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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities    
Net income from continuing operations $ 6,811 $ 13,695
Net income (loss) from discontinued operations 257 (255)
Net income 7,068 13,440
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for deferred taxes 357 3,674
Realized investment gains, net (232) (113)
Net limited partnerships losses (gains) 6,877 (1,251)
Net amortization (accretion) from bonds and commercial loans 598 (861)
Net change in fair value of non-redeemable preferred stock securities 291  
Depreciation and amortization 1,987 2,100
Amortization of debt issuance costs 85  
Stock based compensation 1,754 77
Changes in:    
Premiums and other receivables, net 33,763 3,857
Receivable from reinsurers on paid losses and reinsurance receivable on unpaid losses 35,691 (20,033)
Ceded reinsurance payable (4,620) 2,271
Accrued investment income (202) (229)
Deferred policy acquisition costs (1,030) (6,768)
Prepaid reinsurance premiums 2,478 (19,501)
Reserve for unpaid losses and loss adjustment expenses 24,151 52,723
Reserve for unearned premiums (14,737) 34,027
Funds withheld related to sale of affiliate (76)  
Funds held under reinsurance agreements (35,481) 14,621
Other assets 7,924 21,198
Other liabilities (7,595) (14,571)
Total adjustments 51,983 71,221
Net cash provided by operating activities – continuing operations 58,794 84,916
Net cash provided by (used in) operating activities – discontinued operations 62 (107)
Net cash provided by operating activities 58,856 84,809
Investing activities    
Purchases of available-for-sale fixed maturity securities (191,915) (80,986)
Sales of available-for-sale fixed maturity securities 114,474 5,228
Redemptions of available-for-sale fixed maturity securities 38,376 38,218
Purchases of non-redeemable preferred stock securities (11,669)  
Redemptions of commercial levered loans 346 111
Purchases of limited partnerships (6,873) (1,944)
Distributions and redemptions from limited partnerships 1,644 793
Purchases of short-term investments (25,634) (126,088)
Sales of short-term investments 50,323 93,761
Acquisition of fixed assets and capitalized software (1,125) (1,654)
Net cash used in investing activities - continuing operations (32,053) (72,561)
Net cash (used in) provided by investing activities - discontinued operations (15) 466
Net cash used in investing activities (32,068) (72,095)
Financing activities    
Payments related to offering costs (49)  
Tax withholding on stock compensation awards (2,263)  
Net cash used in financing activities (2,312)  
Net change in cash and cash equivalents 24,476 12,714
Cash, cash equivalents and restricted cash at beginning of year - continuing operations 27,497 29,900
Cash, cash equivalents and restricted cash at beginning of year- discontinued operations 255 1,034
Less: cash, cash equivalents and restricted cash at end of period - discontinued operations (301) (1,348)
Cash, cash equivalents and restricted cash at end of period - continuing operations $ 51,927 $ 42,300