• Filing Date: 2012-03-30
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:    
Net income $ 9,964 $ 5,422
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 27 87
Amortization of premiums (discounts) on investments in fixed maturity securities 172 (28)
Depreciation and amortization 576 178
Deferred income taxes (benefit) (1,984) 1,690
Realized gains on sales of investments (267) (2,003)
Gain on bargain purchase (936)  
Changes in operating assets and liabilities:    
Premiums receivable (6,400) (923)
Assumed reinsurance balances receivable (1,661) 19,499
Advance premiums 1,018 401
Prepaid reinsurance premiums 3,618 (10,582)
Accrued interest and dividends receivable (228) (4)
Other assets 82 (99)
Deferred policy acquisition costs (2,914) 1,089
Losses and loss adjustment expenses 5,278 2,968
Unearned premiums 43,643 (3,475)
Income taxes payable 4,646 143
Accrued expenses and other liabilities 1,399 1,768
Net cash provided by operating activities 56,033 16,131
Cash flows from investing activities:    
Cash consideration paid for acquired business (5,309)  
Purchase of other investments (205)  
Purchase of property and equipment, net (3,144) (7,534)
Purchase of fixed maturity securities (31,170) (31,921)
Purchase of equity securities (6,625) (5,384)
Proceeds from sales of fixed maturity securities 25,741 29,116
Proceeds from sales of equity securities 2,155 4,515
Redemption of time deposits, net 1,606 (526)
Decrease in short-term investments, net   11,521
Net cash used in investing activities (16,951) (213)
Cash flows from financing activities:    
Net proceeds from the issuance of preferred stock 11,307  
Proceeds from the exercise of common stock options 564 650
Cash dividends paid (3,825) (1,877)
Repurchases of common stock (1,887) (3,596)
Excess tax benefit from common stock options exercised 265 301
Net cash provided by (used in) financing activities 6,424 (4,522)
Net increase in cash and cash equivalents 45,506 11,396
Cash and cash equivalents at beginning of year 54,849 43,453
Cash and cash equivalents at end of year 100,355 54,849
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 3,451 790
Cash paid for interest      
Non-cash operating, financing and investing activities:    
Unrealized gain on investments in available for sale securities, net of tax 250 264
Common stock warrants issued for outside services 754  
Fair value of net assets acquired in connection with business acquisition 5,723  
Transfer of securities held-to-maturity to securities available-for-sale   $ 1,900