| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Operating activities | ||||||
Net income | ||||||
10,621 | 18,219 | 3,783 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Stock-based compensation expense | ||||||
24,103 | - | - | ||||
Depreciation expense | ||||||
216 | 212 | 160 | ||||
Amortization and write-off of debt issuance costs | ||||||
921 | 443 | 114 | ||||
Loss on asset disposal | ||||||
-1 | - | -1 | ||||
Net realized and unrealized losses (gains) on investments | ||||||
4,443 | -2,569 | 608 | ||||
Amortization of premium on fixed maturity securities | ||||||
431 | 481 | 966 | ||||
Deferred income tax expense | ||||||
646 | - | 1,134 | ||||
Changes in operating assets and liabilities: | ||||||
Accrued investment income | ||||||
652 | -54 | 137 | ||||
Premium receivable | ||||||
17,604 | 3,546 | 3,845 | ||||
Deferred policy acquisition costs | ||||||
11,149 | -1,109 | 4,507 | ||||
Reinsurance recoverables | ||||||
2,693 | -70 | 13,089 | ||||
Prepaid reinsurance premium | ||||||
7,821 | 15,109 | 1,527 | ||||
Prepaid expenses and other assets | ||||||
8,998 | 4,603 | 1 | ||||
Accounts payable and other accrued liabilities | ||||||
3,287 | 2,748 | 2,238 | ||||
Reserve for losses and loss adjustment expenses | ||||||
760 | -1,723 | 13,006 | ||||
Unearned premiums | ||||||
51,243 | 17,154 | 19,266 | ||||
Ceded premiums payable | ||||||
776 | 5,538 | 3,487 | ||||
Funds held under reinsurance treaty | ||||||
-938 | 797 | 204 | ||||
Income taxes payable | ||||||
1,117 | -11 | 11 | ||||
Net cash provided by operating activities | ||||||
41,700 | 22,808 | 20,248 | ||||
Investing activities | ||||||
Purchases of property and equipment | ||||||
115 | 332 | 68 | ||||
Purchases of fixed maturity securities | ||||||
211,587 | 102,745 | 43,485 | ||||
Purchases of equity securities | ||||||
58,858 | 33,712 | 10,723 | ||||
Sales and maturities of fixed maturity securities | ||||||
124,151 | 81,215 | 28,628 | ||||
Sales of equity securities | ||||||
64,820 | 29,959 | 6,770 | ||||
Securities receivable or payable, net | ||||||
1,023 | 250 | -250 | ||||
Net cash (used in) provided by investing activities | ||||||
-80,566 | -25,365 | -19,128 | ||||
Financing activities | ||||||
Proceeds from issuance of Floating Rate Notes, net of issuance costs | ||||||
- | 19,049 | - | ||||
Redemption of Floating Rate Notes | ||||||
20,000 | - | - | ||||
Proceeds from initial public offering, net of offering costs | ||||||
87,411 | - | - | ||||
Repayment of surplus notes | ||||||
- | 17,500 | - | ||||
Distribution to stockholder | ||||||
5,120 | - | - | ||||
Net cash provided by (used in) financing activities | ||||||
62,291 | 1,549 | - | ||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ||||||
23,425 | -1,008 | 1,120 | ||||
Supplementary cash flow information: | ||||||
Cash paid for income taxes | ||||||
5,645 | 11 | 9 | ||||
Cash paid for interest | ||||||
1,162 | 1,727 | 1,632 | ||||