| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income (loss) | ||||||||||
70,015 | -56,696 | -9,551 | 49,868 | 41,469 | 62,856 | 61,690 | 34,757 | -38,338 | 84,871 | 75,437 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||||||||||
Amortization of the value of business acquired | ||||||||||
- | - | - | - | 25,500 | 0 | - | - | - | - | - |
Amortization and depreciation | ||||||||||
7,103 | 7,019 | 6,505 | 6,312 | 5,284 | 3,466 | 3,807 | 2,282 | 2,224 | 4,466 | 73 |
Amortization of debt issuance costs | ||||||||||
264 | 264 | 232 | 123 | - | - | 77 | 59 | 76 | 83 | 83 |
Amortization of debt issuance costs | ||||||||||
- | - | - | - | 47 | - | - | - | - | - | - |
Restricted stock and stock option expense | ||||||||||
4,221 | 3,452 | 3,741 | 3,531 | 10,271 | 2,900 | 4,349 | 2,625 | -651 | 3,510 | 4,588 |
Deferred federal income taxes | ||||||||||
11,783 | -19,554 | -1,018 | -2,727 | -7,201 | -828 | -3 | -1,463 | 169 | 3,466 | 9,655 |
Amortization of bond premium and discount, net | ||||||||||
-4,887 | -5,925 | -7,899 | -9,828 | -13,643 | -9,103 | -6,696 | -6,981 | -6,196 | -3,450 | -1,995 |
Net realized investment (gains) loss | ||||||||||
35,342 | -16,907 | 1,576 | 21,721 | -3,374 | 35,860 | 27,412 | 6,755 | 21,473 | 26,437 | 15,862 |
Equity in the earnings of equity method limited liability investments | ||||||||||
- | - | - | - | 2,533 | 0 | 0 | - | 53 | -22 | - |
Gain on the disposition of subsidiary | ||||||||||
- | - | - | 6,857 | - | - | 5,166 | - | - | - | - |
Changes in: | ||||||||||
Equity in income of partnerships | ||||||||||
- | - | - | - | - | - | - | - | - | - | 5,276 |
Premiums receivable, net | ||||||||||
30,356 | 3,293 | -7,708 | 2,849 | -25,325 | 6,698 | 12,136 | -8,594 | -7,948 | -13,054 | 12,594 |
Reinsurance receivables, net | ||||||||||
-30,480 | 9,358 | -38,714 | 28,180 | -23,966 | -72,169 | -43,940 | -46,159 | -134,858 | -120,507 | -135,926 |
Funds held by ceding insurers | ||||||||||
-928 | 5,791 | 31,635 | -2,923 | -9,147 | 6,514 | 11,252 | 5,912 | -865 | - | - |
Unpaid losses and loss adjustment expenses | ||||||||||
-49,850 | 45,367 | -16,378 | -29,005 | -84,914 | -103,994 | -99,639 | -92,263 | -81,366 | -204,998 | -248,688 |
Unearned premiums | ||||||||||
32,949 | -3,485 | -1,587 | 699 | -6,764 | 4,186 | 22,515 | -19,927 | -21,831 | 4,290 | -18,095 |
Ceded balances payable | ||||||||||
5,410 | 4,143 | -3,824 | 10,086 | -11,430 | -2,377 | 976 | -4,686 | -3,489 | -3,633 | -9,156 |
Other assets and liabilities, net | ||||||||||
16,162 | -46,823 | 27,061 | 15,065 | 6,070 | 3,398 | 1,436 | 7,190 | 1,153 | 8,676 | -2,867 |
Contingent commissions | ||||||||||
1,292 | 2,652 | -1,470 | -1,615 | -6,264 | 308 | 2,766 | 2,438 | -1,787 | -1,909 | 4,474 |
Federal income tax receivable/payable | ||||||||||
-123 | -534 | 406 | 5,047 | -1,689 | -4,734 | 8,473 | -4,621 | -2,277 | 3,576 | 12,966 |
Deferred acquisition costs, net | ||||||||||
9,001 | 29 | 3,746 | 1,384 | 31,279 | 3,061 | 3,912 | -3,299 | -7,795 | -2,110 | -1,550 |
Prepaid reinsurance premiums | ||||||||||
-3,878 | -8,257 | -13,732 | -1,780 | -3,868 | -474 | -746 | -610 | -4,549 | -5,442 | -7,414 |
Net cash provided by (used for) operating activities | ||||||||||
- | - | - | - | 3,750 | -12,002 | -4,921 | -35,013 | - | - | - |
Net cash provided by (used for) operating activities | ||||||||||
32,376 | 42,069 | -18,909 | -19,206 | - | - | - | - | -7,738 | -1,026 | -52,643 |
Cash flows from investing activities: | ||||||||||
Proceeds from sale of fixed maturities | ||||||||||
977,321 | 293,348 | 918,439 | 381,389 | 647,404 | 415,739 | 292,200 | 454,655 | 724,969 | 650,386 | 499,857 |
Proceeds from sale of equity securities | ||||||||||
260,891 | 35,639 | 32,218 | 111,156 | - | - | - | - | - | - | - |
Proceeds from sale of equity securities | ||||||||||
- | - | - | - | 39,723 | 191,765 | 101,379 | 50,176 | 122,045 | 49,537 | 86,376 |
Proceeds from sale of preferred stock | ||||||||||
- | - | - | - | 1,540 | - | - | - | - | - | - |
Proceeds from maturity of fixed maturities | ||||||||||
180,546 | 55,182 | 145,475 | 86,009 | 157,845 | 108,556 | 143,034 | 73,370 | 45,225 | 45,020 | 49,260 |
Proceeds from limited partnerships | ||||||||||
- | - | - | - | 5,959 | - | - | - | - | - | - |
Proceeds from other invested assets | ||||||||||
16,757 | 43,377 | 12,299 | 4,260 | - | 12 | - | - | - | - | - |
Proceeds from sale of other invested assets | ||||||||||
- | - | - | - | - | - | - | 1,114 | 10,565 | - | - |
Proceeds from disposition of subsidiary, net of cash and cash equivalents disposed of $1,269 | ||||||||||
- | - | - | 16,922 | - | - | 25,885 | - | - | - | - |
Amounts paid in connection with derivatives | ||||||||||
7,654 | -4,392 | -1,464 | 1,010 | 6,604 | - | - | - | - | - | - |
Cash deposited in escrow for purchase of American Reliable | ||||||||||
- | - | - | - | - | 113,696 | - | - | - | - | - |
Amount paid in connection with derivatives | ||||||||||
- | - | - | - | - | 20,550 | 5,421 | - | - | - | - |
Proceeds from sale of other invested assets | ||||||||||
- | - | - | - | - | - | - | - | - | 68 | 60,191 |
Purchases of fixed maturities | ||||||||||
1,129,567 | 370,536 | 1,078,199 | 437,690 | 627,983 | 615,867 | 465,318 | 457,150 | 635,736 | 684,635 | 728,075 |
Purchases of equity securities | ||||||||||
365,255 | 36,258 | 36,647 | 109,940 | - | - | - | - | - | - | - |
Purchases of equity securities | ||||||||||
- | - | - | - | 38,451 | 45,077 | 100,806 | 57,509 | 145,355 | 109,802 | 80,778 |
Purchases of other invested assets | ||||||||||
13,283 | 16,309 | 24,000 | 14,125 | 3,550 | 30,120 | 16 | 13 | 10,054 | - | 31,334 |
Cash release from escrow for business acquisition | ||||||||||
- | - | - | - | 113,696 | - | - | - | - | - | - |
Acquisition of business | ||||||||||
0 | 3,515 | 0 | 0 | 92,336 | - | - | - | - | 14,970 | - |
Net cash provided by (used for) investing activities | ||||||||||
-80,244 | 5,320 | -28,951 | 36,971 | - | - | - | - | 111,659 | -64,396 | -144,503 |
Cash flows from financing activities: | ||||||||||
Net cash used for investing activities | ||||||||||
- | - | - | - | 197,243 | -109,238 | -9,063 | 64,643 | - | - | - |
Net borrowings (repayments) under margin borrowing facility | ||||||||||
7,811 | -6,412 | 5,584 | -9,000 | -99,027 | 74,673 | 100,000 | - | - | - | - |
Redemption of ordinary shares | ||||||||||
0 | 0 | 83,015 | 0 | 189,770 | - | - | - | - | - | - |
Proceeds from issuance of subordinated notes | ||||||||||
0 | 0 | 130,000 | 0 | 100,000 | - | - | - | - | - | - |
Debt issuance cost | ||||||||||
0 | 0 | 4,246 | 14 | 3,659 | - | - | - | - | - | - |
Dividends paid to shareholders | ||||||||||
14,222 | 14,027 | 0 | 0 | - | - | - | - | - | - | - |
Purchases of A ordinary shares | ||||||||||
947 | 1,867 | 1,159 | 805 | 333 | 139 | 55 | 82,959 | 29,532 | 192 | 274 |
Net proceeds from issuance of ordinary shares | ||||||||||
- | - | - | - | - | - | - | - | - | - | 91,833 |
Tax benefit on share-based compensation expense | ||||||||||
- | - | - | 127 | 10 | 37 | - | - | -132 | -258 | -794 |
Retirement of junior subordinated debentures | ||||||||||
- | - | - | - | - | - | 30,929 | - | - | - | - |
Principal payments of term debt | ||||||||||
- | - | - | - | - | - | 54,000 | 18,071 | 18,285 | 284 | 276 |
Net cash provided by (used for) financing activities | ||||||||||
- | - | - | - | -192,779 | 74,571 | 15,016 | -101,030 | - | - | - |
Net cash provided by (used for) financing activities | ||||||||||
-7,358 | -22,306 | 47,164 | -9,692 | - | - | - | - | -47,949 | -734 | 90,489 |
Net change in cash and cash equivalents | ||||||||||
-55,226 | 25,083 | -696 | - | - | - | - | - | - | - | - |
Effect of exchange rates on cash and cash equivalents | ||||||||||
- | - | - | - | - | - | - | - | - | -43 | 140 |
Net change in cash and cash equivalents | ||||||||||
- | - | - | 8,073 | 8,214 | -46,669 | 1,032 | -71,400 | 55,972 | -66,199 | -106,517 |