XML 26 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 143,637 $ 89,798
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,833 17,079
Deferred tax expense 39,388 48,932
Net realized investment losses 329 125
Change in certain assets and liabilities:    
Accrued investment income 937 287
Reinsurance recoverable on loss reserves 3,000 3,835
Reinsurance recoverable on paid losses 154 (165)
Premium receivable 1,344 485
Deferred insurance policy acquisition costs (87) (477)
Profit commission receivable 377 (3,395)
Loss reserves (61,464) (103,771)
Unearned premiums 4,754 7,585
Return premium accrual (5,500) (4,800)
Income taxes payable - current (3,117) 34,654
Other, net (5,619) (12,703)
Net cash provided by operating activities 133,966 77,469
Purchases of investments:    
Fixed income securities (209,477) (187,077)
Equity securities (20) (19)
Proceeds from sales of fixed income securities 10,844 33,980
Proceeds from maturity of fixed income securities 155,605 199,234
Net increase in payable for securities 0 10,336
Additions to property and equipment (5,208) (4,014)
Net cash (used in) provided by investing activities (48,256) 52,440
Cash flows from financing activities:    
Proceeds from revolving credit facility 0 150,000
Payment of debt issuance costs 0 (1,523)
Payment of withholding taxes related to share-based compensation net share settlement (8,073) (6,722)
Net cash (used in) provided by financing activities (8,073) 141,755
Net increase in cash and cash equivalents 77,637 271,664
Cash and cash equivalents at beginning of period 99,851 155,410
Cash and cash equivalents at end of period $ 177,488 $ 427,074