• Filing Date: 2018-03-07
  • Form Type: 10-K
  • Description: Annual report
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net (loss) income $ (6,893) $ 29,021 $ 65,861
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Stock-based compensation 4,523 4,198 5,212
Net amortization of premiums on investments in fixed-maturity securities 1,252 726 855
Depreciation and amortization 9,591 5,408 5,251
Deferred income tax (benefit) expense (4,913) 155 (1,101)
Net realized investment (gains) losses (4,346) (2,601) 608
Net unrealized investment gains (92)    
Other-than-temporary impairment losses 1,467 2,482 4,681
Income from real estate investment under acquisition, development and construction arrangement     (344)
Loss from unconsolidated joint venture 234   125
Distribution received from unconsolidated joint venture 147    
Gain on repurchases of convertible senior notes   (153)  
Gain on bargain purchase   (2,071)  
Loss on repurchases of senior notes 743    
Gain on remeasurement of previously held investment   (4,005)  
Impairment loss 38 388  
Net (income) loss from limited partnership interests (2,334) (1,207) 3,244
Distributions received from limited partnership interests 881 544 12
Foreign currency remeasurement (gain) loss (60) 29 66
Other 134 18 26
Changes in operating assets and liabilities:      
Accrued interest and dividends receivable (329) (300) (331)
Income taxes (13,381) (1,192) 766
Premiums receivable (531) 2,355 (3,807)
Prepaid reinsurance premiums 2,268 16,193 (6,651)
Reinsurance recoverable (103,104)    
Deferred policy acquisition costs (73) 1,963 (3,588)
Other assets 574 29,054 (7,230)
Losses and loss adjustment expenses 128,086 18,802 2,782
Unearned premiums (10,907) (11,487) (26,781)
Advance premiums 297 (332) 603
Assumed reinsurance balances payable (3,279) 2,210 866
Reinsurance recovered in advance on unpaid losses 13,885    
Accrued expenses and other liabilities 2,548 (2,223) 4,157
Net cash provided by operating activities 16,426 87,975 45,282
Cash flows from investing activities:      
Investment in real estate under acquisition, development, and construction arrangement     (6,968)
Proceeds from investment in real estate under acquisition, development and construction arrangement   10,200  
Acquisition of real estate business, net of cash acquired   (11,651)  
Investments in limited partnership interests (4,226) (4,670) (24,636)
Distributions received from limited partnership interests 11,758    
Investment in unconsolidated joint venture   (90) (435)
Distribution from unconsolidated joint venture 417    
Purchase of property and equipment (2,340) (865) (840)
Purchase of intangible assets (637)    
Purchase of real estate investments (11,878) (2,261) (4,871)
Purchase of fixed-maturity securities (114,743) (85,530) (98,501)
Purchase of equity securities - available for sale (46,909) (22,434) (32,878)
Purchase of equity securities - trading (3,544)    
Proceeds from sales of fixed-maturity securities 31,759 40,454 53,711
Proceeds from calls, repayments and maturities of fixed-maturity securities 14,897 4,692 9,344
Proceeds from sales of equity securities - available for sale 42,657 23,127 25,695
Proceeds from sales of equity securities - trading 2,625    
Proceeds from sales of real estate investments     5
Net cash used in investing activities (80,164) (49,028) (80,374)
Cash flows from financing activities:      
Net borrowing under revolving credit facility   1,238  
Proceeds from the exercise of common stock options 75 150 263
Cash dividends paid (13,906) (12,438) (12,428)
Cash dividends received under share repurchase forward contract 1,073 747 747
Proceeds from the issuance of long-term debt 143,859 18,200  
Repurchases of convertible senior notes   (11,347)  
Repurchases of senior notes (40,250)    
Repayment of long-term debt (974) (455)  
Repurchases of common stock (30,718) (464) (792)
Repurchases of common stock under share repurchase plan (15,154) (20,026) (1,610)
Purchase of non-controlling interest   (2,064)  
Debt issuance costs (4,975) (339)  
Tax benefits on stock-based compensation   641 2,295
Net cash provided by (used in) financing activities 39,030 (26,157) (11,525)
Effect of exchange rate changes on cash 61 3 (61)
Net (decrease) increase in cash and cash equivalents (24,647) 12,793 (46,678)
Cash and cash equivalents at beginning of year 280,531 267,738 314,416
Cash and cash equivalents at end of year 255,884 280,531 267,738
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 11,506 18,857 38,371
Cash paid for interest 8,906 7,222 7,211
Non-cash investing and financing activities:      
Unrealized gain (loss) on investments in available-for-sale securities, net of tax 1,923 4,434 (2,457)
Details of business acquisition:      
Fair value of assets acquired   32,569  
Less: Purchase price   (14,514)  
Carrying value of previously held interest   (2,859)  
Gain on remeasurement of previously held interest   (4,005)  
Gain on bargain purchase   (2,071)  
Liabilities assumed   9,120  
Conversion of revolving credit facility to long-term debt 9,441    
Receivable from sales of available-for-sale securities 255 350  
Payable on purchases of available-for-sale securities $ 4 $ 50 $ 1