited partnership interests (399) (170)
Distributions received from limited partnership interests 162 1,602
Distribution received from unconsolidated joint venture 0 18
Purchase of property and equipment (946) (1,469)
Purchase of real estate investments (5,244) (175)
Purchase of fixed-maturity securities (172,336) (160,152)
Purchase of equity securities (7,679) (6,472)
Purchase of short-term and other investments 0 (10)
Proceeds from sales of real estate investments 0 21,746
Proceeds from sales of fixed-maturity securities 6,030 11,060
Proceeds from calls, repayments and maturities of fixed-maturity securities 172,024 112,497
Proceeds from sales of equity securities 3,516 3,754
Proceeds from sales, redemptions and maturities of short-term and other investments 0 14
Net cash used in investing activities (4,872) (17,757)
Cash flows from financing activities:    
Cash dividends paid (3,993) (3,432)
Net borrowing under revolving credit facility 50,000 0
Cash dividends paid to redeemable noncontrolling interest (2,923) (3,012)
Repayment of long-term debt (128) (258)
Redemption of long-term debt (466) (6,895)
Repurchases of common stock (557) (305)
Redemption of redeemable noncontrolling interest (100,000) 0
Purchase of noncontrolling interests (33) (198)
Debt issuance costs (99) 0
Net cash used in financing activities (58,199) (14,100)
Effect of exchange rate changes on cash 4 (3)
Net increase in cash, cash equivalents, and restricted cash 118,922 67,249
Cash, cash equivalents, and restricted cash at beginning of period 539,765 237,763
Cash, cash equivalents, and restricted cash at end of period 658,687 305,012
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 38 35
Cash paid for interest 1,052 739
Non-cash investing and financing activities:    
Unrealized gain on investments in available-for-sale securities, net of tax 63 4,963
Conversion of 4.25% Convertible Senior Notes 23,450 0
Sale of real estate investments:    
Contingent consideration receivable 0 125
Long-term debt obligations assumed by the buyer 0 8,995
Payable on purchases of equity securities $ 25 $ 0