• Filing Date: 2020-03-06
  • Form Type: 10-K
  • Description: Annual report
v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income (loss) $ 26,576 $ 17,725 $ (6,893)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Stock-based compensation 6,460 4,632 4,523
Net amortization of premiums on investments in fixed-maturity securities 50 761 1,252
Depreciation and amortization 8,942 10,996 9,591
Deferred income tax expense (benefit) 1,871 141 (4,913)
Net realized investment losses (gains) 254 (6,183) (4,346)
Net unrealized investment (gains) losses (7,950) 10,202 (92)
Other-than-temporary impairment losses 289 80 1,467
Loss (income) from unconsolidated joint venture 83 (304) 234
Distribution received from unconsolidated joint venture   68 147
Loss on repurchases of senior notes     743
Impairment loss     38
Net income from limited partnership interests (1,176) (4,430) (2,334)
Distributions received from limited partnership interests 4,176 2,345 881
Foreign currency remeasurement loss (gain) 57 135 (60)
Other non-cash items 290 72 134
Changes in operating assets and liabilities:      
Accrued interest and dividends receivable 176 191 (329)
Income taxes (69) 15,221 (13,381)
Premiums receivable (3,588) 1,140 (531)
Prepaid reinsurance premiums (51) 4,354 2,268
Reinsurance recoverable (8,767) (20,807) (103,104)
Deferred policy acquisition costs (5,156) 205 (73)
Other assets (7,837) 408 783
Losses and loss adjustment expenses 7,111 9,008 128,086
Unearned premiums 23,434 (7,167) (10,907)
Advance premiums (603) 1,244 297
Assumed reinsurance balances payable 62 (1) (3,279)
Reinsurance recovered in advance on unpaid losses   (13,885) 13,885
Accrued expenses and other liabilities 9,413 2,444 2,548
Net cash provided by operating activities 54,047 28,595 16,635
Cash flows from investing activities:      
Investments in limited partnership interests (1,174) (7,182) (4,226)
Distributions received from limited partnership interests 2,121 158 11,758
Distribution from unconsolidated joint venture   695 417
Purchase of property and equipment (2,887) (2,187) (2,340)
Purchase of intangible assets   (409) (637)
Purchase of real estate investments (11,481) (7,472) (11,878)
Purchase of fixed-maturity securities (82,662) (113,174) (114,743)
Purchase of equity securities (24,637) (52,250) (50,453)
Purchase of short-term and other investments (1,178) (201,538)  
Proceeds from sales of fixed-maturity securities 7,947 81,809 31,759
Proceeds from calls, repayments and maturities of fixed-maturity securities 59,343 82,177 14,897
Proceeds from sales of equity securities 37,669 66,439 45,282
Proceeds from sales, redemptions and maturities of short-term and other investments 67,398 135,256  
Net cash provided by (used in) investing activities 50,459 (17,678) (80,164)
Cash flows from financing activities:      
Cash dividends paid (13,012) (11,318) (13,906)
Cash dividends received under share repurchase forward contract 306 967 1,073
Proceeds from revolving credit facility 9,750    
Proceeds from exercise of common stock options 63   75
Proceeds from the issuance of long-term debt   6,000 143,859
Repurchases of senior notes     (40,250)
Repayment of long-term debt (91,318) (1,127) (974)
Repurchases of common stock (1,203) (1,151) (30,718)
Repurchases of common stock under share repurchase plan (18,851) (20,015) (15,154)
Purchase of non-controlling interest   (539)  
Debt issuance costs (459) (105) (4,975)
Net cash (used in) provided by financing activities (114,724) (27,288) 39,030
Effect of exchange rate changes on cash (22) (164) 61
Net decrease in cash, cash equivalents and restricted cash (10,240) (16,535) (24,438)
Cash, cash equivalents and restricted cash at beginning of year 240,158 256,693 281,131
Cash, cash equivalents and restricted cash at end of year 229,918 240,158 256,693
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 7,713 3,655 11,506
Cash paid for interest 9,386 10,720 8,906
Non-cash investing and financing activities:      
Unrealized gain (loss) on investments in available-for-sale securities, net of tax 3,631 (2,835) 1,923
Conversion of revolving credit facility to long-term debt     9,441
Receivable from sales of available-for-sale securities     255
Payable on purchases of available-for-sale securities     $ 4
Addition to property and equipment under finance lease $ 18 $ 61