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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 20,407 $ 19,105 $ 46,514
Adjustments to reconcile net income to net cash provided by operating activities:      
Bad debt expense 463 526 453
Depreciation and amortization 6,913 5,107 4,957
Amortization of share-based compensation 5,815 8,695 13,008
Amortization of debt issuance costs 56 0 0
Provision for (or reversal of) credit losses on available-for-sale debt securities 303 (605) 0
Book overdraft increase (decrease) (32,640) (31,002) (12,442)
Net realized (gains) losses on sale of investments (5,892) (63,352) 12,715
Net change in unrealized gains (losses) of equity securities 4,032 (25) (23,188)
Amortization of premium/accretion of discount, net 9,730 4,629 1,663
Deferred income taxes (4,267) 2,789 1,972
Excess tax (benefit) shortfall from share-based compensation 661 237 (641)
Other 148 162 411
Issuance of common stock 0 30 147
Net change in assets and liabilities relating to operating activities:      
Prepaid reinsurance premiums (25,270) (40,515) (32,458)
Reinsurance recoverable (25,172) 32,819 225,367
Premiums receivable, net 1,495 (3,525) (4,475)
Accrued investment income (1,256) 1,544 (330)
Income taxes recoverable 12,968 3,470 (22,483)
Deferred policy acquisition costs, net 1,792 (18,732) (7,196)
Other assets 697 862 (2,498)
Unpaid losses and loss adjustment expenses 23,751 54,705 (205,069)
Unearned premiums 74,634 121,856 59,600
Commission payable (1,494) 2,378 1,341
Reinsurance payable, net 178,351 (112,269) 29,275
Other liabilities and accrued expenses (15,979) 21,872 (6,798)
Advance premium 4,132 18,587 4,753
Net cash provided by (used in) operating activities 234,378 29,348 84,598
Cash flows from investing activities:      
Proceeds from sale of property and equipment 162 182 38
Purchases of property and equipment (7,226) (17,216) (11,314)
Purchases of equity securities (55,447) (116,265) (1,351)
Purchases of available-for-sale debt securities (450,383) (1,074,629) (221,647)
Purchases of investment real estate, net (7) (7) (883)
Proceeds from sales of equity securities 85,103 81,559 29,680
Proceeds from sales of available-for-sale debt securities 96,966 1,008,436 77,790
Proceeds from sales of investment real estate 2,591 0 10,537
Proceeds from sale of assets held for sale 9,296 0 0
Maturities of available-for-sale debt securities 89,541 139,982 145,476
Net cash provided by (used in) investing activities (229,404) 22,042 28,326
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 100,000 0 0
Debt issuance costs paid (3,365)
Preferred stock dividend (10) (10) (10)
Common stock dividend (24,191) (24,547) (26,106)
Proceeds from the issuance of common stock for stock option exercises 0 0 239
Purchase of treasury stock (1,609) (28,921) (66,186)
Payments related to tax withholding for share-based compensation (1,056) (1,315) (3,709)
Repayment of debt (1,471) (1,470) (1,471)
Net cash provided by (used in) financing activities 68,298 (56,263) (97,243)
Cash and cash equivalents, and restricted cash and cash equivalents:      
Net increase (decrease) during the period 73,272 (4,873) 15,681
Balance, beginning of period 179,871 184,744 169,063
Balance, end of period 253,143 179,871 184,744
Supplemental cash and non-cash flow disclosures:      
Interest paid 127 102 248
Income taxes paid 12,273 21 38,945
Income tax refund 1,381 1,390 789
Cash and cash equivalents, and restricted cash and cash equivalents within the Consolidated Balance Sheets      
Cash and cash equivalents 250,508 167,156 182,109
Restricted cash and cash equivalents [1] 2,635 12,715 2,635
Total cash and cash equivalents and restricted cash and cash equivalents $ 253,143 $ 179,871 $ 184,744
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents and “—Note 18 (Variable Interest Entities),” for a discussion of restricted cash held in a trust account.