• Filing Date: 2019-03-08
  • Form Type: 10-K
  • Description: Annual report
v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income (loss) $ 17,725 $ (6,893) $ 29,021
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation 4,632 4,523 4,198
Net amortization of premiums on investments in fixed-maturity securities 761 1,252 726
Depreciation and amortization 10,996 9,591 5,408
Deferred income tax expense (benefit) 141 (4,913) 155
Net realized investment gains (6,183) (4,346) (2,601)
Net unrealized investment losses (gains) 10,202 (92)  
Other-than-temporary impairment losses 80 1,467 2,482
(Income) loss from unconsolidated joint venture (304) 234
Distribution received from unconsolidated joint venture 68 147  
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 from limited partnership interests (4,430) (2,334) (1,207)
Distributions received from limited partnership interests 2,345 881 544
Foreign currency remeasurement loss (gain) 135 (60) 29
Other 72 134 18
Changes in operating assets and liabilities:      
Accrued interest and dividends receivable 191 (329) (300)
Income taxes 15,221 (13,381) (1,192)
Premiums receivable 1,140 (531) 2,355
Prepaid reinsurance premiums 4,354 2,268 16,193
Reinsurance recoverable (20,807) (103,104)  
Deferred policy acquisition costs 205 (73) 1,963
Other assets 408 783 29,354
Losses and loss adjustment expenses 9,008 128,086 18,802
Unearned premiums (7,167) (10,907) (11,487)
Advance premiums 1,244 297 (332)
Assumed reinsurance balances payable (1) (3,279) 2,210
Reinsurance recovered in advance on unpaid losses (13,885) 13,885  
Accrued expenses and other liabilities 2,444 2,548 (2,223)
Net cash provided by operating activities 28,595 16,635 88,275
Cash flows from investing activities:      
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 (7,182) (4,226) (4,670)
Distributions received from limited partnership interests 158 11,758  
Investment in unconsolidated joint venture     (90)
Distribution from unconsolidated joint venture 695 417  
Purchase of property and equipment (2,187) (2,340) (865)
Purchase of intangible assets (409) (637)  
Purchase of real estate investments (7,472) (11,878) (2,261)
Purchase of fixed-maturity securities (113,174) (114,743) (85,530)
Purchase of equity securities (52,250) (50,453) (22,434)
Purchase of short-term and other investments (201,538)    
Proceeds from sales of fixed-maturity securities 81,809 31,759 40,454
Proceeds from calls, repayments and maturities of fixed-maturity securities 82,177 14,897 4,692
Proceeds from sales of equity securities 66,439 45,282 23,127
Proceeds from sales, redemptions and maturities of short-term and other investments 135,256    
Net cash used in investing activities (17,678) (80,164) (49,028)
Cash flows from financing activities:      
Net borrowing under revolving credit facility     1,238
Proceeds from the exercise of common stock options   75 150
Cash dividends paid (11,318) (13,906) (12,438)
Cash dividends received under share repurchase forward contract 967 1,073 747
Proceeds from the issuance of long-term debt 6,000 143,859 18,200
Repurchases of convertible senior notes     (11,347)
Repurchases of senior notes   (40,250)  
Repayment of long-term debt (1,127) (974) (455)
Repurchases of common stock (1,151) (30,718) (464)
Repurchases of common stock under share repurchase plan (20,015) (15,154) (20,026)
Purchase of non-controlling interest (539)   (2,064)
Debt issuance costs (105) (4,975) (339)
Tax benefits on stock-based compensation     641
Net cash (used in) provided by financing activities (27,288) 39,030 (26,157)
Effect of exchange rate changes on cash (164) 61 3
Net (decrease) increase in cash, cash equivalents and restricted cash (16,535) (24,438) 13,093
Cash, cash equivalents and restricted cash at beginning of year 256,693 281,131 268,038
Cash, cash equivalents and restricted cash at end of year 240,158 256,693 281,131
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 3,655 11,506 18,857
Cash paid for interest 10,720 8,906 7,222
Non-cash investing and financing activities:      
Unrealized (loss) gain on investments in available-for-sale securities, net of tax (2,835) 1,923 4,434
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
Addition to property and equipment under capital lease $ 61