Proassurance corporation (PRA)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'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) Attributable to Parent

-21,954

-59,374

17,192

11,536

31,650

-24,450

31,228

28,423

11,856

17,342

28,949

19,518

41,455

54,848

33,834

43,082

19,317

34,949

10,276

33,158

37,814

65,114

34,778

49,942

46,731

70,865

63,357

50,451

112,850

101,266

60,106

58,453

55,645

140,602

43,704

55,097

47,693

102,053

51,052

40,381

38,112

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, net of accretion

4,734

4,592

4,420

4,617

5,036

4,711

5,508

4,957

6,079

7,772

7,075

6,146

7,803

7,280

8,538

8,341

8,630

9,024

8,691

8,935

9,568

-

5,826

12,387

11,587

-

9,922

12,124

12,318

-

7,878

10,020

10,382

-

9,228

8,839

9,115

-

6,438

7,025

6,108

Gain on acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,672

494

0

35,492

0

0

0

0

-

-

-

-

-

-

-

-

(Increase) decrease in cash surrender value of BOLI

457

459

645

459

453

458

621

455

449

461

621

442

455

471

638

439

460

-

-

-

456

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Gain (Loss) on Investments

-28,673

12,810

1,133

9,308

36,623

-46,139

12,373

2,795

-12,517

-2,401

7,749

-2,219

13,280

16,561

15,736

10,930

-8,352

-6,019

-36,631

-3,828

4,839

6,995

-8,131

13,046

2,744

20,254

12,499

8,471

26,680

6,515

13,218

-1,547

10,677

11,642

-11,972

2,200

4,124

8,535

14,712

-3,501

-2,404

Share-based compensation

1,011

1,177

3

1,092

1,228

1,155

1,628

1,615

902

3,490

1,018

2,746

3,346

5,042

1,645

3,098

2,715

1,528

2,672

2,263

2,703

2,034

2,381

2,401

3,240

2,312

2,222

2,426

2,282

2,258

1,309

2,942

2,130

1,697

1,708

1,977

1,737

1,629

1,568

1,541

1,400

Deferred Income Tax Expense (Benefit)

-10,224

-23,775

-9,702

-1,784

6,618

-12,025

1,431

864

-2,094

9,337

-7,666

-7,032

7,054

8,484

-4,057

2,092

2,015

-1,272

-16,155

-5,923

7,356

1,351

-3,065

1,736

6,773

1,517

10,629

-2,046

14,559

30,277

4,457

487

2,523

-14,770

-9

-178

13,906

-919

-6,811

-2,980

6,310

Policy acquisition costs, net of amortization (net deferral)

599

-2,532

2,228

-1,052

2,807

-2,134

4,057

1,428

504

-1,430

1,482

1,024

2,376

-2,800

1,896

2,755

570

-3,274

3,264

3,444

2,164

-5,259

714

2,165

2,370

-1,246

2,821

1,082

3,163

-1,864

-87

-2,419

922

-

-

-

-

-

-

-

-

Equity In Earnings (Loss) Of Unconsolidated Subsidiaries

-1,562

-2,821

-1,278

-5,152

-810

-3,299

5,228

5,379

1,640

-456

4,165

2,516

1,808

845

-3,348

375

-3,634

-139

-220

3,142

899

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Distributed earnings from unconsolidated subsidiaries

1,585

14,159

4,392

5,360

1,938

7,313

19,311

-2,423

7,018

4,242

7,256

2,001

10,893

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

703

-149

-383

-306

-1,337

-678

306

-44

-752

-656

110

271

167

-2,461

-558

2,218

-971

-1,074

1,167

-1,542

983

4,029

301

2,496

-2,057

-5,353

2,311

-248

6,304

534

-513

348

2,588

538

554

-983

757

13,794

-12,144

11,382

-6,470

Other changes in assets and liabilities:
Premiums receivable

22,442

-34,404

5,116

-10,298

27,660

-22,221

4,042

32,001

9,559

-24,601

27,569

10,399

1,238

-17,427

12,882

8,142

2,849

-22,873

19,914

10,721

6,744

-27,270

14,620

11,088

16,698

-15,776

11,318

-2,535

13,098

-21,478

12,871

-17,977

10,090

-17,791

18,280

-3,897

2,678

-9,428

13,174

-11,012

-950

Reinsurance related assets and liabilities

4,623

25,717

4,649

-4,747

27,283

1,044

6,239

-2,329

-9,651

11,048

38,110

9,719

-2,428

7,059

8,263

-893

11,679

2,382

1,798

-2,115

1,346

-

2,701

4,519

12,609

-

3,322

7,287

-9,099

-

19,414

-10,478

2,831

-

4,285

-3,553

-9,242

-

-835

2,910

5,083

Other assets

-14,268

9,929

995

1,110

1,447

2,245

2,930

5,285

-6,254

1,980

-3,801

-2,414

5,027

746

-392

-237

-15,782

15,649

-11,100

1,990

3,919

-3,101

-39,840

4,214

1,803

-43,598

-8,049

15,946

26,119

6,014

4,084

-865

1,998

3,477

-5,639

2,199

-650

-16,676

861

12,127

-3,565

Reserve for losses and loss adjustment expenses

-15,478

130,751

20,315

36,465

39,148

20,020

21,010

22,016

8,420

7,683

48,833

-5,124

3,561

-4,591

5,218

-12,969

444

-16,935

-4,436

-17,533

-14,036

-89,189

-28,274

-30,054

-20,230

-75,290

-43,089

-24,234

-37,064

-123,876

-39,494

-41,716

-13,014

-145,320

-9,172

-9,094

-2,742

-79,830

-6,515

-10,969

1,082

Unearned premiums

30,202

-46,174

17,337

-15,684

42,396

-29,787

23,933

-5,562

27,743

-23,125

24,514

356

24,576

-33,921

21,270

-1,871

25,019

-39,930

31,537

-2,992

27,623

-45,468

28,124

-2,998

30,439

-25,314

21,105

-17,556

20,025

-28,425

19,370

-35,553

22,689

-26,547

28,466

-26,362

19,548

-19,513

18,470

-36,804

23,572

Other liabilities

-17,604

6,989

8,936

-7,657

504

-6,811

12,575

-12,708

-3,592

12,396

17,299

-1,337

-7,393

6,025

11,430

11,205

-14,339

4,921

-2,622

10,357

-12,835

15,759

-4,643

8,754

-13,938

-6,725

-3,197

9,673

-36,320

20,684

-16,979

-2,010

-28,811

76,793

-23,621

984

-48,245

27,020

-4,233

13,271

-34,340

Net cash provided (used) by operating activities

-12,049

19,363

49,788

44,623

34,392

30,871

80,828

-7,788

73,354

55,207

51,273

-2,464

69,372

49,991

42,761

29,249

56,982

5,601

51,771

16,909

36,843

-5,081

71,949

-1,301

30,435

14,641

36,233

835

-13,107

29,894

28,651

4,605

28,100

52,946

53,366

28,191

24,861

30,565

32,707

28,143

47,776

Investing Activities
Purchases of:
Payments to Acquire Debt Securities, Available-for-sale

227,500

142,400

202,300

171,800

179,100

63,600

164,600

184,600

367,900

164,683

90,637

198,716

160,364

96,030

167,190

173,590

199,590

114,329

90,648

160,478

215,122

133,220

146,473

235,110

130,311

113,009

98,713

206,613

100,826

112,418

186,634

99,524

247,622

184,793

144,929

200,790

252,043

177,025

205,050

219,911

238,380

Fixed maturities, trading

407

1,915

1,853

-128

4,614

5,458

3,087

25,837

4,162

0

0

0

0

-76,838

17,502

35,590

23,746

60,171

57,827

55,984

97,626

33,879

29,980

35,030

20,976

14,312

19,953

26,356

26,983

36,547

31,007

26,323

26,678

29,421

56,462

15,575

15,750

862

5,031

4,486

3,933

Equity investments

23,136

41,443

35,690

13,943

25,016

33,997

78,106

23,925

67,129

79,941

26,062

66,454

35,400

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Tax credit limited partnerships

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,228

-

-

-

-

Other partnership investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Other investments

6,065

4,763

10,319

9,167

4,602

9,596

7,329

8,120

7,108

14,917

26,566

4,949

3,930

2,781

4,450

1,759

9,623

8,006

9,574

6,498

9,288

0

5,574

14,289

5,246

26,773

4,121

189

3,616

438

9,381

0

158

-

-

-

-

0

128

2,608

2,647

Funding of qualified affordable housing project tax credit partnerships

281

35

0

75

247

-74

0

74

0

113

74

283

37

56

7

254

702

11,574

244

69

590

172

3,091

3,537

1,811

4,688

26,469

2,165

30,167

6,287

5,988

11,234

12,236

-

-

-

-

-

-

-

-

Investment in unconsolidated subsidiaries

17,180

15,781

11,683

10,797

31,150

23,645

26,762

5,749

21,985

11,653

10,743

14,174

5,613

11,839

10,955

7,515

20,581

18,302

16,867

10,859

15,416

21,901

13,791

7,608

8,995

3,591

12,447

-3,424

6,614

4,558

7,033

-582

0

-

-

-

-

-

-

-

-

Proceeds from sales or maturities of:
Fixed maturities, available-for-sale

180,698

151,767

139,213

158,167

119,425

104,926

150,758

198,515

459,822

332,696

165,299

262,089

171,986

170,137

194,883

161,599

225,897

148,509

218,208

196,783

323,386

217,126

144,355

231,700

110,647

188,096

409,426

200,179

173,007

260,167

233,387

180,433

252,234

203,254

137,091

237,791

211,573

183,738

274,827

337,689

165,080

Equity securities, available for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

85

132

115

3,589

-

-

-

-

Equity investments

157,652

210,007

47,310

76,598

25,812

72,058

63,047

24,291

51,085

29,523

30,926

44,323

41,584

28,556

14,443

21,731

20,496

63,974

15,497

74,021

82,984

31,240

17,288

22,691

62,786

27,987

36,258

32,891

26,509

21,327

10,422

6,882

16,039

9,738

6,740

15,287

18,621

9,853

75

23,490

3,322

Other investments

6,026

4,434

9,868

9,977

4,738

7,962

7,128

8,633

6,092

8,893

3,790

5,901

6,788

2,845

3,736

2,386

4,830

15,269

6,451

8,866

3,052

4,868

4,786

9,891

397

0

988

0

1,364

592

23

79

486

-

-

-

-

37

0

639

603

Return of invested capital from unconsolidated subsidiaries

1,481

6,576

25,102

5,495

5,305

35,989

12,391

24,371

11,783

5,325

6,084

14,175

6,955

-636

2,540

3,537

1,643

4,627

9,771

9,460

4,159

1,578

3,850

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net sales or maturities (purchases) of short-term investments

7,441

68,693

-16,352

69,075

-90,698

103,627

-8,460

-136,077

-82,976

137,371

30,712

-11,458

-160,792

187,129

48,226

58,387

29,130

-38,793

13,731

29,609

-16,479

36,602

-77,769

11,599

-110,843

132,658

28,702

-61,965

76,697

-96,795

-424

35,511

13,143

22,603

-32,077

-16,589

-22,948

-178,618

49,080

137,114

-35,252

Cash received in (paid in) acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

35,013

0

0

0

22,780

-28,439

0

0

0

-

-

-

-

-

-

-

-

Unsettled security transactions, net change

-12,937

21,666

-19,382

9,611

-5,440

-251

1,229

25,465

-22,421

-8,904

23,649

-6,418

-6,296

15,277

9,055

-25,949

229

-2,812

1,702

8,017

-9,246

2,826

19,993

-15,842

-4,024

-2,949

-358

21,580

-18,478

-1,453

3,313

-2,309

-4,403

4,890

-3,669

29,092

-30,320

7,330

12,919

-6,776

-15,487

(Increase) decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-78,000

78,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of capital assets

2,750

2,453

2,091

2,470

2,572

1,964

2,559

3,277

1,836

1,865

2,027

2,058

4,535

3,125

2,578

5,219

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments (advances) under Syndicate Credit Agreement

-

-

-

-

-

-694

-172

-16,930

17,980

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

2,206

-11

-1

-225

242

-26

1,331

0

0

2,978

-2

208

-1,159

-7,707

3,093

-2,673

1,100

991

-3,752

2,409

2,857

7,113

459

-1,097

-4,968

-4,191

4,682

2,524

1,047

-1,242

1,031

3,262

1,358

190

-1,847

-799

12,227

171

543

-10,967

13,176

Net cash provided (used) by investing activities

71,825

76,239

-22,997

-6,588

3,868

-19,886

-43,115

131,791

146,107

-31,877

-10,025

56,496

185,681

-145,074

-47,454

-64,439

-31,835

57,469

56,656

15,255

98,407

27,045

26,548

-25,952

239,339

-369,530

266,507

39,032

-3,812

40,576

-131

14,431

-28,033

-40,556

-23,981

14,123

803

-17,637

27,688

5,994

-38,392

Financing Activities
Borrowings (repayments) under Revolving Credit Agreement

-

-

-

-

-

0

0

83,000

40,000

125,000

-26,000

-22,000

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds (repayments) of Mortgage Loans

-376

-

-

-

-362

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of Mortgage Loans

-

-

-

-

-

-

349

349

349

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Borrowing under revolving credit agreement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

100,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Mortgage Loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Repurchase of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

805

1,301

7,594

41,877

66,144

57,157

59,214

43,553

40,617

78,976

27,099

1,990

0

0

-

-

-

-

-8

6,020

0

14,993

-

-

-

-

Dividends to shareholders

16,714

16,630

16,618

16,618

43,338

16,582

16,581

16,579

266,734

16,524

16,524

16,516

265,664

16,458

16,461

16,455

69,438

16,468

16,747

17,200

167,211

17,432

17,597

17,865

18,358

15,533

15,522

15,320

0

177,196

7,652

7,648

7,622

-

-

-

-

-

-

-

-

Capital contribution received from (return of capital to) external segregated portfolio cell participants

204

-4,041

561

-982

-562

-738

62

-580

251

-53

2,827

48

114

249

4,963

404

4,336

836

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other

-1,090

-1,412

-40

-24

-2,639

-404

-1

-27

-3,877

-2,723

-9

-19

-4,932

-264

-75

-97

-2,532

-86

173

-1,030

-4,346

1,015

-1

151

-5,580

-2,092

-411

-143

-6,802

-4,404

2,261

372

-2,415

-1,474

1,116

-592

-2,018

36

-2,160

1,470

-1,178

Net cash provided (used) by financing activities

-17,976

-22,444

-16,459

-17,986

-46,901

-18,073

-16,869

-100,535

-310,709

-7,840

-39,706

-38,487

-270,482

83,527

-11,573

-16,953

-68,935

-23,312

-58,451

-84,374

-128,714

-72,929

-61,151

-58,331

-102,914

205,221

-142,923

-15,463

-6,802

-49,578

-63,051

-7,276

-10,037

-7,697

-4,904

-592

-17,011

-10,341

-57,418

-37,698

-1,178

Increase (decrease) in cash and cash equivalents

41,800

73,158

10,332

20,049

-8,641

-7,088

20,844

23,468

-91,248

15,490

1,542

15,545

-15,429

-11,556

-16,266

-52,143

-43,788

39,758

49,976

-52,210

6,536

-50,965

37,346

-85,584

166,860

-149,668

159,817

24,404

-23,721

20,892

-34,531

11,760

-9,970

4,693

24,481

41,722

8,653

2,587

2,977

-3,561

8,206

Significant Non-Cash Transactions
Deposit transferred as consideration for acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

205,244

0

0

0

153,700

-

-

-

-

-

-

-

-

-

-

-

-