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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net cash provided by operating activities [1] $ 42,621 $ 139,321
Securities available-for-sale:    
Purchases – fixed maturity securities (142,680) (351,715)
Sales – fixed maturity securities 10,092 158,469
Maturities and calls – fixed maturity securities 55,520 109,184
Purchases – equity securities (8,557) (6,751)
Sales – equity securities 8,548 5,171
Bank loan participations:    
Purchases (17,119) (59,450)
Sales 20,020 32,679
Maturities 12,650 11,360
Other invested assets:    
Purchases (375) 0
Return of capital 682 998
Proceeds from sales 1,153 0
Short-term investments, net 85,684 6,128
Securities receivable or payable, net 3,625 22,042
Purchases of property and equipment (2,173) (3,175)
Net cash provided by (used in) investing activities 27,070 (75,060)
Financing activities    
Senior debt repayments 0 (40,000)
Issuance of Series A preferred shares (Note 12) 0 144,898
Payroll taxes withheld and remitted on net settlement of RSUs (1,507) (941)
Dividends on Series A preferred shares (7,875) (3,500)
Dividends on common shares (3,931) (4,007)
Other financing activities (16) 0
Net cash (used in) provided by financing activities (13,329) 96,450
Change in cash, cash equivalents, and restricted cash equivalents 56,362 160,711
Cash, cash equivalents, and restricted cash equivalents at beginning of period 276,379 292,128
Cash, cash equivalents, and restricted cash equivalents at end of period 332,741 452,839
Supplemental information    
Interest paid 14,877 5,455
Restricted cash equivalents at beginning of period 103,215 102,005
Restricted cash equivalents at end of period 105,502 102,099
Change in restricted cash equivalents $ 2,287 $ 94
[1] Cash provided by operating activities for the six months ended June 30, 2023 and 2022 includes the restricted cash activity above related to a former insured, per the terms of a collateral trust. See “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Amounts Recoverable from an Indemnifying Party and Reinsurer on Legacy Commercial Auto Book”. Excluding the restricted cash activity, cash provided by operating activities was $40.3 million and $139.2 million for the six months ended June 30, 2023 and 2022, respectively.