| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net (loss) income | ||||||||||
99,601 | 83,195 | 62,387 | 64,585 | -13,853 | 59,354 | 61,351 | 58,070 | 13,702 | 56,342 | 54,152 |
Adjustments to reconcile net (loss) income to net cash used for operating activities: | ||||||||||
Investment amortization, net | ||||||||||
4,922 | 5,273 | 6,962 | 5,388 | 4,962 | 13,123 | 12,326 | 14,322 | 13,554 | 12,533 | 12,049 |
Fixed Asset depreciation, net | ||||||||||
5,485 | 5,467 | 5,037 | 4,382 | 3,908 | - | - | - | - | - | - |
Stock based compensation | ||||||||||
6,030 | 6,579 | 5,166 | 4,303 | 3,727 | - | - | - | - | - | - |
(Credit) Provision for deferred income taxes | ||||||||||
4,757 | -5,600 | 2,085 | 1,681 | 552 | -602 | 1,899 | 1,023 | -693 | 3,020 | -3,024 |
Net realized losses on investments | ||||||||||
2,976 | 3,226 | 6,036 | 5,559 | -469 | 197 | 1,677 | 1,975 | 4,360 | -863 | 167 |
Net impairment losses on investments | ||||||||||
889 | 228 | 256 | 798 | 796 | - | - | - | - | - | - |
Earnings from partnership investments | ||||||||||
904 | 650 | 2,082 | 3,185 | 2,387 | 878 | - | - | - | - | - |
Change in net unrealized gains on equity investments | ||||||||||
21,454 | -16,324 | - | - | - | - | - | - | - | - | - |
(Gains) losses on sales of fixed assets | ||||||||||
- | - | - | - | - | - | - | - | - | -9 | 0 |
Changes in assets and liabilities: | ||||||||||
Accounts receivable | ||||||||||
3,307 | -587 | 2,953 | 9,129 | 3,035 | 6,228 | 3,554 | 11,607 | 8,417 | 8,488 | -1,554 |
Accrued investment income | ||||||||||
-16 | -456 | 18 | -64 | -1,373 | -34 | -258 | 418 | 698 | 573 | -87 |
Receivable from reinsurers | ||||||||||
11,602 | 14,228 | -5,367 | 3,995 | 41,721 | 2,578 | 6,139 | 3,495 | -2,426 | -13,999 | -15,599 |
Ceded unearned premiums | ||||||||||
1,208 | 1,799 | 3,590 | 5,363 | 3,584 | 1,738 | 1,694 | 2,184 | 1,561 | -1,237 | -7,922 |
Deferred policy acquisition costs | ||||||||||
932 | 1,153 | 1,206 | 2,059 | 1,608 | 3,941 | 2,723 | 3,949 | 3,892 | 4,924 | 1,213 |
Taxes recoverable | ||||||||||
1,003 | -908 | 908 | -15,497 | 15,497 | - | - | - | - | - | - |
Other assets | ||||||||||
1,864 | -2,565 | 5,400 | -348 | 726 | 2,871 | -3,084 | 1,444 | -2,151 | 797 | -4,686 |
Loss and loss adjustment expense reserves | ||||||||||
25,847 | 10,665 | 13,733 | 6,344 | 71,965 | 26,998 | 31,172 | -19,970 | 519 | 35,315 | 27,853 |
Unearned premium reserves | ||||||||||
6,839 | 7,123 | 10,224 | 16,072 | 11,600 | 19,778 | 17,364 | 23,657 | 23,509 | 23,619 | -7,261 |
Taxes payable | ||||||||||
-6,090 | 6,090 | -1,110 | - | - | - | - | - | - | - | - |
Accounts payable and accrued liabilities | ||||||||||
3,395 | 10,678 | -6,333 | 14,068 | -12,423 | -577 | 1,050 | 13,426 | -2,135 | -5,630 | 8,758 |
Payable to reinsurers | ||||||||||
691 | -1,581 | 299 | 1,955 | 3,894 | 559 | 38 | 1,718 | -233 | 897 | -3,617 |
Other liabilities | ||||||||||
5,324 | -210 | 160 | -7,371 | 14,479 | -2,667 | -1,891 | -2,783 | 6,641 | -4,997 | 2,646 |
Net cash used for operating activities | ||||||||||
112,456 | 127,691 | 82,040 | 98,824 | 22,891 | 97,569 | 110,864 | 104,331 | 39,475 | 51,197 | 64,478 |
Cash flows from investing activities: | ||||||||||
Fixed maturities purchased | ||||||||||
219,875 | 304,654 | 205,226 | 295,211 | 227,328 | 234,172 | 193,814 | 333,603 | 344,433 | 353,352 | 200,796 |
Equity securities purchased | ||||||||||
28,586 | 66,832 | 27,440 | 30,060 | 26,658 | 27,665 | 75,891 | 9,397 | 13,149 | 7,525 | 5,315 |
Other invested assets purchased | ||||||||||
14,794 | 6,648 | 7,492 | 5,248 | 4,824 | 4,976 | 5,600 | - | - | - | 475 |
Proceeds from sales and paydowns of fixed maturities | ||||||||||
135,119 | 217,221 | 151,071 | 99,682 | 150,932 | 153,701 | 179,729 | 165,878 | 264,635 | 220,217 | 103,284 |
Proceeds from maturities, redemptions, and calls of fixed maturities | ||||||||||
58,676 | 63,628 | 37,868 | 99,883 | 110,189 | 52,253 | 34,264 | 98,045 | 78,243 | 84,954 | 32,986 |
Proceed from sales of equity securities | ||||||||||
23,966 | 18,654 | 34,664 | 46,620 | 24,380 | 14,097 | 14,934 | 8,837 | 6,668 | 3,580 | 3,680 |
Proceeds from other invested assets redeemed | ||||||||||
2,124 | 6,810 | 7,589 | 4,992 | 1,195 | - | - | - | - | - | - |
Proceeds from sales of other invested assets | ||||||||||
- | - | - | - | - | - | - | - | - | - | 66 |
Proceed from maturities of short-term securities | ||||||||||
- | - | - | - | - | - | - | - | - | - | 82,996 |
Fixed assets purchased | ||||||||||
9,594 | 11,183 | 5,958 | 4,910 | 4,041 | 1,760 | 4,920 | 4,205 | 4,377 | 2,394 | 335 |
Fixed assets sold | ||||||||||
- | - | - | - | - | - | - | - | - | 9 | 0 |
Net cash provided by investing activities | ||||||||||
-52,964 | -83,004 | -14,924 | -84,252 | 23,845 | -48,522 | -51,298 | -74,445 | -12,413 | -54,511 | 16,091 |
Cash flows from financing activities: | ||||||||||
Proceeds from stock options exercised | ||||||||||
- | - | - | 257 | 278 | 297 | 2,592 | 1,241 | 902 | 1,990 | 367 |
Excess tax expense from stock options exercised | ||||||||||
- | - | - | 6 | 1 | 3 | - | - | - | 57 | 119 |
Dividends paid to shareholders | ||||||||||
52,667 | 48,813 | 45,460 | 42,265 | 41,976 | 39,302 | 36,865 | 33,634 | 30,322 | 27,098 | 24,840 |
Acquisition of treasury stock | ||||||||||
- | - | - | - | - | 23,467 | 4,799 | - | 43 | 5,814 | 42,196 |
Net cash provided by (used for) financing activities | ||||||||||
-52,667 | -48,813 | -45,460 | -42,014 | -41,697 | -62,469 | -39,072 | -32,393 | -29,463 | -30,865 | -66,550 |
Net decrease in cash and cash equivalents | ||||||||||
6,825 | -4,126 | 21,656 | -27,442 | 5,039 | -13,422 | 20,494 | -2,507 | -2,401 | -34,179 | 14,019 |
Supplemental disclosure of cash flow information: | ||||||||||
Federal and state income taxes | ||||||||||
26,780 | 20,115 | 23,721 | 9,826 | 89 | 23,720 | 18,890 | 19,730 | 4,260 | - | - |
Interest | ||||||||||
75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | - | - |