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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities    
Net cash provided by operating activities $ 119,100 $ 78,406
Investing Activities    
Purchase of property and equipment (12,406) (622)
Purchases – fixed-maturity securities (245,335) (170,855)
Purchases - equity securities (21,139) (8,761)
Sales – fixed-maturity securities 32,510 8,408
Sales - equity securities 20,755 1,974
Maturities and calls – fixed-maturity securities 44,481 77,314
Net cash used in investing activities (181,134) (92,542)
Financing Activities    
Proceeds from issuance of common stock 65,879 0
Proceeds from credit facility 11,800 0
Debt issuance costs (628) 0
Payroll taxes withheld and remitted on share-based payments (617) 0
Proceeds from stock options exercised 1,982 1,558
Dividends paid (5,163) (4,425)
Net cash provided by (used in) financing activities 73,253 (2,867)
Net change in cash and cash equivalents 11,219 (17,003)
Cash and cash equivalents at beginning of year 75,089 81,747
Cash and cash equivalents at end of period $ 86,308 $ 64,744