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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities    
Net income (loss) allocable to common shareholders $ (9,044) $ (7,861)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,212 392
Amortization of bond premium and discount, net (424) (736)
Net realized investment (gains) losses 125 0
Change in fair value of equity securities 182 (595)
Stock-based compensation expenses 62 147
Other (1,901) (109)
(Increase) decrease in:    
Premiums and agents' balances and other receivables 16,364 418
Reinsurance recoverables 4,647 35,579
Prepaid reinsurance premiums 19,363 (26,733)
Deferred policy acquisition costs (186) 4,594
Other assets 945 (496)
Increase (decrease) in:    
Unpaid losses and loss adjustment expenses (13,707) (26,325)
Unearned premiums (28,522) 10,978
Funds held under reinsurance agreements (1,055) 0
Reinsurance premiums payable (246) 14,024
Accounts payable and other liabilities (7,215) 1,544
Other:    
Net cash provided by (used in) operating activities - discontinued operations 6,722 (5,550)
Net cash provided by (used in) operating activities (12,678) (729)
Cash Flows From Investing Activities    
Purchase of investments (139,736) (172,143)
Proceeds from maturities and redemptions of investments 8,416 7,467
Proceeds from sales of investments 142,989 159,070
Net cash provided by (used in) investing activities - discontinued operations (7,184) 1,566
Net cash provided by (used in) investing activities 50,528 (4,040)
Cash Flows From Financing Activities    
Repayment of preferred stock (6,000) 0
Dividends paid to shareholders (836) 0
Repayment of long-term debt (9,750) (13,721)
Repurchase of common stock 0 (3)
Borrowings under Federal Home Loan Bank of Indianapolis 0 6,727
Debt issuance costs 0 (1,908)
Net cash provided by (used in) financing activities (16,586) (8,905)
Net increase (decrease) in cash 21,264 (13,674)
Cash at beginning of period 11,125 28,035
Cash at end of period 32,389 14,361
Less: Cash and cash equivalents of discontinued operations at the end of period 0 880
Cash and cash equivalents of continuing operations at the end of period 32,389 13,481
Supplemental Disclosure of Cash Flow Information:    
Interest paid 3,398 2,491
Senior Secured Notes Call Premium 753 0
Income taxes paid (refunded), net 0 (17)
Payable for securities 8,000 0
Conifer Insurance Services, LLC    
Cash Flows From Investing Activities    
Proceeds from divestiture sale 43,043 0
Sycamore Specialty Underwriters, LLC    
Cash Flows From Investing Activities    
Proceeds from divestiture sale $ 3,000 $ 0