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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 208,420,000 $ 178,412,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 33,191,000 28,477,000
Deferred tax expense 106,163,000 88,157,000
Net realized investment losses (gains) 164,000 (3,892,000)
Loss on debt extinguishment 65,000 15,308,000
Change in certain assets and liabilities:    
Accrued investment income 43,000 515,000
Prepaid insurance premium 25,000 48,000
Reinsurance recoverable on loss reserves 5,710,000 (728,000)
Reinsurance recoverable on paid losses (1,187,000) (1,454,000)
Premium receivable 1,048,000 1,867,000
Deferred insurance policy acquisition costs (918,000) (1,439,000)
Profit commission receivable (4,603,000) (2,793,000)
Loss reserves (251,724,000) (261,069,000)
Unearned premiums 22,273,000 28,451,000
Return premium accrual (11,900,000) (7,300,000)
Income taxes payable - current 32,991,000 523,000
Other, net (14,205,000) (8,090,000)
Net cash provided by operating activities 125,556,000 54,993,000
Purchases of investments:    
Fixed income (545,281,000) (723,409,000)
Equity securities (38,000) (3,128,000)
Proceeds from sales of fixed income 166,606,000 649,776,000
Proceeds from maturity of fixed income 390,344,000 313,484,000
Proceeds from sale of equity securities 0 2,525,000
Net increase in payable for securities 3,447,000 24,519,000
Additions to property and equipment (9,659,000) (2,724,000)
Net cash provided by investing activities 5,419,000 261,043,000
Cash flows from financing activities:    
Proceeds from revolving credit facility 150,000,000 0
Repayment of revolving credit facility (150,000,000) 0
Proceeds from issuance of long-term debt 0 155,000,000
Purchase or repayment of convertible senior notes (145,620,000) (182,846,000)
Payment of original issue discount - convertible senior notes (4,504,000) (5,655,000)
Purchase of convertible junior subordinated debentures 0 (100,860,000)
Payment of original issue discount - convertible junior subordinated debentures 0 (41,540,000)
Cash portion of loss on debt extinguishment 0 (15,308,000)
Payment of debt issuance costs (1,630,000) 0
Payment of withholding taxes related to share-based compensation net share settlement (6,723,000) (4,973,000)
Net cash used in financing activities (158,477,000) (196,182,000)
Net (decrease) increase in cash and cash equivalents (27,502,000) 119,854,000
Cash and cash equivalents at beginning of period 155,410,000 181,120,000
Cash and cash equivalents at end of period $ 127,908,000 $ 300,974,000