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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income after noncontrolling interests $ 101,687 $ 27,781
Net income attributable to noncontrolling interests 12,368 4,894
Net income 114,055 32,675
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 3,958 3,973
Net accretion of discount on investments in fixed-maturity securities (2,436) (1,671)
Depreciation and amortization (46) 4,229
Deferred income tax expense 4,640 3,810
Net realized investment (gains) losses (212) 1,379
Net unrealized investment gains (3,168) (1,426)
Credit loss expense - reinsurance recoverable (52) (102)
Net income from limited partnership interests (85) (542)
Distributions received from limited partnership interests 626 421
Loss on extinguishment of debt 0 177
Gain on sales of real estate investments 0 (8,936)
Foreign currency remeasurement loss (gain) 31 (1)
Other non-cash items 332 87
Changes in operating assets and liabilities:    
Accrued interest and dividends receivable (3,560) (338)
Income taxes (1,560) 3,017
Premiums receivable, net (20,077) (5,308)
Assumed premiums receivable 12,392 0
Prepaid reinsurance premiums (37,723) (48,035)
Reinsurance recoverable 47,184 137,770
Deferred policy acquisition costs (9,654) 415
Funds withheld for assumed business 15,734 3,005
Other assets (15,082) (14,614)
Losses and loss adjustment expenses (13,427) (114,810)
Unearned premiums 41,682 17,823
Advance premiums 8,224 8,250
Assumed reinsurance balances payable (850) 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 (971) (12,255)
Accrued expenses and other liabilities 16,175 18,377
Net cash provided by operating activities 152,985 5,944
Cash flows from investing activities:    
Investments in limited partnership interests (1,106) 0
Return of excess investments in limited partnership interests 0 112
Distributions received from limited partnership interests 2,292 2,596
Distribution received from unconsolidated joint venture 0 18
Purchase of property and equipment (2,039) (2,762)
Purchase of real estate investments (9,909) (744)
Purchase of fixed-maturity securities (494,390) (227,540)
Purchase of equity securities (12,048) (10,271)
Purchase of short-term and other investments 0 (81)
Proceeds from sales of real estate investments 0 21,746
Proceeds from sales of fixed-maturity securities 7,646 12,083
Proceeds from calls, repayments and maturities of fixed-maturity securities 323,568 258,207
Proceeds from sales of equity securities 6,553 6,277
Proceeds from sales, redemptions and maturities of short-term and other investments 0 34
Net cash (used in) provided by investing activities (179,433) 59,675
Cash flows from financing activities:    
Cash dividends paid (8,165) (6,869)
Cash dividends paid to redeemable noncontrolling interest (2,923) (3,012)
Net borrowing under revolving credit facility 48,000 0
Proceeds from issuance of long-term debt 0 12,000
Net surplus contribution from subscribers 864 0
Repayment of long-term debt (256) (328)
Redemption of long-term debt (466) (6,895)
Repurchases of common stock (1,037) (784)
Redemption of redeemable noncontrolling interests (100,000) 0
Purchase of noncontrolling interests (92) (237)
Debt issuance costs (99) (277)
Net cash used in financing activities (64,174) (6,402)
Effect of exchange rate changes on cash (11) (2)
Net (decrease) increase in cash, cash equivalents, and restricted cash (90,633) 59,215
Cash, cash equivalents, and restricted cash at beginning of period 539,765 237,763
Cash, cash equivalents, and restricted cash at end of period 449,132 296,978
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 37,818 3,958
Cash paid for interest 5,680 4,370
Non-cash investing and financing activities:    
Unrealized gain on investments in available-for-sale securities, net of tax 599 3,283
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
Receivable from sales of equity securities 189 488
Receivable from maturities of fixed-maturity securities 500 0
Payable on purchases of equity securities 0 757
Payable on purchases of fixed-maturity securities $ 50 $ 0