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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities      
Net income $ 28,945 $ 23,283 $ 29,717
Adjustments to reconcile net income to net cash provided by operating activities:      
Change in accounts receivable and unearned premium (2,721) 22,939 3,230
Change in accrued investment income 108 (307) (234)
Change in reinsurance recoverable on paid losses 692 4,458 (2,785)
Change in losses and loss expenses reserves net of reinsurance 23,568 6,325 7,545
Change in other assets, other liabilities and current income taxes (8,063) (28,299) (4,847)
Amortization of net policy acquisition costs 18,085 21,314 25,075
Net policy acquisition costs deferred (17,813) (20,495) (25,019)
Provision for deferred income taxes (benefits) 2,838 (1,819) 1,640
Bond amortization 3,030 3,388 4,235
Loss on sale of property and equipment 63 18 474
Depreciation 5,521 5,037 4,797
Net realized (gains) losses on investments (23,228) 1,261 (14,930)
Compensation expense related to restricted stock 1,343 1,094 1,262
Net cash provided by operating activities 32,368 38,197 30,160
Investing activities      
Purchases of fixed maturities and equity securities (400,670) (342,592) (288,283)
Purchases of limited partnership interests 0 (409) (6,886)
Distributions from limited partnerships 1,462 4,494 1,752
Proceeds from maturities 78,691 161,706 98,714
Proceeds from sales of fixed maturities 199,790 117,338 167,406
Proceeds from sales of equity securities 88,773 53,270 19,263
Net sales of short-term investments 11,258 746 1,925
Purchases of property and equipment (7,725) (7,662) (13,451)
Proceeds from disposals of property and equipment 1,059 277 693
Net cash used in investing activities (27,362) (12,832) (18,867)
Financing activities      
Dividends paid to shareholders (15,803) (15,003) (14,947)
Drawings on line of credit 0 0 10,000
Net cash used in financing activities (15,803) (15,003) (4,947)
Effect of foreign exchange rates on cash and cash equivalents 235 (1,456) (1,011)
Increase (decrease) in cash and cash equivalents (10,562) 8,906 5,335
Cash and cash equivalents at beginning of year 73,538 64,632 59,297
Cash and cash equivalents at end of year $ 62,976 $ 73,538 $ 64,632