XML 17 R7.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (15,908) $ (12,437)
Less net income (loss) from discontinued operations, net of income taxes (1,512) (12,480)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:    
Net investment gains (3,288) (275)
Deferred income tax expense (benefit) 1,865 (3,554)
Depreciation of property and equipment 527 466
Amortization of intangibles 32
Share-based compensation 522 1,310
Amortization of deferred policy acquisition costs 53,723 48,311
Deferral of policy acquisition costs (54,404) (51,175)
Net amortization of premiums and discounts on investments 494 745
Gain on sale of property and equipment (72) (44)
Changes in operating assets and liabilities:    
Premiums and agents’ balances receivable (29,161) (40,275)
Reinsurance premiums receivable / payable (1,517) (164)
Reinsurance recoverables on losses (7,861) (2,116)
Accrued investment income 77 (80)
Federal Crop Insurance Corporation receivable / payable (2,201) 983
Other assets 266 (904)
Unpaid losses and loss adjustment expenses 39,884 28,152
Unearned premiums 10,780 20,162
Income tax recoverable / payable (11,322) 4,611
Accrued expenses and other liabilities 4,892 364
Net cash flows from operating activities – continuing operations 3,204 6,549
Net cash flows from operating activities – discontinued operations 10,493 2,866
Net cash flows from operating activities – loss on sale of discontinued operations 17,479
Total adjustments 31,176 9,415
Net cash flows from operating activities 16,780 9,458
Cash flows from investing activities:    
Proceeds from maturities and sales of fixed income securities 37,493 21,801
Proceeds from sales of equity securities 4,978 37,685
Purchases of fixed income securities (46,667) (39,059)
Purchases of equity securities (5,077) (9,677)
Purchases of property and equipment (777) (762)
Proceeds from sales of property and equipment 227 129
Proceeds from disposition of Westminster 12,272
Net cash flows from investing activities – continuing operations 2,449 10,117
Net cash flows from investing activities – discontinued operations 2,878 (12,138)
Net cash flows from investing activities 5,327 (2,021)
Cash flows from financing activities:    
Purchases of treasury stock (7,280)
Pooling (payments) receipts (10,444) (27,847)
Principal repayments of finance leases (73)
Issuance of vested award shares (154) (174)
Net cash flows from financing activities – continuing operations (10,671) (35,301)
Net cash flows from financing activities – discontinued operations 7,058 27,847
Net cash flows from financing activities (3,613) (7,454)
Net change in cash and cash equivalents 18,494 (17)
(Increase) decrease in cash and cash equivalents – discontinued operations (20,429) (18,575)
Net increase (decrease) in cash and cash equivalents – continuing operations (1,935) (18,592)
Cash and cash equivalents at beginning of period – continuing operations 41,037 33,862
Cash and cash equivalents at end of period – continuing operations 39,102 15,270
Federal and state income taxes paid (net of refunds received) $ 2,848 $ (940)