• Filing Date: 2014-03-12
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 65,562 $ 30,157 $ 9,964
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 5,365 844 27
Net amortization of discounts and premiums on investments in fixed-maturity securities 336 279 195
Depreciation and amortization 2,103 1,591 576
Deferred income tax expense (benefit) 557 (2,366) (1,984)
Net realized investment gains (80) (276) (290)
Gain on bargain purchase   (179) (936)
Goodwill impairment loss   161  
Loss on sale of other investment 20    
Loss on disposal of other investment 6    
Foreign currency remeasurement loss 69 23  
Changes in operating assets and liabilities:      
Premiums and reinsurance receivable (4,032) 3,267 (8,061)
Advance premiums 475 1,897 1,018
Prepaid reinsurance premiums (18,954) 5,057 3,618
Accrued interest and dividends receivable (758) 33 (228)
Other assets (9,728) (803) 82
Assumed reinsurance balances payable 3,283 1,377  
Deferred policy acquisition costs (4,039) 2,289 (2,914)
Losses and loss adjustment expenses 2,518 13,744 5,278
Unearned premiums 17,658 45,572 43,643
Income taxes payable (8,270) 3,857 4,646
Accrued expenses and other liabilities 3,381 (258) 1,399
Net cash provided by operating activities 55,472 106,266 56,033
Cash flows from investing activities:      
Cash consideration paid for acquired business, net of cash acquired   (8,157) (5,309)
Purchase of property and equipment, net (3,433) (1,196) (3,144)
Purchase of other investments (565) (1,600) (205)
Purchase of fixed-maturity securities (82,907) (10,128) (31,170)
Purchase of equity securities (11,308) (6,410) (6,625)
Proceeds from sales of fixed-maturity securities 1,749 8,991 24,904
Proceeds from calls, repayments and maturities of fixed-maturity securities 3,607 3,127 1,327
Proceeds from sales of equity securities 2,809 1,735 1,665
Proceeds from sales of property and equipment 1    
Proceeds from sales of other investment 7    
Time deposits, net   12,427 1,606
Net cash used in investing activities (90,040) (1,211) (16,951)
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
Proceeds from the exercise of common stock warrants   11,869  
Proceeds from the issuance of long-term debt 143,250    
Cash dividends paid (10,902) (8,561) (3,825)
Repurchases of common stock (30,886)   (1,887)
Debt issuance costs (4,770) (35)  
Tax benefits on stock-based compensation 1,060 1,161 265
Net cash provided by financing activities 97,752 24,799 6,424
Effect of exchange rate changes on cash   5  
Net increase (decrease) in cash and cash equivalents 63,184 129,859 45,506
Cash and cash equivalents at beginning of year 230,214 100,355 54,849
Cash and cash equivalents at end of year 293,398 230,214 100,355
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 47,435 16,710 3,451
Cash paid for interest 2,531    
Non-cash investing and financing activities:      
Unrealized (loss) gain on investments in available-for-sale securities, net of tax (506) 1,412 250
Common stock warrants issued for outside services     754
Series A Preferred Stock [Member]
     
Non-cash investing and financing activities:      
Conversion of Series A preferred stock to common stock $ 1,170 $ 9,121