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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ (22,257) $ 20,407 $ 19,105
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Bad debt expense 708 463 526
Depreciation and amortization 7,296 6,913 5,107
Amortization of share-based compensation 4,727 5,815 8,695
Amortization of debt issuance costs 703 56 0
Provision for (or reversal of) credit losses on available-for-sale debt securities 431 303 (605)
Book overdraft increase (decrease) (26,759) (32,640) (31,002)
Net realized (gains) losses on sale of investments (348) (5,892) (63,352)
Net change in unrealized gains (losses) of equity securities 13,145 4,032 (25)
Amortization of premium/accretion of discount, net 8,125 9,730 4,629
Deferred income taxes (12,126) (4,267) 2,789
Excess tax (benefit) shortfall from share-based compensation 222 661 237
Other (21) 148 162
Issuance of common stock 0 0 30
Net change in assets and liabilities relating to operating activities:      
Prepaid reinsurance premiums (41,434) (25,270) (40,515)
Reinsurance recoverable (623,261) (25,172) 32,819
Premiums receivable, net (5,358) 1,495 (3,525)
Accrued investment income (2,059) (1,256) 1,544
Income taxes recoverable 15,197 12,968 3,470
Deferred policy acquisition costs, net 5,168 1,792 (18,732)
Other assets (853) 697 862
Unpaid losses and loss adjustment expenses 692,574 23,751 54,705
Unearned premiums 86,085 74,634 121,856
Commission payable (3,774) (1,494) 2,378
Reinsurance payable, net 195,842 178,351 (112,269)
Other liabilities and accrued expenses 31,272 (15,979) 21,872
Advance premium 1,270 4,132 18,587
Net cash provided by (used in) operating activities 324,515 234,378 29,348
Cash flows from investing activities:      
Proceeds from sale of property and equipment 97 162 182
Purchases of property and equipment (4,899) (7,226) (17,216)
Purchases of equity securities (76,629) (55,447) (116,265)
Purchases of available-for-sale debt securities (200,011) (450,383) (1,074,629)
Purchases of investment real estate, net (6) (7) (7)
Proceeds from sales of equity securities 34,178 85,103 81,559
Proceeds from sales of available-for-sale debt securities 29,439 96,966 1,008,436
Proceeds from sales of investment real estate 0 2,591 0
Proceeds from sale of assets held for sale 0 9,296 0
Maturities of available-for-sale debt securities 68,970 89,541 139,982
Net cash provided by (used in) investing activities (148,861) (229,404) 22,042
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 0 100,000 0
Debt issuance costs paid (140) (3,365) 0
Preferred stock dividend (10) (10) (10)
Common stock dividend (23,774) (24,191) (24,547)
Purchase of treasury stock (11,643) (1,609) (28,921)
Payments related to tax withholding for share-based compensation (418) (1,056) (1,315)
Repayment of debt (1,471) (1,471) (1,470)
Net cash provided by (used in) financing activities (37,456) 68,298 (56,263)
Cash and cash equivalents, and restricted cash and cash equivalents:      
Net increase (decrease) during the period 138,198 73,272 (4,873)
Balance, beginning of period 253,143 179,871 184,744
Balance, end of period 391,341 253,143 179,871
Supplemental cash and non-cash flow disclosures:      
Interest paid 5,797 127 102
Income taxes paid 4,202 24 21
Income tax refund 12,485 1,381 1,390
Cash and cash equivalents, and restricted cash and cash equivalents within the Consolidated Balance Sheets      
Cash and cash equivalents 388,706 250,508 167,156
Restricted cash and cash equivalents [1] 2,635 2,635 12,715
Total cash and cash equivalents and restricted cash and cash equivalents $ 391,341 $ 253,143 $ 179,871
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.