XML 23 R7.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income (loss) $ 4,463 $ 7,347 $ (34,075)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Change in accounts receivable and unearned premium (9,024) (3,835) (3,904)
Change in accrued investment income 65 (524) (199)
Change in reinsurance recoverable on paid losses (3,799) (19,083) 956
Change in losses and loss expenses reserves, net of reinsurance 75,103 100,648 117,027
Change in other assets, other liabilities and current income taxes (2,322) 10,140 8,204
Amortization of net policy acquisition costs 55,183 55,802 54,981
Net policy acquisition costs deferred (56,431) (57,731) (55,940)
Provision for deferred income tax expense (benefit) (5,244) (51) (18,794)
Bond amortization (26) (725) 184
Depreciation 5,869 6,052 6,102
Net realized and unrealized (gains) losses on investments 9,236 (12,889) 25,691
Compensation expense related to restricted stock 1,789 1,529 475
Net cash provided by operating activities 74,862 86,680 100,708
Investing activities      
Purchases of fixed income securities and equity securities (392,223) (423,544) (415,326)
Purchases of limited partnership interests 0 0 (450)
Distributions from limited partnerships 14,636 33,396 6,869
Proceeds from maturities 136,390 84,387 64,035
Proceeds from sales of fixed income securities 103,938 139,310 241,429
Proceeds from sales of equity securities 51,713 21,621 149,195
Purchase of insurance company-owned life insurance 0 0 (10,000)
Purchase of commercial mortgage loans (555) (7,082) (6,672)
Proceeds from commercial mortgage loans 1,539 1,972 0
Purchases of property and equipment (1,470) (1,953) (5,439)
Proceeds from disposals of property and equipment 0 3 10
Net cash provided by (used in) investing activities (86,032) (151,890) 23,651
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)
Effect of foreign exchange rates on cash and cash equivalents 185 645 (830)
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents (18,459) (81,923) 102,098
Cash, cash equivalents and restricted cash and cash equivalents at beginning of year 88,888 170,811 68,713
Cash, cash equivalents and restricted cash and cash equivalents at end of year 70,429 88,888 170,811
Supplemental Disclosures of Cash Flow Information      
Cash paid (refunds received) for income taxes 1,500 (1,186) 9,500
Cash paid for interest $ 433 $ 723 $ 504