XML 44 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 1,069,582 $ 177,521
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 38,361 38,229
Deferred tax (benefit) expense (698,177) 336
Realized investment gains, net (27,133) (923)
Loss on repurchases of senior notes 0 837
Excess tax benefits related to share-based compensation (2,113) 0
Other (21,795) 19,845
Change in certain assets and liabilities:    
Accrued investment income (6,343) 1,177
Prepaid insurance premium 47,436 (7,987)
Reinsurance recoverable on loss reserves 19,093 6,187
Reinsurance recoverable on paid losses 2,149 3,975
Premium receivable 5,863 1,971
Deferred insurance policy acquisition costs (2,757) (1,929)
Profit commission receivable 91,500 (66,584)
Real estate 2,574 (3,285)
Loss reserves (416,864) (533,819)
Premium deficiency reserve (23,751) (19,750)
Unearned premiums 61,705 31,513
Return premium accrual (6,400) 16,200
Income taxes payable - current 2,101 (1,180)
Net cash provided by (used in) operating activities 135,031 (337,666)
Purchases of investments:    
Fixed maturities (1,970,402) (1,549,883)
Equity securities (2,593) (59)
Proceeds from sales of fixed maturities 1,527,680 902,660
Proceeds from maturity of fixed maturities 432,328 914,465
Net increase in payable for securities 48,120 7,245
Net decrease in restricted cash 17,212 233
Additions to property and equipment (2,835) (3,998)
Net cash provided by investing activities 49,510 270,663
Cash flows from financing activities:    
Repayment of long-term debt 0 (21,767)
Excess tax benefits related to share-based compensation 2,113 0
Net cash provided by (used in) financing activities 2,113 (21,767)
Net increase (decrease) in cash and cash equivalents 186,654 (88,770)
Cash and cash equivalents at beginning of period 197,882 332,692
Cash and cash equivalents at end of period $ 384,536 $ 243,922