Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| Cash flows from operating activities: |
|
|
|
| Net income (loss) |
$ 21,863
|
$ 13,429
|
$ 8,245
|
| Adjustments to reconcile net income (loss) to cash provided by operating activities: |
|
|
|
| Depreciation and amortization expense |
3,516
|
3,224
|
4,300
|
| Deferred federal income taxes |
(1,030)
|
(393)
|
(257)
|
| Net realized gains |
(2,503)
|
(134)
|
(10,540)
|
| Share-based payments expense |
383
|
222
|
352
|
| Change in ceded unearned premiums |
(11,718)
|
(8,388)
|
(22,577)
|
| Change in premiums receivable |
(12,373)
|
154
|
(4,474)
|
| Change in accounts receivable |
1,136
|
(759)
|
728
|
| Change in deferred policy acquisition costs |
380
|
1,840
|
2,325
|
| Change in unpaid losses and loss adjustment expenses |
35,743
|
32,495
|
69,224
|
| Change in unearned premiums |
19,581
|
11,523
|
22,801
|
| Change in reinsurance recoverable |
(4,568)
|
(32,901)
|
(24,848)
|
| Change in reinsurance balances payable |
7,338
|
5,805
|
13,268
|
| Change in current federal income tax (recoverable) payable |
(2,747)
|
249
|
(799)
|
| Change in all other liabilities |
(1,420)
|
7,946
|
(6,551)
|
| Change in all other assets |
(645)
|
(628)
|
17,141
|
| Net cash provided by operating activities |
52,936
|
33,684
|
68,338
|
| Cash flows from investing activities: |
|
|
|
| Purchases of property and equipment, net |
(3,608)
|
(546)
|
(673)
|
| Net transfers from (into) restricted cash |
3,392
|
276
|
(3,483)
|
| Purchases of investment securities |
(265,482)
|
(188,749)
|
(222,399)
|
| Maturities, sales and redemptions of investment securities |
169,409
|
146,777
|
214,738
|
| Net cash used in investing activities |
(96,289)
|
(42,242)
|
(11,817)
|
| Cash flows from financing activities: |
|
|
|
| Activity under revolving credit facility, net |
30,000
|
(1,473)
|
|
| Payment of debt issuance costs |
(96)
|
|
|
| Payment of contingent consideration |
(1,216)
|
|
|
| Proceeds from exercise of employee stock options |
658
|
1,155
|
|
| Purchase of treasury shares |
(2,532)
|
(1,805)
|
|
| Net cash provided by (used in) financing activities |
26,814
|
(2,123)
|
|
| (Decrease) Increase in cash and cash equivalents |
(16,539)
|
(10,681)
|
56,521
|
| Cash and cash equivalents at beginning of year |
130,985
|
141,666
|
85,145
|
| Cash and cash equivalents at end of year |
114,446
|
130,985
|
141,666
|
| Supplemental cash flow information: |
|
|
|
| Interest paid |
3,906
|
4,576
|
4,599
|
| Income taxes paid |
13,800
|
5,497
|
3,891
|
| Supplemental schedule of non-cash activities: |
|
|
|
| Change in receivable for securities related to investment disposals that settled after the balance sheet date |
(9,492)
|
388
|
(1,317)
|
| Change in payable for securities related to investment purchases that settled after the balance sheet date |
$ (224)
|
$ 1,115
|
$ 206
|