• Filing Date: 2013-03-14
  • 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, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net income $ 30,157 $ 9,964 $ 5,422
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 844 27 87
Net amortization of premiums on investments in fixed maturity securities 279 195 (28)
Depreciation and amortization 1,591 576 178
Deferred income taxes (benefit) (2,366) (1,984) 1,690
Net realized investment gains (276) (290) (2,003)
Gain on bargain purchase (179) (936)  
Goodwill impairment loss 161    
Foreign currency remeasurement loss 23    
Changes in operating assets and liabilities:      
Premiums and reinsurance receivable 3,267 (8,061) 18,576
Advance premiums 1,897 1,018 401
Prepaid reinsurance premiums 5,057 3,618 (10,582)
Accrued interest and dividends receivable 33 (228) (4)
Other assets (803) 82 (99)
Assumed reinsurance balances payable 1,377    
Deferred policy acquisition costs 2,289 (2,914) 1,089
Losses and loss adjustment expenses 13,744 5,278 2,968
Unearned premiums 45,572 43,643 (3,475)
Income taxes payable 3,857 4,646 143
Accrued expenses and other liabilities (258) 1,399 1,768
Net cash provided by operating activities 106,266 56,033 16,131
Cash flows from investing activities:      
Cash consideration paid for acquired business, net of cash acquired (8,157) (5,309)  
Purchase of property and equipment (1,196) (3,144) (7,534)
Purchase of other investments (1,600) (205)  
Purchase of fixed maturity securities (10,128) (31,170) (31,921)
Purchase of equity securities (6,410) (6,625) (5,384)
Proceeds from sales of fixed-maturity securities 8,991 24,904 29,116
Proceeds from calls repayments and maturities of fixed-maturity securities 3,127 1,327  
Proceeds from sales of equity securities 1,735 1,665 4,515
Decrease in short-term investments, net     11,521
Decrease (increase) in time deposits, net 12,427 1,606 (526)
Net cash used in investing activities (1,211) (16,951) (213)
Cash flows from financing activities:      
Net proceeds from the issuance of common stock 20,082    
Net proceeds from the issuance of preferred stock   11,307  
Proceeds from the exercise of common stock options 283 564 650
Proceeds from the exercise of common stock warrants 11,869    
Cash dividends paid (8,561) (3,825) (1,877)
Repurchases of common stock   (1,887) (3,596)
Debt issuance costs paid (35)    
Excess tax benefit from common stock options exercised 1,161 265 301
Net cash provided by (used in) financing activities 24,799 6,424 (4,522)
Effect of exchange rate changes on cash 5    
Net increase in cash and cash equivalents 129,859 45,506 11,396
Cash and cash equivalents at beginning of year 100,355 54,849 43,453
Cash and cash equivalents at end of year 230,214 100,355 54,849
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 16,710 3,451 790
Non-cash investing and financing activities:      
Unrealized gain on investments in available-for-sale securities, net of tax 1,412 250 264
Common stock warrants issued for outside services   754  
Transfer of securities held-to-maturity to securities available-for-sale     1,900
Series A Preferred Stock
     
Conversion of Stock [Line Items]      
Conversion of Series A Preferred Stock to common stock $ 9,121