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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities:      
Net income $ 81,057 $ 95,329 $ 63,466
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation & amortization 5,386 4,915 4,518
Deferred income taxes 7,004 16,881 4,658
Net realized (gains) losses (8,373) (12,812) (22,939)
Net other-than-temporary losses recognized in earnings 1,698 0 2,393
Call premium on redemption of Senior notes     17,895
Changes in assets and liabilities:      
Reinsurance recoverable on paid and unpaid losses and loss adjustment expenses 43,822 (42,024) 68,599
Reserves for losses and loss adjustment expenses 43,010 114,563 (51,977)
Prepaid reinsurance premiums 5,264 10,344 (26,807)
Unearned premiums 54,509 52,380 72,199
Premiums receivable 65,863 (17,455) (4,843)
Deferred policy acquisition costs (12,531) (12,445) (6,002)
Accrued investment income (1,210) (925) (1,279)
Reinsurance balances payable (45,124) (14,716) 1,439
Current income taxes (8,072) (582) (16,432)
Other (4,679) 29,039 31,987
Net cash provided by (used in) operating activities 227,624 222,492 136,875
Fixed maturities      
Redemptions and maturities 180,876 210,674 237,627
Sales 376,522 362,136 648,335
Purchases (648,059) (864,902) (899,930)
Equity securities      
Sales 96,405 54,900 72,113
Purchases (215,405) (83,845) (89,288)
Change in payable for securities 1,851 (7,814) (46,414)
Net change in short-term investments (38,468) 117,740 (142,214)
Purchase of property and equipment (3,577) (8,359) (10,088)
Net cash provided by (used in) investing activities (249,855) (219,470) (229,859)
Financing activities:      
Net proceeds from debt offering     263,278
Redemption of 7.0% Senior notes due May 1, 2016     (132,437)
Proceeds of stock issued from employee stock purchase plan 1,352 1,067 821
Proceeds of stock issued from exercise of stock options 29 153 2,495
Net cash provided by (used in) financing activities 1,381 1,220 134,157
Increase (decrease) in cash (20,850) 4,242 41,173
Cash at beginning of year 90,751 86,509 45,336
Cash at end of period 69,901 90,751 86,509
Supplemental cash information:      
Income taxes paid, net 35,447 27,066 41,094
Interest paid 15,238 15,703 8,050
Issuance of stock to directors $ 563 $ 438 $ 400