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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income (loss) $ 21,787,000 $ (118,625,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Stock-based compensation 798,000 1,008,000
Bond amortization and accretion (1,261,000) 1,745,000
Amortization of original issuance discount on debt 235,000 776,000
Goodwill or intangible asset impairment 766,600 91,959,000
Depreciation and amortization 4,266,000 4,100,000
Allowance for bad debt 87,000 4,000
Expected credit allowance on reinsurance 152,000 0
Net realized investment (gains) loss (330,000) 118,000
Deferred income taxes 3,771,000 (7,995,000)
Changes in operating assets and liabilities:    
Accrued investment income 245,000 (48,000)
Premiums receivable, net 6,061,000 (9,356,000)
Prepaid reinsurance premiums (202,229,000) (202,875,000)
Reinsurance recoverable on paid and unpaid claims 260,911,000 (19,715,000)
Income taxes receivable (1,143,000) (1,542,000)
Deferred policy acquisition costs, net (7,119,000) (5,587,000)
Right of use leased asset 1,228,000 1,706,000
Other assets (3,513,000) (3,684,000)
Unpaid losses and loss adjustment expenses (313,948,000) 1,622,000
Unearned premiums 59,737,000 (36,257,000)
Lease incentives 0 64,932,000
Reinsurance payable 187,795,000 183,556,000
Accrued interest (122,000) 95,000
Accrued compensation 1,535,000 (284,000)
Advance premiums 12,423,000 13,323,000
Operating lease liabilities (1,100,000) (1,525,000)
Other liabilities (6,914,000) (4,986,000)
Net cash provided by (used in) operating activities 24,119,000 (47,535,000)
INVESTING ACTIVITIES    
Fixed maturity securities sales, maturities and paydowns 479,396,000 43,188,000
Fixed maturity securities purchases (528,466,000) (58,969,000)
Purchases in other investments 0 (7,500,000)
Sale on other investments and return of capital 5,062,000 14,077,000
Equity securities reinvestments of dividends 0 (99,000)
Leasehold improvements 0 (3,358,000)
Cost of property and equipment acquired (6,092,000) (1,385,000)
Net cash used in investing activities (50,100,000) (14,046,000)
FINANCING ACTIVITIES    
Repayment of term note (4,750,000) (1,750,000)
Mortgage loan payments (52,000) (160,000)
Draw from revolver 0 15,000,000
Repurchase of convertible notes 0 (11,633,000)
Purchase of treasury stock 0 (5,000,000)
Tax withholdings on share-based compensation awards (8,000) (58,000)
Dividends paid (11,000) (3,222,000)
Net cash used in financing activities (4,821,000) (6,823,000)
Decrease in cash, cash equivalents, and restricted cash (30,802,000) (68,404,000)
Cash, cash equivalents and restricted cash, beginning of period 287,572,000 364,752,000
Cash, cash equivalents and restricted cash, end of period 256,770,000 296,348,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Income taxes paid 6,446,000 5,885,000
Interest paid $ 4,757,000 $ 2,273,000