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Statement of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Net loss $ (17,336) $ (12,522)
Equity in net (income) loss of investee (255) 2,266
Equity in net (income) loss of limited liability investments (50) 4
Depreciation and amortization 1,002 532
Stock based compensation expense, net of forfeitures 0 (31)
Net realized losses (gains) 1,409 (273)
Loss on change in fair value of debt 8,951 4,331
Deferred income taxes (416) 0
Amortization of fixed maturities premiums and discounts 1,270 650
Realized loss on buy-back of debt 24 0
Premiums and service fee receivable 6,086 12,906
Reinsurance recoverable (6,108) (596)
Deferred acquisition costs 1,417 (287)
Income taxes recoverable 0 718
Unpaid loss and loss adjustment expenses (5,360) (14,201)
Unearned premiums 7,069 6,218
Reinsurance payable 5,681 530
Deferred service fees (174) 1,036
Other, net (2,297) 7,724
Net cash used in operating activities (11,259) (16,807)
Proceeds from sales and maturities of fixed maturities 9,348 37,356
Proceeds from sales of equity investments 175 0
Proceeds from sales of investment in investee 13,638 0
Purchase of fixed maturities 879 32,423
Purchase of equity investments 23 750
Net proceeds from sales of limited liability investments (99) 0
Net purchases of short-term investments 325 0
Net purchases of property and equipment and intangible assets 183 348
Net cash provided by investing activities 21,850 3,835
Common stock issued 0 132
Redemption of senior unsecured debentures (583) 0
Net cash (used in) provided by financing activities (583) 132
Net increase (decrease) in cash and cash equivalents 10,008 (12,840)
Cash and cash equivalents at beginning of period 80,813 80,813
Cash and cash equivalents at end of period $ 90,821