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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income (loss) $ 58,928 $ 66,823 $ (22,257)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Bad debt expense 548 504 708
Depreciation and amortization 6,117 7,313 7,296
Amortization of share-based compensation 8,117 2,916 4,727
Amortization of debt issuance costs 708 708 703
Provision for (or reversal of) credit losses on available-for-sale debt securities 452 (354) 431
Book overdraft increase (decrease) (14,597) 14,597 (26,759)
Net realized (gains) losses on sale of investments 1,315 1,229 (348)
Net change in unrealized (gains) losses on investments (9,936) (12,046) 13,145
Amortization of premium/accretion of discount, net 3,753 6,563 8,125
Deferred income taxes (2,570) 4,409 (12,126)
Excess tax (benefit) shortfall from share-based compensation 1,205 (20) 222
Loss (gain) on disposal of assets 104 642 (21)
Net change in assets and liabilities relating to operating activities:      
Prepaid reinsurance premiums (26,462) 46,173 (41,434)
Reinsurance recoverable (408,515) 589,748 (623,261)
Income taxes payable (530) 5,886 0
Premiums receivable, net (1,433) (7,992) (5,358)
Accrued investment income (1,584) (1,332) (2,059)
Income taxes recoverable 0 1,548 15,197
Deferred policy acquisition costs, net (11,193) (6,331) 5,168
Other assets (8,041) (3,000) (853)
Unpaid losses and loss adjustment expenses 449,174 (528,673) 692,574
Unearned premiums 69,887 46,705 86,085
Commission payable 4,942 2,448 (3,774)
Reinsurance payable, net 28,478 (192,654) 195,842
Other liabilities and accrued expenses (9,086) 31,465 31,272
Advance premium (2,423) (6,304) 1,270
Net cash provided by (used in) operating activities 137,358 70,971 324,515
Cash flows from investing activities:      
Proceeds from sale of property and equipment 108 42 97
Purchases of property and equipment (7,368) (4,019) (4,899)
Purchases of equity securities (3,240) (33,455) (76,629)
Purchases of available-for-sale debt securities (384,892) (146,424) (200,011)
Purchases of other investments 0 (4,794) 0
Purchases of investment real estate, net (2,764) 0 (6)
Proceeds from sales of equity securities 13,854 45,095 34,178
Proceeds from sales of available-for-sale debt securities 49,128 19,222 29,439
Maturities of available-for-sale debt securities 107,082 109,082 68,970
Net cash provided by (used in) investing activities (228,092) (15,251) (148,861)
Cash flows from financing activities:      
Debt issuance costs paid 0 0 (140)
Preferred stock dividend (10) (10) (10)
Common stock dividend (22,316) (23,279) (23,774)
Purchase of treasury stock, inclusive of excise taxes paid (21,914) (22,021) (11,643)
Payments related to tax withholding for share-based compensation (1,420) (339) (418)
Repayment of debt (1,471) (1,471) (1,471)
Net cash provided by (used in) financing activities (47,131) (47,120) (37,456)
Cash and cash equivalents, and restricted cash and cash equivalents:      
Net increase (decrease) during the period (137,865) 8,600 138,198
Balance, beginning of period 399,941 391,341 253,143
Balance, end of period 262,076 399,941 391,341
Supplemental cash and non-cash flow disclosures:      
Interest paid 5,768 5,823 5,797
Income taxes paid 27,570 9,702 4,202
Income tax refund $ 0 $ 5 $ 12,485