XML 113 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 36,622 $ 14,230
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 1,474 212
Net amortization of premiums on investments in fixed-maturity securities 134 111
Depreciation and amortization 1,045 637
Deferred income taxes 5,831 3,698
Net realized investment gains (12) (30)
Gain on bargain purchase   (179)
Foreign currency remeasurement loss 44  
Changes in operating assets and liabilities:    
Premiums and reinsurance receivable (17,663) (6,829)
Advance premiums 7,244 6,872
Prepaid reinsurance premiums (22,124) (12,315)
Accrued interest and dividends receivable (35) (138)
Income taxes receivable   (4,900)
Other assets (3,431) (445)
Assumed reinsurance balances payable 89 1,389
Deferred policy acquisition costs (8,576) (155)
Losses and loss adjustment expenses 3,581 9,889
Unearned premiums 37,197 11,752
Income taxes payable (8,689) (4,956)
Accrued expenses and other liabilities 9,810 5,131
Net cash provided by operating activities 42,541 23,974
Cash flows from investing activities:    
Cash consideration paid for acquired business, net of cash acquired   (8,157)
Purchase of property and equipment, net (2,692) (480)
Purchase of other investments (115) (967)
Purchase of fixed-maturity securities (8,601) (6,710)
Purchase of equity securities (2,582) (4,844)
Proceeds from sales of fixed-maturity securities 1,359 2,419
Proceeds from calls, repayments and maturities of fixed-maturity securities 1,736  
Proceeds from sales of equity securities 1,313 1,512
Decrease in time deposits, net   5,243
Net cash used in investing activities (9,582) (11,984)
Cash flows from financing activities:    
Net proceeds from the issuance of common stock   20,082
Proceeds from the exercise of common stock warrants   1,375
Proceeds from the issuance of long-term debt 40,250  
Cash dividends paid (5,094) (3,151)
Repurchase of common stock (235)  
Debt issuance costs (1,525)  
Tax benefits related to stock-based compensation 280 437
Net cash provided by financing activities 33,676 18,743
Effect of exchange rate changes on cash (37)  
Net increase in cash and cash equivalents 66,598 30,733
Cash and cash equivalents at beginning of period 230,214 100,355
Cash and cash equivalents at end of period 296,812 131,088
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 25,535 14,880
Cash paid for interest 921  
Non-cash investing and financing activities:    
Unrealized (loss) gain on investments in available-for-sale securities, net of tax (723) 872
Series A Preferred Stock [Member]
    
Non-cash investing and financing activities:    
Conversion of Series A Preferred Stock to common stock $ 435 $ 5,939