XML 25 R6.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Consolidated Statements of Cash Flows (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net (loss) income $ (11,227) $ 5,935
Adjustments to reconcile net (loss) income to cash (used) provided by operating activities:    
Depreciation and amortization expense 2,463 2,326
Deferred federal income taxes (977) (734)
Realized gains on investments (2,783) (5,446)
Change in ceded unearned premiums 5,242 (2,136)
Change in premiums receivable (10,107) (7,758)
Change in accounts receivable 1,031 244
Change in deferred policy acquisition costs (2,368) (1,944)
Change in unpaid losses and loss adjustment expenses 27,217 29,786
Change in unearned premiums 7,240 11,101
Change in unearned revenue (23) (22)
Change in accrued agent profit sharing (24) (558)
Change in reinsurance recoverable (3,221) (6,141)
Change in reinsurance payable 2,371 (465)
Change in current federal income tax recoverable/payable (9,045) (4,508)
Change in accrued ceding commission payable (1) (4,365)
Change in all other liabilities 1,009 (1,996)
Change in all other assets 4,195 4,130
Net cash provided by operating activities 10,992 17,449
Cash flows from investing activities:    
Purchases of property and equipment (1,162) (841)
Net transfers into restricted cash (1,069) (3,825)
Payment for acquisition of subsidiaries (14,000) 0
Purchases of investment securities (166,834) (123,337)
Maturities, sales and redemptions of investment securities 167,410 73,637
Net cash used in investing activities (15,655) (54,366)
Cash flows from financing activities:    
Proceeds from exercise of employee stock options 105 25
Purchase of treasury shares (4,911) 0
Distribution to non-controlling interest (165) (144)
Net cash used in financing activities (4,971) (119)
Decrease in cash and cash equivalents (9,634) (37,036)
Cash and cash equivalents at beginning of period 60,519 112,270
Cash and cash equivalents at end of period 50,885 75,234
Supplemental cash flow information:    
Interest paid 2,309 2,303
Income taxes paid 400 7,179
Supplemental schedule of non-cash investing activities:    
Change in receivable for securities related to investment disposals that settled after the balance sheet date 1,742 31
Change in payable for securities related to investment purchases that settled after the balance sheet date $ 5,864 $ 25,601