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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net income $ 109,270 $ 15,236
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 13,703 15,415
Stock-based compensation expense 6,493 7,038
Undistributed gains of equity method investments (13,905) (5,602)
Distributions in excess of current year income of equity method investments 2,309 614
Net realized and unrealized (gains) losses (5,119) 44,666
Loss on disposal of fixed assets 3 14
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 106,468 49,077
Increase (decrease) in unearned premiums, net of prepaid reinsurance 73,218 (4,376)
Increase in net federal income taxes 25,927 276
(Increase) decrease in premiums receivable (59,182) 25,572
(Increase) decrease in deferred policy acquisition costs (14,074) 1,605
(Increase) decrease in interest and dividends due or accrued (1,101) 880
Decrease in accrued salaries and benefits (31,216) (52,722)
(Increase) decrease in other assets (14,302) 4,583
Decrease in other liabilities (68,236) (62,959)
Net Cash Provided by Operating Activities 130,256 39,317
Investing Activities    
Purchase of fixed income securities, held-to-maturity (9,000) 0
Purchase of fixed income securities, available-for-sale (671,909) (319,539)
Purchase of commercial mortgage loans (14,860) (14,096)
Purchase of equity securities (48,910) (45,511)
Purchase of other investments (18,589) (27,433)
Purchase of short-term investments (1,723,212) (2,086,599)
Sale of fixed income securities, available-for-sale 212,891 101,671
Proceeds from commercial mortgage loans 99 0
Sale of short-term investments 1,795,239 1,851,532
Redemption and maturities of fixed income securities, held-to-maturity 1,461 405
Redemption and maturities of fixed income securities, available-for-sale 319,469 227,686
Sale of equity securities 42,782 1,320
Sale of other investments 3,004 0
Distributions from other investments 5,162 3,152
Purchase of property and equipment (4,561) (8,416)
Net Cash Used in Investing Activities (110,934) (315,828)
Financing Activities    
Dividends to preferred stockholders (2,453) 0
Dividends to common stockholders (14,569) (13,313)
Acquisition of treasury stock (8,845) (6,928)
Net proceeds from stock purchase and compensation plans 824 1,525
Preferred stock issued, net of issuance costs (479) 0
Proceeds from borrowings 0 387,000
Repayments of borrowings 0 (85,000)
Repayments of finance lease obligations (115) (142)
Net Cash (used in) provided by Financing Activities (25,637) 283,142
Cash and restricted cash, beginning of year 15,231 7,975
Cash and restricted cash, end of period 8,916 14,606
Net (decrease) increase in cash and restricted cash $ (6,315) $ 6,631