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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash Flows From Operating Activities    
Net income $ 44,521 $ 45,759
Less net loss from discontinued operations, net of taxes 0 (1,912)
Adjustments to reconcile net income to net cash provided by operating activities    
Net accretion of bond premium 2,763 2,178
Depreciation and amortization 1,166 1,159
Stock-based compensation expense 2,688 1,281
Net realized investment (gains) losses (26,713) 7,864
Net cash flows from equity and trading investments 1,235 383
Deferred income tax benefit 4,863 (3,879)
Changes in:    
Accrued investment income (709) (1,242)
Premiums receivable (18,361) (10,494)
Deferred policy acquisition costs (3,095) (1,734)
Reinsurance receivables 4,720 (312)
Prepaid reinsurance premiums (443) (253)
Income taxes receivable 10,647 6,031
Other assets (21,034) 104
Losses and loss settlement expenses (8,987) (4,202)
Unearned premiums 17,795 11,521
Accrued expenses and other liabilities 1,275 (6,925)
Income taxes payable 0 17,581
Deferred income taxes 0 (14,039)
Other, net (1,628) 1,708
Cash from operating activities - continuing operations (33,818) 6,730
Cash from operating activities - discontinued operations 0 4,024
Cash from operating activities - gain on sale of discontinued operations 0 (34,851)
Total adjustments (33,818) (24,097)
Net cash provided by operating activities 10,703 23,574
Cash Flows From Investing Activities    
Proceeds from sale of available-for-sale investments 36,490 0
Proceeds from call and maturity of available-for-sale investments 38,740 30,320
Proceeds from short-term and other investments 1,027 3,078
Proceeds from the sale of discontinued operations 0 276,055
Purchase of available-for-sale investments (25,007) (93,115)
Purchase of short-term and other investments (11,807) (676)
Net purchases and sales of property and equipment (12,017) (3,851)
Cash from investing activities - continuing operations 27,426 211,811
Cash from investing activities - discontinued operations 0 14,343
Net cash provided by investing activities 27,426 226,154
Cash Flows From Financing Activities    
Payment of cash dividends (7,797) (6,960)
Repurchase of common stock 0 (5,404)
Issuance of common stock 750 2,293
Cash from financing activities - continuing operations (7,047) (10,071)
Cash from financing activities - discontinued operations 0 (11,547)
Net cash used in financing activities (7,047) (21,618)
Net Change in Cash and Cash Equivalents 31,082 228,110
Less: increase in cash and cash equivalents - discontinued operations 0 (6,820)
Net increase in cash and cash equivalents - continuing operations 31,082 221,290
Cash and Cash Equivalents at Beginning of Period - Continuing Operations 64,454 95,562
Cash and Cash Equivalents at End of Period - Continuing Operations $ 95,536 $ 316,852