| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating activities | ||||||||||
Net income | ||||||||||
7,347 | -34,075 | 18,323 | 28,945 | 23,283 | 29,717 | 36,588 | 31,919 | -28,175 | 25,015 | 44,802 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Change in accounts receivable and unearned premium | ||||||||||
3,835 | 3,904 | -2,678 | 2,721 | -22,939 | -3,230 | 16,488 | 13,089 | 27,227 | -6,511 | -5,066 |
Change in accrued investment income | ||||||||||
524 | 199 | 278 | -108 | 307 | 234 | -939 | 50 | 291 | -260 | -1,233 |
Change in reinsurance recoverable on paid losses | ||||||||||
19,083 | -956 | 446 | -692 | -4,458 | 2,785 | 1,618 | -537 | -698 | -1,787 | -2,577 |
Change in losses and loss expenses reserves, net of reinsurance | ||||||||||
100,648 | 117,027 | 47,229 | 23,568 | 6,325 | 7,545 | -1,264 | - | - | - | - |
Change in losses and loss expenses reserves net of reinsurance | ||||||||||
- | - | - | - | - | - | - | 2,289 | -71,348 | 15,499 | 28,569 |
Change in other assets, other liabilities and current income taxes | ||||||||||
-10,140 | -8,204 | -49,221 | 8,063 | 28,299 | 4,847 | -29,892 | -29,850 | -18,430 | 24,984 | -21,324 |
Amortization of net policy acquisition costs | ||||||||||
55,802 | 54,981 | 47,387 | 18,085 | 21,314 | 25,075 | 26,592 | 26,772 | 29,209 | 23,967 | - |
Net policy acquisition costs deferred | ||||||||||
57,731 | 55,940 | 51,824 | 17,813 | 20,495 | - | - | - | - | - | - |
Amortization of net policy acquisition costs | ||||||||||
- | - | - | - | - | - | - | - | - | - | 23,475 |
Net policy acquisition costs deferred | ||||||||||
- | - | - | - | - | -25,019 | -25,819 | -25,285 | -28,961 | -23,888 | -26,054 |
Provision for deferred income tax expense (benefit) | ||||||||||
-51 | -18,794 | -3,866 | 2,838 | -1,819 | 1,640 | 939 | 3,868 | -9,340 | 46 | 9,561 |
Bond amortization | ||||||||||
-725 | 184 | 1,865 | 3,030 | 3,388 | 4,235 | 5,068 | 6,055 | 5,673 | 4,211 | 3,643 |
Loss on sale of property and equipment | ||||||||||
0 | 0 | -235 | -63 | -18 | -474 | 27 | -10 | - | - | - |
(Gain) loss on sale of property | ||||||||||
- | - | - | - | - | - | - | - | 36 | 5 | -14 |
Depreciation | ||||||||||
6,052 | 6,102 | 5,752 | 5,521 | 5,037 | 4,797 | 4,300 | 4,981 | 4,274 | 4,013 | 3,355 |
Net realized (gains) losses on investments | ||||||||||
12,889 | -25,691 | 19,686 | 23,228 | -1,261 | 14,930 | 23,515 | 9,011 | -17,803 | -16,485 | 30,816 |
Compensation expense related to restricted stock | ||||||||||
1,529 | 475 | 1,154 | 1,343 | 1,094 | 1,262 | 320 | 1,526 | 879 | 674 | 1,085 |
Net cash provided by operating activities | ||||||||||
- | - | - | - | - | 30,160 | 35,907 | 55,794 | - | - | - |
Net cash provided by (used in) operating activities | ||||||||||
86,680 | 100,708 | 97,744 | 32,368 | 38,197 | - | - | - | 54,284 | 49,483 | 30,696 |
Investing activities | ||||||||||
Purchases of fixed income and equity securities | ||||||||||
423,544 | 415,326 | 436,932 | 400,670 | 342,592 | 288,283 | 369,259 | 320,434 | 270,696 | 346,435 | 220,769 |
Purchases of limited partnership interests | ||||||||||
0 | 450 | 1,097 | 0 | 409 | 6,886 | 3,568 | 2,154 | 0 | 7 | 7 |
Distributions from limited partnerships | ||||||||||
33,396 | 6,869 | 19,230 | 1,462 | 4,494 | 1,752 | 2,528 | 3,957 | 757 | 297 | 1,022 |
Proceeds from maturities | ||||||||||
84,387 | 64,035 | 131,623 | 78,691 | 161,706 | 98,714 | 129,113 | 150,652 | 144,745 | 166,307 | 105,336 |
Proceeds from sales of fixed income securities | ||||||||||
139,310 | 241,429 | 148,652 | - | - | - | - | - | - | - | - |
Proceeds from sales of fixed income securities | ||||||||||
- | - | - | 199,790 | 117,338 | 167,406 | - | - | - | - | - |
Proceeds from sales of fixed maturities | ||||||||||
- | - | - | - | - | - | 207,723 | 103,106 | 128,018 | 105,206 | 121,722 |
Proceeds from sales of equity securities | ||||||||||
21,621 | 149,195 | 69,756 | 88,773 | 53,270 | 19,263 | 29,858 | - | - | - | - |
Proceeds from sales of equity securities | ||||||||||
- | - | - | - | - | - | - | 8,674 | 16,883 | 15,743 | 13,328 |
Net sales of short-term investments | ||||||||||
0 | 0 | -500 | -11,258 | -746 | -1,925 | 690 | 529 | -841 | 160 | -30,118 |
Purchase of insurance company-owned life insurance | ||||||||||
0 | 10,000 | 0 | 0 | - | - | - | - | - | - | - |
Purchase of commercial mortgage loans | ||||||||||
7,082 | 6,672 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from commercial mortgage loans | ||||||||||
1,972 | 0 | 0 | - | - | - | - | - | - | - | - |
Decrease in principal of notes receivable from employees | ||||||||||
- | - | - | - | - | - | - | 1,252 | 106 | 611 | 143 |
Purchases of property and equipment | ||||||||||
1,953 | 5,439 | 6,661 | 7,725 | 7,662 | 13,451 | 28,607 | 4,054 | 3,488 | 4,767 | 5,307 |
Proceeds from disposals of property and equipment | ||||||||||
3 | 10 | 582 | 1,059 | 277 | 693 | 261 | 228 | 129 | 212 | 188 |
Net cash used in investing activities | ||||||||||
- | - | - | - | - | -18,867 | -32,641 | -59,302 | - | - | - |
Net cash provided by (used in) investing activities | ||||||||||
-151,890 | 23,651 | -74,347 | -27,362 | -12,832 | - | - | - | 17,295 | -62,993 | 45,774 |
Financing activities | ||||||||||
Dividends paid to shareholders | ||||||||||
5,857 | 16,835 | 16,302 | 15,803 | 15,003 | 14,947 | 14,943 | 14,886 | 14,846 | 33,212 | 14,744 |
Drawings on line of credit | ||||||||||
- | - | - | - | - | 10,000 | 0 | 0 | - | 8,000 | 11,000 |
Net cash used in financing activities | ||||||||||
- | - | - | - | - | -4,947 | -14,943 | -14,886 | - | - | - |
Repayment on line of credit | ||||||||||
- | - | - | - | - | - | - | - | 5,000 | 3,000 | 10,000 |
Repurchase of common shares | ||||||||||
11,501 | 4,596 | 1,880 | 0 | 0 | - | - | - | - | - | 880 |
Net cash used in financing activities | ||||||||||
-17,358 | -21,431 | -18,182 | -15,803 | -15,003 | - | - | - | -19,846 | -28,212 | -14,624 |
Effect of foreign exchange rates on cash and cash equivalents | ||||||||||
645 | -830 | 522 | 235 | -1,456 | -1,011 | -575 | 217 | -230 | 441 | 1,001 |
Increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents | ||||||||||
-81,923 | 102,098 | 5,737 | -10,562 | - | - | - | - | - | - | - |
Increase (decrease) in cash and cash equivalents | ||||||||||
- | - | - | - | 8,906 | 5,335 | -12,252 | -18,177 | 51,503 | -41,281 | 62,847 |
Supplemental Disclosures of Cash Flow Information | ||||||||||
Cash paid (refunds received) for income taxes | ||||||||||
-1,186 | 9,500 | 0 | 10,173 | 14,500 | - | - | - | - | - | - |
Cash paid for interest | ||||||||||
723 | 504 | 456 | 309 | 286 | - | - | - | - | - | - |