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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ (9,301) $ 473
Adjustments to reconcile net income (loss) to net cash used by operating activities:    
Net unrealized holding gain on equity investments (8,073) (4,022)
Income (loss) from equity method investments, net of distributions received 8,347
Net realized loss on sale of equity investments 8,791
Stock compensation expense 115 247
Purchase of investments by consolidated investment company subsidiary (2,347)
Changes in operating assets and liabilities:    
Current income taxes recoverable 253
Reinsurance balances receivable (3,479) (2,235)
Amounts held on deposit with reinsured companies 464 (274)
Deferred policy acquisition costs (469) (837)
Other assets and receivables (150) (302)
Loss and loss adjustment expense reserves 750 678
Unearned premium reserves 2,558 2,529
Accounts payable and other liabilities (567) (17)
Net cash used by operating activities (1,014) (5,854)
Cash flows from investing activities:    
Purchases of furniture and equipment (57) (6)
Purchases of equity method investments (6,795) (73)
Distribution from equity method investments 1,521
Sales of equity securities 593
Return of capital – other investments 152 155
Net cash used by investing activities (4,586) 76
Cash flows from financing activities:    
Payment of dividends on preferred shares (894) (797)
Proceeds from issuance of preferred stock, net 4,217
Proceeds from issuance of common stock, net 3,784
Cash contributions from non-controlling interests 657
Net cash provided (used) by financing activities 2,890 4,077
Net decrease in cash and cash equivalents (2,710) (1,701)
Cash and cash equivalents at beginning of period 15,542 12,132
Cash and cash equivalents at end of period $ 12,832 $ 10,431