• Filing Date: 2015-03-10
  • Form Type: 10-K
  • Description: Annual report
v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:      
Net income $ 62,664us-gaap_NetIncomeLoss $ 65,562us-gaap_NetIncomeLoss $ 30,157us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Stock-based compensation 8,110us-gaap_ShareBasedCompensation 5,365us-gaap_ShareBasedCompensation 844us-gaap_ShareBasedCompensation
Net amortization of discounts and premiums on investments in fixed-maturity securities 782us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 336us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 279us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Depreciation and amortization 4,958us-gaap_DepreciationAmortizationAndAccretionNet 2,103us-gaap_DepreciationAmortizationAndAccretionNet 1,591us-gaap_DepreciationAmortizationAndAccretionNet
Deferred income tax (benefit) expense (4,742)us-gaap_DeferredIncomeTaxExpenseBenefit 557us-gaap_DeferredIncomeTaxExpenseBenefit (2,366)us-gaap_DeferredIncomeTaxExpenseBenefit
Net realized investment gains (4,735)us-gaap_GainLossOnSaleOfInvestments (80)us-gaap_GainLossOnSaleOfInvestments (276)us-gaap_GainLossOnSaleOfInvestments
Other-than-temporary impairment charge 107us-gaap_OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet    
Income from real estate investments (85)us-gaap_OtherNoncashIncomeExpense    
Loss from joint venture 23us-gaap_IncomeLossFromEquityMethodInvestments    
Loss from limited partnership interest 90hci_GainsLossesOnLimitedPartnershipsInterest    
Gain on bargain purchase     (179)us-gaap_BusinessCombinationBargainPurchaseGainRecognizedAmount
Goodwill impairment loss     161us-gaap_GoodwillImpairmentLoss
(Gain) loss on sale of real estate investment (1)us-gaap_GainsLossesOnSalesOfInvestmentRealEstate 20us-gaap_GainsLossesOnSalesOfInvestmentRealEstate  
Loss on disposal of real estate investment   6us-gaap_GainLossOnSaleOfOtherAssets  
Foreign currency remeasurement loss 29us-gaap_ForeignCurrencyTransactionGainLossBeforeTax 69us-gaap_ForeignCurrencyTransactionGainLossBeforeTax 23us-gaap_ForeignCurrencyTransactionGainLossBeforeTax
Changes in operating assets and liabilities:      
Premiums and reinsurance receivable (1,150)us-gaap_IncreaseDecreaseInPremiumsReceivable (4,032)us-gaap_IncreaseDecreaseInPremiumsReceivable 3,267us-gaap_IncreaseDecreaseInPremiumsReceivable
Advance premiums (124)us-gaap_IncreaseDecreaseInOtherPolicyholderFunds 475us-gaap_IncreaseDecreaseInOtherPolicyholderFunds 1,897us-gaap_IncreaseDecreaseInOtherPolicyholderFunds
Prepaid reinsurance premiums (6,030)us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums (18,954)us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums 5,057us-gaap_IncreaseDecreaseInPrepaidReinsurancePremiums
Accrued interest and dividends receivable 74us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable (758)us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable 33us-gaap_IncreaseDecreaseInInterestAndDividendsReceivable
Other assets (19,845)us-gaap_IncreaseDecreaseInOtherOperatingAssets (9,728)us-gaap_IncreaseDecreaseInOtherOperatingAssets (803)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Assumed reinsurance balances payable (4,442)us-gaap_IncreaseDecreaseInReinsurancePayables 3,283us-gaap_IncreaseDecreaseInReinsurancePayables 1,377us-gaap_IncreaseDecreaseInReinsurancePayables
Deferred policy acquisition costs (943)us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts (4,039)us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts 2,289us-gaap_IncreaseDecreaseInDeferredPolicyAcquisitionCosts
Losses and loss adjustment expenses 5,222us-gaap_IncreaseDecreaseInPropertyAndCasualtyInsuranceLiabilities 2,518us-gaap_IncreaseDecreaseInPropertyAndCasualtyInsuranceLiabilities 13,744us-gaap_IncreaseDecreaseInPropertyAndCasualtyInsuranceLiabilities
Unearned premiums 42,164us-gaap_IncreaseDecreaseInUnearnedPremiums 17,658us-gaap_IncreaseDecreaseInUnearnedPremiums 45,572us-gaap_IncreaseDecreaseInUnearnedPremiums
Income taxes (3,167)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable (8,270)us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable 3,857us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Accrued expenses and other liabilities 9,770us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities 3,381us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities (258)us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
Net cash provided by operating activities 88,729us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 55,472us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 106,266us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities:      
Cash consideration paid for acquired business, net of cash acquired     (8,157)us-gaap_PaymentsToAcquireBusinessesGross
Investment in real estate under acquisition, development, and construction arrangement (2,803)hci_InvestmentInRealEstateUnderAcquisitionDevelopmentAndConstructionArrangement    
Investment in limited partnership interest (2,640)us-gaap_PaymentsToAcquireLimitedPartnershipInterests    
Investment in joint venture (4,500)us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates    
Purchase of property and equipment (453)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (3,433)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,196)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Purchase of real estate investments (413)us-gaap_PaymentsToAcquireRealEstate (565)us-gaap_PaymentsToAcquireRealEstate (1,600)us-gaap_PaymentsToAcquireRealEstate
Purchase of fixed-maturity securities (83,365)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt (82,907)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt (10,128)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt
Purchase of equity securities (44,257)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity (11,308)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity (6,410)us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity
Proceeds from sales of fixed-maturity securities 98,365us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt 1,749us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt 8,991us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
Proceeds from calls, repayments and maturities of fixed-maturity securities 4,603us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 3,607us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 3,127us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Proceeds from sales of equity securities 16,810us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity 2,809us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity 1,735us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
Proceeds from sales of property and equipment   1us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment  
Proceeds from sales of real estate investments 1us-gaap_ProceedsFromSaleOfOtherInvestments 7us-gaap_ProceedsFromSaleOfOtherInvestments  
Time deposits, net     12,427us-gaap_IncreaseDecreaseInTimeDeposits
Net cash used in investing activities (18,652)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (90,040)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (1,211)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities:      
Net proceeds from the issuance of common stock     20,082us-gaap_ProceedsFromIssuanceOfCommonStock
Proceeds from the exercise of common stock options 125us-gaap_ProceedsFromStockOptionsExercised   283us-gaap_ProceedsFromStockOptionsExercised
Proceeds from the exercise of common stock warrants     11,869us-gaap_ProceedsFromWarrantExercises
Proceeds from the issuance of long-term debt   143,250us-gaap_ProceedsFromIssuanceOfLongTermDebt  
Cash dividends paid (12,355)us-gaap_PaymentsOfDividends (10,902)us-gaap_PaymentsOfDividends (8,561)us-gaap_PaymentsOfDividends
Cash dividends received under share repurchase forward contract 685hci_CashDividendsRepaid    
Repurchases of common stock (643)us-gaap_PaymentsForRepurchaseOfCommonStock (30,886)us-gaap_PaymentsForRepurchaseOfCommonStock  
Repurchases of common stock under share repurchase plan (38,354)hci_PaymentsForRepurchaseOfCommonStockUnderShareRepurchasePlan    
Redemption of Series A preferred stock (34)us-gaap_PaymentsForRepurchaseOfConvertiblePreferredStock    
Debt issuance costs (234)us-gaap_PaymentsOfDebtIssuanceCosts (4,770)us-gaap_PaymentsOfDebtIssuanceCosts (35)us-gaap_PaymentsOfDebtIssuanceCosts
Tax benefits on stock-based compensation 2,080us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 1,060us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 1,161us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Net cash (used) provided by financing activities (48,730)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 97,752us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 24,799us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Effect of exchange rate changes on cash (29)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents   5us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net (decrease) increase in cash and cash equivalents 21,318us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 63,184us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 129,859us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of year 293,398us-gaap_CashAndCashEquivalentsAtCarryingValue 230,214us-gaap_CashAndCashEquivalentsAtCarryingValue 100,355us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of year 314,716us-gaap_CashAndCashEquivalentsAtCarryingValue 293,398us-gaap_CashAndCashEquivalentsAtCarryingValue 230,214us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 43,902us-gaap_IncomeTaxesPaidNet 47,435us-gaap_IncomeTaxesPaidNet 16,710us-gaap_IncomeTaxesPaidNet
Cash paid for interest 6,258us-gaap_InterestPaidNet 2,531us-gaap_InterestPaidNet  
Non-cash investing and financing activities:      
Unrealized (loss) gain on investments in available-for-sale securities, net of tax (448)us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax (506)us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax 1,412us-gaap_AvailableForSaleSecuritiesChangeInNetUnrealizedHoldingGainLossNetOfTax
Series A Preferred Stock [Member]      
Non-cash investing and financing activities:      
Conversion of Series A preferred stock to common stock $ 972us-gaap_ConversionOfStockAmountConverted1
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesAPreferredStockMember
$ 1,170us-gaap_ConversionOfStockAmountConverted1
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesAPreferredStockMember
$ 9,121us-gaap_ConversionOfStockAmountConverted1
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesAPreferredStockMember