XML 51 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Operating Activities    
Net income $ 26,194 $ 20,127
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 968 799
Net amortization of investments 9,552 7,504
Deferred income taxes (2,109) (2,392)
Net realized (gains)/losses on investments 1,921 (2,913)
Loss on sale of asset 2 1
Share-based compensation 1,020 431
Changes in operating assets and liabilities:    
Premiums receivable, net (30,052) (21,979)
Accrued interest receivable (496) (326)
Deferred policy acquisition costs (2,666) (2,252)
Other assets and federal income tax recoverable 260 131
Reserves for loss and loss adjustment expenses 38,592 26,029
Unearned premiums 24,211 23,828
Reinsurance balances 23,842 (2,895)
Amounts held for others and policyholder deposits (6,142) 8,698
Accounts payable and other liabilities 14,667 4,263
Net cash provided by operating activities 99,764 59,054
Investing Activities    
Purchases of investments held-to-maturity (55,547) (72,441)
Purchases of investments available-for-sale (92,366) (84,680)
Purchases of short-term investments (112,624) (61,002)
Purchases of other invested assets (10,000)  
Proceeds from maturities of investments held-to-maturity 83,715 105,590
Proceeds from sales and maturities of investments available-for-sale 20,606 48,208
Proceeds from sales and maturities of short-term investments 92,921 55,360
Purchases of property and equipment (764) (837)
Net cash used in investing activities (74,059) (9,802)
Financing Activities    
Proceeds from stock option exercises 1,597 205
Tax benefit from share-based payments 1,222 132
Redemption of subordinated debt security   (25,780)
Dividends to stockholders (4,422)  
Net cash used in financing activities (1,603) (25,443)
Change in cash and cash equivalents 24,102 23,809
Cash and cash equivalents at beginning of period 92,676 45,536
Cash and cash equivalents at end of period $ 116,778 $ 69,345