XML 20 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities:    
Net income $ 10,529,848 $ 3,731,121
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 1,654,449 1,737,307
Net investment (gains) losses (2,469,054) 10,694,843
Changes in assets and liabilities:    
Losses and loss expenses 34,971,439 18,538,450
Unearned premiums 40,291,574 32,130,738
Premiums receivable (12,012,018) (16,331,348)
Deferred acquisition costs (5,373,755) (1,029,845)
Deferred income taxes 84,596 (2,001,451)
Reinsurance receivable (17,430,975) (7,736,560)
Prepaid reinsurance premiums (11,681,526) (21,146,913)
Accrued investment income (1,009,425) (734,103)
Due to affiliate (6,372,406) (2,879,960)
Reinsurance balances payable 581,043 477,950
Current income taxes 2,148,756 785,998
Accrued expenses (5,552,527) (6,427,828)
Other, net 1,516,906 1,000,247
Net adjustments 19,347,077 7,077,525
Net cash provided by operating activities 29,876,925 10,808,646
Cash Flows from Investing Activities:    
Purchases of fixed maturities, held to maturity (33,904,795) (19,222,869)
Purchases of fixed maturities, available for sale (16,747,351) (13,558,579)
Purchases of equity securities, available for sale (13,885,992) (5,020,901)
Maturity of fixed maturities:    
Held to maturity 7,317,449 9,287,575
Available for sale 69,586,285 29,078,287
Sales of equity securities, available for sale 6,300,459 3,202,672
Net sales (purchases) of property and equipment 684,629 (5,905)
Net purchases of short-term investments (198,239) (58,688,855)
Net cash provided by (used in) investing activities 19,152,445 (54,928,575)
Cash Flows from Financing Activities:    
Cash dividends paid (4,441,301) (4,080,597)
Issuance of common stock 4,709,242 1,163,331
Borrowing under lines of credit   50,000,000
Payments on lines of credit (50,000,000)  
Net cash (used in) provided by financing activities (49,732,059) 47,082,734
Net (decrease) increase in cash (702,689) 2,962,805
Cash at beginning of period 103,094,236 49,318,930
Cash at end of period 102,391,547 52,281,735
Cash paid during period - Interest 257,821 $ 161,830
Net cash paid during period - Taxes