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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities    
Net income (loss) $ (6,444) $ (12,792)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Proceeds from sale of renewal rights (2,500)  
Depreciation and amortization 392 306
Amortization of bond premium and discount, net (736) 292
Net realized investment (gains) losses   1,505
Change in fair value of equity securities (595) (446)
Stock-based compensation expenses 147 154
Equity loss (earnings) in Affiliate, net of tax 103 (368)
Other (gains) losses   93
(Increase) decrease in:    
Premiums and agents' balances and other receivables (2,534) (737)
Reinsurance recoverables 35,579 (2,547)
Prepaid reinsurance premiums (26,733) (7,032)
Deferred policy acquisition costs 4,553 1,784
Other assets 241 (469)
Increase (decrease) in:    
Unpaid losses and loss adjustment expenses (26,325) 5,472
Unearned premiums 10,978 2,523
Reinsurance premiums payable 14,024 (1,966)
Accounts payable and other liabilities (879) 137
Net cash provided by (used in) operating activities (729) (14,091)
Cash Flows From Investing Activities    
Purchase of investments (172,143) (234,620)
Proceeds from maturities and redemptions of investments 7,467 17,638
Proceeds from sales of investments 159,070 237,062
Proceeds from sale of renewal rights 2,500  
Obligation to SSU (934)  
Net cash provided by (used in) investing activities (4,040) 20,080
Cash Flows From Financing Activities    
Proceeds from issuance of common stock   5,000
Proceeds from issuance of long-term debt 6,727  
Repurchase of common stock (3) 11
Borrowings under line of credit   5,000
Borrowings under Federal Home Loan Bank of Indianapolis   14,500
Repayment of long-term debt (13,721)  
Repayment of borrowings under debt arrangements   (5,000)
Debt issuance costs (1,908)  
Net cash provided by (used in) financing activities (8,905) 19,511
Net increase (decrease) in cash (13,674) 25,500
Cash at beginning of period 28,035 9,913
Cash at end of period 14,361 35,413
Supplemental Disclosure of Cash Flow Information:    
Interest paid 2,491 2,196
Income taxes paid (refunded), net $ (17) $ (12)