|
Net income
|
|
$3.8m
|
$18.2m
|
$10.6m
|
$6.3m
|
$45.8m
|
$52.2m
|
$79.2m
|
$117.6m
|
$197.1m
|
|
Depreciation and amortization expense
|
|
—
|
$212k
|
$216k
|
$1.3m
|
$3.5m
|
$4.1m
|
$4.5m
|
$5.1m
|
$8.9m
|
|
Amortization of premium on fixed maturity securities
|
|
$966k
|
$481k
|
$431k
|
$1.2m
|
$2.3m
|
$1.6m
|
($9k)
|
($945k)
|
($61k)
|
|
Deferred income tax expense (benefit)
|
|
$1.1m
|
—
|
$646k
|
$1.1m
|
$641k
|
($3.5m)
|
($2.8m)
|
$2.1m
|
$1.9m
|
|
Purchase of equity method investment
|
|
—
|
—
|
—
|
—
|
$0
|
$0
|
($3.0m)
|
$0
|
$0
|
|
Stock-based compensation expense
|
|
—
|
—
|
$24.1m
|
$2.2m
|
$5.6m
|
$11.6m
|
$14.9m
|
$16.7m
|
$21.0m
|
|
Loss on asset disposal
|
|
$1k
|
—
|
$1k
|
—
|
—
|
—
|
$0
|
$0
|
$31k
|
|
Net realized and unrealized gains on investments
|
|
($608k)
|
$2.6m
|
($4.4m)
|
($1.5m)
|
($1.3m)
|
$7.5m
|
($2.9m)
|
($4.6m)
|
($11.8m)
|
|
Accrued investment income
|
|
($137k)
|
$54k
|
($652k)
|
($1.2m)
|
($180k)
|
($1.1m)
|
($1.5m)
|
($3.2m)
|
($3.0m)
|
|
Premium receivable
|
|
($3.8m)
|
($3.5m)
|
($17.6m)
|
($12.8m)
|
($39.2m)
|
($74.8m)
|
($99.1m)
|
($43.8m)
|
($147.1m)
|
|
Deferred policy acquisition costs
|
|
($4.5m)
|
$1.1m
|
($11.1m)
|
($10.3m)
|
($20.5m)
|
($787k)
|
($4.2m)
|
($33.9m)
|
($31.2m)
|
|
Reinsurance recoverables
|
|
($13.1m)
|
$70k
|
($2.7m)
|
($87.5m)
|
($52.6m)
|
($36.3m)
|
($83.2m)
|
($118.4m)
|
($73.5m)
|
|
Ceded unearned premiums
|
|
—
|
($15.1m)
|
($7.8m)
|
($8.9m)
|
($23.3m)
|
($145.8m)
|
($61.7m)
|
($10.4m)
|
($79.7m)
|
|
Prepaid expenses and other assets
|
|
($1k)
|
($4.6m)
|
($9.0m)
|
($20.4m)
|
$591k
|
($4.0m)
|
($24.9m)
|
($15.7m)
|
$26.2m
|
|
Accounts payable and other accrued liabilities
|
|
$2.2m
|
$2.7m
|
$3.3m
|
$6.0m
|
($946k)
|
$5.4m
|
$15.7m
|
$29.2m
|
($6.9m)
|
|
Reserve for losses and loss adjustment expenses
|
|
$13.0m
|
($1.7m)
|
$760k
|
$112.2m
|
$44.3m
|
$58.0m
|
$110.9m
|
$161.1m
|
$178.1m
|
|
Unearned premiums
|
|
$19.3m
|
$17.2m
|
$51.2m
|
$53.1m
|
$101.2m
|
$186.6m
|
$125.8m
|
$144.6m
|
$240.9m
|
|
Ceded premiums payable
|
|
$3.5m
|
$5.5m
|
$776k
|
$10.8m
|
$15.2m
|
$108.7m
|
$35.6m
|
$8.4m
|
$81.2m
|
|
Funds held under reinsurance treaty
|
|
($204k)
|
($797k)
|
$938k
|
$2.9m
|
$6.4m
|
($202k)
|
$2.7m
|
$14.4m
|
$17.0m
|
|
Income taxes payable
|
|
$11k
|
($11k)
|
$1.1m
|
($1.1m)
|
$0
|
$0
|
$7.3m
|
($7.3m)
|
$0
|
|
Net proceeds from (purchases of) derivative contracts
|
|
—
|
—
|
—
|
—
|
—
|
—
|
$0
|
$0
|
($9.9m)
|
|
Purchases of property and equipment
|
|
($68k)
|
($332k)
|
($115k)
|
($132k)
|
($18k)
|
($313k)
|
($15k)
|
($243k)
|
($137k)
|
|
Proceeds from sale of property and equipment
|
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
$346k
|
|
Capitalized software costs
|
|
—
|
—
|
($2.8m)
|
($3.9m)
|
($4.8m)
|
($5.6m)
|
($6.7m)
|
($5.8m)
|
($6.1m)
|
|
Purchases of fixed maturity securities
|
|
($43.5m)
|
($102.7m)
|
($211.6m)
|
($295.0m)
|
($166.9m)
|
($382.1m)
|
($233.8m)
|
($601.4m)
|
($848.4m)
|
|
Purchases of equity securities
|
|
($10.7m)
|
($33.7m)
|
($58.9m)
|
($46.9m)
|
($49.7m)
|
($10.5m)
|
($945k)
|
($202k)
|
($55.5m)
|
|
Sales and maturities of fixed maturity securities
|
|
$28.6m
|
$81.2m
|
$124.2m
|
$124.2m
|
$120.2m
|
$242.7m
|
$120.3m
|
$301.8m
|
$614.6m
|
|
Sales of equity securities
|
|
$6.8m
|
$30.0m
|
$64.8m
|
$46.0m
|
$41.6m
|
$0
|
$295k
|
$9.0m
|
$13.0m
|
|
Change in securities receivable or payable, net
|
|
($250k)
|
$250k
|
$1.0m
|
($2.5m)
|
$1.5m
|
($950k)
|
$950k
|
($1.5m)
|
($1.0m)
|
|
Investments in limited partnerships
|
|
—
|
—
|
—
|
—
|
—
|
$0
|
$0
|
($5.5m)
|
($11.2m)
|
|
Acquisitions, net of cash acquired
|
|
—
|
—
|
—
|
—
|
($11k)
|
($15k)
|
($5.5m)
|
$0
|
($58.6m)
|
|
Purchase of policy renewal rights
|
|
—
|
—
|
—
|
($7.1m)
|
($11k)
|
($15k)
|
$0
|
($2.5m)
|
($905k)
|
|
Payments on Line of Credit
|
|
—
|
—
|
—
|
—
|
—
|
—
|
$0
|
($52.6m)
|
($15.0m)
|
|
Proceeds from Line of Credit
|
|
—
|
—
|
—
|
—
|
$0
|
$36.4m
|
$16.2m
|
$0
|
$15.0m
|
|
Policy holder contribution to surplus
|
|
—
|
—
|
—
|
—
|
$0
|
$0
|
$90k
|
$2.8m
|
$3.7m
|
|
Proceeds from stock offering, net of offering costs
|
|
—
|
—
|
—
|
$125.5m
|
—
|
$0
|
$0
|
$115.7m
|
($141k)
|
|
Net cash provided by operating activities
|
|
$20.2m
|
$22.8m
|
$41.7m
|
$53.6m
|
$87.8m
|
$169.6m
|
$116.1m
|
$261.2m
|
$409.1m
|
|
Net cash used in investing activities
|
|
($19.1m)
|
($25.4m)
|
($80.6m)
|
($181.4m)
|
($58.2m)
|
($156.8m)
|
($128.5m)
|
($306.2m)
|
($354.0m)
|
|
Proceeds from common stock issued via employee stock purchase plan
|
|
—
|
—
|
—
|
$741k
|
$719k
|
$760k
|
$799k
|
$902k
|
$1.2m
|
|
Proceeds from common stock issued via stock option exercises
|
|
—
|
—
|
—
|
$2.0m
|
$2.1m
|
$2.3m
|
$1.2m
|
$7.0m
|
$3.8m
|
|
Repurchase of common stock
|
|
—
|
—
|
—
|
—
|
($15.9m)
|
($34.4m)
|
($22.3m)
|
$0
|
($37.3m)
|
|
Net cash provided by (used in) financing activities
|
|
—
|
$1.5m
|
$62.3m
|
$128.3m
|
($13.0m)
|
$5.0m
|
($3.9m)
|
$73.8m
|
($28.8m)
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
$1.1m
|
($1.0m)
|
$23.4m
|
$437k
|
$16.6m
|
$17.8m
|
($16.3m)
|
$28.7m
|
$26.4m
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
|
$9.8m
|
$10.9m
|
$9.9m
|
$33.3m
|
$33.8m
|
$50.4m
|
$51.9m
|
$80.5m
|
$106.9m
|
|
Cash and cash equivalents
|
|
—
|
—
|
—
|
—
|
—
|
$68.1m
|
$51.5m
|
$80.4m
|
$106.9m
|
|
Restricted cash
|
|
—
|
—
|
—
|
—
|
—
|
$56k
|
$306k
|
$101k
|
$17k
|
|
Cash paid for interest
|
|
$1.6m
|
$1.7m
|
$1.2m
|
—
|
$0
|
$704k
|
$3.7m
|
$1.0m
|
$287k
|
|
Cash paid for federal income taxes
|
|
$9k
|
$11k
|
$5.6m
|
$7.2m
|
$2.1m
|
$18.9m
|
$20.6m
|
$37.8m
|
$58.0m
|
|
Cash paid for state income taxes
|
|
$9k
|
$11k
|
$5.6m
|
$7.2m
|
$2.1m
|
$18.9m
|
$484k
|
$644k
|
$1.1m
|