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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net income $ 45,582 $ 58,792
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 760 884
Net amortization of investments 10,815 12,306
Deferred income taxes 342 (532)
Net realized (gains) losses on investments 761 (959)
Net realized losses on disposal of assets 2 1
Share-based compensation 1,283 1,143
Changes in operating assets and liabilities:    
Premiums receivable, net (2,492) (15,623)
Accrued interest receivable 125 (263)
Deferred policy acquisition costs (1,606) 49
Amounts held by others 27,848 1,016
Other assets (5,131) (2,929)
Reserves for loss and loss adjustment expenses 12,250 18,243
Unearned premiums 3,792 7,790
Reinsurance balances (1,320) (11,892)
Amounts held for others and policyholder deposits 2,503 6,557
Accounts payable and other liabilities 6,813 8,285
Net cash provided by operating activities 102,327 82,868
Investing activities    
Purchases of investments held-to-maturity (149,981) (102,830)
Purchases of investments available-for-sale (86,615) (161,482)
Purchases of short-term investments (53,789) (12,132)
Proceeds from maturities of investments held-to-maturity 112,715 136,896
Proceeds from sales and maturities of investments available-for-sale 82,270 75,470
Proceeds from sales and maturities of short-term investments 17,610 8,033
Proceeds from redemptions of other investments 9,000  
Purchases of property and equipment (446) (1,091)
Net cash used in investing activities (69,236) (57,136)
Financing activities    
Proceeds from stock option exercises   837
Tax benefit from share-based payments   976
Dividends to shareholders (11,649) (10,414)
Net cash used in financing activities (11,649) (8,601)
Change in cash and cash equivalents 21,442 17,131
Cash and cash equivalents at beginning of period 58,936 69,481
Cash and cash equivalents at end of period $ 80,378 $ 86,612