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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net cash provided by operating activities [1] $ 24,079 $ 19,452
Securities available-for-sale:    
Purchases – fixed maturity securities (2,015) (101,374)
Sales – fixed maturity securities 39,699 0
Maturities and calls – fixed maturity securities 40,081 21,726
Purchases – equity securities (5,180) (5,081)
Sales – equity securities 4,556 6,745
Bank loan participations:    
Purchases (57,209) (8,288)
Sales 33,432 10,494
Maturities 6,908 7,755
Other invested assets:    
Purchases (2,000) 0
Return of capital 200 510
Proceeds from sales 1,451 1,153
Short-term investments, net (12,397) 82,751
Securities receivable or payable, net 715 2,032
Purchases of property and equipment (745) (1,297)
Net cash provided by investing activities 47,496 17,126
Financing activities    
Payroll taxes withheld and remitted on net settlement of RSUs (824) (1,507)
Dividends on Series A preferred shares (2,625) (5,250)
Dividends on common shares (2,007) (2,048)
Net cash used in financing activities (5,456) (8,805)
Change in cash, cash equivalents, and restricted cash equivalents 66,119 27,773
Cash, cash equivalents, and restricted cash equivalents at beginning of period 359,949 276,379
Cash, cash equivalents, and restricted cash equivalents at end of period 426,068 304,152
Supplemental information    
Interest paid 7,801 7,307
Restricted cash equivalents at beginning of period 72,449 103,215
Restricted cash equivalents at end of period 73,396 104,254
Change in restricted cash equivalents $ 947 $ 1,039
[1] Cash provided by operating activities for the three months ended March 31, 2024 and 2023 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 $23.1 million and $18.4 million for the three months ended March 31, 2024 and 2023, respectively.