XML 37 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating Activities    
Net income $ 73,476 $ 47,315
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,085 18,912
Sale of renewal rights 0 (8,000)
Stock-based compensation expense 6,049 6,102
Undistributed losses (gains) of equity method investments 2,117 (138)
Net realized gains (15,463) (11,757)
Changes in assets and liabilities:    
Increase in reserve for loss and loss expenses, net of reinsurance recoverables 66,609 93,675
Increase in unearned premiums, net of prepaid reinsurance 83,789 36,453
Decrease in net federal income taxes 19,232 12,634
Increase in premiums receivable (88,813) (64,747)
Increase in deferred policy acquisition costs (17,616) (9,106)
Decrease (increase) in interest and dividends due or accrued 395 (361)
Decrease in accrued salaries and benefits (18,171) (26,557)
Decrease in accrued insurance expenses (5,091) (16,872)
Increase (decrease) in other assets and other liabilities 29,999 (4,881)
Net adjustments 92,121 25,357
Net cash provided by operating activities 165,597 72,672
Investing Activities    
Purchase of fixed income securities, available-for-sale (463,758) (339,362)
Purchase of equity securities, available-for-sale (177,386) (111,886)
Purchase of other investments (2,947) (6,039)
Purchase of short-term investments (732,278) (764,692)
Sale of fixed income securities, available-for-sale 22,323 19,557
Sale of short-term investments 695,901 772,455
Redemption and maturities of fixed income securities, held-to-maturity 68,704 28,595
Redemption and maturities of fixed income securities, available-for-sale 254,995 222,568
Sale of equity securities, available-for-sale 135,548 111,996
Distributions from other investments 17,840 7,726
Purchase of property and equipment (7,591) (6,628)
Sale of renewal rights 0 8,000
Net cash used in investing activities (188,649) (57,710)
Financing Activities    
Dividends to stockholders (15,211) (13,914)
Acquisition of treasury stock (3,583) (2,786)
Net proceeds from stock purchase and compensation plans 4,037 3,091
Proceeds from borrowings 15,000 0
Excess tax benefits from share-based payment arrangements 1,549 955
Repayments of capital lease obligations (2,331) (954)
Net cash used in financing activities (539) (13,608)
Net (decrease) increase in cash (23,591) 1,354
Cash, beginning of year 23,959 193
Cash, end of period $ 368 $ 1,547