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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net earnings $ 279,354 $ 157,091 $ 191,642
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Net realized gains (64,222) (17,885) (17,520)
Net unrealized gains on equity securities (65,258) (32,101) (78,090)
Depreciation 7,394 7,432 8,164
Deferred income tax expense 18,927 8,576 14,666
Other items, net 14,141 10,460 25,341
Change in:      
Accrued investment income (1,379) (1,539) (552)
Premiums and reinsurance balances receivable (net of direct write-offs and commutations) 7,349 (14,259) (7,793)
Reinsurance balances payable 586 16,574 3,100
Funds held 8,026 (1,611) 11,049
Ceded unearned premiums (17,428) (19,832) (22,482)
Reinsurance balances recoverable on unpaid losses and settlement expenses (164,357) (59,212) (19,518)
Deferred policy acquisition costs (15,128) (3,381) (110)
Accrued expenses 22,349 9,299 21,502
Unpaid losses and settlement expenses 293,506 175,697 113,004
Unearned premiums 94,058 46,173 43,708
Current income taxes payable 4,047 (2,665) (1,434)
Changes in investment in unconsolidated investees:      
Undistributed earnings (37,060) (20,233) (20,960)
Dividends received   4,675 13,200
Net cash provided by operating activities 384,905 263,259 276,917
Purchase of:      
Fixed income securities, available-for-sale (733,811) (518,362) (539,726)
Equity securities (140,721) (77,863) (89,486)
Property and equipment (8,310) (5,768) (6,955)
Investment in equity method investee (8,978) (4,533)  
Other (11,428) (12,851) (22,751)
Proceeds from sale of:      
Fixed income securities, available-for-sale 63,811 84,587 196,558
Equity securities 180,256 79,368 62,172
Other 7,605 4,328 2,502
Proceeds from call or maturity of:      
Fixed income, available-for-sale 376,750 283,107 201,383
Net proceeds from sale of short-term investments     11,550
Net cash used in investing activities (274,826) (167,987) (184,753)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 50,000    
Proceeds from stock option exercises 1,838 8,648 9,490
Cash dividends paid (135,330) (87,906) (85,591)
Net cash used in financing activities (83,492) (79,258) (76,101)
Net increase in cash 26,587 16,014 16,063
Cash at beginning of year 62,217 46,203 30,140
Cash at end of year $ 88,804 $ 62,217 $ 46,203