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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 38,339,000 $ 63,830,000 $ 43,566,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred policy acquisition costs (91,449,000) (93,188,000) (123,577,000)
Amortization of policy acquisition costs 83,893,000 111,103,000 116,001,000
Net realized investment losses 2,919,000 5,479,000 1,989,000
Impairment of intangible assets 0 200,000 0
Distributions from equity method investments 2,834,000 7,499,000 7,333,000
Income from equity method investments (4,598,000) (3,540,000) (13,209,000)
Trading securities purchases, sales, and maturities, net 0 3,804,000 1,250,000
Deferred U.S. federal income tax benefit (4,925,000) (5,859,000) (364,000)
Provision for depreciation and amortization 4,063,000 4,215,000 2,123,000
Share based compensation expense 7,178,000 6,228,000 7,688,000
Excess tax benefits from equity incentive plan transactions (1,099,000) (2,699,000) (2,115,000)
Change in operating assets and liabilities:      
Reserve for losses and loss adjustment expenses 384,047,000 369,110,000 348,484,000
Unearned premiums 137,904,000 (31,641,000) 27,551,000
Premiums receivable and agents’ balances (61,563,000) 44,537,000 (87,121,000)
Reinsurance balances (235,632,000) (187,024,000) (113,665,000)
Funds held 1,199,164,000 0 0
Payable to insurance companies 263,000 (2,029,000) 445,000
Other 27,684,000 3,000 (8,563,000)
Net cash provided by operating activities 1,489,022,000 290,028,000 207,816,000
Securities available-for-sale:      
Purchases – fixed maturity securities (450,793,000) (418,011,000) (270,014,000)
Sales – fixed maturity securities 121,245,000 95,793,000 77,781,000
Maturities and calls – fixed maturity securities 128,809,000 129,139,000 121,890,000
Purchases – equity securities (4,975,000) (7,507,000) (5,540,000)
Sales – equity securities 8,656,000 5,578,000 3,522,000
Bank loan participations:      
Purchases (102,794,000) (203,328,000) (240,799,000)
Sales 48,415,000 123,114,000 138,214,000
Maturities 45,277,000 58,742,000 69,740,000
Other invested assets:      
Purchases 0 (6,993,000) (8,913,000)
Return of capital 1,877,000 921,000 0
Redemptions 10,998,000 0 0
Securities receivable or payable, net 5,404,000 2,268,000 (2,525,000)
Short-term investments, net (74,959,000) (45,162,000) 14,040,000
Other (519,000) (1,326,000) (2,137,000)
Net cash used in investing activities (263,359,000) (266,772,000) (104,741,000)
Financing activities      
Senior debt issuances 60,000,000 20,000,000 10,000,000
Senior debt repayments (20,000,000) 0 0
Dividends paid (36,720,000) (36,123,000) (50,832,000)
Issuances of common shares under equity incentive plans 8,286,000 5,172,000 1,708,000
Common share repurchases (2,899,000) (2,239,000) (9,448,000)
Other financing activities (711,000) (1,104,000) (792,000)
Net cash provided by (used in) financing activities 7,956,000 (14,294,000) (49,364,000)
Change in cash, cash equivalents, and restricted cash equivalents 1,233,619,000 8,962,000 53,711,000
Cash and cash equivalents at beginning of year 172,457,000 163,495,000 109,784,000
Cash, cash equivalents ($206,912), and restricted cash equivalents ($1,199,164) at end of year 1,406,076,000 172,457,000 163,495,000
Supplemental information      
U.S. federal income taxes paid, net 18,719,000 8,174,000 9,848,000
Interest paid $ 12,354,000 $ 11,269,000 $ 8,909,000