|
Net income
|
|
$38.3m
|
$39.4m
|
$86.0m
|
$118.8m
|
$170.0m
|
|
Depreciation and amortization expense
|
|
$5.6m
|
$4.1m
|
$3.9m
|
$3.4m
|
$3.5m
|
|
Deferred income tax, net
|
|
$10.0m
|
$10.3m
|
$9.4m
|
($8.7m)
|
($6.4m)
|
|
Purchase of equity method investments and other long-term investments
|
|
($16.1m)
|
($9.8m)
|
$0
|
($32.2m)
|
($6.8m)
|
|
Sales of and distributions from equity method and other long-term investments
|
|
—
|
$3.4m
|
$3.6m
|
$14.1m
|
$11.9m
|
|
Net investment (gains) losses
|
|
($1.9m)
|
$647k
|
($11.1m)
|
($6.3m)
|
($22.1m)
|
|
Stock-based compensation expense
|
|
$522k
|
$2.3m
|
$8.5m
|
$9.4m
|
$12.0m
|
|
Undistributed earnings (loss) from long-term investments
|
|
($11.4m)
|
($16.0m)
|
$6.7m
|
($6.3m)
|
$10.1m
|
|
Net change in fair value of derivatives
|
|
—
|
—
|
$0
|
$0
|
($34.9m)
|
|
Premiums receivable, net
|
|
$1.9m
|
($27.7m)
|
($40.0m)
|
($142.4m)
|
($222.6m)
|
|
Reinsurance recoverables, net
|
|
$1.1m
|
($45.0m)
|
($17.3m)
|
($261.5m)
|
($262.0m)
|
|
Ceded unearned premium
|
|
$8.5m
|
($19.7m)
|
($28.5m)
|
($17.8m)
|
($35.0m)
|
|
Deferred policy acquisition costs
|
|
($6.0m)
|
($9.5m)
|
($23.0m)
|
($21.2m)
|
($22.9m)
|
|
Federal income taxes
|
|
—
|
$0
|
($1.9m)
|
$4.5m
|
$1.8m
|
|
Losses and loss adjustment expenses
|
|
$124.3m
|
$162.2m
|
$172.7m
|
$467.9m
|
$536.5m
|
|
Unearned premiums
|
|
$20.8m
|
$79.2m
|
$110.0m
|
$84.7m
|
$136.8m
|
|
Deferred ceding commission
|
|
($5.2m)
|
($651k)
|
$7.2m
|
$3.4m
|
$6.0m
|
|
Reinsurance and premium payables
|
|
($4.2m)
|
($6.2m)
|
$36.5m
|
$26.9m
|
$102.8m
|
|
Funds held for others
|
|
$2.6m
|
$7.3m
|
$21.7m
|
$44.1m
|
$25.3m
|
|
Accounts payable and accrued liabilities
|
|
$1.1m
|
$7.6m
|
$2.3m
|
$19.2m
|
$37.0m
|
|
Other, net
|
|
$44k
|
$0
|
($5.0m)
|
($12.8m)
|
($28.0m)
|
|
Purchase of fixed maturity securities, available-for-sale
|
|
($255.2m)
|
($268.8m)
|
($459.7m)
|
($617.6m)
|
($910.0m)
|
|
Purchase of equity securities
|
|
($60.3m)
|
($53.5m)
|
($26.0m)
|
($14.1m)
|
($13.2m)
|
|
Purchase of intangible assets and goodwill
|
|
—
|
—
|
($50k)
|
$0
|
($2.0m)
|
|
Investment in direct and indirect loans
|
|
—
|
($9.8m)
|
$3.0m
|
$27.5m
|
$19.7m
|
|
Purchase of property and equipment
|
|
($2.2m)
|
($2.3m)
|
($3.1m)
|
($4.2m)
|
($5.5m)
|
|
Proceeds from the sales of fixed maturity securities, available-for-sale
|
|
$135.3m
|
$95.6m
|
$127.2m
|
$217.5m
|
$198.2m
|
|
Maturities, calls, transfers and paydowns of fixed maturity securities, available-for-sale
|
|
—
|
$44.5m
|
$49.0m
|
$122.7m
|
$184.0m
|
|
Maturities, calls and paydowns of fixed maturity securities held-to-maturity
|
|
—
|
$0
|
$11.4m
|
$6.0m
|
$4.4m
|
|
Proceeds from the sales of equity securities
|
|
—
|
$37.2m
|
$40.2m
|
$37.5m
|
$126.7m
|
|
Change in short-term investments
|
|
$70.2m
|
$43.1m
|
($149.1m)
|
($4.8m)
|
$10.6m
|
|
Change in receivable/payable for securities
|
|
($725k)
|
$529k
|
$76k
|
$34k
|
$11.9m
|
|
Cash provided by deposit accounting
|
|
($6.1m)
|
$3.2m
|
$11.9m
|
$4.0m
|
$3.3m
|
|
Net cash used in investment activities
|
|
($183.0m)
|
($193.4m)
|
($493.8m)
|
($243.7m)
|
($366.9m)
|
|
Employee share purchases
|
|
$1.4m
|
$2.2m
|
$1.4m
|
$0
|
$0
|
|
Repayment of stock notes receivable
|
|
—
|
$0
|
$0
|
$5.6m
|
$0
|
|
Proceeds from long term borrowings
|
|
—
|
$0
|
$50.0m
|
$107.0m
|
$43.4m
|
|
Payments on long term borrowings and trust preferred
|
|
—
|
$0
|
($50.0m)
|
($116.8m)
|
($43.0m)
|
|
Proceeds from initial public offering
|
|
—
|
$0
|
$129.6m
|
$0
|
$0
|
|
Net cash provided by operating activities
|
|
$175.3m
|
$208.9m
|
$338.2m
|
$305.1m
|
$408.1m
|
|
Purchase of illiquid investments
|
|
($48.1m)
|
($4.9m)
|
($1.7m)
|
($75k)
|
$0
|
|
Net cash provided by (used in) financing activities
|
|
$1.4m
|
$2.2m
|
$130.9m
|
($4.2m)
|
$411k
|
|
Net increase (decrease) in cash and cash equivalents and restricted cash
|
|
($6.3m)
|
$17.7m
|
($24.7m)
|
$57.2m
|
$41.6m
|
|
Cash and cash equivalents and restricted cash at beginning of period
|
|
$107.3m
|
$125.0m
|
$100.3m
|
$157.5m
|
$199.1m
|
|
Cash paid for interest
|
|
$4.7m
|
$5.8m
|
$10.7m
|
$8.6m
|
$6.1m
|