XML 19 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Operating Activities    
Net income $ 11,856,000 $ 41,455,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization, net of accretion 6,079,000 7,803,000
(Increase) decrease in cash surrender value of BOLI (449,000) (455,000)
Net realized investment (gains) losses 12,517,000 (13,280,000)
Share-based compensation 902,000 3,346,000
Deferred income taxes (2,094,000) 7,054,000
Policy acquisition costs, net of amortization (net deferral) (504,000) (2,376,000)
Equity in (earnings) loss of unconsolidated subsidiaries (1,640,000) (1,808,000)
Distributed earnings from unconsolidated subsidiaries 7,018,000 10,893,000
Other 752,000 (167,000)
Other changes in assets and liabilities:    
Premiums receivable (9,559,000) (1,238,000)
Reinsurance related assets and liabilities 9,651,000 2,428,000
Other assets 6,254,000 (5,027,000)
Reserve for losses and loss adjustment expenses 8,420,000 3,561,000
Unearned premiums 27,743,000 24,576,000
Other liabilities (3,592,000) (7,393,000)
Net cash provided (used) by operating activities 73,354,000 69,372,000
Purchases of:    
Fixed maturities, available for sale (367,872,000) (160,364,000)
Fixed maturities, trading (4,162,000) 0
Equity investments (67,129,000) (35,400,000)
Other investments (7,108,000) (3,930,000)
Funding of qualified affordable housing project tax credit partnerships 0 (37,000)
Investment in unconsolidated subsidiaries (21,985,000) (5,613,000)
Proceeds from sales or maturities of:    
Fixed maturities, available for sale 459,822,000 171,986,000
Equity investments 51,085,000 41,584,000
Other investments 6,092,000 6,788,000
Return of invested capital from unconsolidated subsidiaries 11,783,000 6,955,000
Net sales or maturities (purchases) of short-term investments 82,976,000 160,792,000
Unsettled security transactions, net change 22,421,000 6,296,000
Purchases of capital assets (1,836,000) (4,535,000)
Repayments (advances) under Syndicate Credit Agreement (17,980,000) 1,159,000
Net cash provided (used) by investing activities 146,107,000 185,681,000
Financing Activities    
Borrowings (repayments) under Revolving Credit Agreement (40,000,000) 0
Repayments of Mortgage Loans (349,000) 0
Dividends to shareholders (266,734,000) (265,664,000)
External capital contribution received for segregated portfolio cells 251,000 114,000
Other (3,877,000) (4,932,000)
Net cash provided (used) by financing activities (310,709,000) (270,482,000)
Increase (decrease) in cash and cash equivalents (91,248,000) (15,429,000)
Cash and cash equivalents at beginning of period 134,495,000 117,347,000
Cash and cash equivalents at end of period 43,247,000 101,918,000
Significant Non-Cash Transactions    
Dividends declared and not yet paid $ 16,616,000 $ 16,516,000