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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2015 | Jun. 30, 2014
Cash flows from operating activities: |  |
Net (loss) income | $ (67,982) | $ 13,942
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |  |
Amortization of premium or discount on fixed maturity securities | 323 | 958
Net realized (gain) loss on sale of investments | (267) | (415)
Unrealized (gain) loss on trading securities | 273 | 368
Unrealized (gain) loss on derivative liability - embedded conversion feature | 75,198 |
Equity-based compensation expense | 779 | 373
Changes in assets and liabilities: |  |
Accrued investment income | 181 | 190
Other assets | (123) | 401
Change in cash equivalents held in trust | 4,161 | 26,478
Change in restricted cash | (580,240) | (79,755)
Losses and loss adjustment reserves | (11,639) | (20,652)
Losses payable | (265) | (1,717)
Unearned premiums | (177) | (167)
Accrued ceding commission expense | (2) | (51)
Accrued interest on notes payable | (22) | 30
Loss contract fair market value reserve | (2,783) | (30,287)
Other liabilities | 314 | (761)
Total adjustments | (514,289) | (105,007)
Net cash (used in) operating activities: | (582,271) | (91,065)
Cash flows from investing activities: |  |
Purchase of investments | (130,252) | (341,313)
Proceeds from sales and maturities of investments | 83,220 | 412,163
Net cash (used in) provided by investing activities: | (47,032) | 70,850
Cash flows from financing activities: |  |
Proceeds from issuance of preferred stock and warrants to purchase common stock | 600,000 | 22,572
Fees incurred and paid relating to preferred stock and warrant issuance | (19,310) | (3,234)
Series B preferred stock dividends paid in cash | (7,998) |
Deferred offering costs |  | (12,048)
Notes payable – principal repayments | (2,965) |
Notes payable – principal issued | 918 | 2,763
Net cash provided by financing activities: | 570,645 | 10,053
(Decrease) in cash and cash equivalents | (58,658) | (10,162)
Cash and cash equivalents, beginning of period | 78,009 | 11,986
Cash and cash equivalents, end of period | 19,351 | 1,824
Cash paid during the period: |  |
Interest | 1,009 | 4,157
Supplementary disclosure of non-cash investing and financing activities: |  |
Embedded derivatives on preferred stock issuances | 66,227 |
Notes payable issued in lieu of cash interest payments | 918 | 2,763
Non-cash preferred series B dividends accrued | 750 |
Accrued fees relating to series B preferred stock issuance | $ 12,250 |
Preferred deemed dividend recorded due to beneficial conversion feature |  | $ 9,455

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- Definition Amount of unrealized holding gain (loss) recognized in the income statement for investments in debt and equity securities and other forms of securities that provide ownership interests classified as trading. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Trading Securities -URI http://asc.fasb.org/extlink&oid=6526789 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(c)) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 35 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=27723805&loc=d3e24584-111560 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 9 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27357-111563 + Details
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- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 28 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=56944662&loc=d3e3602-108585 + Details
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- Definition Accrued fees relating to stock issuance. + References No definition available. + Details
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- Definition Embedded derivatives on preferred stock issuances. + References No definition available. + Details
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