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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 303,072 $ 163,852
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 32,472 25,457
Deferred tax expense 6,863 14,834
Net realized investment (gains) losses (4,388) (8,592)
Change in certain assets and liabilities:    
Accrued investment income (2,217) 2,915
Reinsurance recoverable on loss reserves (16,111) (41,803)
Reinsurance recoverable on paid losses (37) 170
Premium receivable (593) 1,559
Deferred insurance policy acquisition costs (1,069) (2,114)
Profit commission receivable (4,464) 32,331
Loss reserves 55,699 242,062
Unearned premiums (23,348) (37,071)
Return premium accrual 2,500 (1,900)
Current income taxes (1,357) 26,371
Other, net 2,400 2,054
Net cash provided by operating activities 349,422 420,125
Cash flows from investing activities:    
Purchases of investments (1,097,418) (992,722)
Proceeds from sales of investments 142,754 476,639
Proceeds from maturity of fixed income securities 548,727 469,559
Additions to property and equipment (1,405) (942)
Net cash provided by (used in) investing activities (407,342) (47,466)
Cash flows from financing activities:    
Repurchase of common stock 0 (119,997)
Dividends paid (41,186) (41,426)
Payment of withholding taxes related to share-based compensation net share settlement (6,621) (8,899)
Net cash provided by (used in) financing activities (47,807) (170,322)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents (105,727) 202,337
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 296,680 169,056
Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 190,953 $ 371,393