Schedule II - Condensed Financial Information Schedule II

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Condensed Balance Sheets
	December 31,
	2014			2013
Assets
Cash and cash equivalents	$	4,097		$	8
Investment in subsidiaries	201,584			161,057
Property and equipment, net	3,583			—
Other assets	651			59
Total Assets	$	209,915		$	161,124
Liabilities
Intercompany payable	$	6,100		$	53,133
Other liabilities	52			404
Total Liabilities	6,152			53,537
Stockholders' Equity
Common stock	2			2
Additional paid-in capital	82,380			27,800
Treasury stock	(431		)	(431		)
Accumulated other comprehensive income	4,011			92
Retained earnings	117,801			80,124
Total Stockholders' Equity	203,763			107,587
Total Liabilities and Stockholders' Equity	209,915			161,124

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT, CONTINUED

Condensed Statements of Net Income
	Years Ended December 31,
	2014			2013		2012
Revenues
Net income from subsidiaries (equity method)	$	40,108		$	20,786	$	9,827
Total revenues	40,108			20,786		9,827
Expenses
Operating and underwriting	86			42		88
General and administrative	130			120		108
Interest expense	—			1		—
Total expenses	216			163		196
Income before other income	39,892			20,623		9,631
Other income	61			—		—
Income before income taxes	39,953			20,623		9,631
Benefit from income taxes	(1,060		)	281		(74		)
Net income	$	41,013		$	20,342	$	9,705

SCHEDULE II. CONDENSED FINANCIAL INFORMATION OF REGISTRANT, CONTINUED

Condensed Statements of Cash Flows
	Year Ended December 31,
	2014			2013			2012
OPERATING ACTIVITIES
Net income	$	41,013		$	20,342		$	9,705
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes, net	(44		)	(49		)	(54		)
Stock based compensation	649			133			55
Changes in operating assets and liabilities:
Other assets	(548		)	58			60
Intercompany payable	(47,033		)	(1,687		)	(5,931		)
Other liabilities	(352		)	341			26
Net cash provided by (used in) operating activities	(6,315		)	19,138			3,861
INVESTING ACTIVITIES
Additional investment in subsidiaries	(36,608		)	(20,785		)	(26,826		)
Cost of property and equipment acquired	(3,583		)	—			—
Net cash used in investing activities	(40,191		)	(20,785		)	(26,826		)
FINANCING ACTIVITIES
Tax withholding payment related to net settlement of equity awards	(110		)	—			—
Dividends	(3,336		)	(1,944		)	(982		)
Proceeds from offering	54,041			3,591			23,947
Net cash provided by financing activities	50,595			1,647			22,965
Increase in cash	4,089			—			—
Cash and cash equivalents at beginning of period	8			8			8
Cash and cash equivalents at end of period	$	4,097		$	8		$	8

Notes to Condensed Financial Statements - Basis of Presentation

The Company's investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition. The Company's share of net income of its subsidiaries is included in income using the equity method. These financial statements should be read in conjunction with UPC Insurance's consolidated financial statements.