Navigators group inc (NAVG)
CashFlow / Quarterly
Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Operating Activities:
Net Income (Loss)

-1,738

-33,368

4,625

32,104

30,878

26,861

-27,979

20,502

21,110

21,591

22,013

16,190

22,932

17,743

18,201

19,184

25,929

19,275

31,225

16,861

27,968

14,333

21,286

13,937

13,910

28,044

12,915

14,899

7,904

10,088

13,898

9,504

-7,893

17,338

16,225

18,970

17,045

Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation & Amortization

1,248

893

1,204

771

807

59

1,175

1,227

1,184

1,215

1,398

1,357

1,459

1,494

1,468

1,373

1,051

1,371

1,062

1,298

1,184

1,442

1,123

928

1,025

2,296

1,595

986

1,054

1,081

894

1,108

976

988

1,037

1,091

1,246

Amortization of Finite-Lived Intangible Assets

324

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share-Based Compensation

2,294

-627

1,442

4,985

986

5,469

-786

4,679

4,467

3,695

4,520

4,483

4,926

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred Income Taxes

1,798

-13,504

-126

-731

-5

5,041

-3,127

-2,195

-8,598

1,311

-3,990

-3,267

191

7,189

-2,453

1,403

865

8,381

8,451

155

-106

5,914

1,201

-1,087

-1,370

-2,101

487

-3,583

-6,217

3,690

3,581

206

-1,253

1,400

3,351

10,661

1,777

Total Net Realized and Unrealized (Gains) Losses

27,162

-34,015

2,563

3,116

-2,012

37,141

3,125

2,787

-44

3,893

1,586

1,960

1,597

-2,080

518

4,339

5,596

788

6,718

4,473

833

15,768

-988

3,345

4,814

30,254

4,761

4,217

1,842

7,140

3,238

3,007

-1,389

19,666

4,756

22,929

-6,032

Net Other-Than-Temporary Impairments Recognized in Earnings

-

-

-

-

-

-

-

-

-

-

0

150

0

0

1,275

423

0

-

-

-

-

530

1,821

0

42

208

0

496

154

588

623

533

241

-

-

-

-

Changes in Assets and Liabilities:
Reinsurance Recoverable on Paid and Unpaid Losses and Loss Adjustment Expenses

25,738

55,892

-10,891

3,605

-9,382

-20,387

53,893

-22,700

9,593

-4,745

-12,163

29,383

-9,640

11,614

-57,327

19,947

-18,056

2,937

15,854

11,364

11,869

19,578

-93,287

10,286

-5,176

52,998

-9,072

-20,138

16,397

-3,466

-23,570

-4,844

21,796

51,216

-7,752

-17,136

-8,969

Reserves for Losses and Loss Adjustment Expenses

66,190

111,967

59,284

21,214

6,353

-26,839

199,908

10,399

41,664

8,506

765

68,608

9,204

27,327

44,161

-10,548

-17,930

-9,340

31,172

135,131

-42,400

-98,305

65,664

-11,998

-7,338

-17,092

8,568

24,481

-30,326

-38,198

-17,717

2,128

-45,092

-61,060

3,103

-8,368

-1,376

Prepaid Reinsurance Premiums

4,478

-8,828

-4,147

8,392

237

-2,629

-7,185

13,796

11,186

-9,514

477

1,717

-11,891

-19,901

-7,522

15,785

6,374

745

-9,571

533

-2,051

-5,613

2,389

18,270

11,761

-3,836

13,762

38,873

8,054

-6,019

-6,307

13,320

6,483

799

-5,881

4,394

-4,610

Unearned Premiums

88,976

-25,489

2,409

57,106

70,755

-3,014

-12,337

53,372

62,139

-10,631

-6,532

40,260

43,571

-26,728

-9,664

30,508

60,393

-6,540

-28,627

1,484

86,063

-1,630

-13,332

10,185

76,976

7,165

1,321

32,587

68,705

4,194

-4,601

22,933

47,076

-23,399

-16,297

7,918

20,788

Premiums Receivable

69,570

-8,661

-66,357

44,923

61,403

-3,950

-67,704

42,123

74,566

-19,701

-42,233

19,704

72,300

-66,598

-63,908

10,765

53,878

-20,573

-54,069

447

91,650

-30,553

-38,817

-6,002

80,215

-30,878

-24,499

29,763

90,071

14,403

-22,738

21,546

62,762

-15,746

-18,379

-3,407

33,117

Deferred Policy Acquisition Costs

13,368

-3,285

4,263

5,663

16,328

587

1,828

6,598

6,539

3,365

2,901

8,035

13,376

3,024

4,054

-1,316

6,769

3,184

-707

-2,359

12,327

3,836

-1,938

-4,240

8,344

-276

-3,228

-5,492

6,017

2,013

1,706

-3,570

8,666

-5,068

-2,027

-1,099

6,982

Accrued Investment Income

1,614

199

1,708

-442

1,247

-966

2,224

89

792

475

663

-274

450

-128

1,557

-113

-106

-284

496

358

355

120

55

51

1,053

-1,588

96

-449

36

-261

551

-1,711

460

53

191

-1,423

-677

Reinsurance Balances Payable

19,132

-2,161

14,825

3,679

-7,468

8,304

2,913

6,958

9,187

-17,278

-3,651

6,744

15,753

-26,131

-21,881

1,443

1,445

-4,775

-1,950

14,485

-22,476

-13,311

-3,120

18,570

-700

-3,727

25,462

13,414

21,965

-4,441

-11,998

-6,416

25,720

8,591

3,109

7,513

-11,763

Accounts payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-31,229

-

-

4,630

-11,224

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current Income Tax Receivable, Net

-1,627

-23,339

795

11,121

-6,251

-29,039

32,248

11,923

-19,098

8,377

-10,137

-5,543

9,291

7,661

2,192

-11,169

9,388

-7,662

4,643

-4,277

6,714

-19,748

-875

9,136

-4,945

12,457

3,569

-5,657

7,154

-10,471

-3,070

-445

-3,240

2,237

7,582

-7,093

366

Other

7,021

-14,844

-28,639

-4,208

4,973

-7,468

-9,602

5,858

10,276

-5,044

-6,862

-14,168

-1,717

6,975

-531

6,838

372

-15,691

-9,384

845

6,698

-10,239

-6,485

-12,106

-3,157

-12,856

866

-16,770

-7,743

-2,899

-7,773

-3,546

-5,351

13,366

-7,850

-5,008

-5,164

Net Cash Provided by Operating Activities

30,900

75,249

184,368

46,958

35,763

42,592

149,847

35,561

37,343

38,125

72,806

75,642

42,852

74,502

156,458

7,601

-4,915

41,111

103,233

69,306

8,842

6,879

81,511

44,173

4,312

27,616

54,095

-1,343

16,371

32,016

71,937

1,093

13,292

4,105

49,750

60,242

4,124

Investing Activities:
Fixed Maturities
Redemptions and Maturities

71,665

76,735

82,701

83,064

175,867

139,996

67,694

79,641

86,049

68,086

79,668

82,956

44,996

53,946

48,803

40,886

37,241

47,743

59,093

53,296

50,542

94,036

22,251

92,871

28,469

54,232

36,705

49,822

47,523

86,361

-14,972

38,596

56,672

49,131

73,140

49,419

34,771

Sales

83,768

12,481

74,024

161,715

110,089

33,545

97,177

60,267

34,973

76,165

145,138

126,683

98,680

109,815

14,457

132,745

119,505

48,918

112,893

92,644

107,681

11,159

225,542

49,544

362,090

413,954

378,697

253,224

273,529

202,396

3,365

419,109

42,106

818,825

-66,470

274,036

165,405

Purchases

174,872

191,127

196,913

253,597

246,359

448,519

203,048

181,291

175,679

186,333

260,334

338,033

177,719

201,543

142,791

173,529

130,196

146,209

273,160

186,039

259,494

186,480

222,195

132,426

358,829

514,351

449,308

376,350

371,071

338,883

-40,593

437,800

67,478

972,021

-62,235

349,687

180,252

Equity Securities
Sales

9,579

1,329

4,531

13,768

14,989

148,165

20,186

26,171

13,316

17,880

8,729

17,465

10,724

20,017

12,342

25,703

38,343

72

43,996

2,897

7,935

60,674

0

6,652

4,787

-

-

-

-

71,483

0

2,107

0

3,873

2,170

899

0

Purchases

1,991

4,663

45,664

39,620

36,799

1,325

40,540

9,530

11,492

33,924

20,507

22,297

15,601

36,888

98,647

67,550

12,320

18,154

27,684

12,534

25,473

35,369

15,825

28,168

9,926

32,034

2,156

1,342

2,055

5,258

65,580

5,032

24

586

5,776

9,487

7,274

Net Sales and Purchases of Other Invested Assets

4,039

6,167

4,339

4,006

4,585

-12,920

3,748

7,535

2,570

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Sales, Maturities and Purchases of Short-Term Investments

-907

3,352

859

-10

-22

-3,039

381

-1,375

1,546

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Change in Unsettled Security Transactions

-11,051

16,900

28,769

-21,894

-21,581

19,626

-9,733

-5,271

-6,757

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in Net Payable for Securities

-

-

-

-

-

-

-

-

-

-

5,797

-48,534

1,472

26,614

-20,641

7,741

-15,565

32,045

-13,240

-18,460

7,469

-18,219

32,001

-9,832

42,464

8,756

4,966

-34,384

-35,881

-2,209

7,602

-26,203

8,378

10,094

-682

-3,004

-7,451

Net Change in Short-Term Investments

-

-

-

-

-

-

-

-

-

-

-10,423

-68,253

-6,146

-15,279

31,533

-40,954

63,168

-77,130

29,271

18,472

-88,353

143,015

28,261

-4,828

-24,234

-33,657

25,462

-40,994

80,757

-37,045

-23,187

15,135

14,713

-110,403

92,998

-3,794

-1,514

Net Purchase of Property and Equipment

1,111

1,363

3,641

2,691

1,150

825

551

1,142

956

347

149

970

2,452

2,074

270

443

790

2,837

536

1,995

2,991

2,317

2,916

3,936

919

464

519

767

1,586

1,947

853

445

1,326

1,492

105

480

491

Net Cash Provided by (Used in) Investing Activities

-5,043

-133,027

-118,929

-41,846

33,655

-132,630

-53,478

-26,773

-51,148

-103,226

-44,850

-17,409

-36,698

-68,062

-176,998

-8,975

4,180

-25,382

-101,429

-51,743

-40,916

-183,093

-53,405

-803

7,442

-18,605

-64,263

1,565

-98,536

53,406

-21,862

27,603

6,859

-1,961

-27,122

-28,502

21,124

Financing Activities:
Purchase of treasury stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

17,190

32,234

28,390

13,052

1,708

4,103

22,498

23,671

Proceeds from Employee Stock Purchase Plan

0

500

539

517

452

-213

1,142

0

1,147

0

973

0

867

-

-

-

-

614

0

0

453

0

447

0

374

0

359

0

313

123

462

236

124

0

453

0

415

Proceeds of Stock Issued from Exercise of Stock Options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

153

1,369

0

14

1,112

-

-

-

-

70

292

514

293

259

154

0

198

Payment of Employee Tax Withholding on Stock Compensation

6,829

389

281

2,278

5,508

52

646

2,894

10,295

117

167

610

4,304

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends Paid

2,087

2,085

2,083

2,082

2,069

1,771

1,770

1,768

1,324

1,311

2,619

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net Cash Used in Financing Activities

-8,916

-1,974

-1,825

-3,843

-7,125

-2,036

-1,274

-4,662

-10,472

-1,428

-1,813

-610

-3,437

-

-

-

-

614

0

0

606

132,210

447

14

1,486

73

578

112

313

-16,997

-31,480

-27,640

-12,635

-1,449

-3,496

-22,498

-23,058

Effect of Exchange Rate on Unrestricted and Restricted Cash and Cash Equivalents

2,080

282

-5,346

-2,046

2,876

363

1,080

918

887

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Change in Unrestricted and Restricted Cash and Cash Equivalents

19,021

-59,470

58,268

-777

65,169

-91,711

96,175

5,044

-23,390

-73,623

25,647

49,250

2,717

418

-19,767

-766

-735

16,343

1,804

17,563

-31,468

-44,004

28,553

43,384

13,240

9,084

-9,590

334

-81,852

68,425

18,595

1,056

7,516

695

19,132

9,242

2,190

Supplemental Information:
Income Taxes Paid, Net

115

-1,513

3,586

19,055

294

-188

18,432

21,309

136

10,682

9,198

14,910

40

6,813

2,049

24,792

1,793

7,202

946

15,290

3,628

20,669

11,202

8,025

1,198

2,868

2,546

12,669

1,519

7,580

-1,569

7,658

476

802

-1,618

3,408

3,806

Interest Paid

0

7,619

0

7,619

0

7,619

0

7,619

0

7,619

0

7,619

0

-

-

-

-

-

-

-

-

4,025

0

4,025

0

4,025

0

4,025

0

4,025

0

4,025

0

4,025

0

4,025

0

Issuance of Stock to Directors

745

0

0

0

783

0

0

0

578

0

0

0

633

0

0

0

563

0

0

0

438

0

0

0

400

0

0

0

242

0

0

0

210

0

10

0

180