| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities | |||||||||||
Net Income (Loss) Attributable to Parent | |||||||||||
1,004 | 47,057 | 107,264 | 151,081 | 116,197 | 196,565 | 297,523 | 275,470 | 287,096 | 231,598 | 222,026 | 177,725 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization, net of accretion | |||||||||||
18,665 | 21,255 | 28,796 | 32,789 | 36,218 | - | - | - | - | - | - | - |
Amortization, net of accretion | |||||||||||
- | - | - | - | - | 32,638 | 31,295 | 32,832 | 30,740 | 22,071 | 15,434 | 13,424 |
Depreciation | |||||||||||
- | - | - | - | - | 6,956 | 4,538 | 4,741 | 4,949 | 4,600 | 4,221 | 3,147 |
Loss (gain) on extinguishment of debt | |||||||||||
- | - | - | - | - | - | - | -2,163 | 0 | 0 | -2,839 | 4,571 |
Gain on acquisition | |||||||||||
- | - | - | - | - | - | 32,314 | 0 | 0 | - | - | - |
(Increase) decrease in cash surrender value of BOLI | |||||||||||
2,016 | 1,983 | 1,979 | 2,008 | 2,032 | 2,007 | 1,960 | 2,008 | 2,070 | 1,617 | 1,563 | 1,931 |
Gain (Loss) on Investments | |||||||||||
59,874 | -43,488 | 16,409 | 34,875 | -41,639 | 14,654 | 67,904 | 28,863 | 5,994 | 17,342 | 12,792 | -50,913 |
Share-based compensation | |||||||||||
3,500 | 5,300 | 10,600 | 12,500 | 9,166 | 10,056 | 9,242 | 8,639 | 7,119 | 6,138 | 6,210 | 7,763 |
Deferred Income Tax Expense (Benefit) | |||||||||||
-28,643 | -11,824 | 1,693 | 8,534 | -15,994 | 6,795 | 24,659 | 37,744 | -1,051 | -4,400 | 26,614 | -233 |
Policy acquisition costs, net of amortization (net deferral) | |||||||||||
1,451 | 3,855 | 3,452 | 2,421 | 5,598 | -10 | 5,820 | -3,448 | -655 | 1,788 | 5,988 | -2,615 |
Equity In Earnings (Loss) Of Unconsolidated Subsidiaries | |||||||||||
-10,061 | 8,948 | 8,033 | -5,762 | 3,682 | 3,986 | 7,242 | -450 | -3,757 | - | - | - |
Distributed earnings from unconsolidated subsidiaries | |||||||||||
25,849 | 31,219 | 24,392 | 9,863 | - | - | - | - | - | - | - | - |
Other | |||||||||||
-2,175 | -1,168 | -108 | -1,772 | -466 | 4,769 | 3,014 | 2,957 | 866 | 6,562 | 535 | 6,511 |
Other changes in assets and liabilities: | |||||||||||
Premiums receivable | |||||||||||
-11,926 | 23,381 | 14,605 | 6,446 | 14,506 | 15,136 | 6,105 | -16,494 | -730 | -8,216 | 11,042 | -12,556 |
Receivable from reinsurers on paid losses and loss adjustment expenses | |||||||||||
- | - | - | - | - | 3,263 | 2,601 | -342 | 407 | 12,196 | 1,088 | 21,741 |
Receivable from reinsurers on unpaid losses and loss adjustment expenses | |||||||||||
- | - | - | - | - | -27,114 | -15,625 | -58,870 | -29,778 | 8,794 | -11,171 | -58,755 |
Prepaid reinsurance premiums | |||||||||||
- | - | - | - | - | 5,672 | 849 | 482 | 1,545 | -813 | -2,374 | -1,826 |
Reinsurance related assets and liabilities | |||||||||||
52,902 | -4,697 | 56,449 | 26,108 | 3,411 | - | - | - | - | - | - | - |
Other assets | |||||||||||
13,481 | 4,206 | 792 | -15,665 | 10,458 | -36,924 | -9,582 | 11,231 | -613 | -7,253 | -2,758 | -13,685 |
Reserve for losses and loss adjustment expenses | |||||||||||
226,679 | 71,466 | 54,953 | -11,898 | -52,940 | -167,747 | -179,677 | -218,100 | -166,328 | -96,232 | -126,657 | -180,239 |
Unearned premiums | |||||||||||
-2,125 | 16,327 | 26,321 | 10,497 | 16,238 | 10,097 | -1,740 | -21,919 | -4,895 | -14,275 | 14,021 | -32,272 |
Reinsurance premiums payable | |||||||||||
- | - | - | - | - | -26,377 | -13,269 | -36,583 | -29,642 | -4,402 | -15,153 | -705 |
Other liabilities | |||||||||||
8,772 | -10,536 | 20,965 | 14,321 | -179 | 5,932 | -36,569 | -27,116 | 5,911 | 1,718 | -59,617 | 17,173 |
Net cash provided (used) by operating activities | |||||||||||
148,166 | 177,265 | 173,388 | 178,983 | 111,124 | 96,002 | 38,602 | 91,250 | 159,364 | 139,191 | 75,409 | 167,883 |
Investing Activities | |||||||||||
Purchases of: | |||||||||||
Payments to Acquire Debt Securities, Available-for-sale | |||||||||||
695,600 | 780,700 | 614,400 | 636,400 | 580,577 | 645,114 | 519,161 | 646,198 | 782,555 | 840,366 | 930,168 | 737,851 |
Equity securities, available for sale | |||||||||||
- | - | - | - | - | - | - | - | - | 9,675 | 720 | 2,701 |
Fixed maturities, trading | |||||||||||
8,254 | 38,544 | 0 | 0 | 271,608 | 119,865 | 87,604 | 120,555 | 117,208 | 14,312 | 33,156 | 3,976 |
Equity investments | |||||||||||
116,092 | 203,157 | 207,857 | 112,912 | - | - | - | - | - | - | - | 25,752 |
Other partnership investments | |||||||||||
- | - | - | - | - | - | - | - | - | - | 2,542 | - |
Other investments | |||||||||||
28,851 | 32,153 | 50,362 | 18,613 | 33,366 | 25,109 | 34,699 | 9,977 | 4,671 | 5,383 | 292 | 278 |
Funding of qualified affordable housing project tax credit partnerships | |||||||||||
357 | 0 | 507 | 1,019 | 12,477 | 8,611 | 63,489 | 35,745 | 29,213 | 13,623 | - | - |
Investment in unconsolidated subsidiaries | |||||||||||
69,411 | 78,141 | 42,183 | 50,890 | 61,444 | 52,295 | 19,228 | 11,009 | 0 | -24,600 | - | - |
Proceeds from sales or maturities of: | |||||||||||
Fixed maturities, available-for-sale | |||||||||||
568,572 | 914,021 | 932,070 | 752,516 | 886,886 | 703,828 | 970,708 | 926,221 | 789,709 | 961,334 | 808,145 | 903,575 |
Equity securities, available for sale | |||||||||||
- | - | - | - | - | - | - | - | 3,921 | 9,882 | 6,362 | 956 |
Equity investments | |||||||||||
359,727 | 210,481 | 146,356 | 85,226 | 236,476 | 134,005 | 123,645 | 54,670 | 50,386 | 36,740 | 26,072 | 872 |
Other investments | |||||||||||
29,017 | 29,815 | 25,372 | 13,797 | 33,638 | 19,942 | 2,352 | 1,180 | 773 | 1,279 | 2,180 | 4,238 |
Return of invested capital from unconsolidated subsidiaries | |||||||||||
42,478 | 84,534 | 32,539 | 7,084 | 28,017 | 5,428 | 14,632 | 1,387 | - | - | - | - |
Net sales or maturities (purchases) of short-term investments | |||||||||||
30,718 | -123,886 | -4,167 | 322,872 | -11,932 | -140,411 | 176,092 | -48,565 | -49,011 | -27,676 | -271,043 | 212,179 |
Cash received in (paid in) acquisition | |||||||||||
- | - | - | - | - | 35,013 | 22,780 | -28,439 | 0 | 215,726 | 124,509 | - |
Deposit made for future acquisition | |||||||||||
- | - | - | - | - | - | 205,244 | 153,700 | 0 | 0 | - | - |
Redemption of business owned life insurance | |||||||||||
- | - | - | - | - | - | - | - | - | -16,136 | - | - |
Unsettled security transactions, net change | |||||||||||
6,455 | 4,022 | 2,031 | -1,388 | -2,339 | 2,953 | -205 | -4,852 | -7 | -2,014 | -5,345 | -18,111 |
Funds at Lloyd's in support of Syndicate 1729, returned (deposited) | |||||||||||
- | - | - | - | - | -8,690 | 8,699 | 0 | 0 | - | - | - |
(Increase) decrease in restricted cash | |||||||||||
- | - | - | - | - | -78,000 | 78,000 | 0 | 0 | - | - | - |
Purchases of capital assets | |||||||||||
9,586 | 9,636 | 10,485 | 10,922 | 9,524 | 2,883 | 5,847 | - | - | - | - | - |
Purchases of intangible assets | |||||||||||
- | - | - | - | 0 | - | - | - | - | - | - | - |
Repayments (advances) under Syndicate Credit Agreement | |||||||||||
-16,009 | 184 | 10,339 | 1,395 | - | - | - | - | - | - | - | - |
Other | |||||||||||
5 | 1,305 | 2,025 | -6,187 | 2,505 | 1,507 | 4,062 | 4,409 | 9,771 | 2,923 | 6,917 | 3,470 |
Net cash provided (used) by investing activities | |||||||||||
50,522 | 214,897 | 200,275 | -288,802 | 227,787 | 266,980 | -67,803 | 26,843 | -49,611 | -22,347 | 20,843 | -94,677 |
Financing Activities | |||||||||||
Borrowings (repayments) under Revolving Credit Agreement | |||||||||||
0 | 123,000 | 77,000 | -100,000 | 100,000 | - | - | - | - | - | - | - |
Proceeds (repayments) of Mortgage Loans | |||||||||||
-1,447 | -1,396 | 40,460 | 0 | - | - | - | - | - | - | - | - |
Proceeds from debt | |||||||||||
- | - | - | - | - | - | 250,000 | - | - | - | - | - |
Borrowing under revolving credit agreement | |||||||||||
- | - | - | - | - | 0 | 0 | - | - | - | - | - |
Repayment of debt | |||||||||||
- | - | - | - | - | - | 127,183 | 57,660 | 325 | 303 | 7,000 | 18,366 |
Proceeds from Mortgage Loans | |||||||||||
- | - | - | - | 0 | - | - | 125,000 | 0 | 0 | - | - |
Repurchase of common stock | |||||||||||
- | - | - | 2,106 | 172,772 | 222,360 | 29,089 | 0 | 21,005 | 106,347 | 52,045 | 87,561 |
Book overdraft | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 5,807 |
Excess tax benefit from share-based payment arrangements | |||||||||||
- | - | - | - | - | 2,702 | 2,128 | 7,022 | 1,711 | 1,847 | 237 | 189 |
Dividends to shareholders | |||||||||||
93,204 | 316,476 | 315,228 | 118,812 | 217,626 | 71,252 | 46,375 | 200,118 | 7,617 | 0 | - | - |
Capital contribution received from (return of capital to) external segregated portfolio cell participants | |||||||||||
-5,024 | -1,005 | 2,936 | 9,952 | 836 | 0 | - | - | - | - | - | - |
Other | |||||||||||
-4,115 | -4,309 | -7,683 | -2,968 | -5,289 | -4,415 | -9,448 | -4,186 | -2,968 | -1,832 | -261 | -90 |
Net cash provided (used) by financing activities | |||||||||||
-103,790 | -446,186 | -356,515 | -13,934 | -294,851 | -295,325 | 40,033 | -129,942 | -30,204 | -106,635 | -59,069 | -100,021 |
Increase (decrease) in cash and cash equivalents | |||||||||||
94,898 | -54,024 | 17,148 | -123,753 | 44,060 | 67,657 | 10,832 | -11,849 | 79,549 | 10,209 | 37,183 | -26,815 |
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash paid during the year for income taxes, net of refunds | |||||||||||
2,748 | 5,726 | 17,193 | -8,683 | 42,784 | 22,968 | 117,107 | 110,278 | 98,141 | 92,046 | 89,908 | 48,479 |
Cash paid during the year for interest | |||||||||||
14,294 | 16,165 | 15,892 | 14,732 | 13,996 | 13,408 | 913 | 2,342 | 3,182 | 3,270 | 4,277 | 6,439 |
Significant Non-Cash Transactions | |||||||||||
Operating ROU assets obtained in exchange for operating lease liabilities | |||||||||||
5,436 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Deposit transferred as consideration for acquisition | |||||||||||
- | - | - | - | - | 205,244 | 153,700 | 0 | 0 | - | - | - |
Other investments transferred, at fair value, to fixed maturities | |||||||||||
- | - | - | - | - | - | - | - | - | 9,923 | - | - |
Other investment interest converted to equity securities | |||||||||||
- | - | - | - | - | - | - | 15,742 | 0 | 0 | - | - |
Common shares issued in acquisition | |||||||||||
- | - | - | - | - | - | - | - | - | - | 5,161 | - |
Unsettled redemption of short-term money market investment | |||||||||||
- | - | - | - | - | - | - | - | - | - | 3,090 | 9,427 |