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Consolidated Statements of Cash Flows (Unaudited ) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities    
Net income from continuing operations $ 30,752 $ 40,265
Net (loss) income from discontinued operations (382) 158
Net Income 30,370 40,423
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for deferred taxes 7,884 10,310
Net realized investment gains (495) (805)
Net limited partnerships gains (2,917) (2,893)
Net accretion from bonds and commercial loans (1,568) (3,017)
Depreciation and amortization 6,222 5,383
Amortization of debt issuance costs 254 254
Stock based compensation 6,862 559
Changes in:    
Premiums and other receivables 20,427 (34,112)
Receivable from reinsurers on paid losses and reinsurance receivable from unpaid losses (22,103) (13,555)
Ceded reinsurance payable (9,182) 23,085
Accrued investment income (1,173) (4,201)
Deferred policy acquisition costs (9,929) (34,388)
Prepaid reinsurance premiums (2,659) 62,666
Reserve for unpaid losses and loss adjustment expenses 118,412 110,871
Reserve for unearned premiums 36,828 72,184
Funds withheld related to sale of affiliate (169) 518
Funds held under reinsurance agreements 5,078 (45,369)
Other assets 22,249 11,155
Other liabilities 7,555 9,395
Total adjustments 181,576 168,040
Net cash provided by operating activities – continuing operations 212,328 208,305
Net cash used in operating activities – discontinued operations (267) (230)
Net cash provided by operating activities 212,061 208,075
Investing activities    
Purchases of available-for-sale fixed income securities (423,335) (315,137)
Sales of available-for-sale fixed income securities 67,848 78,488
Redemptions of available-for-sale fixed income securities 100,713 60,806
Purchases of commercial levered loans   (2,612)
Redemptions of commercial levered loans 2,298 10,142
Purchases of limited partnerships (13,016) (32,472)
Distributions and redemptions from limited partnerships 4,043 2,351
Purchases of short-term investments (293,065) (146,351)
Sales of short-term investments 315,767 115,728
Acquisition of fixed assets and capitalized software (4,903) (5,964)
Net cash used in investing activities - continuing operations (243,650) (235,021)
Net cash provided by (used in) investing activities - discontinued operations (380) 2,501
Net cash used in investing activities (244,030) (232,520)
Financing activities    
Proceeds from shares issued 51,599  
Tax withholding on stock compensation awards (149)  
Proceeds from notes payable   5,000
Repayment of notes payable (18,000)  
Net cash provided by financing activities 33,450 5,000
Net change in cash and cash equivalents 1,481 (19,445)
Cash, cash equivalents and restricted cash at beginning of year - continuing operations 29,900 77,872
Cash, cash equivalents and restricted cash at beginning of year - discontinued operations 1,034 1,322
Less: cash, cash equivalents and restricted cash at end of period - discontinued operations (387) (3,570)
Cash, cash equivalents and restricted cash at end of period - continuing operations $ 32,028 $ 56,179