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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 66,823 $ (22,257) $ 20,407
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Bad debt expense 504 708 463
Depreciation and amortization 7,313 7,296 6,913
Amortization of share-based compensation 2,916 4,727 5,815
Amortization of debt issuance costs 708 703 56
Provision for (or reversal of) credit losses on available-for-sale debt securities (354) 431 303
Book overdraft increase (decrease) 14,597 (26,759) (32,640)
Net realized (gains) losses on sale of investments 1,229 (348) (5,892)
Net change in unrealized (gains) losses on investments (12,046) 13,145 4,032
Amortization of premium/accretion of discount, net 6,563 8,125 9,730
Deferred income taxes 4,409 (12,126) (4,267)
Excess tax (benefit) shortfall from share-based compensation (20) 222 661
Loss (gain) on disposal of assets 642 (21) 148
Net change in assets and liabilities relating to operating activities:      
Prepaid reinsurance premiums 46,173 (41,434) (25,270)
Reinsurance recoverable 589,748 (623,261) (25,172)
Income taxes payable 5,886 0 0
Premiums receivable, net (7,992) (5,358) 1,495
Accrued investment income (1,332) (2,059) (1,256)
Income taxes recoverable 1,548 15,197 12,968
Deferred policy acquisition costs, net (6,331) 5,168 1,792
Other assets (3,000) (853) 697
Unpaid losses and loss adjustment expenses (528,673) 692,574 23,751
Unearned premiums 46,705 86,085 74,634
Commission payable 2,448 (3,774) (1,494)
Reinsurance payable, net (192,654) 195,842 178,351
Other liabilities and accrued expenses 31,465 31,272 (15,979)
Advance premium (6,304) 1,270 4,132
Net cash provided by (used in) operating activities 70,971 324,515 234,378
Cash flows from investing activities:      
Proceeds from sale of property and equipment 42 97 162
Purchases of property and equipment (4,019) (4,899) (7,226)
Purchases of equity securities (33,455) (76,629) (55,447)
Purchases of available-for-sale debt securities (146,424) (200,011) (450,383)
Purchases of other investments (4,794) 0 0
Purchases of investment real estate, net 0 (6) (7)
Proceeds from sales of equity securities 45,095 34,178 85,103
Proceeds from sales of available-for-sale debt securities 19,222 29,439 96,966
Proceeds from sales of investment real estate 0 0 2,591
Proceeds from sale of assets held for sale 0 0 9,296
Maturities of available-for-sale debt securities 109,082 68,970 89,541
Net cash provided by (used in) investing activities (15,251) (148,861) (229,404)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 0 0 100,000
Debt issuance costs paid 0 (140) (3,365)
Preferred stock dividend (10) (10) (10)
Common stock dividend (23,279) (23,774) (24,191)
Purchase of treasury stock (22,021) (11,643) (1,609)
Payments related to tax withholding for share-based compensation (339) (418) (1,056)
Repayment of debt (1,471) (1,471) (1,471)
Net cash provided by (used in) financing activities (47,120) (37,456) 68,298
Cash and cash equivalents, and restricted cash and cash equivalents:      
Net increase (decrease) during the period 8,600 138,198 73,272
Balance, beginning of period 391,341 253,143 179,871
Balance, end of period 399,941 391,341 253,143
Supplemental cash and non-cash flow disclosures:      
Interest paid 5,823 5,797 127
Income taxes paid 9,702 4,202 24
Income tax refund 5 12,485 1,381
Cash and cash equivalents, and restricted cash and cash equivalents within the Consolidated Balance Sheets      
Cash and cash equivalents 397,306 388,706 250,508
Restricted cash and cash equivalents 2,635 [1] 2,635 [1] 2,635 [1]
Total cash and cash equivalents and restricted cash and cash equivalents $ 399,941 $ 391,341 $ 253,143
[1] See “—Note 5 (Insurance Operations),” for a discussion of the nature of the restrictions for restricted cash and cash equivalents.