v3.19.3
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities:    
Net income (loss) $ 32,997,997 $ (17,761,577)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 4,299,566 5,288,171
Net investment gains (19,294,229) (4,062,475)
Equity in earnings of Donegal Financial Services Corporation (295,000) (2,152,738)
Changes in assets and liabilities:    
Losses and loss expenses 49,869,114 103,307,950
Unearned premiums 21,508,606 27,087,130
Premiums receivable (17,047,509) 87,668
Deferred acquisition costs (3,070,684) (4,277,025)
Deferred income taxes 210,518 83,985
Reinsurance receivable (18,997,523) (24,125,183)
Prepaid reinsurance premiums (6,578,384) (6,504,067)
Accrued investment income (724,150) (613,539)
Due to affiliate (3,858,708) (3,577,086)
Reinsurance balances payable (1,849,471) (924,413)
Current income taxes 3,266,422 (8,660,414)
Accrued expenses 1,522,732 (3,652,271)
Other, net 6,479,153 310,988
Net adjustments 15,440,453 77,616,681
Net cash provided by operating activities 48,438,450 59,855,104
Cash Flows from Investing Activities:    
Purchases of fixed maturities, held to maturity (69,297,759) (42,834,707)
Purchases of fixed maturities, available for sale (125,791,644) (88,940,126)
Purchases of equity securities, available for sale (19,055,851) (11,255,867)
Maturity of fixed maturities:    
Held to maturity 13,723,483 9,485,969
Available for sale 88,459,874 84,617,730
Sales of fixed maturities, available for sale 20,548,077 1,388,934
Sales of equity securities, available for sale 37,968,114 7,843,437
Net purchases of property and equipment (147,005) (132,290)
Net sales of short-term investments 8,122,436 5,953,868
Net cash used in investing activities (11,547,502) (33,873,052)
Cash Flows from Financing Activities:    
Cash dividends paid (12,031,153) (11,714,561)
Issuance of common stock 2,814,504 2,157,730
Borrowings under line of credit   1,000,000
Payments on lines of credit (25,000,000)  
Net cash used in financing activities (34,216,649) (8,556,831)
Net increase in cash 2,674,299 17,425,221
Cash at beginning of period 52,594,461 37,833,435
Cash at end of period 55,268,760 55,258,656
Cash paid during period - Interest 321,585 $ 937,470
Net cash paid during period - Taxes 2,200,000  
Donegal Financial Services Corporation [Member]    
Maturity of fixed maturities:    
Sale of investment 19,863,949  
Dividends received $ 14,058,824