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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 21,931 $ 98,661
Adjustments to reconcile net income to net cash provided by operating activities:    
Investment amortization, net 999 3,455
Fixed asset depreciation, net 4,990 4,993
Stock based compensation 4,686 4,798
Provision (credit) for deferred income taxes 4,025 (836)
Net realized gains on investments (8,613) (8,507)
Credit loss (benefit) expense 207 (325)
Earnings from partnership investments (5,579) (9,375)
Change in net unrealized gains on equity securities 56,283 (11,414)
Changes in assets and liabilities:    
Accounts receivable, net (17,020) (4,627)
Accrued investment income (970) (1,244)
Receivable from reinsurers (1,441) 9,226
Ceded unearned premiums (2,765) (161)
Deferred policy acquisition costs (3,638) (1,483)
Taxes recoverable/payable (16,042) 2,922
Other assets (4,902) (8,773)
Loss and loss adjustment expense reserves (25,239) 10,966
Unearned premium reserves 23,617 12,266
Accounts payable and accrued liabilities (17,194) (14,870)
Payable to reinsurers 13,431 10,387
Other liabilities (3,400) 14,525
Net cash provided by operating activities 23,366 110,584
Cash flows from investing activities:    
Fixed maturities purchased (150,507) (272,557)
Short term investments purchased (5)  
Equity securities purchased (41,809) (48,596)
Other invested assets purchased (14,863) (15,221)
Proceeds from sales and paydowns of fixed maturities 106,367 129,593
Proceeds from maturities, redemptions, and calls of fixed maturities 68,474 113,528
Proceed from sales of equity securities 33,898 17,110
Proceeds from other invested assets redeemed 1,133 3,993
Fixed assets purchased (1,522) (6,855)
Net cash provided by (used for) investing activities 1,166 (79,005)
Cash flows from financing activities:    
Dividends paid to shareholders (39,897) (40,645)
Acquisition of treasury stock (14,603)  
Net cash used for financing activities (54,500) (40,645)
Net decrease in cash and cash equivalents (29,968) (9,066)
Cash and cash equivalents at beginning of year 63,603 53,769
Cash and cash equivalents at end of period $ 33,635 $ 44,703