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Schedule II - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2020
Schedule II - Condensed Financial Information of Registrant [Abstract]  
Schedule II - Condensed Financial Information of Registrant
SCHEDULE II

PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS - PARENT COMPANY ONLY
(in thousands)

  
December 31
  
   
2020
    
2019
  
Assets
            
Investment in subsidiaries
  
$
389,757
    
$
398,725
  
Due from affiliates
    
7,877
      
1,579
  
Investments other than subsidiaries:
                
Fixed income securities
    
23,379
      
23,979
  
Limited partnerships
    
206
      
206
  
     
23,585
      
24,185
  
Cash and cash equivalents
    
12,917
      
7,059
  
Accounts receivable
    
7,059
      
5,606
  
Other assets
    
14,316
      
22,153
  
Total assets
  
$
455,511
    
$
459,307
  
                 
Liabilities and shareholders' equity
                
                 
Liabilities:
                
Premiums payable
  
$
16,866
    
$
20,238
  
Deposits from insureds
    
44,268
      
42,067
  
Short-term borrowings
    
20,000
      
20,000
  
Other liabilities
    
11,295
      
12,686
  
     
92,429
      
94,991
  
Shareholders' equity:
                
Common stock:
                
Class A
    
111
      
111
  
Class B
    
498
      
499
  
Additional paid-in capital
    
54,571
      
53,349
  
Accumulated other comprehensive income
    
21,759
      
9,369
  
Retained earnings
    
286,143
      
300,988
  
     
363,082
      
364,316
  
                 
Total liabilities and shareholders' equity
  
$
455,511
    
$
459,307
  

SCHEDULE II

PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF OPERATIONS - PARENT COMPANY ONLY
(in thousands)

  
Year Ended December 31
  
   
2020
    
2019
    
2018
  
Revenue:
                  
Commissions and service fees
  
$
15,011
    
$
14,149
    
$
17,456
  
Cash dividends from subsidiaries
    
–
      
–
      
5,000
  
Net investment income
    
453
      
692
      
569
  
Net realized losses on investments
    
(10
)
    
(46
)
    
(192
)
Other
    
138
      
17
      
51
  
     
15,592
      
14,812
      
22,884
  
Expenses:
                        
Salary and related items
    
10,663
      
11,804
      
20,158
  
Other
    
11,048
      
10,386
      
11,724
  
     
21,711
      
22,190
      
31,882
  
Loss before federal income tax benefit and equity in undistributed income of subsidiaries
    
(6,119
)
    
(7,378
)
    
(8,998
)
Federal income tax benefit
    
(1,333
)
    
(1,452
)
    
(2,862
)
     
(4,786
)
    
(5,926
)
    
(6,136
)
Equity in undistributed income of subsidiaries
    
9,249
      
13,273
      
(27,939
)
                         
Net income (loss)
  
$
4,463
    
$
7,347
    
$
(34,075
)

SCHEDULE II

PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - PARENT COMPANY ONLY
(in thousands)

  
Year Ended December 31
  
   
2020
    
2019
    
2018
  
Net income (loss)
  
$
4,463
    
$
7,347
    
$
(34,075
)
                         
Other comprehensive income (loss), net of tax:
                        
Unrealized net gains (losses) on fixed income securities
    
12,141
      
16,071
      
(6,868
)
                         
Foreign currency translation adjustments
    
249
      
645
      
(830
)
                         
Other comprehensive income (loss)
    
12,390
      
16,716
      
(7,698
)
                         
Comprehensive income (loss)
  
$
16,853
    
$
24,063
    
$
(41,773
)

SCHEDULE II
PROTECTIVE INSURANCE CORPORATION AND SUBSIDIARIES
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF CASH FLOWS - PARENT COMPANY ONLY
(in thousands)

  
Year Ended December 31
  
   
2020
    
2019
    
2018
  
Net cash provided by operating activities
  
$
12,350
    
$
10,643
    
$
14,019
  
                         
Investing activities:
                        
Purchases of investments
    
(7,795
)
    
(4,967
)
    
(11,435
)
Sales or maturities of investments
    
8,777
      
3,935
      
11,213
  
Distributions from limited partnerships
    
–
      
1
      
–
  
Net purchases of property and equipment
    
–
      
(380
)
    
(3,677
)
Net cash provided by (used in) investing activities
    
982
      
(1,411
)
    
(3,899
)
                         
Financing activities:
                        
Dividends paid to shareholders
    
(5,692
)
    
(5,857
)
    
(16,835
)
Repurchase of common shares
    
(1,782
)
    
(11,501
)
    
(4,596
)
Net cash used in financing activities
    
(7,474
)
    
(17,358
)
    
(21,431
)
                         
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents
    
5,858
      
(8,126
)
    
(11,311
)
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year
    
7,059
      
15,185
      
26,496
  
Cash, cash equivalents and restricted cash and cash equivalents at end of year
  
$
12,917
    
$
7,059
    
$
15,185
  

Note to Condensed Financial Statements -- Basis of Presentation

The Company's investment in subsidiaries is stated at cost plus equity in the undistributed earnings of subsidiaries since the date of acquisition.  The Company's share of net income of its subsidiaries is included in income using the equity method.  These financial statements should be read in conjunction with the Company's consolidated financial statements.