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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities:    
Net income $ 26,693,884 $ 26,409,899
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 3,083,025 3,502,046
Net investment (gains) losses (6,710,085) 4,208,947
Changes in assets and liabilities:    
Losses and loss expenses 36,650,578 32,149,773
Unearned premiums 62,760,019 52,796,454
Premiums receivable (19,787,451) (21,717,231)
Deferred acquisition costs (10,530,666) (2,865,674)
Deferred income taxes 1,266,870 (837,202)
Reinsurance receivable (13,289,251) (12,319,334)
Prepaid reinsurance premiums (17,033,224) (32,483,228)
Accrued investment income (238,871) (597,823)
Due to affiliate 11,902,889 (2,053,312)
Reinsurance balances payable 797,424 144,398
Current income taxes (928,841) 4,893,520
Accrued expenses (17,649,554) (5,005,473)
Other, net 2,189,225 1,809,764
Net adjustments 32,482,087 21,625,625
Net cash provided by operating activities 59,175,971 48,035,524
Cash Flows from Investing Activities:    
Purchases of fixed maturities, held to maturity (80,315,578) (55,313,641)
Purchases of fixed maturities, available for sale (73,023,551) (81,210,780)
Purchases of equity securities, available for sale (25,332,194) (5,071,801)
Maturity of fixed maturities:    
Held to maturity 23,650,172 18,812,367
Available for sale 111,197,663 70,379,590
Sales of fixed maturities, available for sale   15,251,996
Sales of equity securities, available for sale 17,391,396 3,202,672
Net sales of property and equipment 935,029 32,107
Net purchases of short-term investments (1,867,217) (37,311,903)
Net cash used in investing activities (27,364,280) (71,229,393)
Cash Flows from Financing Activities:    
Cash dividends paid (9,281,930) (8,336,479)
Issuance of common stock 12,380,741 3,988,784
Borrowing under lines of credit   50,000,000
Payments on lines of credit (50,000,000)  
Net cash (used in) provided by financing activities (46,901,189) 45,652,305
Net (decrease) increase in cash (15,089,498) 22,458,436
Cash at beginning of period 103,094,236 49,318,930
Cash at end of period 88,004,738 71,777,366
Cash paid during period - Interest 659,222 $ 664,342
Net cash paid during period - Taxes $ 5,400,000