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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net income $ 15,236 $ 61,348
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 15,415 16,278
Stock-based compensation expense 7,038 6,677
Undistributed gains of equity method investments (5,602) (971)
Proceeds from equity investments, in excess of current year earnings 614 1,771
Net realized and unrealized (gains) losses 44,666 (13,451)
Loss on disposal of fixed assets 14 0
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 49,077 68,607
(Decrease) increase in unearned premiums, net of prepaid reinsurance (4,376) 40,374
Decrease in net federal income taxes 276 12,044
Decrease (increase) in premiums receivable 25,572 (44,396)
Decrease (increase) in deferred policy acquisition costs 1,605 (8,142)
Decrease (increase) in interest and dividends due or accrued 880 (491)
Decrease in accrued salaries and benefits (52,722) (38,529)
Decrease (increase) in other assets 4,583 (8,711)
Decrease in other liabilities (62,959) (45,769)
Net Cash Provided by Operating Activities 39,317 46,639
Investing Activities    
Purchase of fixed income securities, available-for-sale (319,539) (474,962)
Purchase of commercial mortgage loans (14,096) 0
Purchase of equity securities (45,511) (6,702)
Purchase of other investments (27,433) (12,178)
Purchase of short-term investments (2,086,599) (2,416,285)
Sale of fixed income securities, available-for-sale 101,671 218,411
Sale of short-term investments 1,851,532 2,449,725
Redemption and maturities of fixed income securities, held-to-maturity 405 579
Redemption and maturities of fixed income securities, available-for-sale 227,686 86,572
Sale of equity securities 1,320 3,721
Sale of other investments 0 4,995
Distributions from other investments 3,152 11,350
Purchase of property and equipment (8,416) (7,955)
Net Cash (Used in) Investing Activities (315,828) (142,729)
Financing Activities    
Dividends to stockholders (13,313) (11,462)
Acquisition of treasury stock (6,928) (6,585)
Net proceeds from stock purchase and compensation plans 1,525 1,760
Proceeds from borrowings 387,000 341,256
Repayments of borrowings (85,000) (235,000)
Repayments of finance lease obligations (142) (284)
Net Cash Provided by (Used in) Financing Activities 283,142 89,685
Cash and restricted cash, beginning of year 7,975 16,919
Cash and restricted cash, end of period 14,606 10,514
Net increase (decrease) in cash and restricted cash $ 6,631 $ (6,405)