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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income $ 55,550 $ 5,501
Adjustments to reconcile net income to net cash (used in) operating activities:    
Amortization of premium or discount on fixed maturity securities 122 179
Net realized loss (gain) on sale of investments 4 (186)
Unrealized (gain) loss on trading securities (131) 76
Unrealized gain on derivative liability - embedded conversion feature (55,875) (7,260)
Equity-based compensation expense 164 384
Changes in assets and liabilities:    
Accrued investment income (31) 105
Other assets (6) (193)
Cash equivalents held in trust 1,611 2,284
Restricted cash (299) (597,141)
Losses and loss adjustment reserves (2,793) (10,660)
Losses payable (197) (285)
Unearned premiums (251) (160)
Accrued ceding commission expense (5) (5)
Accrued interest on notes payable (14) (15)
Loss contract reserve fair market value change (1,362)  
Other liabilities (367) 715
Total adjustments (59,430) (612,162)
Net cash (used in) operating activities: (3,880) (606,661)
Cash flows from investing activities:    
Purchase of investments (9,989) (100,472)
Proceeds from sales and maturities of investments 10,923 41,045
Net cash provided by (used in) investing activities: 934 (59,427)
Cash flows from financing activities:    
Proceeds from issuance of preferred stock   600,000
Fees incurred and paid relating to preferred stock issuance   (4,276)
Redeemable convertible series B preferred stock dividends paid in cash (4,500) (3,498)
Notes payable – principal repayments (1,293) (2,300)
Notes payable – principal issued   918
Net cash (used in) provided by financing activities: (5,793) 590,844
(Decrease) in cash and cash equivalents (8,739) (75,244)
Cash and cash equivalents, beginning of period 9,924 [1] 78,009
Cash and cash equivalents, end of period 1,185 2,765
Supplementary disclosure of cash flow information:    
Cash paid during the period, Interest $ 707 51
Supplementary disclosure of non-cash investing and financing activities:    
Embedded derivatives on preferred stock issuances   66,227
Notes payable issued in lieu of cash interest payments   918
Redeemable convertible series B preferred stock dividends accrued   750
Accrued fees relating to series B preferred stock issuance   $ 27,284
[1] Balances derived from audited financial statements as of December 31, 2015.