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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flow from operating activities:    
Net income (loss) $ (43,914) $ (19,381)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net realized and unrealized (gains) losses 15,053 (92)
Amortization of investment premium or discount, net 510 1,256
Depreciation and amortization 413 460
Share-based compensation 196 407
Changes in operating assets and liabilities:    
Prepaid reinsurance premiums 80,074 61,204
Premiums receivable, net 8,085 10,041
Reinsurance recoverable, net 31,282 (51,038)
Deferred acquisition costs, net 2,391 1,429
Current and deferred income taxes, net 16,592 (1,291)
Deferred revenue (1,078) (278)
Loss and loss adjustment expense reserves (77,199) (53,654)
Unearned premiums (26,435) (4,794)
Reinsurance payable and funds withheld liabilities (56,213) (50,561)
Other 13,219 (3,853)
Net cash provided by (used in) operating activities (37,024) (110,145)
Cash flow from investing activities:    
Proceeds from sales of debt securities 56,161 87,007
Purchases of debt securities (27,385) (56,148)
Maturities and redemptions of debt securities 12,130 31,383
Purchases of property and equipment (50) (174)
Net cash provided by (used in) investing activities 40,856 62,068
Cash flow from financing activities:    
Issuance of common stock 0 15,403
Issuance of common stock for share-based awards 0 1
Net cash provided by (used in) financing activities 0 15,404
Net increase (decrease) in cash and cash equivalents 3,832 (32,673)
Cash and cash equivalents at beginning-of-period 83,526 102,367
Cash and cash equivalents at end-of-period 87,358 69,694
Supplemental disclosure of cash flow information:    
Cash paid (received) during the period for interest 3,875 3,750
Cash paid (received) during the period for income taxes (17,782) (3,618)
Significant non-cash investing and financing transactions:    
Right-of-use asset (6,497) (7,250)
Lease liability $ 6,497 $ 7,250