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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES:    
Net income (loss) $ (12,745) $ 27,293
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Loss on disposals of equipment, software, and other assets 213 1,136
Depreciation and amortization 9,706 9,488
Provision for deferred taxes (13,528) (939)
Share-based compensation expense 4,617 4,392
Non-cash lease expense 2,108 2,109
Net investment losses 2,289 315
(Accretion) amortization of discount and premium, net (1,358) (1,184)
Amortization of gain on loss portfolio transfer (1,308) 0
Other 575 1,852
Changes in assets and liabilities:    
Accounts and premiums receivable 157,636 (42,812)
Deferred acquisition costs, net 35,672 4,196
Reinsurance recoverables 3,433 (7,561)
Prepaid reinsurance premiums (18,455) (8,285)
Advance premiums 22,512 19,921
Due to insurers (80,441) 25,336
Losses payable and reserves for unpaid losses and loss adjustment expenses (60,217) (14,958)
Unearned premiums 95,945 (5,377)
Ceding commissions payable (84,295) 1,926
Other assets and liabilities, net (46,106) 26,982
Net Cash Provided by Operating Activities 16,253 43,830
INVESTING ACTIVITIES:    
Capital expenditures (7,712) (5,389)
Issuance of notes receivable (48,133) (9,886)
Collection of notes receivable 14,014 1,650
Purchases of fixed maturity securities (149,982) (39,150)
Purchases of equity securities (51,041) (246)
Proceeds from maturities and sales of fixed maturity securities 167,537 48,526
Proceeds from sales of equity securities 35,405 247
Other investing activities (13) (233)
Net Cash Used in Investing Activities (39,925) (4,481)
FINANCING ACTIVITIES:    
Repayments of debt (6,159) (120,880)
Proceeds from debt, net of issuance costs 57,911 160,067
Proceeds from loss portfolio transfer 50,500 0
Claims payments made from loss portfolio transfer (9,248) 0
Distributions paid to non-controlling interest unit holders (359) (24,676)
Funding of TRA Liability payments (1,545) (223)
Funding of employee tax obligations upon vesting of share-based payments (61) (44)
Net Cash Provided by Financing Activities 91,039 14,244
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 366 (130)
Change in cash and cash equivalents and restricted cash and cash equivalents 67,733 53,463
Beginning cash and cash equivalents and restricted cash and cash equivalents 299,000 232,845
Ending cash and cash equivalents and restricted cash and cash equivalents $ 366,733 $ 286,308